Summary by Moomoo AI
On 28 March 2024, China Postal Savings Bank approved the 2023 Annual Report and the audit report was issued by Decin Accounting Firm with unreserved opinions. The report revealed that the bank will distribute to shareholders a cash dividend of RMB2,610 per 10 shares of common stock, totaling about RMB258.81 billion. In addition, personal banking revenue grew by 6.33% year-on-year, accounting for 72.91% of operating income during the reporting period, showing solid business growth. The company's financial business revenue grew by 10.35% year-on-year, and its midstream business revenue grew 59.89% year-on-year, and the asset quality remained good with a negative rate of 0.55%. The Bank has a capital adequacy ratio of 14.23%, a core tier one capital adequacy ratio of 9.53% and a tier one capital adequacy ratio of 11.61%, all in line with regulatory requirements. The Bank continues to strengthen risk management and actively drive digital transformation. No significant accounting policy changes were made by the Bank during the reporting period.