PSBC(01658)2024-09-12 22:02Financial Performance - Operating income for the first half of 2024 was RMB 176,919 million, a slight decrease of 0.13% compared to RMB 177,157 million in the same period of 2023[21]. - Net interest income increased to RMB 142,876 million, up 2.04% from RMB 140,305 million year-on-year[21]. - Net profit attributable to shareholders was RMB 48,815 million, a decrease of 1.51% from RMB 49,564 million in the first half of 2023[21]. - Total assets reached RMB 16,413,529 million, an increase of 4.37% from RMB 15,726,631 million at the end of 2023[22]. - Customer loans totaled RMB 8,658,762 million, up 6.25% from RMB 8,148,893 million at the end of 2023[22]. - The capital adequacy ratio decreased by 0.08 percentage points to 14.15% as of June 30, 2024, compared to 14.23% at the end of 2023[20]. - The average return on total assets for the first half of 2024 was 0.61%, down from 0.69% in the same period of 2023[23]. - The net interest margin decreased to 1.91% from 2.08% year-on-year[23]. - The cost-to-income ratio increased to 59.95% in the first half of 2024, compared to 57.36% in the same period of 2023[23]. - Cash and deposits with central banks amounted to RMB 1,308,757 million, a decrease from RMB 1,337,501 million at the end of 2023[22]. Risk Management - The bank actively manages various risks and has not identified any significant risks that could adversely affect its future development strategy[4]. - The non-performing loan ratio remained stable at 0.84%, with a provision coverage ratio of 325.61%, indicating strong risk mitigation capabilities[27]. - The bank's risk-weighted assets accounted for 52.48% of total assets, indicating a balanced asset quality management strategy[24]. - The bank's non-performing loan ratio remained stable, ensuring compliance with regulatory requirements and maintaining a strong risk management framework[84]. Technological Development - The bank is focusing on enhancing its technological capabilities and has initiated a series of actions to deepen the integration of business and technology[9]. - The new generation core business system has been fully launched, with self-developed systems accounting for 76.86%, an increase of 17 percentage points year-on-year[28]. - The bank's technology platform has delivered over 14,000 enterprise-level services across 932 business scenarios, driving continuous innovation in products and services[198]. - The bank has focused on IT talent development, establishing a multi-level training system to support the growth of technology professionals[199]. Customer Engagement and Services - The bank serves over 660 million personal customers through nearly 40,000 outlets, focusing on "three rural issues," urban and rural residents, and small and medium-sized enterprises[12]. - The bank's retail VIP customers increased to 25.5 million, a growth of 6.84% year-on-year, while high-net-worth clients rose by 13.34% to 5.62 million[30]. - The bank's debit card consumption reached CNY 3.89 trillion during the reporting period[101]. - The electronic payment transaction volume was CNY 3.57 trillion, reflecting the bank's focus on enhancing customer engagement through integrated marketing strategies[102]. Sustainable Finance and Social Responsibility - The bank is promoting inclusive finance through dedicated campaigns, emphasizing its commitment to social responsibility[9]. - The bank has issued its first "ESG Climate Finance Loan," exploring new models for local green finance[9]. - The balance of green loans reached RMB 693.099 billion, representing an 8.66% increase compared to the end of the previous year, continuing to outpace the average growth rate of various loans[175]. - The company is committed to supporting the United Nations' 2030 Sustainable Development Goals and the Paris Agreement, actively promoting sustainable finance and climate financing[175]. Financial Products and Innovations - The company launched a new personal pension service brand "U享未來" to promote long-term investment and value investment concepts[103]. - The company has launched the "Sci-Tech e-loan" product, focusing on new industries such as 5G, AI, and biotechnology, integrating financing services into procurement and sales scenarios[162]. - The company has established a multi-dimensional warning system for investment monitoring to support wealth managers in optimizing client portfolios[107]. - The company launched various green financial products, including small loans for photovoltaic equipment and small hydropower projects[177]. Subsidiary Performance - Postal Savings Bank's subsidiary Youhui Bank reported total assets of RMB 12.33 billion and net assets of RMB 4.38 billion, with a net profit of -RMB 192 million during the reporting period[167]. - Postal Savings Bank's subsidiary Zhongyou Wealth achieved total assets of RMB 13.59 billion and net assets of RMB 13.16 billion, with operating income of RMB 896 million, a year-on-year increase of 21.30%, and net profit of RMB 547 million, a year-on-year increase of 22.21%[169]. Market Position and Ratings - The bank has received ratings of A+ from Fitch, A1 from Moody's, and A from S&P Global, reflecting its strong market position and influence[13]. - In 2024, the bank ranked 12th in Tier 1 capital among the "Top 1000 World Banks" according to The Banker[13].