Bank of Shanghai's pre-tax profits rose 76 percent in 2007 on
rising loans and expansion outside the city.
The city commercial bank's pre-tax profits topped 3.24 billion
yuan (US$446.9 million) in 2007, up from 1.84 billion yuan a year
earlier.
Its lending rose to 150 billion yuan at the end of 2007, up 18.9
percent from 126.2 billion yuan the year before, while deposits
grew 16.9 percent to 260 billion yuan.
Total assets at Bank of Shanghai topped 300 billion yuan at the
end of 2007, up from 270 billion yuan in 2006.
The bank's bad-loan ratio sat at 2.42 percent at the end of
2007, while the 2006 comparison was not available. The industry
average for city commercial banks was 3.67 percent at the end of
the third quarter of 2007.
Bank of Shanghai aims to expand beyond the city, opening a
branch in Hangzhou in neighboring Zhejiang Province yesterday. It
is the bank's third out-of-town branch after Ningbo and
Nanjing.
"In 2008, Bank of Shanghai will further quicken its geographic
expansion and learn from qualified listed banks," the bank said
yesterday.
Bank of Shanghai is the biggest city commercial bank in terms of
assets.
(Shanghai Daily January 22, 2008)
