(Original title: Postal Savings Bank's application for A-share listing, six state-owned banks gathering in sight)
BEIJING, July 3 (Xinhua) Recently, the official website of China Securities Regulatory Commission disclosed Postal Savings bank A-share Prospectus. The prospectus shows that the number of A-shares issued by Postal Savings Bank will not exceed 5.172 billion shares. As the youngest large commercial bank Since its establishment, the Postal Savings Bank has always followed the national development strategy, took serving the real economy as the fundamental starting point and foothold, helped the supply side structural reform, actively practiced inclusive finance, and created a unique path for the development of large retail banks.
From savings and exchange institutions to large commercial banks
The Postal Savings Bank started with the opening of postal remittance in 1898, and then opened the deposit business in 1919.
Since 2007, the Postal Savings Bank has given full play to its own advantages and formed a positive complement with other commercial banks. It has grown rapidly from a savings and exchange institution in the past to a large state-owned commercial bank with distinctive retail characteristics. In January 2012, the Postal Savings Bank was changed from a limited liability company to a joint stock company, and was officially renamed "Postal Savings Bank of China Co., Ltd.".
In December 2015, Postal Savings Bank successfully introduced ten well-known institutions at home and abroad, including internationally renowned financial institutions, large state-owned enterprises and Internet enterprises, as strategic investors.
Subsequently, in 2016, the Postal Savings Bank was successfully listed on the main board of the Hong Kong Stock Exchange, officially landing in the international capital market. After successfully completing the three-step strategic goal of "share reform - leading battle - listing", the Postal Savings Bank successfully issued overseas preferred shares in 2017 to further optimize the capital structure and broaden the channels for capital replenishment.
As the youngest state-owned big bank, the Postal Savings Bank focuses on serving a large customer base of "agriculture, rural areas and farmers", urban and rural residents and small and medium-sized enterprises, and is committed to providing services to the most dynamic customer group in China's economic transformation. At the same time, the Postal Savings Bank actively serves large customers and participates in the construction of major projects, making important contributions to China's economic development.
Differentiated strategic positioning, digging deep into the blue ocean of retail
Since its establishment, the Postal Savings Bank has always adhered to the retail banking strategy, as well as the retail led and wholesale coordinated business strategy. With urban and rural residents, small and medium-sized enterprises and "agriculture, rural areas and farmers" as the key service objects, under the policy guidance of deepening the financial supply side reform, it has continuously strengthened its ability to serve the real economy and practiced inclusive finance.
1. Self operation+agency, high penetration of business outlets
Postal Savings Bank entrusts Postal Group to handle part of commercial banking business through agency outlets, which is the only large-scale commercial bank in China's banking industry operating in the "self operation+agency" mode. Relying on this business model, the Postal Savings Bank has the largest number of business outlets among the existing large commercial banks, and the outlets are deep and balanced, bringing huge customer groups and broad financial needs to the Postal Savings Bank. At the same time, it also makes the business strategy of the Postal Savings Bank easier to implement and gives full play to its advantages.
By the end of 2018, Postal Savings Bank had a total of 39719 business outlets, including 7962 self operated outlets and 31757 agent outlets, covering 99% of the counties (cities) in China.
While laying out offline business outlets, the Postal Savings Bank continued to promote the development of online finance on the Internet. At present, Postal Savings Bank has built an online financial system including mobile banking, online banking, self-service banking, telephone banking and WeChat banking. By the end of 2018, the number of self-service equipment of Postal Savings Bank had reached 124600, and the number of e-banking customers had reached 277 million; Among them, the number of mobile banking customers reached 218 million, and the number of individual online banking customers reached 210 million.
At the same time, Postal Savings Bank launched front-end financial models such as fast card binding, barcode payment, and "Poste-Loan" APP. The online products of APP include consumer credit products such as "post salary loan" and "post learning loan", as well as small and micro enterprises such as "shopkeeper loan" and "super fast loan" and "agriculture, rural areas and farmers" credit products.
At the same time, the Postal Savings Bank will combine offline business outlets with online distribution networks by combining their respective advantages online and offline. First of all, Postal Savings Bank promoted the intelligent, light and comprehensive transformation of outlets. Secondly, the Postal Savings Bank has developed and established a distribution network of "online+offline" and multi-channel organic integration. With the help of big data analysis, customer multi-dimensional portrait and other technologies, it has comprehensively mastered customer information, understood customer needs, more accurately identified customers, marketing customers, hierarchical maintenance customers, carried out customer life cycle management, and matched the appropriate financial products.
