Pudong bank's income grows
By Zhang Fengming |
January 6, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI Pudong Development Bank Co's net income rose 5.4 percent last year to 13.2 billion yuan (US$1.93 billion).
Its revenue rose 5.3 percent to 36.4 billion yuan in 2009, the Shanghai-based bank said in a preliminary earnings report filed to the Shanghai Stock Exchange yesterday.
Its total lending rose 33 percent year on year to 928 billion yuan in 2009. Its bad loan ratio was 0.8 percent at the end of last year, down 0.4 percentage points from a year ago. Its provision against bad loans topped more than 240 percent.
The bank opened 74 new outlets nationwide in 2009 to boost its total network to 565 by the end of last year.
The bank rode on the tide of credit last year as China shifted to a moderately easing monetary policy to shore up its economic growth.
The scale of lending helped counter the effect of squeezed interest spread as banks enjoyed economies of scale to shore up profits. China cut its interest rates five times in 2008, squeezing banks' interest spread, or their margins on lending services.
The bank, partly owned by Citigroup, is due to post its annual report on April 29 with more details of its financial performance.
The bank raised 15 billion yuan in a private placement in October to replenish capital to support its credit growth for the coming years.
Shares in the bank rose 0.76 percent to 21.35 yuan yesterday in Shanghai.
Its revenue rose 5.3 percent to 36.4 billion yuan in 2009, the Shanghai-based bank said in a preliminary earnings report filed to the Shanghai Stock Exchange yesterday.
Its total lending rose 33 percent year on year to 928 billion yuan in 2009. Its bad loan ratio was 0.8 percent at the end of last year, down 0.4 percentage points from a year ago. Its provision against bad loans topped more than 240 percent.
The bank opened 74 new outlets nationwide in 2009 to boost its total network to 565 by the end of last year.
The bank rode on the tide of credit last year as China shifted to a moderately easing monetary policy to shore up its economic growth.
The scale of lending helped counter the effect of squeezed interest spread as banks enjoyed economies of scale to shore up profits. China cut its interest rates five times in 2008, squeezing banks' interest spread, or their margins on lending services.
The bank, partly owned by Citigroup, is due to post its annual report on April 29 with more details of its financial performance.
The bank raised 15 billion yuan in a private placement in October to replenish capital to support its credit growth for the coming years.
Shares in the bank rose 0.76 percent to 21.35 yuan yesterday in Shanghai.
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