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Shanghai Pudong Development Bank
Pudong Bank to buy smaller lenders

Pudong bank forecasts 150% profit growth in first 9 months

(Xinhua)
Updated: 2008-10-14 16:06

Shanghai Pudong Development Bank, partly owned by Citigroup Inc, forecast unaudited net profit will surge about 150 percent year-on-year in the first three quarters of 2008.

In a statement to the Shanghai Stock Exchange on Tuesday, the mid-sized bank attributed profits to larger capital, wider interest rate margins, greater fee income and lower corporate income tax.

Net income in the first nine months last year was 3.923 billion yuan ($574 million), or 0.90 yuan per share.

The bank is slated to report third quarter results on October 30.

Shanghai Pudong Development Bank rose 3.92 percent to 14.06 yuan on Tuesday morning in Shanghai after the earnings forecast.

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