2. Rely on the advantages of the network to tap the value of large customer groups
Relying on the advantage of network layout, Postal Savings Bank has formed a huge retail customer base. By the end of 2018, the number of personal customers of Postal Savings Bank had reached 578 million, covering more than 40% of China's total population, and the total AUM had reached 927 trillion yuan; personal deposit 86.56% of total deposits, individual loan Accounting for 54.24% of the total loans.
The personal banking business is the main source of income for the Postal Savings Bank. From 2016 to 2018, the income from personal banking business accounted for 71.46%, 66.12% and 62.67%, respectively, accounting for more than 60% all the time.
While building a customer base horizontally, the Postal Savings Bank has been continuously excavating customer value vertically, actively carrying out comprehensive marketing to customers, and promoting the release of value contribution of middle and high-end customers by building a wealth management system. By the end of 2018, there were 27.93 million VIP customers, with a compound annual growth rate of 12.80% from 2016 to 2018.
At the same time, the Postal Savings Bank, relying on a large customer group, actively practices the social responsibility of inclusive finance, takes consumer loans as an important basic business, and provides smooth, formal and convenient multi-level financial services for different customer groups.
At present, the Postal Savings Bank has built four product systems with housing, automobile, consumption and education as the core, and launched "Post Series" online loan products. In 2018, the market share of consumer loans of Postal Savings Bank was Bank of China It ranks fifth in the industry.
By the end of 2018, the personal consumption loans (including personal housing loans and other personal consumption loans) of the Postal Savings Bank had amounted to 1.69 trillion yuan, with a compound annual growth rate of 23.98% from 2016 to 2018, higher than the industry's compound annual growth rate of 22.83% in the same period.
3. Practice inclusive finance and serve small and micro enterprises with strength
The Postal Savings Bank will support the healthy development of small and micro enterprises as an important task. Under the principle of commercial sustainability and strict risk control, the Postal Savings Bank will continue to give play to its network advantages, develop inclusive finance, and serve the growth of the real economy.
In view of the lack of mortgage and distinctive regional characteristics of small and micro enterprises, the Postal Savings Bank launched online products such as "small and micro easy loans" and "fast loans" to improve customer service efficiency; In combination with the financing characteristics of small and micro enterprises of "short, small, frequent and urgent", the Postal Savings Bank has studied and built a series of multi-dimensional risk warning and monitoring models around institutions, customers, industries and other dimensions. Relying on big data analysis, it alleviates the difficulties of small and micro enterprises of "difficult and expensive financing".
Since 2015, the Postal Savings Bank and the Economic Daily jointly released the operation index of small and micro enterprises. The Postal Savings Bank has built an indicator framework of "six regions, seven industries and eight sub items", built a sample database of small and micro enterprises covering nearly 75% of the country's county areas, and gradually explored the introduction of new technologies such as cloud computing, effectively filling the monthly cycle gap of the current domestic index of small and micro enterprises. The small and micro enterprise operation index fully reflects the characteristics of regional and industrial trends, so as to help the Postal Savings Bank adjust and improve the financial business development and risk strategy of small enterprises in a timely manner, and promote the commercial sustainable development of small and micro credit business. At the same time, as the only monthly operation index of small and micro enterprises in China, this index provides important reference for small and micro enterprises to determine their own development path, social institutions to improve the service system of small and micro enterprises, and national policy research, industrial planning, academic research, etc. By the end of 2018, the Postal Savings Bank had released 44 monthly small and micro enterprise operation indexes.
By the end of 2018, the inclusive small and micro enterprise loans with a single credit of 10 million yuan or less from the Postal Savings Bank had reached 544.992 billion yuan, accounting for 12.74% of the total loans from the Postal Savings Bank; The total loans of inclusive small and micro enterprises ranked second among large commercial banks, significantly higher than the average level of peers; The loan customers of inclusive small and micro enterprises with loan balance reached 1.4577 million, ranking first in the industry; The total amount of personal business loans reached 557.126 billion yuan, ranking first among large commercial banks.
4. Focusing on rural finance, enabling science and technology to expand services for agriculture, rural areas and farmers
The Postal Savings Bank is an important provider of financial services for agriculture, rural areas and farmers. It has always adhered to serving "agriculture, rural areas and farmers", constantly enriched rural financial products and service models, relied on network advantages, done a good job in rural basic financial services, and deployed "agricultural assistance" terminals of agricultural assistance service points in rural areas to provide convenient financial services for rural customers.
By the end of 2018, Postal Savings Bank had expanded 100700 merchants in agricultural aid service points. In 2018, the Postal Savings Bank had 20.3991 million agricultural accounting transactions, 13.3798 million inquiry transactions, and 14.211 billion yuan in agricultural aid transactions.
