PSBC’s 3Q Net Profit Growth Hampered by Rising Credit Costs and Lower Investment Return
No-moat Postal Savings Bank of China’s, or PSBC’s, third-quarter results were a bit disappointing, with growth in total revenue and net profits slowing down to 22% and 15.4% from the year-ago period, versus the 25% and 22% growth in the first half. The slower-than-expected growth was attributable to a sharp decline in investment return and higher-than-expected increase in credit costs over the past quarter. We slightly reduced our full-year revenue growth and net profit growth to reflect recent ...
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