Pudong Development Bank revenue rises to $13b

Shanghai Pudong Development Bank Co Ltd saw its annual revenue grow 22.14 percent year-on-year to 82.95 billion yuan ($13.38 billion) in 2012, according to the company's annual report on Wednesday.

Shareholders' net profit increased 25.29 percent year-on-year, to 34.19 billion yuan, while the bad-loan ratio rose 0.14 percent, to 0.58 percent.

Insiders from the bank said 75 percent of the 3.1 billion yuan in new bad loans was made to enterprises in Wenzhou, Zhejiang province, and 85 percent of the bad loans went to wholesale and manufacturing industries, National Business Daily reported on Thursday.

The bank's net profit growth rate in 2011 was 42.02 percent.

Liu Xinyi, executive vice-president of the bank, was quoted as saying that a slower growth rate is caused by several factors, including a bigger bad-loan ratio, a slightly declining net interest margin caused by the central bank cutting interest rates, and, most important, by raised provision standards.