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Shanghai Pudong Development Bank posts YOY increase in FY'18 profit

Shanghai Pudong Development Bank Co. Ltd. posted a 3.05% year-over-year increase in net profit for the 2018 full year.

The company on March 26 reported a full-year net profit attributable to equity holders of 55.91 billion yuan, up from 54.26 billion yuan in the prior-year period. EPS rose to 1.85 yuan from 1.84 yuan.

The S&P Global Market Intelligence consensus normalized EPS estimate for the 2018 full-year was 1.86 yuan, while the GAAP EPS estimate was 1.88 yuan, with four analysts reporting.

Net interest income grew year over year to 111.84 billion yuan from 106.91 billion yuan, while net fee and commission income fell to 39.01 billion yuan from 45.58 billion yuan.

Operating income rose to 171.54 billion yuan from 168.62 billion yuan, while operating profit declined to 65.34 billion yuan from 70.28 billion yuan in the prior-year period. Credit impairment loss for the year came to 60.42 billion yuan.

Net interest margin for the period clocked in at 1.94%, up from 1.86% in the prior-year period.

The company's nonperforming loan ratio came to 1.92% as of Dec. 31, 2018, down from 2.14% at Dec. 31, 2017.

As of the end of 2018, the company's capital adequacy ratio came to 13.67%, up from 12.02% at Dec. 31, 2017. Over the same period, the lender's core Tier 1 ratio climbed to 10.09% from 9.50%, while its Tier 1 ratio rose to 10.79% from 10.24%.

As of March 25, US$1 was equivalent to 6.71 Chinese yuan.