Shenzhen Development Bank net profit surges 129% in 1st quarter
(XFNA)Updated: 2007-04-27 13:52
Shenzhen Development Bank said its net profit for the first quarter to
March rose 129 percent year-on-year to 535 million yuan (US$69.4 million), "due
to ongoing strong business development and efficient management of our spread
and balance sheet."
The lender said total revenue in the quarter rose 47 percent from a year earlier to 2.35 billion yuan. Net interest income rose 44 percent year-on-year, to 2.1 billion yuan due to increased earning assets and wider interest margin, while earnings per share totaled 0.27 yuan, up from 0.12 yuan in the first quarter of 2006.
In the first three months, total lending increased 19 percent year-on-year with retail loans, mostly mortgages, up 95 percent. Total deposits grew 19 percent. It did not give absolute figures in its press release.
Non-performing loans (NPLs) totaled 14.7 billion yuan, up 224 million yuan from the first quarter last year, while the NPLs ratio fell to 7.68 percent as of end March from 7.99 percent at the end of last year.
Asset provisions for the first quarter of 2007 totaled 479 million yuan,
unchanged from the first quarter last year. The bank's capital adequacy ratio
totaled 3.79 percent as of the end of March, improved from 3.71 percent at the
end of last year.
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