Shanghai Pudong Development (SPD) Bank said its net profit stood at 2.81 billion yuan ($401.86 million) in the first quarter, up 186.55 percent year on year, according to Saturday's Shanghai Securities News.

The SPD Bank ascribed the strong profit increase to greater net interest earnings, increasing fee incomes and the optimization of assets quality.

Outstanding loans climbed modestly 0.05 percent in the first quarter from the end of last year, to 578.67 billion yuan.

Total assets rose to 950.03 billion yuan, up 3.83 percent from the end of last year.

Core capital adequacy ratio was 5.14 percent by the end of March, 0.13 percentage points higher than the end of last year.

The bank went public at Shanghai Stock Exchange in November 1999. The share slumped 1.35 percent to 29.32 yuan per share on Friday.