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Bank: Pudong bank says net earnings jump 127% in 2008

By Bi Xiaoning (chinadaily.com.cn)
Updated: 2009-01-06 17:14

Shanghai Pudong Development Bank Co said today that net earnings for 2008 jumped 127 percent year-on-year to 12.5 billion yuan ($1.82 billion) because of higher interest income and lower taxes.

Earings per share rose by the same rate to 2.21 yuan, the bank said.

The bank's revenue increased 33 percent to 34.4 billion yuan.

The better-than-expected performance of the bank in 2008 could provide the bank with the boost to revive an earlier plan to raise capital by issuing up to 800 million new shares. The plan was shelved in November 2008 because of adverse market conditions. Pudong Bank's chairman Ji Xiaohui said at that time that the bank would push ahead with the fund raising at a later stage because it was essential to the company's plan to double its assets to 2.5 trillion yuan by 2011.

New York-based Citigroup owns a 3.78 percent stake in Pudong Bank, which has 439 outlets nationwide.