Shanghai Pudong Development Bank

Shanghai Pudong's npls (as % of loans) fell 11.5% yoy to 1.84% in 2Q2019

By Helgi Analytics - October 11, 2019

Shanghai Pudong Development Bank's non-performing loans reached 1.84% of total loans at the end of 2019-06-30, down from 2.08% co...

Shanghai Pudong's market capitalisation (end of period) rose 4.08% to USD 43,897 mil in 2Q2019

By Helgi Analytics - October 23, 2019

Shanghai Pudong Development Bank stock traded at JPY 1,645 per share at the end of second quarter of 2019 implying a market capitalizati...

Shanghai Pudong's capital adequacy ratio rose 6.79% yoy to 13.1% in 2Q2019

By Helgi Analytics - October 11, 2019

Shanghai Pudong Development Bank's capital adequacy ratio reached 13.1% at the end of second quarter of 2019, down from 13.5% whe...

Profit Statement 2016 2017 2018
Net Interest Income CNY mil 108,120 106,912 111,844
Net Fee Income CNY mil 40,692 45,580 39,009
Other Income CNY mil 13,087 18,994 27,778
Total Revenues CNY mil 161,899 171,486 178,631
Operating Profit CNY mil 119,955 127,668 130,707
Provisions CNY mil 46,845 52,799 58,383
Net Profit CNY mil 53,099 54,258 55,914
Balance Sheet 2016 2017 2018
Interbank Loans CNY mil 356,116 191,161 248,108
Customer Loans CNY mil 2,674,560 3,103,850 3,455,490
Debt Securities CNY mil 2,144,640 2,114,960 406,143
Total Assets CNY mil 5,857,260 6,137,240 6,289,610
Shareholders' Equity CNY mil 372,934 430,985 478,380
Interbank Borrowing CNY mil 1,679,920 1,819,950 1,591,870
Customer Deposits CNY mil 3,512,460 3,548,380 3,867,880
Ratios 2016 2017 2018
ROE % 15.4 13.5 12.3
ROA % 0.974 0.905 0.900
Costs (As % Of Assets) % 0.770 0.731 0.771
Costs (As % Of Income) % 25.9 25.6 26.8
Capital Adequacy Ratio % 11.7 12.0 13.7
Net Interest Margin % 1.98 1.78 1.80
Loans (As % Of Deposits) % 76.1 87.5 89.3
NPLs (As % Of Loans) % 1.92 2.17 1.93
Provisions (As % Of NPLs) % 166 131 153
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 45,194 47,287 36,737
Share Price (End Of Period) CNY 12.6 13.0 9.80
Price/Earnings (P/E) 7.36 8.17 5.85
Price/Book Value (P/BV) 1.05 1.03 0.684
Earnings Per Share (EPS) CNY 1.91 1.90 1.90
Book Value Per Share CNY 13.4 15.1 16.3

