Postal Savings Bank of China Co. Ltd. recorded a 14.94% year-over-year increase in net profit for the six months ended June 30.
The bank said net profit attributable to shareholders rose to 37.38 billion yuan from 32.52 billion yuan in the prior-year period. EPS for the first half jumped 16.22% on an annual basis to 43 fen from 37 fen.
Net interest income came in at 119.08 billion yuan, up from 111.66 billion yuan in the first half ended June 30, 2018. Net fee and commission income increased to 9.34 billion yuan from 7.68 billion yuan, and operating income grew year over year to 141.70 billion yuan from 132.41 billion yuan.
The bank's net interest margin stood at 2.55% as of June 30, down from 2.64% in the year-ago period.
Impairment losses on assets climbed to 27.70 billion yuan from 23.37 billion yuan. As of June 30, the bank's nonperforming loan ratio declined to 0.82% from 0.86% as of Dec. 31, 2018.
As of June 30, the bank's Tier 1 and core Tier 1 capital adequacy ratios decreased to 10.26% and 9.25%, respectively, from 10.88% and 9.77% as of Dec. 31, 2018. The bank's capital adequacy ratio fell to 12.98% at the end of the first half from 13.76% at the end of 2018.
As of Aug. 19, US$1 was equivalent to 7.05 yuan.
