(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.