Shanghai Pudong Development Bank's 1st Half Net Profit Rose 3.1%

By Yongchang Chin

Shanghai Pudong Development Bank Co.'s first-half net profit rose slightly, helped by improving asset quality and the recovery of its businesses in Hong Kong, London and Singapore.

Shanghai Pudong said that pandemic-related uncertainties and an uneven global recovery could continue to weigh on its performance. Changing regulations for green financing and real-estate loans may moderate growth in the second half, it said.

The bank's net profit grew 3.1% from a year earlier to 29.84 billion yuan ($4.61 billion) even as revenue fell 4.0% to CNY97.37 billion.

The company said total assets rose 2.2% to CNY8.123 trillion. Its non-performing loan ratio fell 0.09 percentage point from the end of the previous year to 1.64%.

Write to Yongchang Chin at [e-mail]

(END) Dow Jones Newswires

08-29-21 2040ET