On August 27, Postal Savings Bank of China (hereinafter referred to as PSBC, under the A-share stock code 601658.SH, and the H-share stock code 1658.HK) released its 2021 semi-annual report. In the first half of the year, China’s economy sustained a steady recovery. Against this background, PSBC applies itself to a new stage of development, implementing the new development concept, fitting into a new pattern of development, focusing on serving the real economy, carrying out operations positively and prudently, realizing steady growth with its scale, quality and efficiency, and the overall business performance is pretty good.
The profitability of PSBC continued to increase with a year-on-year net profit growth of 22.48 percent. It gained a record high business scale and maintained a solid retail bank market position with its total assets and AUM both surpassing 12 trillion yuan (about 1.86 trillion US dollars). PSBC has been accelerating its digital transformation in the whole bank with 4 new-generation systems, enriched digital RMB application scenarios and its “finance plus service” ecosystem. The NPLR of PSBC decreased by 0.05 percent from the end of last year to 0.83 percent. Its provision coverage ratio increased by 13.27 percent to 421.33 percent compared with the end of last year, ensuring a leading position in asset quality.