RETAIL BANKING | Cesar Tordesillas, China

SPD Bank's 2011 prelim profit up 42%

Shanghai Pudong Development Bank's 2011 preliminary net profit rose 42.02 percent year-on-year to 27.24 billion yuan.

Revenues for the Shanghai-based lender jumped 35.38 percent from one year earlier to 67.5

billion yuan. Earnings per share increased to 1.46 yuan, according a statement filed to the Shanghai Stock Exchange.

The bank's preliminary net profit beat market expectations, as the United Bank of Switzerland previously estimated the lender's profit at 25.39 billion yuan.

Total assets rose to 2.69 trillion yuan at the end of 2011, up 22.77 percent from the end of 2010, while the non-performing loan ratio fell 0.07 percentage points to 0.44 percent, the statement said.

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