SHANGHAI Pudong Development Bank Co, part owned by Citigroup Inc, yesterday said third-quarter profit more than doubled on higher interest income and lower bad debt provisions, on course to meet this year??s earnings target.

Net income climbed to 3.47 billion yuan (US$507 million), or 0.61 yuan a share, from 1.37 billion yuan, or 0.31 yuan a share, a year earlier, the company said, citing domestic accounting standards.

Higher profit may lift investor appetite for Pudong Bank??s plan to sell as many as 800 million shares in an additional offering to boost capital. Concerns over a slowdown in profit growth and a collapse in China??s equity market bubble have triggered a 71-percent drop in the bank??s shares this year and delayed the planned additional offering, Bloomberg News said.

Profit in the first nine months rose 151 percent to 9.8 billion yuan, while outstanding loans grew 17 percent to 643 billion yuan.