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Postal Savings Bank of China

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

By Helgi Library - 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 Library - 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 Library - 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...

Annual Quarterly LTM
Profit Statement Dec 2018 Mar 2019 Jun 2019
Net Interest Income CNY mil 60,305 59,129 59,953
Net Fee Income CNY mil 3,124 4,908 4,431
Other Income CNY mil -6,537 8,302 11,724
Total Revenues CNY mil 56,892 72,339 76,108
Operating Profit CNY mil 13,675 35,822 38,173
Provisions CNY mil 7,190 11,251 14,599
Net Profit CNY mil 5,601 18,520 18,861
Balance Sheet Dec 2018 Mar 2019 Jun 2019
Interbank Loans CNY mil 665,660 799,380 469,361
Customer Loans CNY mil 4,149,500 4,397,900 4,550,400
Total Assets CNY mil 9,516,200 10,143,800 10,067,200
Shareholders' Equity CNY mil 475,313 493,691 494,059
Interbank Borrowing CNY mil 248,929 346,867 277,952
Customer Deposits CNY mil 8,627,400 9,142,700 9,101,200
Issued Debt Securities CNY mil 76,154 75,999 102,280
Ratios Dec 2018 Mar 2019 Jun 2019
ROE % 4.74 15.3 15.3
ROA % 0.237 0.754 0.747
Costs (As % Of Assets) % 1.83 1.49 1.50
Costs (As % Of Income) % 76.0 50.5 49.8
Capital Adequacy Ratio % 13.8 13.4 13.0
Net Interest Margin % 2.56 2.41 2.37
Loans (As % Of Deposits) % 48.1 48.1 50.0
NPLs (As % Of Loans) % 0.887 0.831 0.829
Provisions (As % Of NPLs) % 336 361 388
Valuation Dec 2018 Mar 2019 Jun 2019
Price/Earnings (P/E) 6.39 6.70 6.57
Price/Book Value (P/BV) 0.704 0.737 0.761
Dividend Yield % 0 0 0
Earnings Per Share (EPS) CNY 0.646 0.670 0.706
Book Value Per Share CNY 5.87 6.09 6.10
Dividend Per Share CNY 0 0 0

