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CDB's 2009 net profit surges 54%

2010-06-09 09:55

BEIJING: China Development Bank Co said Tuesday its 2009 net profit jumped 54 percent year-on-year on increased lending.

Its net profit for 2009 hit 31.9 billion yuan ($4.7 billion), according to the annual report posted on the bank's website.

The bank said its outstanding loans rose 28 percent year-on-year to 3.7 trillion yuan.

The bank attributed the profit surge mainly to its increased loans to the country's rural infrastructure construction driven by the government's policy to boost domestic demand, according to the report.

Its outstanding foreign exchange loans reached $97.4 billion last year, 32.9 billion more than that of 2008, said the report.

The non-performing loan ratio stood at 0.94 percent for 2009, compared with 0.96 percent for 2008, the bank said.

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