Shanghai Pudong Development Bank Co, part owned by Citigroup Inc, yesterday said nine-month profit probably surged about 150 percent from the same period last year as income from interest and fees rose.

Expanding assets and a widening interest spread helped boost earnings, the bank said in a statement to the Shanghai Stock Exchange, citing an unaudited calculation. Net profit in the same period last year was 3.9 billion yuan (US$571 million), or 0.90 yuan a share, the bank said.

(Shanghai Daily October 14, 2008)