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Shenzhen Development Bank reports 65% surge in 2011 profit

Mar. 9, 2012 (China Knowledge) - Shenzhen Development Bank Co Ltd<000001> said yesterday that its consolidated net profit rose 65% year on year to RMB 10.28 billion in 2011.

Basic earnings per share were RMB 2.47 last year, up 30% from the previous year, according to the lender's annual report.

The bank said that its consolidated operating revenue grew 65% year on year to RMB 29.64 billion last year.

Consolidated net interest income jumped 60% year on year to RMB 25.29 billion last year as the bank's net interest margin rose 4 basis points to 2.53% in the year. Net fee and commission income soared 131% year on year to RMB 3.67 billion.

As of the end of 2011, the bank's total consolidated assets had increased 73% from a yea earlier to RMB 1.26 trillion.

In July 2011, Shenzhen Development Bank completed the merger with Ping An Bank through a private placement, with a 90.75% stake in the banking unit of Ping An Insurance (Group) Co<601318><2318>.

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