Banking News
- Shanghai Pudong profit up 31 percent
Date: 27-Mar-2007 Sources: (Shenzhen Daily)
SHANGHAI Pudong Development Bank Co. said its net profit jumped 31 percent last year on continued strong loan growth.
Shanghai Pudong Development Bank, in which Citigroup Inc. is a strategic investor, posted net profit of 3.35 billion yuan (US$433.8 million) in 2006, up from restated 2005 net profit of 2.56 billion yuan, the bank said late Saturday.
Pudong Development Bank, which originally reported net profit of 2.49 billion yuan for 2005, didn't say why it restated its 2005 earnings.
Its core revenue rose 27 percent to 29.87 billion yuan last year, up from restated 2005 core revenue of 23.49 billion yuan. The figures are audited and are based on domestic accounting standards.
The bank's nonperforming loan ratio at the end of 2006 was 1.83 percent, down from 1.97 percent at the end of 2005.
Its capital adequacy ratio was 9.27 percent as of end-2006, up from 8.04 percent at the end of 2005.
Loan growth remained strong. The bank's outstanding loans totaled 460.89 billion yuan at the end of 2006, up from 377.22 billion yuan at the end of 2005.
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