Shanghai Pudong Development Bank said Wednesday its profits rose at an annual rate of 78.21 percent last year.

In the 2007 financial statement to the Shanghai Stock Exchange, the bank said the profits reached 10.76 billion yuan (1.5 billion U.S. dollars), or 1.263 yuan per share.

The lender, part-owned by Citibank, said that it would offer a bonus issue of three shares and 1.6 yuan for per ten shares.

Its turnover jumped 36.70 percent to 25.88 billion yuan last year, according to the statement.

Its total assets stood at 914.98 billion yuan (128 billion U.S. dollars) by the end of last year, 32.73 percent higher than a year ago.

Its outstanding local and foreign currency loans 550.99 billion yuan by the end of 2007, 19.55 percent higher from a year earlier. Its outstanding deposits expanded by 27.99 percent to 763.47 billion yuan.

The bank's capital adequacy ratio fell to 9.15 percent at the end of last year from 9.27 percent one year ago.

(Xinhua News Agency February 28, 2008)