Shenzhen Development Bank (SDB; 000001.SZ) posted a net profit of US$736.9 million for 2009, more than eight times the figure for a year earlier, the Wall Street Journal reported. The strong performance was due to lower provisions for bad loans, higher fee income and massive loan growth as part of the government-led credit boom. Net interest income grew 3% to US$1.9 billion while fee and commission income rose 39% to US$172.8 million. Total outstanding loans totaled US$52.7 billion at the end of 2009, up 27% from a year earlier. The bank’s non-performing loan ratio stood at 0.68%, unchanged from a year earlier, and its capital adequacy ratio rose to 8.88%, up from 8.58% at the end of 2008, thanks to a US$219.7 million hybrid bond sale. Private equity firm TPG retains a 16.76% stake in SDB, which Ping An Insurance intends to buy for US$1.68 billion. The insurer will also buy US$1.57 in new shares from SDB. These purchases will take Ping An’s overall stake in the bank to 30%.