Postal Savings Bank of China H1 Net Profit Attributable to Parent Reaches RMB 51.5 Billion, Up 4.62% YoY
Nashnova编辑部
Postal Savings Bank of China (01658.HK) posted H1 net profit of RMB 51.5 billion (+4.62%) on revenue of RMB 192.5 billion (+7.24%); total assets crossed RMB 19 trillion, NIM held at 1.63% — sector-leading — and non-interest income grew at double digits, emerging as a second earnings engine.
What do the headline numbers tell us?
Revenue RMB 192.53B, up 7.24% YoY; net profit attributable to shareholders RMB 51.50B, up 4.62%.
Revenue grew faster than profit. This means → costs or provisions absorbed part of the top-line gain — earnings growth was not effortless.
Total assets, deposits, and loans crossed the RMB 19T, 17T, and 10T thresholds respectively; the bank entered the global top-10 by Tier 1 capital in *The Banker*'s 2026 ranking for the first time.
NIM at 1.63% — how is PSBC defending it?
Deposit cost of funds fell to 0.98%, down 17 basis points year-on-year. In plain terms = the bank is paying less for deposits, preserving spread by saving on the liability side.
Self-operated deposits grew by over RMB 100B more than the prior-year period; new-deposit share hit a record. This reflects the ongoing funding advantage of PSBC's massive branch network.
Loans grew RMB 618.6B (+6.41%), directed at county-level markets and policy-priority sectors.
Net interest margin 1.63%; net interest income up 5.82%. This means → amid sector-wide NIM compression, PSBC's low-cost deposit base sustains a spread above peers.
Why is non-interest income called the "second engine"?
Non-interest income share rose 1.03 pp YoY; net fee & commission income up 12.20%, other non-interest income up 12.09%.
Standout lines: investment-banking fees +16.41%, corporate FX derivatives volume +316%, bill-trading non-interest income +36%, custody AUM past RMB 6.5T.
In plain terms = PSBC is shifting from a pure spread-income model toward spread + fee-based dual drivers; double-digit growth in the fee segment is the clearest proof.
Where does the wealth-management push stand?
Retail wealth clients grew 23.57% from year-end; "Fujia"-tier-and-above clients reached 7.48 million, up 10.59%.
Electronic-payment transaction volume hit RMB 3.55T. This means → PSBC is converting its vast savings-account base into fee-generating wealth clients via digital channels — customer "quality" is rising.
What will the market watch in H2?
Key test one: can non-interest income sustain double-digit growth — the H1 base is now high, and the 316% FX-derivatives spike may not repeat.
Key test two: can 1.63% NIM hold — if the central bank cuts rates further, how long does the low-cost deposit edge last?
Put simply = H1 numbers look strong, but the market needs to see full-year earnings quality that is "strong first half, stable second half" — not "strong then fading."
市场有风险，内容仅供研究参考，不构成投资建议。