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Bank doubles profit despite poor finish
By Zhang Fengming |
January 6, 2009, Tuesday
|
Online Edition
Online Edition
SHANGHAI Pudong Development Bank Co said yesterday its 2008 profit more than doubled on higher interest income and lower taxes.
Net income rose to 12.5 billion yuan (US$1.8 billion), or 2.21 yuan a share, from 5.5 billion yuan, or an adjusted 0.97 yuan in 2007, the lender said in a preliminary earnings statement to the Shanghai Stock Exchange, citing unaudited figures.It's revenue increased 33 percent to 34.4 billion yuan.
Despite doubling profits in the full year, the bank's fourth-quarter profits dropped below the third quarter, said She Minhua, a China Securities Co analyst yesterday.
The bank's fourth-quarter projected profit fell to 2.67 billion yuan, down 23.09 percent on the third quarter, She said.
"We think the main reason for the bank's decreasing profits in the fourth quarter is the tumbling spread and the flat sales of wealth management products," he said.
The bank's spread hit a record of 3.21 percent in the first quarter. However the bank's spread was squeezed since the People's Bank of China cut its interest rates five times since September.
The spread is the difference between deposit and lending rates and the higher it is, the more income banks can earn
She said he expected the bank's profits to be 12.62 billion yuan in 2009 and rise to 13.32 billion yuan in 2010.
Net income rose to 12.5 billion yuan (US$1.8 billion), or 2.21 yuan a share, from 5.5 billion yuan, or an adjusted 0.97 yuan in 2007, the lender said in a preliminary earnings statement to the Shanghai Stock Exchange, citing unaudited figures.It's revenue increased 33 percent to 34.4 billion yuan.
Despite doubling profits in the full year, the bank's fourth-quarter profits dropped below the third quarter, said She Minhua, a China Securities Co analyst yesterday.
The bank's fourth-quarter projected profit fell to 2.67 billion yuan, down 23.09 percent on the third quarter, She said.
"We think the main reason for the bank's decreasing profits in the fourth quarter is the tumbling spread and the flat sales of wealth management products," he said.
The bank's spread hit a record of 3.21 percent in the first quarter. However the bank's spread was squeezed since the People's Bank of China cut its interest rates five times since September.
The spread is the difference between deposit and lending rates and the higher it is, the more income banks can earn
She said he expected the bank's profits to be 12.62 billion yuan in 2009 and rise to 13.32 billion yuan in 2010.
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