At the same time, the Postal Savings Bank actively responded to national policies and participated in the promotion of new rural endowment insurance (hereinafter referred to as "new rural insurance") and new rural cooperative medical care (hereinafter referred to as "new rural cooperative medical care"). In 2018, the Postal Savings Bank collected 13004600 "new rural insurance" premiums on behalf, with a transaction amount of 4.214 billion yuan; 239 million "new rural insurance" pensions were paid on behalf, with a transaction amount of 34.159 billion yuan; 939900 "New Rural Cooperative Medical System" reimbursements and subsidies were paid on behalf, with a transaction amount of 1.173 billion yuan.
The Postal Savings Bank has constructed five major agricultural loan product systems, namely, farmers' loans, new agricultural business entity loans, agriculture related merchant loans, county agriculture related small and micro enterprise loans, and agricultural leading enterprise loans. It has constantly innovated the three agricultural financial loan products, and launched the online and offline combination of loan products "E-quick loan", the full process pure online loan products "quick loan" and "shopkeeper loan".
By the end of 2018, the agricultural loans of Postal Savings Bank had reached 1161.495 billion yuan, accounting for 27.16% of the total loans, including 932.046 billion yuan of farmers' loans, accounting for 21.79% of the total loans.
financial analysis
1. Steady growth of deposits and strong financial strength
From 2016 to 2018, the total assets, total deposits and total loans of the Postal Savings Bank have maintained steady growth year by year; Among them, by the end of 2018, the total deposits of Postal Savings Bank had reached 8627.44 billion yuan, ranking fifth among Chinese banks, and personal deposits had reached 7467.911 billion yuan, ranking fourth among Chinese banks.
Deposits are the main source of liabilities of the Postal Savings Bank. From 2016 to 2018, customer deposits accounted for more than 90% of the total liabilities of the Postal Savings Bank.
Generally speaking, personal deposits are more stable than corporate deposits. Personal deposits are the largest part of postal savings bank deposits, and the growth rate is stable. From 2016 to 2018, the proportion of personal deposits in the Postal Savings Bank was more than 85%, and the compound annual growth rates of total deposits and personal deposits were 8.81% and 9.66% respectively. The high proportion of personal deposits is mainly due to the huge customer base and retail advantages of Postal Savings Bank.
2. Consumption driven transformation and continuous optimization of asset structure
From 2016 to 2018, the assets of Postal Savings Bank were mainly composed of customer loans and financial investments; Among them, the proportion of customer loans has increased year by year, gradually becoming the most important interest bearing assets.
From 2016 to 2018, the total loans of the Postal Savings Bank maintained a rapid growth; Although the growth rate slowed down in 2018, it was still significantly higher than the average growth rate of the total loans of the four major banks.
Loans are mainly divided into personal loans and corporate loans; Among them, from 2016 to 2018, personal loans were an important part of the loans of the Postal Savings Bank, and their proportion in the total amount of loans increased year by year, which benefited from the implementation of the Postal Savings Bank's policies and guidelines for promoting consumption upgrading, adhering to the strategic positioning of large retail banks, meeting the diversified consumption needs of residents, and helping residents transform and upgrade consumption.
Personal loans of the Postal Savings Bank are mainly personal housing loans. From 2016 to 2018, personal housing loans accounted for more than 50% of the total personal loans, mainly benefiting from the continuous development of the real estate market and the transformation of residents' consumption in recent years. The compound growth rate of personal housing loans reached 25.24%.
3. Outstanding profitability relying on retail advantages
The net interest margin measures the difference between the source cost of funds and the utilization income of the bank, which is equivalent to the "gross profit margin". Net interest rate of return is a key indicator to measure the profitability and risk pricing ability of interest bearing assets of banks. It is also one of the core regulatory indicators of commercial banks, which is equivalent to "return on net assets". From 2014 to 2018, the trend of net interest margin and net interest yield of Postal Savings Bank was roughly the same.
Under the background of interest rate reduction in 2015, the interest margin of Postal Savings Bank narrowed significantly, and the interest rate of return also decreased simultaneously. However, with the rise of market interest rate since 2017, the interest margin and interest rate of return have significantly increased. In 2018, the net interest margin and net interest yield of Postal Savings Bank were 2.64% and 2.67% respectively, with a year-on-year growth of 0.18 percentage points in net interest margin and 0.27 percentage points in net interest yield.
The net interest margin is the difference between the average yield of interest bearing assets and the average cost rate of interest bearing liabilities. First, in terms of the cost ratio of interest bearing liabilities, the cost ratio of interest bearing assets of Postal Savings Bank has been significantly lower than the four major banks since 2016 state-owned bank ； Among them, in 2018, the cost rate of interest paying assets of Postal Savings Bank was 1.46%, which was the lowest level compared with the four major state-owned banks.
