Shares of Shenzhen Development Bank lower despite net profit jump

11:28, March 12, 2010      

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Shenzhen Development Bank (SDB) opened slightly lower Friday at 23.55 yuan (3.45 U.S. dollars) a share, down 0.46 percent from the previous close, despite reporting soaring net profit in 2009.

In its annual business report to the Shenzhen Stock Exchange, SDB said its net profit for 2009 was 5.03 billion yuan, up 719.29 percent year on year. Earnings per share stood at 1.62 yuan, more than seven times the year-earlier level.

SDB, the first commercial bank in China to list on the Shenzhen bourse, attributed the rise mainly to rapid lending growth. As of 10:30 a.m., shares of ADB declined 1.69 percent from the previous close to hit 23.26 yuan.

Source: Xinhua
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