SPDB stock rallies on profit surge | South China Morning Post
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  • Jan 25, 2015
  • Updated: 9:00pm

SPDB stock rallies on profit surge

PUBLISHED : Tuesday, 01 April, 2003, 12:00am
UPDATED : Tuesday, 01 April, 2003, 12:00am

Shares of Shanghai Pudong Development Bank (SPDB) hit a near five-month high yesterday after its audited results for last year showed net profit rose more than a fifth over 2001.


SPDB's A shares rose 1.92 per cent to 11.15 yuan - their highest level since November - on a turnover of 221.41 million shares traded. The benchmark Shanghai A-Share Index gained 1.26 per cent yesterday.


The bank, in which United States financial services giant Citibank recently took a 5 per cent stake, said it earned 1.24 billion yuan (about HK$1.16 billion) last year under international accounting standards (IAS), up 22 per cent from a year earlier.


Under domestic Chinese accounting standards, profit rose 21.1 per cent to 1.28 billion yuan. Varying accounting treatment of bond investments and profits tax items led to the differing figures.


Earnings per share were 0.344 yuan and the per-share asset value was 2.333 yuan, both under IAS.


The bank's non-performing loan ratio (NPL) last year was 4.43 per cent, down from 8.64 per cent, under the stricter five-tier loan classification. Under the conventional, looser Chinese loan classification standards, the NPL ratio was 3.38 per cent.


The capital-adequacy ratio was 8.54 per cent at the end of last year, down from 11.27 per cent the year before.


At the end of last year, total outstanding loans reached 174.4 billion yuan, up 79.49 per cent compared with the start of the year.


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