Profits up

Shenzhen Development Bank yesterday said it expects its nine-month net profit to rise 100 to 120 percent from the previous year. The increase would put its nine-month net earnings for this year at 1.78 billion to 1.96 billion yuan.

The Shenzhen-based bank attributed the rise in earnings to an increase in loans and deposits, higher interest income and fee income, improved quality of assets and a lower effective tax rate.

(China Daily 10/16/2007 page15)