Shenzhen Development Bank (SDB) reported its net profits up 319 percent to reach 1.3 billion yuan (US$167 million) last year, and the net earnings per share was 0.67 yuan, sources from the bank said Thursday.

 

By the end of 2006, the total deposits of the bank reached 232.2 billion yuan, up 15 percent over the end of 2005, while its loans hit 182.2 billion yuan, up 17 percent.

 

The SDB largely attributed its soaring growth to the "improved interest spread, more efficient use of funds and healthy loan growth." In addition, the bank scored a "lower credit provision charge and reduction in the effective tax rate."

 

In 2006, the bank focused its business on offering loans to small and medium-sized enterprises, the sources said.

 

As the first joint-stock company listed on the Shenzhen Stock Exchange, the SDB's assets reached 246 billion yuan as of last September.

 

(Xinhua News Agency March 22, 2007)