Shenzhen Development Bank's net income in the first half of the year reached 3 billion yuan (US$446 million), up 31 percent over the same period last year, according to its biannual report released Tuesday. Its earnings per share also grew 31 percent, to 0.98 yuan (US$0.14).

The report also showed a 13-percent rise in the bank's operational revenues, which totaled 8.5 billion yuan (US$1.24 billion). Its net interest income was 7.4 billion yuan, (US$1.1 billion), a 16-percent increase, and its net revenue from commission charges and procedural fees was 750 million yuan (US$110 million), a 57-percent increase.

"SDB's net income and operational revenue prove its fast and steady growth in the first half of this year," a banking analyst in a securities company said.

Net investment income dropped 66 percent, mainly because of a large amount of bond interest income – 430 million yuan (US$62.2 million)?- in the first half of 2009.

SDB's total assets increased 6 percent, to 624 billion (US$91.8 billion), the lowest of all banks who have reported first-half results. A banker said this was a sign of a "development bottleneck" at the bank. Total deposits from customers reached 506 billion yuan (US$74.4 billion), an 11-percent increase, while loans increased 4 percent.

China's business press carried the story above on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.