China's SPDB net profit climbs 33.92% in H1

Updated: 2010-08-30 10:20
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BEIJING - Shanghai Pudong Development Bank (SPDB) said its first-half-year net profit rose 33.92 percent from one year earlier due largely to lending boom and increased commission fees.

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Net profits climbed to 9.08 billion yuan ($1.34 billion) in the first six months of this year, the Shanghai-based lender said in a statement filed with the Shanghai Stock Exchange late Sunday.

Its growth in profits stemmed from rising operating revenues, a result of growing net interest earnings, increased fee incomes and the improved quality of assets, according to the statement.

Earnings per share stood at 0.791 yuan, up 20.21 percent from one year earlier. Also, operating revenues grew 36.42 percent to 22.75 billion yuan in the first half of 2010, it said.

Total assets for the commercial bank hit 1.781 trillion yuan by the end of June, up 9.77 percent from the end of 2009.