Postal Savings Bank of China

Postal Savings Bank's price/earnings (P/E) fell 15.0% yoy to 6.57 in 2Q2019

By Helgi Analytics - October 11, 2019

Postal Savings Bank of China stock traded at CNY 4.08 per share at the end second quarter of 2019 implying a market capitalization of USD 48,...

Postal Savings Bank's npls (as % of loans) fell 16.9% yoy to 0.829% in 2Q2019

By Helgi Analytics - October 11, 2019

Postal Savings Bank of China's non-performing loans reached 0.829% of total loans at the end of 2019-06-30, down from 0.998% comp...

Postal Savings Bank's net interest margin fell 5.80% yoy to 2.37% in 2Q2019

By Helgi Analytics - October 11, 2019

Postal Savings Bank of China's net interest margin amounted to 2.37% in the second quarter of 2019, down from 2.41% when compare...

Profit Statement 2016 2017 2018
Net Interest Income CNY mil 157,586 188,115 234,122
Net Fee Income CNY mil 11,498 12,737 14,434
Other Income CNY mil 32,154 32,115 16,115
Total Revenues CNY mil 201,238 232,967 264,671
Operating Profit CNY mil 72,769 83,100 111,363
Provisions CNY mil 20,311 21,127 43,134
Net Profit CNY mil 39,801 47,683 52,311
Balance Sheet 2016 2017 2018
Interbank Loans CNY mil 442,194 754,731 665,660
Customer Loans CNY mil 2,939,200 3,541,600 4,149,500
Debt Securities CNY mil 1,965,300 1,742,500 3,387,500
Total Assets CNY mil 8,265,600 9,012,600 9,516,200
Shareholders' Equity CNY mil 346,888 431,357 475,313
Interbank Borrowing CNY mil 425,634 237,214 248,929
Customer Deposits CNY mil 7,286,300 8,062,700 8,627,400
Issued Debt Securities CNY mil 54,943 74,932 76,154
Ratios 2016 2017 2018
ROE % 12.9 12.3 11.5
ROA % 0.512 0.552 0.565
Costs (As % Of Assets) % 1.65 1.73 1.65
Costs (As % Of Income) % 63.8 64.3 57.9
Capital Adequacy Ratio % 11.1 12.5 13.8
Net Interest Margin % 2.03 2.18 2.53
Loans (As % Of Deposits) % 40.3 43.9 48.1
NPLs (As % Of Loans) % 0.907 0.797 0.887
Provisions (As % Of NPLs) % 262 306 336
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 43,723 42,080 42,719
Share Price (End Of Period) CNY 4.23 3.38 3.63
Price/Earnings (P/E) 8.52 6.90 6.39
Price/Book Value (P/BV) 0.977 0.762 0.704
Earnings Per Share (EPS) CNY 0.554 0.588 0.646
Book Value Per Share CNY 4.83 5.32 5.87

