SPDB records steady development in 2018

Thanks to its business transformation towards digital banking eco-systems, the Shanghai Pudong Development Bank (SPDB) announced that it achieved steady development in 2018, with profit growing by 3.05 percent and its non-performing loan (NPL) ratio dropping by 0.22 percentage points.

The Shanghai-based lender saw its revenue grow by 1.73 percent to reach 171.5 billion yuan (US$25 billion) during the past 12 months, and its profit increased by 3.05 percent year on year to 55.9 billion yuan during the same period, a recent report from the bank said.

Meanwhile, the joint-stock commercial bank saw its asset quality further improve. By the end of 2018, the NPL ratio was down by 0.22 percentage points from the beginning of the year to stand at 1.92.

SPDB attributed the achievement during the past year to its efforts in adjusting its business structure, speeding up innovation-driven development as well as building a digital banking ecosystem with partners.

For example, the Shanghai Pudong Development Bank established a science and technology cooperation community together with 16 well-known tech companies last year, in a bid to create an "open, shared and win-win" ecological platform and offer more innovative financial services to its customers.