Retailing, Franchising, and Consumerism Business Intelligence in China

Pudong Development Bank Net Profit Up 127.61% In 2008

China's Shanghai Pudong Development Bank has published its annual financial report for 2008, stating that its net profit increased by 127.61% year-on-year to CNY12.516 billion while its earnings per share increased by 127.7% to CNY2.21.

According to the report, by December 31, 2008, the total assets of Pudong Development Bank had reached about CNY1.309 trillion, an increase of 43.11% compared with the same period of 2007; its average return on assets was 1.13%, increasing by 0.44 percentage points over the previous year; and its revenue during the entire year of 2008 reached CNY34.561 billion, increasing by CNY8.684 billion over 2007 with a rate of increase was 33.56%.

With regards to the several key indexes that are used to value the performance of business banks, Pudong Development Bank's capital adequacy ratio was 9.06%, decreasing by 0.09%; its non-performing loan ratio was 1.21%, decreasing by 0.25%; and its provision coverage ratio for non-performing loans was 192.49%, an increase of 1.41%.

Pudong Development Bank said in the report that to supplement capital and to raise its capital adequacy ratio, the bank plans to issue 800 million ordinary shares to non-specific targets.

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