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summary Unit 2012 2013 2014 2015 2016 2017 2018
income statement              
Net Interest Income CNY mil 121,250 138,973 167,816 179,259 157,586    
Total Revenues CNY mil 131,646 150,951 178,236 196,565 201,238    
Operating Profit CNY mil 44,042 48,890 63,905 72,188 72,769    
Net Profit CNY mil 28,371 29,668 32,567 34,859 39,801    
balance sheet              
Interbank Loans CNY mil 1,352,600 1,525,300 1,401,500 673,490 442,194    
Customer Loans CNY mil 1,208,300 1,463,300 1,832,100 2,412,600 2,939,200    
Debt Securities CNY mil 902,174 822,724 809,742 1,103,200 1,965,300    
Total Assets CNY mil 4,903,100 5,574,500 6,298,300 7,296,400 8,265,600    
Shareholders' Equity CNY mil 114,869 141,047 187,909 270,831 346,888    
Interbank Borrowing CNY mil 38,397 112,909 174,801 557,027 425,634    
Customer Deposits CNY mil 4,659,300 5,206,500 5,802,900 6,305,000 7,286,300    
Issued Debt Securities CNY mil 0 0 0 24,973 54,943    
ratios              
ROE % 24.7 23.2 19.8 15.2 12.9    
ROA % 0.579 0.566 0.549 0.513 0.512    
Costs (As % Of Assets) % 1.79 1.95 1.93 1.83 1.65    
Costs (As % Of Income) % 66.5 67.6 64.1 63.3 63.8    
Capital Adequacy Ratio % ... 8.84 9.56 10.5 11.1    
Net Interest Margin % 2.47 2.65 2.83 2.64 2.03    
Interest Income (As % Of Revenues) % 92.1 92.1 94.2 91.2 78.3    
Fee Income (As % Of Revenues) % 3.87 3.95 3.64 4.41 5.71    
Equity (As % Of Assets) % 2.34 2.53 2.98 3.71 4.20    
Loans (As % Of Deposits) % 25.9 28.1 31.6 38.3 40.3    
Loans (As % Assets) % 24.6 26.2 29.1 33.1 35.6    
NPLs (As % Of Loans) % ... 0.532 0.653 0.819 0.907    
Provisions (As % Of NPLs) % ... 370 357 293 262    
valuation              
Market Capitalisation (End Of Period) USD mil ... ... ... ... 43,723    
Number Of Shares (Average) mil 45,071 45,071 47,137 57,318 71,810    
Share Price (End Of Period) CNY ... ... ... ... 4.23    
Earnings Per Share (EPS) CNY 0.629 0.658 0.691 0.608 0.554    
Book Value Per Share CNY 2.55 3.13 3.99 4.73 4.83    
Price/Earnings (P/E) ... ... ... ... 8.52    
Price/Book Value (P/BV) ... ... ... ... 0.977    
Earnings Per Share Growth % ... 4.57 4.96 -12.0 -8.87    
Book Value Per Share Growth % ... 22.8 27.4 18.5 2.23    
income statement Unit 2012 2013 2014 2015 2016 2017 2018
income statement              
Interest Income CNY mil 213,183 242,145 281,780 300,561 278,198    
Interest Cost CNY mil 91,933 103,172 113,964 121,302 120,612    
Net Interest Income CNY mil 121,250 138,973 167,816 179,259 157,586    
Net Fee Income CNY mil 5,090 5,965 6,479 8,672 11,498    
Other Income CNY mil 5,306 6,013 3,941 8,634 32,154    
Total Revenues CNY mil 131,646 150,951 178,236 196,565 201,238    
Operating Cost CNY mil 87,604 102,061 114,331 124,377 128,469    
Operating Profit CNY mil 44,042 48,890 63,905 72,188 72,769    
Provisions CNY mil 5,501 8,066 17,921 23,186 20,311    
Extra and Other Cost CNY mil 4,640 5,730 6,647 7,614 9,530    
Pre-Tax Profit CNY mil 33,901 35,094 39,337 41,388 42,928    
Tax CNY mil 5,530 5,426 6,770 6,531 3,152    
Minorities CNY mil 0 0 0 -2.00 -25.0    
Net Profit CNY mil 28,371 29,668 32,567 34,859 39,801    
growth rates              
Net Interest Income Growth % ... 14.6 20.8 6.82 -12.1    
Net Fee Income Growth % ... 17.2 8.62 33.8 32.6    
Total Revenue Growth % ... 14.7 18.1 10.3 2.38    
Operating Cost Growth % ... 16.5 12.0 8.79 3.29    
Operating Profit Growth % ... 11.0 30.7 13.0 0.805    
Pre-Tax Profit Growth % ... 3.52 12.1 5.21 3.72    
Net Profit Growth % ... 4.57 9.77 7.04 14.2    
market share              
Market Share in Revenues % 4.16 4.22 4.24 4.23 4.28   ...
