SPD Bank ups profits by 42%

Rising net interest incomes, commissions and lower operation costs pushed the earnings of Shanghai Pudong Development Bank up 42.28% year-on-year.

Net profits climbed to 27.29 billion yuan or 4.33 billion U.S. dollars last year from 19.18 billion yuan, or 1.23 yuan per share, in 2011, the lender revealed to the Shanghai Stock Exchange.

The bank's core capital adequacy ratio reached 9.2% at the end of last year, down 1.7 percentage points from the end of 2010.

Its non-performing loan ratio eased to 0.44% from 0.51% at the end of 2010, according to the statement.

The lender said it expects its total assets to rise 14% to reach 3.04 trillion yuan this year.

It also targets a 17-percent increase in net profits in 2012, according to the statement.

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