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Shenzhen Development Bank reports 1.87 bln yuan in net profits in first 9 months
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08:14, October 24, 2007

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Shenzhen Development Bank (SZ:000001), one of China's medium-sized lenders, raked in a net profit of 1.87 billion yuan in the first nine months of 2007, up 110 percent on last year, boosted by growing revenue from loans and service charges, the company said in a statement to the Shenzhen Stock Exchange on Tuesday.

The figure translates into earnings of 0.90 yuan per share.

The bank's non-performing ratio for loans issued after 2005 remained below one percent, according to the statement.

The core capital adequacy ratio of the bank stood at 4.28 percent by the end of this September, a growth of 60 basis points from the end of 2006, meeting the minimum standard required by the nation's industry watchdog.

Founded in 1987, it was the first commercial bank in China to be listed on the stock market in 1991, the same year as the Shenzhen Stock Exchange was founded.

The bank has 249 branches in 18 major cities nationwide and its total assets reached 314.1 billion yuan at the end of June.

It was also a pioneer of the country's commercial banks in that it introduced an overseas strategic partner in 2004. The U.S. private equity firm New bridge Capital held a 17.89 percent stake in the bank, becoming the bank's biggest shareholder at the time.

The bank has just announced the cancellation of a plan to sell a seven percent stake to the U.S. General Electric (GE)'s lending unit GE Consumer Finance, but the two sides will continue cooperation in consumer financial products, including credit card services.

The bank's stock closed at 41.10 yuan on Tuesday, up 3.24 percent from the previous trading day. (One U.S. dollar is equal to 7.5010 yuan)

Source:Xinhua



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