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Shanghai Pudong Development Bank Q1 net profit up 180%

Shanghai Pudong Development Bank has reported that its net profit increased by 180% for the first quarter of 2008, compared to net profit of CNY980 million for the corresponding period of 2007, according to Reuters.

According to the report, the increase in profits was due to a rise in interest margins, non-interest income and also due to a decrease in effective corporate tax rate.

The bank’s president Fu Jianhua recently said that the firm is planning to raise CNY20 billion to bolster its capital adequacy ratio.