Pudong Development Bank's profit up 64% to RMB 5.5 bln

Shanghai Pudong Development Bank<600000>, a local bank in east China, announced on Thursday that its net profit in 2007 has reached RMB 5.5 billion, 64% higher than the previous year.

It has generated RMB 40.3 billion in revenue from core operations in 2007, up 35% year-on-year. Earnings per share stood at RMB 1.26, according to the bank's preliminary earnings statement to the Shanghai Stock Exchange. Detailed statement will be released later.

Shanghai Pudong Development Bank, with registered capital of RMB 3.92 billion, was established in 1992. It floated its shares on the Shanghai Stock Exchange in 1999. So far it has opened 30 branches in 45 major cities on the Mainland.

It got the approval from the banking regulatory authority to launch another branch in Yiwu, a city in east China's Zhejiang province this year. The new branch is expected to start operation in May 2008.