Related News
Healthy balance sheet a priority
SHANGHAI Pudong Development Bank will increase provisions against non-performing loans and cut bad loans this year to ride out the economic slowdown and seek sustainable growth, it said yesterday.
The bank said a healthy balance sheet with balanced growth on assets and debts and a curb on bad assets were its priorities for 2009. At a meeting summarizing its 2008 performance and setting a plan for 2009 it said deteriorating assets and a slowdown in profits were the biggest challenges but that there were also opportunities to buck the trend.
"The global financial crisis brings both challenges and opportunities," the bank said. "The banking industry faces a tough year ahead amid the economic downturn. On the other hand, the central government's easing monetary policy and proactive fiscal policy also gives the industry opportunities."
The bank's 2008 net profits jumped 127 percent to 12.5 billion yuan (US$1.83 billion) despite a tough external environment, the bank said. Revenue increased 33 percent to 34.4 billion yuan, it said in an earlier preliminary statement to the Shanghai Stock Exchange.
The bank is to post its 2008 annual report on February 28.
The bank said a healthy balance sheet with balanced growth on assets and debts and a curb on bad assets were its priorities for 2009. At a meeting summarizing its 2008 performance and setting a plan for 2009 it said deteriorating assets and a slowdown in profits were the biggest challenges but that there were also opportunities to buck the trend.
"The global financial crisis brings both challenges and opportunities," the bank said. "The banking industry faces a tough year ahead amid the economic downturn. On the other hand, the central government's easing monetary policy and proactive fiscal policy also gives the industry opportunities."
The bank's 2008 net profits jumped 127 percent to 12.5 billion yuan (US$1.83 billion) despite a tough external environment, the bank said. Revenue increased 33 percent to 34.4 billion yuan, it said in an earlier preliminary statement to the Shanghai Stock Exchange.
The bank is to post its 2008 annual report on February 28.
- About Us
- |
- Terms of Use
- |
- RSS
- |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证:沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证:31120180004
- |
- 网络视听许可证:0909346
- |
- 广播电视节目制作许可证:沪字第354号
- |
- 增值电信业务经营许可证:沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.