Shanghai Pudong Development Bank sees net ptofits grow 31 percent in 2006

The Shanghai Pudong Development Bank (SPDB) said on Friday its net profits reached 3.35 billion yuan (418.75 million U.S. dollars) in 2006, up 31 percent over 2005.

Earnings rose 17.76 percent from 0.653 yuan in 2005 to 0.769 yuan per share in 2006.

SPDB's stock has doubled in price since August 2006.

The bank's net asset value per share, calculated by dividing the total net assets value by its outstanding shares, was 5.67 yuan, up 38.97 percent.

Return on equity was 13.56 percent, 2.44 percentage points lower than that in 2005.

Established in January 1993, SPDB was listed on the Shanghai Stock Exchange in November 1999. The bank had assets of 573 billion yuan by the end of 2005.

Source: Xinhua

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