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summary Unit Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
income statement                            
Net Interest Income CNY mil               72,348 53,238 58,424 62,155 60,305    
Total Revenues CNY mil               85,285 66,775 67,767 73,237 56,892    
Operating Profit CNY mil               34,893 31,471 26,809 39,408 13,675    
Net Profit CNY mil               7,214 16,505 16,018 14,187 5,601    
balance sheet                            
Interbank Loans CNY mil               754,731 758,839 850,535 715,718 665,660    
Customer Loans CNY mil               3,541,600 3,783,700 3,911,400 4,044,800 4,149,500    
Debt Securities CNY mil               1,742,500 3,143,100 3,150,000 3,185,600 3,387,500    
Total Assets CNY mil               9,012,600 9,227,400 9,326,200 9,350,900 9,516,200    
Shareholders' Equity CNY mil               431,357 449,102 453,498 469,936 475,313    
Interbank Borrowing CNY mil               237,214 94,043 274,625 269,431 248,929    
Customer Deposits CNY mil               8,062,700 8,441,200 8,332,800 8,349,900 8,627,400    
Issued Debt Securities CNY mil               74,932 74,932 76,182 76,926 76,154    
ratios                            
ROE %               6.73 15.0 14.2 12.3 4.74    
ROA %               0.325 0.724 0.691 0.608 0.237    
Costs (As % Of Assets) %               2.27 1.55 1.77 1.45 1.83    
Costs (As % Of Income) %               59.1 52.9 60.4 46.2 76.0    
Capital Adequacy Ratio %               12.5 12.7 12.9 13.7 13.8    
Net Interest Margin %               3.26 2.34 2.52 2.66 2.56    
Interest Income (As % Of Revenues) %               84.8 79.7 86.2 84.9 106    
Fee Income (As % Of Revenues) %               2.86 6.98 4.46 4.95 5.49    
Equity (As % Of Assets) %               4.79 4.87 4.86 5.03 4.99    
Loans (As % Of Deposits) %               43.9 44.8 46.9 48.4 48.1    
Loans (As % Assets) %               39.3 41.0 41.9 43.3 43.6    
NPLs (As % Of Loans) %               0.797 0.703 0.998 0.879 0.887    
Provisions (As % Of NPLs) %               306 352 262 310 336    
valuation                            
Market Capitalisation (End Of Period) USD mil ... ... ...         42,090 51,009 52,804 51,042 42,719    
Number Of Shares (Average) mil               81,310 81,031 81,031 81,031 81,031    
Share Price (End Of Period) CNY ... ... ...         3.37 3.96 4.31 4.33 3.63    
Earnings Per Share (EPS) CNY               0.586 0.622 0.662 0.665 0.646    
Book Value Per Share CNY               5.31 5.54 5.60 5.80 5.87    
Dividend Per Share CNY               0 0 0 0 0    
Price/Earnings (P/E) ... ... ...         6.89 7.95 7.73 7.41 6.39    
Price/Book Value (P/BV) ... ... ...         0.762 0.892 0.914 0.850 0.704    
Dividend Yield % ... ... ...         0 0 0 0 0    
Earnings Per Share Growth % ... ... ... ...       -35.0 22.6 24.2 17.7 10.1    
Book Value Per Share Growth % ... ... ... ...       -32.5 24.7 24.3 9.87 10.6    
income statement Unit Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
income statement                            
Interest Income CNY mil               102,331 85,350 87,986 93,619 93,211    
Interest Cost CNY mil               29,983 32,112 29,562 31,464 32,906    
Net Interest Income CNY mil               72,348 53,238 58,424 62,155 60,305    
Net Fee Income CNY mil               2,435 4,662 3,020 3,628 3,124    
Other Income CNY mil               10,502 8,875 6,323 7,454 -6,537    
Total Revenues CNY mil               85,285 66,775 67,767 73,237 56,892    
Operating Cost CNY mil               50,392 35,304 40,958 33,829 43,217    
Operating Profit CNY mil               34,893 31,471 26,809 39,408 13,675    
Provisions CNY mil               5,050 9,039 7,736 19,169 7,190    
Extra and Other Cost CNY mil               24,516 3,537 3,701 4,027 3,477    
Pre-Tax Profit CNY mil               5,327 18,895 15,372 16,212 3,008    
Tax CNY mil               -1,887 2,375 -655 2,042 -2,659    
Minorities CNY mil               0 15.0 9.00 -17.0 66.0    
Net Profit CNY mil               7,214 16,505 16,018 14,187 5,601    
growth rates                            
Net Interest Income Growth % ... ... ... ...       41.2 26.9 28.2 -8.12 -16.6    
Net Fee Income Growth % ... ... ... ...       -22.9 14.2 2.37 11.0 28.3    
Total Revenue Growth % ... ... ... ...       55.7 21.8 23.1 -5.16 -33.3    
Operating Cost Growth % ... ... ... ...       43.5 10.2 21.5 0.296 -14.2    
Operating Profit Growth % ... ... ... ...       77.5 38.1 25.7 -9.39 -60.8    
Pre-Tax Profit Growth % ... ... ... ...       22.4 19.2 8.12 3.12 -43.5    
Net Profit Growth % ... ... ... ...       39.1 19.6 25.1 2.29 -22.4    
balance sheet Unit Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
balance sheet                            
Cash CNY mil               1,412,000 1,370,900 1,265,700 1,246,200 1,202,900    
Interbank Loans CNY mil               754,731 758,839 850,535 715,718 665,660    
Customer Loans CNY mil               3,541,600 3,783,700 3,911,400 4,044,800 4,149,500    
Retail Loans CNY mil               1,946,500 2,051,050 2,155,600 2,255,600 2,319,800    
Mortgage Loans CNY mil               1,155,200 1,227,500 1,300,850 1,372,480 1,417,900    
Consumer Loans CNY mil               791,300 823,547 854,748 883,123 901,900    
Corporate Loans CNY mil               1,391,900 1,421,200 1,450,500 1,902,500 1,384,500    
