Pudong Development Bank profit up 16.8 %

Shanghai Pudong Development Bank Co., Ltd. said late Wednesday that it posted a 16.8-percent annual increase in net profits in the third quarter, compared with a rise of 12.8 percent in the first half. In a filing to the Shanghai Stock Exchange, the lender said its net earnings in the July-September period rose to 10.4 billion yuan (1.7 billion U.S. dollar), or 0.559 yuan per share. Meanwhile, revenues soared 24.6 percent year on year to 26 billion yuan, including 21.9 billion yuan in net interest income and 3.8 billion yuan in commission fees. Mu Shi, vice president of Pudong Development Bank, said its profit margin continued to improve as commission fees contributed more to total revenues in the third quarter. Net profits in the first three quarters of the year hit 29.8 billion yuan, or 1.599 yuan per share. Revenues in the nine months reached 72.5 billion yuan, the bank said. The lender's total assets reached 3.59 trillion yuan by the end of September, up 14.3 percent from the end of last year. Its capital adequacy ratio stood at 11.14 percent at the end of September, down from 11.41 percent nine months ago. Its non-performing loans ratio was at 0.69 percent at the end of last month, up from 0.58 percent from the end of last year as a slowing economy led to more defaults.