Picture: Discussion on the shares of Postal Savings Bank of China
However, from the perspective of the market value of Postal Savings Bank, although the bank has 400 billion yuan, its outstanding shares are only 17.84 billion yuan.
In the first half of the year, revenue increased slightly, and net profit dropped by 10%.
On August 30, the Postal Savings Bank of China announced the 2020 semi-annual report, which stated that the first half of the year The realized operating income was 146.346 billion yuan, a year-on-year increase of 3.35%; the realized net profit was 33.673 billion yuan, a year-on-year decrease of 10.02%.
Although the loan business increased, the total amount of liabilities also increased. Among them, PSBC’s total assets were 10.97 trillion yuan, and total customer loans were 5.48 trillion yuan, an increase of 7.34% and 10.19% respectively over the end of the previous year; total liabilities were 10.32 trillion yuan and total customer deposits were 9.87 trillion yuan, respectively. Increased by 6.75% and 5.93%;
In addition, PSBC’s credit impairment losses in the first half of the year were 33.59 billion yuan, an increase of 5.897 billion yuan from the same period in 2019, a year-on-year increase of 21.29%. Among them, customer loan impairment losses were 33.76 billion yuan, an increase of 7.91 billion yuan over the same period in 2019, an increase of 30.60%.
In the first half of the year, the Postal Savings Bank of China increased revenue but did not increase profit, but its asset quality was good. The semi-annual report shows that the balance of non-performing loans of Postal Savings Bank of China was 48.531 billion yuan, and the non-performing loan ratio was 0.89%, an increase of 0.03 percentage points from the end of 2019, which was far lower than the average of the six major banks; the provision coverage ratio was 400.12%, an increase from the end of the previous year 10.67 percentage points, about twice the average of the six major banks.
Picture: The main financial data of the 2020 semi-annual report of the Postal Savings Bank of China
The banking sector is picking up and the institutions are optimistic.
In fact, except for the Postal Savings In addition to the banks, banks such as Shanghai Bank, Sunong Bank, Zheshang Bank, Zhengzhou Bank, and Chengdu Bank have completed stock price stabilization measures. As for the reasons for increasing their shareholdings, most banks stated in their announcements that they are actively stabilizing the company's share price based on their confidence in the company's future development prospects and recognition of the company's growth value.
Judging from the trends in the first three quarters of this year, the overall performance of bank stocks has not been very good. In addition to the epidemic, which has dragged down bank performance, this year's bank's concession to the real economy also caused market concerns about the quality of bank assets. . According to the analysis of Galaxy Securities, the Bank (CITIC) Index fell by 9.41% in the first three quarters of 2020, ranking 29th among the 30 CITIC Tier 1 industries. After the National Day, the banking sector showed an upward trend.
Picture: Banking sector 2020 K-line
Regarding the banking sector’s view, Tianfeng Securities believes , The core supporting logic is economic recovery. On the one hand, the pressure on banks to make profits decreases, and the growth rate of bank net profit may have an inflection point; on the other hand, the fundamental conditions such as the quality of bank assets may improve in the future, bringing about an inflection point in real fundamentals; in addition, the banking sector will generally have an estimate at the end of the year. Quotes for value switching.
Bank of China Securities believes that with the gradual improvement of the domestic economic situation, the market's willingness to allocate in the subsequent quarters is expected to increase. First, the recently released economic data show that the real economy is recovering steadily, which is good for the improvement of bank asset quality; second, the marginal convergence of monetary policy with the economic recovery helps to ease the pressure on interest rate differentials; third, the bank has a low valuation after preliminary adjustments , The characteristics of low positions.
Information reference: China Postal Savings Bank Co., Ltd. announcement on the completion of the implementation of the stock price stabilization plan, the 2020 semi-annual report of the Postal Savings Bank of China, China Securities Dealers
Author: Assistant Researcher of Nandu Media Mai Miaotian
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