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Shenzhen Dev Bank expects 2011 profit to surge 70%

Jan. 30, 2012 (China Knowledge) - Shenzhen Development Bank Co Ltd<000001>, a joint-stock commercial bank based in Shenzhen, Guangdong Province, expects its net profit attributable to shareholders to reach between RMB 9.99 billion and RMB 10.62 billion in 2011, reflecting a year-on-year increase of 60% to 70%.

In a statement filed with the Shenzhen Stock Exchange, the lender said its earnings per share or EPS for last year would amount to between RMB 2.40 and RMB 2.55.

The lender, owned by Ping An Insurance (Group) Co<601318><2318>, China's second-largest insurer by premium income, attributed the profit or EPS increases due to the acquisition of Ping An Bank Co.

Last July, Shenzhen Development Bank issued RMB 29 billion worth of new shares to Ping An Insurance to acquire the 90% equities of Ping An Bank and the remaining 10% as RMB 2.7 billion in cash, China Knowledge reported earlier.

Shenzhen Development Bank will be renamed as Ping An Bank.

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