Market Share in Net Profit % 1.88 ... ... ... ... ... ...
balance sheet Unit 2012 2013 2014 2015 2016 2017 2018
balance sheet              
Cash CNY mil 1,113,700 1,225,700 1,389,800 1,131,200 1,310,300    
Interbank Loans CNY mil 1,352,600 1,525,300 1,401,500 673,490 442,194    
Customer Loans CNY mil 1,208,300 1,463,300 1,832,100 2,412,600 2,939,200    
Retail Loans CNY mil 528,593 733,178 963,066 1,222,600 1,582,200    
Mortgage Loans CNY mil ... 301,469 402,668 577,256 903,967    
Consumer Loans CNY mil ... 431,709 560,398 645,344 678,233    
Corporate Loans CNY mil 275,474 708,818 804,316 980,980 1,079,400    
Debt Securities CNY mil 902,174 822,724 809,742 1,103,200 1,965,300    
Fixed Assets CNY mil 30,857 33,322 38,124 38,447 39,282    
Total Assets CNY mil 4,903,100 5,574,500 6,298,300 7,296,400 8,265,600    
Shareholders' Equity CNY mil 114,869 141,047 187,909 270,831 346,888    
Of Which Minority Interest CNY mil 0 0 0 383 358    
Liabilities CNY mil 4,788,230 5,433,450 6,110,390 7,025,570 7,918,710    
Interbank Borrowing CNY mil 38,397 112,909 174,801 557,027 425,634    
Customer Deposits CNY mil 4,659,300 5,206,500 5,802,900 6,305,000 7,286,300    
Sight Deposits CNY mil 2,083,600 2,292,100 2,454,300 2,667,300 3,090,200    
Term Deposits CNY mil 2,575,700 2,914,400 3,348,600 3,637,700 4,196,100    
Issued Debt Securities CNY mil 0 0 0 24,973 54,943    
Other Liabilities CNY mil 90,534 114,044 132,690 138,569 151,835    
asset quality              
Non-Performing Loans CNY mil ... 7,934 12,247 20,256 27,303    
Gross Loans CNY mil 1,231,300 1,492,600 1,875,700 2,471,900 3,010,600    
Total Provisions CNY mil 22,998 29,345 43,681 59,258 71,431    
growth rates              
Customer Loan Growth % ... 21.1 25.2 31.7 21.8    
Retail Loan Growth % ... 38.7 31.4 26.9 29.4    
Mortgage Loan Growth % ... ... 33.6 43.4 56.6    
Consumer Loan Growth % ... ... 29.8 15.2 5.10    
Corporate Loan Growth % ... 157 13.5 22.0 10.0    
Total Asset Growth % ... 13.7 13.0 15.8 13.3    
Shareholders' Equity Growth % ... 22.8 33.2 44.1 28.1    
Customer Deposit Growth % ... 11.7 11.5 8.65 15.6    
market share              
Market Share in Customer Loans % 1.80 1.84 2.03 2.30 2.52    
Market Share in Total Assets % 3.67 3.66 3.66 3.66 3.59    
Market Share in Customer Deposits % 4.94 12.5 12.8 11.1 10.3    
ratios Unit 2012 2013 2014 2015 2016 2017 2018
ratios              
ROE % 24.7 23.2 19.8 15.2 12.9    
ROA % 0.579 0.566 0.549 0.513 0.512    
Costs (As % Of Assets) % 1.79 1.95 1.93 1.83 1.65    
Costs (As % Of Income) % 66.5 67.6 64.1 63.3 63.8    
Capital Adequacy Ratio % ... 8.84 9.56 10.5 11.1    
Tier 1 Ratio % ... 7.72 8.44 8.53 8.63    
Net Interest Margin % 2.47 2.65 2.83 2.64 2.03    
Interest Spread % ... 2.60 2.77 2.57 1.96    
Asset Yield % 4.35 4.62 4.75 4.42 3.58    
Cost Of Liabilities % ... 2.02 1.97 1.85 1.61    
Interest Income (As % Of Revenues) % 92.1 92.1 94.2 91.2 78.3    
Fee Income (As % Of Revenues) % 3.87 3.95 3.64 4.41 5.71    
Other Income (As % Of Revenues) % 4.03 3.98 2.21 4.39 16.0    
Equity (As % Of Assets) % 2.34 2.53 2.98 3.71 4.20    
Loans (As % Of Deposits) % 25.9 28.1 31.6 38.3 40.3    
Loans (As % Assets) % 24.6 26.2 29.1 33.1 35.6    
NPLs (As % Of Loans) % ... 0.532 0.653 0.819 0.907    
Provisions (As % Of NPLs) % ... 370 357 293 262    
Provisions (As % Of Loans) % 1.90 2.01 2.38 2.46 2.43    
Cost of Provisions (As % Of Loans) % 0.455 0.604 1.09 1.09 0.759    
other data Unit 2012 2013 2014 2015 2016 2017 2018
other data              
Employees ... ... ... ... 169,735    
Sight (As % Of Customer Deposits) % 44.7 44.0 42.3 42.3 42.4    
On-balance Sheet Loans RMB mil ... 1,463,300 1,832,100 2,412,600 2,939,200    

