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In a statement filed with the Shenzhen Stock Exchange, the bank attributed the profit growth to increased deposits and loans, higher interest rate spreads, intermediary business income and cost controls.
The bank, in which Newbridge Capital holds a 16.7 pct stake, said growth in deposits has been much higher than that of loans.
Outstanding non-performing loans (NPL) and the NPL ratio are expected to have fallen from the end of June, the bank said, without giving details.
At the end of June, NPLs totaled 11.42 bln yuan, with the NPL ratio falling to 4.64 pct from 5.62 pct at the beginning of 2008.
Earnings per share for the first nine months are expected to rise 56-61 pct year-on-year, taking into account a change in the number of outstanding shares due to warrants exercises.
In the first nine months of 2007, the bank booked net profit of 1.874 bln yuan, or 0.9 yuan per share.
The bank added that it does not hold any US subprime mortgage-related assets or bonds issued by foreign financial institutions, and is not directly affected by the US crisis.
Shenzhen Development Bank is due to release third quarter financial results on Oct 24.
(1 usd = 6.85 yuan)
zachary.wei@xfn.com
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