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)