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Shanghai Pudong Dev't Bank expects 2011 profit to surge 42%

Jan. 5, 2012 (China Knowledge) - Shanghai Pudong Development Bank Co Ltd<600000> said yesterday that it expected its net profit to jump 42.02% year on year to RMB 27.24 billion in 2011.

The bank said in a statement filed with the Shanghai Stock Exchange that earnings per share were estimated at RMB 1.46 last year, up from RMB 1.23 in 2010.

The lender's unaudited operating revenue grew 35.38% year on year to RMB 67.50 billion last year, and its average return on total assets rose 0.11 percentage points to 1.12%.

At the end of 2011, the bank's total unaudited assets of RMB 2.69 trillion, 22.77% more than a year earlier.

Pudong Development Bank also said that it has received approval from the China Banking Regulatory Commission (CBRC) and the People's Bank of China (PBOC) to issue up to RMB 30 billion of financial bonds on the interbank bond market. Proceeds from the offering will be used for loans to small businesses.

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