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Pudong Development Bank sees earnings up 127.61%
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Among China's listed banks which have already released 2008 financial results, Shanghai Pudong Development Bank has registered the largest increase in net profits.

According to its 2008 financial results, the bank's after-tax profits reached 12.51 billion yuan (US$1.83 billion), up 127.61 percent from the 2007 level, and earnings per share was 2.21 yuan, up 127.7 percent. Total assets increased 43.11 percent to 1.309 trillion yuan (US$191.65 billion).

Return on assets (ROA) of 2008 was 1.13 percent, up 0.44 percent, while return on equity (ROE) was 36.71 percent, up 16.61 percent.

Shanghai Pudong Development Bank said that it was because that the company had taken a series of measures, such as package sales of non-performing loans and implementing loan-monitoring and progress inspection, to resolve non-performing loans in the last year.

In 2008, directors, supervisors, and senior management of the company earned pre-tax pay of 27.76 million yuan (US $4.06 million), higher than the level of 2007, 21.33 million yuan (US$3.12 million).

For more information, please consult the original article in Chinese:


(China.org.cn by Ma Yujia April 10, 2009)

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