SPDB posts 23% profit jump in 2024 driven by "Five Track" strategy

Shanghai Pudong Development Bank (SPDB) reported a 23.3% year-on-year increase in net profit attributable to shareholders, reaching RMB 45.26 billion in 2024. This growth was fueled by the bank's "Five Track" strategy focusing on key areas like technological finance and supply chain finance. Operating income reached RMB 170.75 billion, a slight decrease of 1.55% compared to the previous year. However, excluding a one-off equity sale in 2023, operating income actually grew by 0.92%. Non-interest income saw significant growth, boosted by strategic investments. The bank also highlighted improvements in asset quality, with the non-performing loan ratio dropping to 1.36%, down 0.12 percentage points from the end of 2023. The provision coverage ratio increased significantly to 186.96%. These figures are preliminary and unaudited.