Postal Savings Bank of China Reports Net Profit of 80.056 Billion Yuan in First Three Quarters, Up 4.56% YoY
nashnova research
Postal Savings Bank of China (01658.HK) earned RMB 80.056 billion in net profit attributable to shareholders in the first nine months, up 4.56% year-on-year; the main growth engine was net interest income, powered by lower deposit costs — a sign the bank has found a way to grind out earnings in a low-rate world.
How much did it earn overall?
Revenue hit RMB 281.669 billion for the first three quarters, up 6.21% YoY — roughly RMB 16.5 billion more than a year ago.
Net profit attributable to shareholders reached RMB 80.056 billion, up 4.56% YoY.
This means → revenue grew faster (6.21%) than profit (4.56%), so part of the top-line gain was absorbed by costs or provisions along the way.
Where did the money come from?
Net interest income — interest earned minus interest paid — totalled RMB 220.142 billion, up RMB 9.637 billion or 4.58% YoY.
In plain terms = roughly 80% of the bank's revenue comes from the interest spread; when that line grows, the whole P&L holds up.
The bank cited three stacked drivers: optimised deposit mix, growth in low-cost self-sourced deposits, and deposit-rate cuts → it paid depositors less, so the spread widened.
How healthy is the interest spread?
Net interest margin (NIM) — how much the bank earns per unit of interest-bearing assets — stood at 1.60%; net interest spread was 1.58%.
This reflects the sector-wide margin squeeze; PSBC held its spread mainly by pushing deposit costs down.
This means → once deposit costs can no longer be cut further, this growth lever runs out of room.
How efficient is the bank's capital?
Annualised return on average total assets (ROA) was 0.56%.
Annualised weighted-average return on equity (ROE) was 9.86%.
In plain terms = an ROE near 10% is above average for Chinese banks right now, suggesting shareholders' capital is being deployed reasonably well.
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