SDB's net profit declines by 77%

Shenzhen Development Bank (SDB) saw a 77% decline year-on-year in its 2008 net profit due to loan provisions and write-offs related to the weakening economy, Reuters reported. SDB net profit in 2008 fell to US$90 million from US$388.34 million a year earlier. The results were in line with the bank’s January estimates when the bank said it would make US$820.64 million in fresh bad loan provisions after stricter guidance from China’s regulators. Revenue for 2008 was up 34% to US$2.12 billion from US$1.58 billion in 2007.