Home / Business / Finance Tools: Save | Print | E-mail | Most Read | Comment
Pudong Bank profit more than doubled
Adjust font size:

Profit at Shanghai Pudong Development Bank Co more than doubled in 2008, boosted by higher interest income and lower taxes, the bank said yesterday.

Earnings climbed to 12.5 billion yuan (US$1.8 billion), or 2.21 yuan a share, from 5.5 billion yuan, or an adjusted 0.97 yuan in 2007, the lender said in a preliminary earnings statement to the Shanghai Stock Exchange yesterday, citing unaudited figures. Its revenue jumped 33 percent to 34.4 billion yuan.

Despite earnings doubling over the year, the bank's fourth-quarter profit dropped from the third quarter, She Minhua, a China Securities Co analyst, said yesterday. The bank's fourth-quarter profit was 2.67 billion yuan, a 23.09 percent drop from the third quarter, She said.

"We think the main reason for the bank's lower profit in the fourth quarter is due to the margin spread tumbling and flat sales of wealth management products," he said.

Chinese banks enjoyed a record-high margin spread in the first half of last year as the People's Bank of China raised interest rates 10 times since 2002. However, a turnaround came as the central bank shifted its monetary policy from tight to moderately easing late last year to weather a global financial crisis and economic slowdown.

Against the backdrop, Pudong Bank's spread hit a record of 3.21 percent in the first quarter of last year. Its spread has been squeezed since the central bank cut interest rates five times from September, chopping a combined 216 basis points, or 2.16 percentage points, on its one-year benchmark lending rate.

Pudong Bank may also raise provisions against bad assets as risks grow amid an economic adjustment, which may curb growth in the bank's profit, She said, adding that he sees its profit at 12.62 billion yuan this year and rise to 13.32 billion yuan in 2010.

New York-based Citigroup owns a 3.78 percent stake of the Chinese lender.

(Shanghai Daily January 7, 2009)

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- Shanghai General Motors Co., Ltd. invests 1,500 million US dollars in the Pudong Jinqiao, Shanghai in 1997
- Metro Line 12 to connect Minhang and Pudong
- Pudong Development Bank's profits up 78% in 2007
- Pudong Development Bank comfirms share sale
- Pudong Development Bank Earnings Up 60%

Jan. 8-9, Beijing Construction Innovation Country Forum Annual Meeting
Jan. 14-16, Nanjing China Expo Forum for International Cooperation
Jan. 29 - Feb. 1, Switzerland World Economic Forum Annual Meeting

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?
主站蜘蛛池模板: 最新国产精品亚洲| 男生女生一起差差差视频| 国产看午夜精品理论片| caopon在线| 我的3个美艳馊子白莹小说| 久久精品无码一区二区www| 欧美又大粗又爽又黄大片视频| 人妻体体内射精一区二区| 精品欧美日韩一区二区| 国产乱女乱子视频在线播放| 狠狠色先锋资源网| 国产精品剧情原创麻豆国产| 91老湿机福利免费体验| 天天做天天爱夜夜爽| 一区二区三区四区精品| 成品煮伊在2021一二三久| 久久久久亚洲精品男人的天堂 | 久久久久亚洲AV成人无码电影 | 吃奶摸下的激烈免费视频播放 | 丰满少妇被猛男猛烈进入久久 | 视频精品一区二区三区| 国产成人无码a区在线观看视频免费| 怡红院在线观看视频| 国产色视频网免费| 99热在线播放| 大香网伊人久久综合网2020| 一个人晚上睡不着看b站大全| 成人免费777777| 中国男同videos| 成人自拍视频网| 中文字幕精品在线| 无码高潮少妇毛多水多水免费| 久久午夜国产片| 日本护士xxxx视频免费| 久久夜色精品国产亚洲| 日本黄色激情片| 久久精品国内一区二区三区| 日韩色视频一区二区三区亚洲| 亚洲av无码不卡久久| 最近高清中文字幕在线国语5 | 国产日韩欧美亚欧在线|