SPD Bank 2011 Net Profit Up 42.3%


Shanghai Pudong Development Bank (SPD Bank) (600000) posted a 42.28 percent year-on-year rise in 2011 net profit to 27.29 billion yuan, reports China Securities Journal, citing a company filing.
Following the increase in profitability, the average return on net assets rose 0.11 percentage point from 2010 to 1.12 percent, while diluted return on net assets was up 2.74 percentage points to 18.33 percent.
During the reporting period, SPD Bank focused on controlling costs, resulting in a 4.27 percentage points drop in the cost to revenue ratio from 33.06 percent in 2010 to 28.79 percent.
SPD Bank reported total assets of 2.68 trillion yuan at the end of 2011, up 22.51 percent from end 2010.
The balance of non-performing loans (NPL) fell 53 million yuan from a year ago to 5.83 billion yuan, while the NPL ratio decreased 0.07 percentage point to 0.44 percent.
The provision coverage ratio was up 119.04 percentage points form end 2010 to 499.60 percent.
The Shanghai-based lender plans to pay cash dividends of three yuan (including tax) for every 10 shares held. The dividends to be distributed is expected to total 5.6 billion yuan.


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