Banking News
- Pudong Development Bank reports 60% rise in profits in 1st 3 quarters
Date: 29-Oct-2007 Sources: (People's Daily)
Shanghai Pudong Development Bank (SPDB) chalked up net profits of 3.92 billion yuan (524 million U.S. dollars) in the first nine months of this year, up 60 percent over the same period last year.
The net profit in the third quarter alone stood at 1.4 billion, said the bank in a statement.
The Shanghai-listed bank also posted earnings per share of 0.9 yuan in the first three quarters.
Established in January 1993, the bank was listed on the Shanghai Stock Exchange in November 1999. Its total assets reached 844.4 billion yuan by Sept. 30, up 22.5 percent over the end of 2006.
The share price of the bank rose 5.45 percent to close at 58.07 yuan on Friday. (One U.S. dollar equals 7.4810 yuan.)
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