One of China’s big six state-owned banks has updated its A-share prospectus to reflect a sharp rise in first-half profits.
The official website for the China Securities Regulatory Commission (CSRC) indicates that the Postal Savings Bank of China (PSBC) has updated the preliminary version of its A-share prospectus, to reflect first half net profits of 37.422 billion yuan for a YoY rise of 14.98%.
As of the end of June the bank’s non-performing loan balance was 38.372 billion yuan, for an NPL ratio of 0.82%, and a decline of 0.04 percentage points compared to the end of last year.
PSBC’s provisions coverage ratio was 396.11% as of the end of the first half.
The initial public offering of PSBC is expected to be China’s biggest A-share debut for 2019.
In early 2019 the Chinese central bank made the decision to designate PSB as a big state-owned bank alongside Agricultural Bank of China, Bank of China, Bank of Communications, China Construction Bank and ICBC, bringing the number of such lenders to six in total.