SHANGHAI Pudong Development Bank Co said yesterday its profit rose 64 percent last year to 5.5 billion yuan (US$756 million).
The bank's revenue increased 35 percent to 40.3 billion yuan last year, it said in a preliminary earnings statement to the Shanghai Stock Exchange.
The bank's earnings per share rose from 0.77 yuan to 1.26 yuan, it said.
The statement didn't say whether the figures were calculated using domestic or international accounting standards.
The bank said it was scheduled to post its 2007 performance on March 8.
Pudong Bank rides on China's steadily rising economy and huge demand for financial products.
Banks' sales of personal wealth management products last year may have topped one trillion yuan as millions of Chinese investors seek more financial products, the banking regulator said on Wednesday.
Chinese banks are expanding their income sources outside of traditional interest income practices.
But they face a squeezing interest rate spread.
The People's Bank of China increased the interest rates six times in 2007 and the growth of deposit rates outpaced that of lending rates, squeezing bank's interest spread.
It is understood the unified corporate income tax may trim banks' burden.
On Tuesday, China started to levy a unified 25-percent tax rate on both domestic and overseas invested companies.
Previously, foreign companies faced an average 15 percent tax rate while Chinese companies confronted a rate of 33 percent with a range of various deductions.
The bank ended at 50.87 yuan yesterday in Shanghai, down 5.0 percent.
Meanwhile the benchmark Shanghai Composite Index rose 0.89 percent to 5,319.86.