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Postal Savings Bank of China FY'17 net profit rises YOY

Postal Savings Bank of China Co. Ltd.'s net profit for full-year 2017 rose 19.80% year over year amid a jump in net interest income and gains on investment securities.

Net profit attributable to the bank's shareholders increased to 47.68 billion yuan from 39.80 billion yuan. EPS for the full year inched up to 59 fen from 55 fen.

The S&P Capital IQ consensus GAAP EPS estimate was 59 fen, the same as the normalized EPS estimate.

Net interest income went up to 188.12 billion yuan from 157.59 billion yuan, while net fee and commission income stood at 12.74 billion yuan, up from 11.50 billion yuan.

Net gains on investment securities jumped to 22.26 billion yuan from 15.48 billion yuan, primarily due to an increase in gains on investments in commercial bank wealth management products. Net trading gains climbed to 1.88 billion yuan from 664 million yuan.

Impairment losses on assets grew to 26.74 billion yuan from 16.90 billion yuan in 2016.

The lender's operating income for the full year increased to 224.86 billion yuan from 189.60 billion yuan.

The bank's net interest margin and net interest spread were 2.40% and 2.46%, respectively, representing an increase of 16 basis points and 12 basis points compared with the prior year.

The bank's nonperforming loan ratio dropped to 0.75% from 0.87% in the year-ago period. The allowance coverage ratio climbed to 324.77% from 271.69% over the same period.

As of Dec. 31, 2017, the bank's Tier 1 capital adequacy ratio came in at 9.67%, up from 8.63% in the previous-year period while its core Tier 1 capital adequacy ratio slipped to 8.60% from 8.63% in 2016.

Further, the bank's board proposed a dividend of 14.71 fen per share for 2017 from 7.37 fen per share for the prior year.

As of March 27, US$1 was equivalent to 6.28 Chinese yuan.