Pudong Development Bank earns $6.7bn profit

Shanghai Pudong Development Bank's net profit jumped 19.8 percent year on year to nearly 41 billion yuan (6.7 billion U.S. dollars) in 2013, according to a filing to the Shanghai Stock Exchange late Friday. The financial institution is the first listed commercial bank in China to disclose its 2013 results, Shanghai Securities News reported on Saturday. Earnings per share stood at 2.195 yuan, up 19.8 percent from a year ago, according to the statement. Operating revenue stood at just over 100 billion yuan, up 20.61 percent year on year. The lender's total assets reached 3.68 trillion yuan, up 17 percent from a year earlier. Its total liabilities stood at 3.47 trillion yuan, up 17.1 percent from a year ago. The lender's non-performing loans ratio was at 0.74 percent, 0.16 percentage points higher than that at the end of 2012. Its outstanding deposits totaled 2.42 trillion yuan by the end of 2013, up 13.41 percent from a year earlier. Outstanding loans reached 1.77 trillion yuan, up 14.37 percent from the end of 2012. Shares of Shanghai Pudong Development Bank lost 2.04 percent on Friday to close at 9.14 yuan per share in the Shanghai stock market.