On March 27, PSBC President Lu Wei delivered a statement in the 2025 annual report, emphasizing readiness to embrace new responsibilities and continue advancing from a strong position. At the historic juncture marking the conclusion of the 14th Five-Year Plan and the commencement of the 15th, the coming year presents a landscape of accelerating global changes and industry transformation, where opportunities and challenges intertwine, and hope aligns with determined effort. The bank will navigate uncertainties with strategic resolve, steadfastly adhering to the fundamental role of finance and fulfilling its core mission. It will fully implement major decisions and deployments from the Party Central Committee, moving in sync and growing together with the real economy. Through reform and innovation, PSBC will open new chapters, focusing deeply on the "Five Key Areas of Finance." By fostering new quality productive forces, the bank will deepen reform and transformation, strengthen technological empowerment, maintain risk control as a bottom line, continuously optimize its asset-liability structure, and enhance both the quality of services to the real economy and customer service capabilities. It will actively cultivate a "second growth curve" for non-interest income. With practical action and responsibility, PSBC will deliver tangible results, diligently upholding its financial duties and fulfilling its development commitments. It aims to seize opportunities amid the tides of the times and lead boldly through transformative development, striving to compose a new chapter of high-quality growth for PSBC.
The year 2025 was pivotal, marking the successful conclusion of the 14th Five-Year Plan and a year of steady progress in Chinese modernization, with accelerated cultivation of new quality productive forces. Amid the currents of the era, PSBC remained anchored in its founding principle of "finance serving the people," consistently steering toward high-quality development. It fully implemented the spirit of the 20th National Congress of the Communist Party of China and subsequent plenary sessions, diligently carried out decisions from the Central Economic Work Conference, and demonstrated courage in reform, decisiveness in seizing opportunities, and resilience in forging ahead. By deepening its financial roots and leveraging PSBC's unique characteristics, the bank advanced steadily in serving national strategies, empowering the real economy, and supporting customer growth, successfully achieving the 14th Five-Year Plan targets and delivering development results marked by speed, quality, distinctiveness, and warmth.
Throughout the year, PSBC adhered to a principle of seeking progress while maintaining stability, continuously improving operational efficiency and achieving new leaps in comprehensive strength. Faced with industry shifts including reshaped macroeconomic cycles and the advent of a low-interest-rate environment, the bank firmly supported industry consensus against internal competition, accelerated the restructuring of business logic, and deepened transformation and upgrading. This enhanced its own development resilience and value creation capabilities. Notably, the bank successfully received a state capital injection of 130 billion yuan last year, substantially strengthening its capital foundation for serving national interests and public welfare. This further unlocked potential for future strategic transformation, injecting new momentum into PSBC's high-quality development. In 2025, the bank delivered impressive operational results, with multiple indicators showing stable growth: operating income reached 355.728 billion yuan, up 1.99% year-on-year; total profit was 98.221 billion yuan, increasing 3.84% year-on-year, demonstrating stable profitability. The net interest margin stood at 1.66%, maintaining the best level among large state-owned banks and reflecting strong operational resilience in a complex environment. Both assets and liabilities expanded steadily, with total assets and total liabilities each securing the fifth position among large state-owned banks, concluding the 14th Five-Year Plan period with solid operational performance.
Over the past year, PSBC focused on its core responsibilities, embodying the role of a major state-owned bank and adding luster to the "Five Key Areas of Finance." It tirelessly integrated its own development into the broader national context, leveraging its unique strengths to target areas with insufficient financial supply. Through precise efforts and sustained commitment, the bank continuously reinforced its differentiated competitive advantages in serving the real economy.
In technology finance, PSBC accelerated the development of a professional service system, establishing first-level technology finance departments in six primary branches, including Beijing and Shanghai. It set up over 100 specialized technology finance sub-branches and outlets in regions rich with innovation resources, serving more than 100,000 technology enterprises. Technology loan balances exceeded 950 billion yuan, and the bank successfully issued its first 5 billion yuan technology innovation bond, demonstrating PSBC's contribution to supporting technological innovation.
In green finance, the bank promoted the extension of green financial services, establishing 56 specialized institutions such as carbon-neutrality branches and green branches. It provided carbon accounting services to over 20,000 enterprises, and its MSCI ESG rating rose to AAA, using financial strength to support the achievement of dual carbon goals.
In inclusive finance, PSBC utilized digital tools like marketing maps to enhance customer reach and service efficiency, offering accompanying financial services. The balance of inclusive loans to small and micro enterprises reached 1.80 trillion yuan, and agricultural-related loan balances hit 2.51 trillion yuan, with both ratios ranking among the highest of large state-owned banks, spreading the benefits of inclusive finance to more market entities.
