Pudong Bank FY net profit up 128%

SHANGHAI: Shanghai Pudong Development Bank, part-owned by Citigroup Inc, said yesterday its full year net profit rose 128 percent on higher interest income and lower taxes.

The Shanghai-based lender in a preliminary earnings statement said it expects to report a full year net profit of 12.5 billion yuan, or 2.21 yuan a share, compared with 5.5 billion yuan, or an adjusted 0.97 yuan in 2007.

The bank is scheduled to publish its final results on Feb 28.