The Postal Savings Bank of China (PSBC) was on the Fortune China 500 List for the first time on the new rankings released on July 31, ranked in the 34th place for revenues of 189.6 billion yuan (U.S.$28.8 billion).
Jointly complied by Fortune China edition and the Wealth Management Department of China International Capital Corp., the ranking rates the performance and achievements of the largest Chinese listed companies in the past year.
The gross operating income of the 500 companies on the list reached 33.54 trillion yuan (U.S.$ 5.08 trillion) in 2017, a 9 percent increase over last year. Their net profit reached 2.8 trillion yuan (U.S.$ 420 billion), an increase of 2.2 percent. Both revenue and profit growth have rebounded significantly over last year.
The list’s entry threshold this year was an annual revenue of 11.323 billion yuan (U.S.$1.7 billion), exceeding 100 billion yuan (U.S.$15.16 billion) for the first time.
In recent years, the PSBC has grasped economic development opportunities and its core indicators are steady. The company’s total assets reached 8.49 trillion yuan (U.S.$1.2875 billion) by March 31, an increase of 221.245 billion yuan (U.S.$ 33.55 billion) and 2.68 percent higher than last year.
PSBC’s gross liabilities reached 8.13 trillion yuan (U.S.$1.23 trillion), a rise of 207.99 billion yuan (U.S.$ 31.54 billion) and 2.63 percent higher than last year. Issuance of loans and advances in cash totaled 3.19 trillion yuan (U.S.$483.8billion), an increase of 179.266 billion yuan (U.S.$ 27.18 billion) and 5.95 percent higher than last year.
In terms of asset quality, the PSBC has adjusted to the change of national industrial policy, vigorously promoted green credit, optimized its credit structure and improved efficiency in the disposal of non-performing loans, with its credit asset quality remaining excellent.