Pudong reports 21% profit growth
1 May 2003
Shanghai Pudong Development Bank posted profits of Yn1.28bn in 2002, 21 per cent more than in the previous year. The bank, China's second largest publicly-traded lender, has 284 branches nationwide and assets of Yn279bn. Bad loans, amounting to Yn7.7bn, accounted for 4.4 per cent of total advances, down from 8.6 per cent, after the bank almost tripled provisions against soured debts to Yn1.2bn in order to conform to stricter international practices.
The bank said that personal finance had been the engine for growth. Last December, Pudong sold a 5 per cent stake to Citibank and the two banks are co-operating in developing a credit card centre in Shanghai.
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