129764786893125000_2972011 Pudong Development Bank's net interest income rose by 36%, charge net income grew by 66%, for operating expenses (after provisioning) rose 22%, net income $ 27.3 billion, an increase of 42%. Company results for the 11 years rapid growth due to the pick-up in interest spreads on asset growth
tera power leveling, rapid growth and effective cost control, fee income. CompanyStructure optimization of income, but the percentage fee income is still low, is not conducive to smooth fluctuations in profits.
Company's business is relatively high, lever using a full, low defective rate counterparts
diablo 3 gold, provision is adequate, while the capital adequacy standards, but there are still additional capital needs. Spreads to pick up. Net interest margin for the year 2011 of 2.6%, rose 11bpIndustry is at a low level, the company deposit and loan interest rates for 4.09%, rose 18bp, spreads up to pick up was mainly due to higher interest rates, due to the tight liquidity in the market, banks increase bargaining power. We believe that inverse cycle control of monetary policy, banking influence bargaining tends to decline, spread may reach high in one or two quarters, expected 2012 spreadsFor 2.55%. Core capital still has additional needs. Corporate deposits compared to the industry growth in the fourth quarter
tera gold, loan better than per cent decline. Impact of the $ 18.4 billion subordinated debt issue, company capital ratio adequacy of 2010 68bp to the 12.7%, and the impact of faster growth in risk-weighted assets, core capital ratio than the 2010 years fell 17bp to 9.2%.
High capital adequacy ratio after debt made by the company, while the core capital ratio was standard but is still at low levels in the industry. Bad reaches turning point at the bottom. Because of the economic slowdown and decline in economic activity, market liquidity stress, deterioration of the business environment, money chain tension, repayment ability is affected, in 2011, badPoor balance and rate per cent increase, also concerned about such loans also rose, overdue loans has increased, we believe that the bad has reached turning point at the bottom. But in the future environment of the economy to a soft landing, to pay risk control, directional loose monetary policy helped to prevent funding strand breaks caused by liquidity risk, without the need for excessive asset quality concerns. Company accountLarger loans than the standard worry-free. High growth businesses in the middle. 2011 fees net revenue of the company increased by 66%. Future affected by the economic slowdown and the effect of off-balance sheet assets heavily regulated, off-balance sheet assets expansion restricted, as the price of money back in the future, weaker bargaining power will not be conducive to the financing of bank fee increase, but after deep integration,Integrated financial platform based on ping an group of powerful, future revenue growth is expected to be more stable. Effective cost control.
2011 cost-income ratio of the company is 36.31%, down 4.2%, cost-income ratio of 35.91% in the fourth quarter, fell by about 2.84%, strong cost control capacity. We believe that the publicDivision of business development more quickly, results in line with expectations, expected future results fast and stable growth. We expect that the Shanghai Pudong Development Bank 2012 earnings of $ 32.3 billion, corresponding to 12 dynamic 5.44 times times forward earnings, dynamic book 0.98 times times, maintaining the "recommended" rating. (Changjiang securities) online statement Gold: gold online reprint of the above content, does not indicate that confirmed its descriptionAs described for investor use only and does not constitute investment advice. Investor operations accordingly, at your own risk.
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