PSBC(601658) 国泰君安·2024-11-05 14:46Investment Rating - The report maintains an "Accumulate" rating for Postal Savings Bank [2][3]. Core Views - Postal Savings Bank's Q3 2024 performance met expectations, with both revenue and net profit growth turning positive. The bank continues to benefit from its liability advantages and maintains superior asset quality compared to peers [2][8]. - The target price has been adjusted to 6.51 RMB, reflecting a valuation of 0.77 times PB for 2024, up from the previous target of 6.31 RMB [3][8]. Financial Performance Summary - For Q3 2024, the bank's revenue growth was 0.5% year-on-year, and net profit growth was 3.5%, both showing improvement from Q2. Net interest income grew by 0.7%, while net fee and commission income increased by 0.8%, marking the first positive growth since Q2 2023 [8][9]. - The bank's total assets reached 15,726,631 million RMB, with total loans at 8,148,893 million RMB and total deposits at 13,955,963 million RMB. The core Tier 1 capital adequacy ratio stood at 11.19% [5][9]. Asset Quality and Liabilities - As of Q3 2024, the non-performing loan (NPL) ratio was 0.86%, with a slight increase in the attention loan ratio to 0.91%. The bank's provision coverage ratio was 302%, indicating strong risk mitigation capabilities despite slight pressures on asset quality [8][9]. - The bank's liabilities grew by 9.1% year-on-year, with deposits increasing by 11.2%, significantly outperforming peers. The cost of interest-bearing liabilities decreased to 1.49%, down 2 basis points from the previous half-year [8][9].