SPD Bank H1 profit up 12.76 percent

Shanghai Pudong Development Bank (SPD Bank). one of China's major joint-stock commercial banks, reported net profits of 19.39 billion yuan (3.14 billion U.S. dollars) in the first half of 2013, up 12.76 percent year on year.

The bank posted 46.52 billion yuan in revenues from the start of January to the end of June, up 16.29 percent year on year, according to the bank's semi-annual report released Tuesday night.

Growth in interest-bearing assets and intermediary businesses as well as cost reductions contributed to the rising revenues, said Mu Shi, deputy head of the bank.

The bank's total assets stood at 3.47 trillion yuan by the end of June this year, up 10.26 percent from the end of 2012.

SPD Bank has no stock market financing plans for the next half of the year, as the bank currently has more options for complementary capital, said Mu.

The balance of its non-performing loans stood at 11.26 billion yuan by the end of June, accounting for 0.67 percent of the total, according to the report.

SPD Bank, headquartered in Shanghai, was established in 1992 and listed on the Shanghai Stock Exchange in 1999.

By the end of 2012, its total assets stood at 3.1457 trillion yuan and the outstanding balance of deposits was 2.1344 trillion yuan, according to the bank's official website.