The net profit of the Postal Savings Bank of China (PSBC) grew by 14.11 percent in 2016, according to its first annual report released after a public listing. The report was issued at its 2016 Performance Announcement Meeting held on March 28.
Facing a complex economic and financial situation and the arduous tasks of reform and development, PSBC adhered to a prudent business philosophy, took initiatives to adapt to its new status and deepened reform. The bank successfully completed tasks and achieved remarkable results in operations and management.
Assets of PSBC grew rapidly and the profitability increased steadily in 2016. The bank's assets totaled 8.27 trillion yuan (US$1.2 trillion) by the end of 2016, up 13.28 percent over the same period last year. Deposits amounted to 7.29 trillion yuan (US$1.058 trillion), up 15.56 percent over the same period the year previous Loans totaled 3.01 trillion yuan (US$436.89 billion), up 21.80 percent over 2015.
Net profits totaled 39.776 billion yuan (US$5.77 billion), an increase of 14.11 percent compared with 2015.
In addition, the bank actively promoted the development of internet banking, launched a development plan and created the Post-e-Loan series of products, enabling electronic payment transaction volumes to double. The number of customers using PSBC electronic banking reached 185 million, a 23.47 percent increase over the previous year. The rate of substitution for electronic banking transactions was 81.78 percent, rising by 10.08 percentage points from 2015.
“2017 was the beginning of the bank's new journey as an international first-class financial institution. On the occasion of its 10th anniversary, PSBC faces a perplexing international economic situation and business environment and shoulders the expectations of investors. The bank will further enhance its comprehensive competitiveness, strengthen core business advantages and contribute to the country's economic and social development,” PSBC President Li Guohua said.
“PSBC will make full use of the development dividend brought by its listing, further consolidate the foundation of development and enhance the profitability, pushing all causes to a new height,” PSBC Governor Lv Jiajin added at the event.