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Shanghai Pudong Development Bank H1 net profit rises 12.38% YOY

Shanghai Pudong Development Bank Co. Ltd. posted a 12.38% year-over-year rise in net profit for the first half ended June 30.

The company reported a net profit of 32.11 billion Chinese yuan, up from 28.57 billion yuan a year earlier. EPS rose to 1.07 yuan from 95 fen in the prior-year period.

Net interest income increased 25.28% year over year to 64.26 billion yuan from 51.30 billion yuan, and net fee and commission income rose to 22.69 billion yuan from 19.86 billion yuan.

Operating income rose 18.99% year over year to 97.60 billion yuan from 82.02 billion yuan, while operating profit stood at 38.22 billion yuan, up from 34.16 billion yuan in the prior-year period.

Asset impairment losses increased to 36.93 billion yuan from 26.93 billion yuan a year ago. The company's nonperforming loan ratio clocked in at 1.83% as of June 30, down from 1.92% at Dec. 31, 2018.

As of June 30, the bank's capital adequacy ratio came to 12.74%, down from 13.37% at Dec. 31, 2018. The lender's core Tier 1 ratio for the period dropped to 9.43% from 9.73% over the same period, while its Tier 1 ratio declined 10.09% from 10.45%.

As of Aug. 23, US$1 was equivalent to 7.09 Chinese yuan.