Core Viewpoint - Postal Savings Bank of China (PSBC) has demonstrated a robust performance in its 2024 annual report, achieving a balance between stability and growth amidst a challenging economic environment and narrowing industry interest margins [1][12]. Group 1: Financial Performance - Total assets reached 17.08 trillion yuan, an increase of 8.64% year-on-year, while total liabilities grew by 8.69% to 16.05 trillion yuan [1]. - Operating income was 348.775 billion yuan, reflecting a year-on-year growth of 1.83%, placing it among the top state-owned banks [1]. - Net profit totaled 94.592 billion yuan, maintaining moderate growth despite a high base [1]. - The net interest margin stood at 1.87%, continuing to lead the industry [1]. Group 2: Retail Banking Strength - PSBC has reinforced its core competitive advantages in retail banking, with over 670 million personal customers and an asset under management (AUM) of 16.69 trillion yuan, a 9.6% increase [3]. - Personal deposit balance reached 13.6 trillion yuan, supported by a low-cost funding model, which is particularly valuable in a declining interest rate environment [3]. - The bank's non-performing loan (NPL) ratio was 0.90%, the lowest among state-owned banks, with a provision coverage ratio of 286% [4]. Group 3: New Growth Areas - PSBC is expanding into technology finance, green finance, and pension finance, with non-interest income showing growth [5][6]. - In technology finance, the bank served over 90,000 tech enterprises, with financing balances exceeding 500 billion yuan, a growth of over 40% [7]. - Green loan balances reached 781.7 billion yuan, growing by 22.55%, and the bank has introduced innovative products to support sustainability goals [7]. Group 4: Asset and Liability Management - The bank's loan-to-asset ratio has improved, indicating enhanced asset yield capabilities, while liquidity coverage ratios remain within safe limits [10]. - Core Tier 1 capital adequacy ratio is at 9.56%, providing ample room for business expansion [10]. - Non-interest income grew by 3.21%, with contributions from wealth management, custodial services, and investment banking increasing [10]. Group 5: Future Outlook - The bank aims to maintain its strategic focus on serving agriculture, rural areas, and small to medium enterprises while optimizing its asset and liability structure [11][12]. - The leadership emphasizes the importance of adapting to low-interest-rate challenges and enhancing operational efficiency through digital transformation [11][12].