Shanghai Pudong 2006 net profit up 31%
(XFN-Asia)Updated: 2007-03-26 16:58
Shanghai Pudong Development Bank Co Ltd said net profit last year rose
31 percent to 3.35 billion yuan (US$433 million), under Chinese accounting
standards, due to increased lending.
The bank's core business revenue rose 27.2 percent to 29.87 billion yuan as interest income jumped 25.5 percent to 28.43 billion, it said in a statement filed with the Shanghai Stock Exchange.
Operating profit climbed to 11.29 billion yuan in 2006 from 8.81 billion in the previous year.
Shanghai Pudong said its outstanding loans stood at 460.89 billion yuan at the end of 2006, up by 22.2 percent or 83.67 billion from the end of 2005.
Its capital adequacy ratio improved to 9.27 percent from 8.04 percent, while its nonperforming loan ratio dipped to 1.83 percent from 1.97 percent.
The lender offered a dividend of 1.5 yuan for per 10 common shares held.
By the end of last year, the bank had total assets of 689.34 billion yuan, compared with 573.52 billion a year earlier.
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