(Yicai Global) Aug. 11 -- Shanghai Pudong Development Bank Co.'s [SHA:600000] net profit jumped 12 percent in the first half of the year.
Profit was CNY26.77 billion (USD4.04 billion) in the six months through June, the Shanghai-based company said in a statement yesterday. Revenue gained just over 16 percent to CNY82.17 billion from a year earlier.
Shanghai Pudong Development Bank said it pushed forward with financial innovations in the period by focusing on ensuring revenue and controlling risks, served the real economy and achieved expected results. The lender is a state-controlled joint-stock commercial bank with branches across China.
The bank said overall risks are controllable after its non-performing loans and NPL ratio both increased in the first half. Its NPL ratio came in at 1.65 percent, up 0.09 percentage points.
Based on a five-tier classification standard, bad loans of the last three tiers were CNY40.33 billion, up CNY5.28 billion from the end of last year. Provision coverage ratio, or loan loss reserves divided by NPLs, dropped 3.10 percentage points to 208.30 percent, and its loan provision ratio rose 0.13 percentage points to 3.43 percent.
The bank's return on average assets was 0.52 percent and weighted average return on equity was 8.59 percent, according to its statement.