Big state-owned lender Postal Savings Bank of China (PSBC) has reported a surge in profitability in the third quarter of 2021.
PSBC’s third quarter performance results indicate that the lender saw operating revenues of 238.358 billion yuan during the reporting period, for a year-on-year (YoY) increase of 10.22%. Net profits were 64.825 billion yuan, for a YoY rise of 22.55%.
As of the end of September PSBC’s total assets were 12.22 trillion yuan, for an increase of 7.65% compared to the end of last year.
This included total customer loans of 637 trillion yuan for an increase of 11.46% since the end of last year. Total liabilities were 11.44 trillion yuan, for an increase of 7.14% since the end of last year, while customer deposits hit 11.02 trillion yuan, for an increase of 6.39%.
PSBC said it had optimised its balance sheet and achieved steady growth in interest net revenues which rose 6.49% YoY to 200.89 billion yuan. Net interest yields were 2.37%, and the net interest margin 2.30%.