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Shanghai Pudong Posts 34 Per Cent Earnings Rise In First Half
Vanessa Doctor
31 August 2010
Net earnings at Shanghai Pudong Development Bank went up 34 per cent to RMB9.08 billion ($1.33 billion) in the six months to 30 June compared to the year-earlier period, attributed mostly to strong interest income. The Chinese bank also posted a 34 per cent rise in net interest income, from RMB15.13 billion in the previous year to RMB20.33 billion. Net fee and commission income from intermediary businesses surged 70 per cent to RMB1.82 billion. The company also announced that it has received approval from the board of directors to issue RMB30 billion ($4.4 billion) worth of three- and five-year bonds in 2010-2011. Proceeds from the sale will be used to replenish its capital base.