Shenzhen lender net profit up 719%

16:57, March 12, 2010      

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Shenzhen Development Bank said its 2009 net profit reached 5.03 billion yuan ($736.9 million), or 1.62 yuan per share, up 719 percent from a year earlier, thanks to lower provisions for bad loans, rapid lending growth and higher fee income, the bank said in its annual report Thursday.

Its non-performing loan ratio and capital adequacy ratio stood at 0.68 percent and 8.88 percent respectively by the end of last year.

The midsize bank posted a net profit of 614 million yuan in 2008.

Its majority shareholder, the Newbridge Asia AIV III, LP, owns 16.76% of the bank.

Source: China Daily/Agencies
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