From 2015 to 2018, the interest payment rate of personal deposits in the Postal Savings Bank was significantly lower than that of corporate deposits. At the same time, personal deposits were the main source of deposits in the Postal Savings Bank, which led to the reduction of the cost rate of interest paying assets.
Secondly, in terms of the rate of return on interest bearing assets, the rate of return on interest bearing assets of the Postal Savings Bank is also significantly higher than that of the four major state-owned banks; In 2018, the return on interest bearing assets of Postal Savings Bank was 4.10%, significantly higher than that of the four major state-owned banks in the same period.
Generally speaking, compared with corporate customers, banks have higher bargaining power for individual customers, so the return rate of individual loans will be higher than that of corporate loans. From 2015 to 2018, the yield of personal loans of Postal Savings Bank was significantly higher than that of corporate loans, and the proportion of personal loans was significantly higher than that of corporate loans, which led to the improvement of the overall yield of interest bearing assets.
In short, relying on the retail advantage of the Postal Savings Bank, while personal deposits drive down the cost ratio of interest bearing liabilities, personal loans drive up the yield of interest bearing assets, creating the outstanding profitability of the Postal Savings Bank.
4. Prudent risk control and excellent asset quality
Postal Savings Bank has always adhered to a prudent overall risk appetite, established a comprehensive risk management system including credit risk, market risk, operational risk, liquidity risk, information technology risk, reputation risk, strategic risk and compliance risk, and has a sound risk management organizational structure and a good risk management culture, It also pays attention to the use of information technology to manage risks, optimize the risk measurement model, and improve the risk monitoring and early warning system. The above-mentioned series of prudent risk management measures make the Postal Savings Bank have a unique and healthy asset structure.
First of all, the low deposit loan ratio gives the Postal Savings Bank more room for adjustment during the economic transition period. By the end of 2018, the deposit loan ratio of Postal Savings Bank was 49.57%, 8.25 percentage points higher than that on December 31, 2016, but still far below the average deposit loan ratio of other large commercial banks.
Secondly, by the end of 2018, the proportion of risk weighted assets of Postal Savings Bank in total assets was only 45.36%, lower than the average level of other large commercial banks.
Finally, while the credit business is developing rapidly, the Postal Savings Bank pays attention to the control of asset quality, with excellent asset quality and adequate provision. During 2014-2018, the non-performing loan ratio of the Postal Savings Bank was far lower than the average level of the banking industry; Among them, by the end of 2018, the non-performing loan ratio of Postal Savings Bank was 0.86%, while the average non-performing loan ratio of commercial banks in the same period was 1.83%.
The provision ratio refers to the ratio of the bank's loan loss reserve balance to the loan balance, which is a quantitative indicator reflecting the authenticity of performance. Among them, provision coverage rate (also called "provision adequacy ratio") refers to the utilization ratio of bad debt reserves and bad debt reserves that may occur from bank loans. During 2014-2018, the provision coverage rate of the Postal Savings Bank was far higher than that of the four state-owned banks of CAMIC; By the end of 2018, the provision coverage rate of Postal Savings Bank was 346.80%, and the average provision coverage rate of commercial banks in the same period was only 198.28%.
The loan provision ratio refers to the withdrawal ratio of bad debt reserves and bad debt reserves. The gap between the Postal Savings Bank and the four major state-owned banks is small and at an average level.
5. Strong growth capacity and broad development space
The "agriculture, rural areas and farmers", urban and rural residents and small and medium-sized enterprise customers that the Postal Savings Bank focuses on serving are the most dynamic participants in China's economic transformation. Its diversified financial needs provide the Postal Savings Bank with broad development space and sustainable growth potential.
From 2016 to 2018, the compound annual growth rates of total assets, total loans, total deposits, service fees and net commission income of Postal Savings Bank were 7.30%, 19.19%, 8.81% and 12.04% respectively, which were higher than the average level of other large commercial banks.
As of December 31, 2018, the net amount of loans and advances issued by the Postal Savings Bank accounted for only 43.60% of the total assets. At the same time, as far as external factors are concerned, China's economy continues to transform into a consumption driven economy, and there is a large space for the development of consumer finance; Small and micro enterprises are playing an increasingly important role in China's economic development. Their scale is growing and their credit demand is far from being met; With the development of new urbanization and agricultural modernization, there is huge development space for the county economy. The implementation of the rural revitalization strategy has also brought new demand for financial services for the Postal Savings Bank. In the future, the credit business of Postal Savings Bank will still have a large growth space.