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Postal Savings Bank's market capitalisation (end of period) rose 3.77% to USD 48,113 mil in 2Q2019

By Helgi Analytics - October 23, 2019

Postal Savings Bank of China stock traded at JPY 1,645 per share at the end of second quarter of 2019 implying a market capitalization of USD 3,477 mil. Over the last five years, the stock has depreciated by 36.4 implying an annual average growth of -8.65% ...

Postal Savings Bank's capital adequacy ratio rose 0.620% yoy to 13.0% in 2Q2019

By Helgi Analytics - October 11, 2019

Postal Savings Bank of China's capital adequacy ratio reached 13.0% at the end of second quarter of 2019, down from 13.4% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 13.8% in 4Q2018 and an all time low of 10...

Postal Savings Bank's share price (end of period) fell 5.44% yoy to CNY 4.08 in 2Q2019

By Helgi Analytics - October 11, 2019

Postal Savings Bank of China stock traded at CNY 4.08 per share at the end of second quarter of 2019 implying a market capitalization of USD 48,113 mil. Over the last five years, the stock has appreciated by % implying an annual average growth of 0 %. In absolute ter...

Postal Savings Bank's corporate loans rose 3.63% yoy to CNY 1,503,100 mil in 2Q2019

By Helgi Analytics - October 11, 2019

Postal Savings Bank of China's loans reached CNY 4,701,700 mil in the second quarter of 2019, up from CNY 4,533,700 mil when compared to the previous quarter and up from CNY 4,016,400 mil when compared to the same period of last year. Historically, th...

Postal Savings Bank's net interest income rose 2.62% yoy to CNY 59,953 mil in 2Q2019

By Helgi Analytics - October 11, 2019

Postal Savings Bank of China generated total banking revenues of CNY 76,108 mil in the second quarter of 2019, up 12.3% when compared to the same period of last year and 5.21% when compared to the previous quarter. Historically, the bank’s revenues containing...

Postal Savings Bank's retail loan growth fell 9.80% yoy to 18.3% in 2Q2019

By Helgi Analytics - October 11, 2019

Postal Savings Bank of China's retail loans reached CNY 2,550,100 mil at the end of 2019-06-30, up 4.73% compared to the previous year. In the last decade, the average annual loan growth amounted to 0%. Overall, retail loans accounted for 56.0% of the bank'...

Postal Savings Bank's customer loan growth fell 18.0% yoy to 16.3% in 2Q2019

By Helgi Analytics - October 11, 2019

Postal Savings Bank of China's customer loan growth reached 16.3% in 2019-06-30, down from 19.9% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 21.5% in 2018-03-31 and an all time low of 16.2% in 2019-03-31. ...

Postal Savings Bank's equity (as % of assets) rose 0.925% yoy to 4.91% in 2Q2019

By Helgi Analytics - October 11, 2019

Postal Savings Bank of China's Equity reached 4.91% of total assets in the 2Q2019, up from 4.86% for the previous year. As a share of net customer loans, the ratio amounted to 10.9% at the end of the second quarter of 2019. ...

Postal Savings Bank's npls (as % of loans) rose 11.3% to 0.887% in 2018

By Helgi Analytics - October 11, 2019

Postal Savings Bank of China's non-performing loans reached 0.887% of total loans at the end of 2018, up from 0.797% compared to the previous year. Historically, the NPL ratio hit an all time high of 0.907% in 2016 and an all time low of 0.532% in 2013. Pro...

Postal Savings Bank's capital adequacy ratio rose 9.99% to 13.8% in 2018

By Helgi Analytics - October 11, 2019

Postal Savings Bank of China's capital adequacy ratio reached 13.8% at the end of 2018, up from 12.5% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 13.8% in 2018 and an all time low of 8.84% in 2013. The Tier 1 ...

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Postal Savings Bank of China Logo

Finance

Postal Savings Bank of China has been growing its revenues and asset by 11.9% and 11.3% a year on average in the last 5 years. Its loans and deposits have grown by 23.2% and 10.6% a year during that time and loans to deposits ratio reached 48.1% at the end of 2018. The company achieved an average return on equity of 14.3% in the last five years with net profit growing 12.0% a year on average. In terms of operating efficiency, its cost to income ratio reached 57.9% in 2018, compared to 62.7% average in the last five years.

Equity represented 4.99% of total assets or 11.5% of loans at the end of 2018. Postal Savings Bank of China's non-performing loans were 0.887% of total loans while provisions covered some 336% of NPLs at the end of 2018.

Valuation

Postal Savings Bank of China stock traded at CNY 3.63 per share at the end of 2018 resulting in a market capitalization of USD 42,719 mil. Over the previous three years, stock price rose by 0% or 0% a year on average. That’s compared to an average ROE of 12.2% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 6.39x and price to book value (PBV) of 0.704x in 2018.