Citigroup’s China interest sees 21 percent profit rise
(China) - Shanghai Pudong Development Bank, in which Citigroup has a 4 percent stake, has announced a 21 percent lift in 2002 net profit to 1.285 billion yuan (US$154 million).
The result was stuck on a 13 percent increase in core business revenue, built on a 42 percent lift in interest income.
The bank's capital adequacy ratio fell to 8.5 percent from 11.2 percent on the back of major spending to open new branches.
The bank's capital adequacy ratio fell to 8.5 percent from 11.2 percent on the back of major spending to open new branches.