Debt Securities CNY mil               1,742,500 3,143,100 3,150,000 3,185,600 3,387,500    
Fixed Assets CNY mil               45,600 44,029 45,794 44,101 47,138    
Total Assets CNY mil               9,012,600 9,227,400 9,326,200 9,350,900 9,516,200    
Shareholders' Equity CNY mil               431,357 449,102 453,498 469,936 475,313    
Of Which Minority Interest CNY mil               384 853 860 843 909    
Liabilities CNY mil               8,581,240 8,778,300 8,872,700 8,880,960 9,040,890    
Interbank Borrowing CNY mil               237,214 94,043 274,625 269,431 248,929    
Customer Deposits CNY mil               8,062,700 8,441,200 8,332,800 8,349,900 8,627,400    
Sight Deposits CNY mil               3,329,000 3,318,850 3,308,700 3,347,450 3,386,200    
Term Deposits CNY mil               4,733,700 5,122,350 5,024,100 5,002,450 5,241,200    
Issued Debt Securities CNY mil               74,932 74,932 76,182 76,926 76,154    
Other Liabilities CNY mil               206,397 168,123 189,095 184,707 88,404    
asset quality                            
Non-Performing Loans CNY mil               28,940 27,281 40,082 36,569 37,951    
Gross Loans CNY mil               3,630,100 3,879,700 4,016,400 4,158,100 4,276,900    
Total Provisions CNY mil               88,564 96,010 104,989 113,333 127,327    
growth rates                            
Customer Loan Growth % ... ... ... ...       20.5 21.5 19.9 18.4 17.2    
Retail Loan Growth % ... ... ... ...       23.0 21.6 20.3 19.1 19.2    
Mortgage Loan Growth % ... ... ... ...       27.8 26.5 24.1 24.6 22.7    
Consumer Loan Growth % ... ... ... ...       16.7 14.9 14.9 11.6 14.0    
Corporate Loan Growth % ... ... ... ...       29.0 21.1 14.3 18.4 -0.532    
Total Asset Growth % ... ... ... ...       9.04 8.73 9.16 6.68 5.59    
Shareholders' Equity Growth % ... ... ... ...       24.4 24.7 24.3 10.3 10.2    
Customer Deposit Growth % ... ... ... ...       10.7 8.49 6.75 5.52 7.00    
market share                            
Market Share in Customer Loans %               2.75 2.83 2.85 2.84 2.86   ...
Market Share in Total Assets %         ... ... ... ... ... ... ... ... ... ...
Market Share in Customer Deposits %         ... ... ... ... ... ... ... ... ... ...
ratios Unit Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
ratios                            
ROE %               6.73 15.0 14.2 12.3 4.74    
ROA %               0.325 0.724 0.691 0.608 0.237    
Costs (As % Of Assets) %               2.27 1.55 1.77 1.45 1.83    
Costs (As % Of Income) %               59.1 52.9 60.4 46.2 76.0    
Capital Adequacy Ratio %               12.5 12.7 12.9 13.7 13.8    
Tier 1 Ratio %               9.67 9.92 10.1 10.8 10.9    
Net Interest Margin %               3.26 2.34 2.52 2.66 2.56    
Interest Spread % ...             3.19 2.26 2.45 2.59 2.48    
Asset Yield %               4.60 3.74 3.79 4.01 3.95    
Cost Of Liabilities % ...             1.42 1.48 1.34 1.42 1.47    
Payout Ratio %               0 0 0 0 0    
Interest Income (As % Of Revenues) %               84.8 79.7 86.2 84.9 106    
Fee Income (As % Of Revenues) %               2.86 6.98 4.46 4.95 5.49    
Other Income (As % Of Revenues) %               12.3 13.3 9.33 10.2 -11.5    
Equity (As % Of Assets) %               4.79 4.87 4.86 5.03 4.99    
Loans (As % Of Deposits) %               43.9 44.8 46.9 48.4 48.1    
Loans (As % Assets) %               39.3 41.0 41.9 43.3 43.6    
NPLs (As % Of Loans) %               0.797 0.703 0.998 0.879 0.887    
Provisions (As % Of NPLs) %               306 352 262 310 336    
Provisions (As % Of Loans) %               2.50 2.54 2.68 2.80 3.07    
Cost of Provisions (As % Of Loans) %               0.581 0.987 0.804 1.93 0.702    
other data Unit Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
other data                            
Employees               171,551 170,066 168,580 169,694 170,809 ... ...
Sight (As % Of Customer Deposits) %               41.3 39.3 39.7 40.1 39.2    
On-balance Sheet Loans RMB mil               3,541,600 3,783,700 3,911,400 4,044,800 4,149,500    

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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 Library - 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 Library - 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 Library - 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 Library - 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 retail loan growth fell 9.80% yoy to 18.3% in 2Q2019

By Helgi Library - 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 Library - 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 net interest income rose 2.62% yoy to CNY 59,953 mil in 2Q2019

By Helgi Library - 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 equity (as % of assets) rose 0.925% yoy to 4.91% in 2Q2019

By Helgi Library - 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 capital adequacy ratio rose 9.99% to 13.8% in 2018

By Helgi Library - 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 ...

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

By Helgi Library - 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...

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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.

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