In pension finance, the bank deepened and refined its three-dimensional "Three Horizontal and Three Vertical" pension finance system, excelling in pension wealth management, providing warm pension financial services, and strengthening financing for the pension industry. Pension finance scale surpassed 3.5 trillion yuan, diligently building a trustworthy and warm pension finance bank for customers.
In digital finance, PSBC enhanced the integration of technology and business, deeply exploring the value of AI technology applications. It deployed over 260 large-model scenarios, and its mobile banking user experience ranked first in the industry for three consecutive years in assessments by CFCA, using digitalization to improve the quality and efficiency of financial services.
Throughout the year, PSBC upheld value leadership, deepened synergies across business segments, and further unleashed momentum for connotative development by empowering clients. It prioritized value creation, tapped into the potential of each segment, and worked to address weaknesses, fill gaps, and develop new strengths. By deepening product innovation and service upgrades centered on customer needs, the bank demonstrated enduring and robust development momentum through economic cycles.
In retail finance, the bank advanced steadily, with Assets Under Management surpassing 18 trillion yuan, a 9.64% increase from the end of the previous year. The scale of wealth management and private banking clients, small loans, and consumer loans climbed steadily, while the increase in housing loans remained the largest among large state-owned banks. The growth rate of credit card quick payment transaction value ranked first among its peers, solidifying its retail strategy.
In corporate finance, PSBC achieved a quantum leap, with Total Financing Provided Amount balances reaching 6.79 trillion yuan, and the increment surpassing one trillion for the first time. Investment banking intermediate income and bond underwriting and distribution volumes grew significantly, and merger and acquisition loan balances exceeded 50 billion yuan. The quality of comprehensive services and sustainable value creation capabilities gained recognition from more corporate clients, with the number of lead bank customers maintaining steady double-digit growth.
In treasury and asset management, the bank continued to lead, with bond trading volume and market-making volume both increasing over 20% year-on-year. Its offshore RMB bond scale ranked first in the market. Interbank pledged deposit scale and bill trading non-interest income both held the top market positions. The "Win Together with PSBC" interbank ecosystem platform established comprehensive business scenarios, fostering a tighter and deeper cooperative "ecosystem" among peers.
Regarding subsidiary development, progress was swift and steady. Loans from PSBC Consumer Finance and the scale of PSBC Wealth Management products grew substantially. The integrated "one-stop" financial service system was continuously improved, optimizing the coordinated multi-license development structure between the parent company and its subsidiaries.
Throughout the year, PSBC maintained a bottom-line mindset, fortifying risk control defenses to ensure stable and long-term high-quality development. Security is the prerequisite for development. The bank consistently adhered to a prudent risk appetite, continuously improved its comprehensive risk management system, and employed digital intelligence for precise risk control. It strengthened the application of "forward-looking" credit assessment technology, approving 21,600 customers using this approach for the full year—a 31% increase—with approved amounts exceeding 6.31 trillion yuan, up 73%. Regional credit policies achieved full coverage, the credit conversion rate for the qualified list database reached 29.21%, and listed customers totaled 34,807, effectively empowering business development. Capabilities in risk identification and disposal were continuously enhanced, reinforcing the "safety gate" for asset quality management. The non-performing loan ratio stood at 0.95% at the end of 2025, maintaining a leading asset quality position among large state-owned banks.
Harnessing momentum for new milestones, PSBC stands ready to embrace significant responsibilities anew. At this historic intersection concluding the 14th Five-Year Plan and beginning the 15th, the outlook for the new year reveals a world where patterns evolve rapidly, industry transformation surges, opportunities blend with challenges, and hope accompanies relentless effort. The bank will navigate changes with strategic determination, unwaveringly uphold the essence of finance, and practice its founding mission. It will fully implement major Party Central Committee decisions, resonate, and prosper together with the real economy. Through reform and innovation, PSBC will pioneer new frontiers, deeply cultivating the "Five Key Areas of Finance." By fostering new quality productive forces, it will intensify reform and transformation, bolster technological empowerment, adhere to risk bottom lines, continually optimize its asset-liability structure, enhance service quality to the real economy and customer service capabilities, and actively build a "second growth curve" for non-interest income. With diligent action and accountability, the bank will achieve solid results, faithfully executing its financial responsibilities and development promises, seizing initiative amid the era's waves, and courageously leading through transformative development to vigorously compose a new chapter of high-quality growth for PSBC. The bank sincerely anticipates the continued trust and support from all shareholders, customers, and friends from various sectors, looking forward to joining hands and moving forward together to create a brighter journey and a splendid future.
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