China's SPD Bank net profit up 3.9% in Q1

SHANGHAI — Shanghai Pudong Development (SPD) Bank Wednesday said its net profits for the first quarter of 2017 rose 3.88 percent year-on-year to 14.5 billion yuan ($2.1 billion).

Revenue edged up 0.4 percent to 42.4 billion yuan in the three months, the bank said in its quarterly report released Wednesday night.

Weighed down by downward economic pressure, the profit and revenue growth slowed from 4.93 percent and 9.72 percent, respectively, for the whole of 2016.

The bank said its asset quality remained stable despite the complicated economic conditions.

Its total assets had amounted to 5.89 trillion yuan by the end of March, up 0.55 percent from the end of 2016. Meanwhile, its outstanding loans had risen to 2.93 trillion yuan, an increase of 172 billion yuan in the first quarter.

To spearhead its internationalization strategy, the bank opened its first overseas branch in Singapore in March.