According to the China Investment Securities Research Report, the net profit of the Postbank (601658.SH) in the first quarter grew at a year-on-year rate of -1.35%, and operating income achieved positive year-on-year growth, leading other major state-owned banks. Looking ahead to 2024, the cost to revenue ratio of the Postbank may remain high, and interest spreads are still under pressure. With a buy-A investment rating, the target price for 6 months is 5.98 yuan, which is equivalent to 0.7 XPB in 2024. The Postbank continued to increase credit investment in key areas of rural revitalization in the first quarter, and personal microloans achieved relatively rapid growth. As of the end of the first quarter of 2024, Postbank's agricultural loan balance was 2.33 trillion yuan, an increase of 176.234 billion yuan over the end of 2023, which was the main driver of retail loan growth.
国投证券：邮储银行Q1个人小额贷款实现较快增长，予“买入-A”评级
China Investment Securities: Postbank's Q1 personal microfinance loans achieved relatively rapid growth, giving it a “buy-A” rating
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