China's SPD Bank 2016 net profits up 4.93%

A SPD Bank logo is seen on a building in Jinan, East China's Shandong province, Aug 28, 2016. [Photo/VCG]

BEIJING - Shanghai Pudong Development (SPD) Bank said its 2016 net profit climbed 4.93 percent from a year earlier to 53.1 billion yuan ($7.7 billion).

Revenue rose 9.72 percent year on year to 160.79 billion yuan last year, according to the bank's annual report.

The bank attributed the profit increase to rising non-interest income and lower operating costs.

Non-interest income reached 52.67 billion yuan, accounting for 32.76 percent of revenue, up 9.87 percentage points year on year. The bank posted 16.12 percent increase in total assets, which amounted to 5.86 trillion yuan at the end of 2016. Its non-performing loan ratio stood at 1.89 percent at the end of 2016, up from 1.56 percent the previous year.