Shenzhen Development Bank posts 129% net profit growth in 1st quarter
(XFNA)Updated: 2007-05-09 15:27
Shenzhen Development Bank, one of China's 10 listed commercial banks,
reported net profits up 129 percent to 535 million yuan (US$70 million) in the
first quarter of the year, company sources said on Saturday.
The bank's earnings per share stood at 0.27 yuan, and its return-on-equity at 31.2 percent, 13 percentage points higher than the same period of last year.
The sources said the fast growth was largely due to higher interest income.
Between January and March, the Shenzhen-listed bank garnered 652 million yuan in interest earnings, up 44 percent year-on-year.
At the end of March, the mid-sized bank had 14.8 billion yuan of non-performing loans on its books, 224 million yuan more than the level at the end of last year. However, its non-performing loan ratio went down from 7.99 percent to 7.68 percent.
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