SPD Bank reports modest Q1 profit growth amid strategic shift

Shanghai Pudong Development Bank (SPD Bank) reported a net profit attributable to shareholders of CNY 17.598 billion for the first quarter of 2025, a 1.02% increase compared to CNY 17.421 billion in the same period last year. The results reflect the bank's focus on its "digital transformation" strategy and efforts to optimize its business structure, strengthen risk management, and increase support for the real economy. Operating income rose by 1.31% to CNY 45.922 billion. The non-performing loan ratio decreased slightly to 1.33%, and the provision coverage ratio improved to 186.99%. The bank continues to focus on its five key strategic areas which include technology finance, supply chain finance, inclusive finance, cross-border finance and wealth management.