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summary Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                          
Net Interest Income CNY mil                             73,362 85,177 98,183 113,009 108,120    
Total Revenues CNY mil                             82,981 97,573 121,839 146,202 161,899    
Operating Profit CNY mil                             52,567 64,155 84,602 104,514 119,955    
Net Profit CNY mil                             34,186 40,922 47,026 50,604 53,099    
balance sheet                                          
Interbank Loans CNY mil                             663,802 556,083 360,444 359,412 356,116    
Customer Loans CNY mil                             1,508,810 1,725,740 1,974,610 2,171,410 2,674,560    
Debt Securities CNY mil                             336,269 339,949 388,454 1,912,050 2,144,640    
Total Assets CNY mil                             3,145,710 3,680,120 4,195,920 5,044,350 5,857,260    
Shareholders' Equity CNY mil                             179,659 207,227 263,285 318,600 372,934    
Interbank Borrowing CNY mil                             675,225 869,274 914,187 1,285,600 1,679,920    
Customer Deposits CNY mil                             2,134,360 2,419,700 2,724,000 2,954,150 3,512,460    
ratios                                          
ROE %                             20.8 21.2 20.0 17.4 15.4    
ROA %                             1.17 1.20 1.19 1.10 0.974    
Costs (As % Of Assets) %                             1.04 0.979 0.946 0.902 0.770    
Costs (As % Of Income) %                             36.7 34.2 30.6 28.5 25.9    
Capital Adequacy Ratio % ... ... ... ... ... ...                 12.5 11.0 11.3 12.3 11.7    
Net Interest Margin %                             2.52 2.50 2.49 2.45 1.98    
Interest Income (As % Of Revenues) %                             88.4 87.3 80.6 77.3 66.8    
Fee Income (As % Of Revenues) %               ...             10.5 14.2 17.5 19.0 25.1    
Equity (As % Of Assets) %                             5.71 5.63 6.27 6.32 6.37    
Loans (As % Of Deposits) %                             70.7 71.3 72.5 73.5 76.1    
Loans (As % Assets) %                             48.0 46.9 47.1 43.0 45.7    
NPLs (As % Of Loans) % ...                           0.595 0.760 1.08 1.60 1.92    
Provisions (As % Of NPLs) % ...                           389 311 245 207 166    
valuation                                          
Market Capitalisation (End Of Period) USD mil ...                           23,873 22,686 37,745 43,971 45,194    
Number Of Shares (Average) mil                             26,674 26,674 26,675 26,674 27,779    
Share Price (End Of Period) CNY ...                           6.94 6.59 11.0 12.8 12.6    
Earnings Per Share (EPS) CNY                             1.28 1.53 1.76 1.90 1.91    
Book Value Per Share CNY                             6.74 7.77 9.87 11.9 13.4    
Price/Earnings (P/E) ...                           6.73 5.51 7.78 8.04 7.36    
Price/Book Value (P/BV) ...                           1.28 1.09 1.39 1.28 1.05    
Earnings Per Share Growth % ...                           25.3 19.7 14.9 7.61 0.756    
Book Value Per Share Growth % ...                           20.1 15.3 27.0 21.0 12.4    
income statement Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                          
Interest Income CNY mil                             150,243 177,804 212,015 228,254 214,814    
Interest Cost CNY mil                             76,881 92,627 113,832 115,245 106,694    
Net Interest Income CNY mil                             73,362 85,177 98,183 113,009 108,120    
Net Fee Income CNY mil               ...             8,746 13,904 21,346 27,798 40,692    
Other Income CNY mil               ...             873 -1,508 2,310 5,395 13,087    
Total Revenues CNY mil                             82,981 97,573 121,839 146,202 161,899    
Operating Cost CNY mil                             30,414 33,418 37,237 41,688 41,944    
Operating Profit CNY mil                             52,567 64,155 84,602 104,514 119,955    
Provisions CNY mil                             7,587 10,419 21,919 37,070 46,845    
Extra and Other Cost CNY mil                             226 -113 653 567 3,135    
Pre-Tax Profit CNY mil                             44,754 53,849 62,030 66,877 69,975    
Tax CNY mil                             10,443 12,649 14,670 15,880 16,297    
Minorities CNY mil                             125 278 334 393 579    
Net Profit CNY mil                             34,186 40,922 47,026 50,604 53,099    
growth rates                                          
Net Interest Income Growth % ...                           19.4 16.1 15.3 15.1 -4.33    
Net Fee Income Growth % ...             ... ...           30.2 59.0 53.5 30.2 46.4    
Total Revenue Growth % ...                           21.9 17.6 24.9 20.0 10.7    
Operating Cost Growth % ...                           23.3 9.88 11.4 12.0 0.614    
Operating Profit Growth % ...                           21.1 22.0 31.9 23.5 14.8    
Pre-Tax Profit Growth % ...                           24.9 20.3 15.2 7.81 4.63    
Net Profit Growth % ...                           25.3 19.7 14.9 7.61 4.93    
market share                                          
Market Share in Revenues % ... ... ... ... ... ... ... ... ... ... ... ...     2.62 2.73 2.90 3.14 3.45   ...
Market Share in Net Profit % ... ... ... ... ... ... ... ... ...           2.26 ... ... ... ... ... ...
Market Share in Employees % ... ... ... ... ... ... ... ... ... ... ... ...   ... ... ... ... ... ... ... ...
balance sheet Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                          
Cash CNY mil                             427,563 476,342 506,067 481,157 517,230    
Interbank Loans CNY mil                             663,802 556,083 360,444 359,412 356,116    
Customer Loans CNY mil                             1,508,810 1,725,740 1,974,610 2,171,410 2,674,560    
Retail Loans CNY mil ...                           309,184 394,038 464,782 587,304 970,199    
Mortgage Loans CNY mil ... ... ... ... ... ... ... ... ... ... ...       258,185 186,575 210,011 260,568 458,215    
Consumer Loans CNY mil ... ... ... ... ... ... ... ... ... ... ...       50,999 207,463 254,771 326,736 511,984    
Corporate Loans CNY mil ...                           1,235,370 1,373,460 1,563,600 1,658,210 1,792,610    
Debt Securities CNY mil                             336,269 339,949 388,454 1,912,050 2,144,640    
Fixed Assets CNY mil                             10,101 10,735 13,929 19,062 21,956    
Total Assets CNY mil                             3,145,710 3,680,120 4,195,920 5,044,350 5,857,260    
Shareholders' Equity CNY mil                             179,659 207,227 263,285 318,600 372,934    
Of Which Minority Interest CNY mil                             2,162 2,852 3,116 3,430 4,987    
Liabilities CNY mil                             2,966,050 3,472,900 3,932,640 4,725,750 5,484,330    
Interbank Borrowing CNY mil                             675,225 869,274 914,187 1,285,600 1,679,920    
Customer Deposits CNY mil                             2,134,360 2,419,700 2,724,000 2,954,150 3,512,460    
Sight Deposits CNY mil ... ... ... ...                     1,071,630 1,197,600 1,331,360 1,406,080 1,376,150    
Term Deposits CNY mil ... ... ... ...                     1,062,740 1,222,100 1,392,640 1,548,070 2,136,310    
asset quality                                          
Non-Performing Loans CNY mil ...                           9,193 13,431 21,910 35,872 53,102    
Gross Loans CNY mil                             1,544,550 1,767,490 2,028,380 2,245,520 2,762,810    
Total Provisions CNY mil                             35,747 41,749 53,766 74,105 88,249    
growth rates                                          
Customer Loan Growth % ...                           15.9 14.4 14.4 9.97 23.2    
Retail Loan Growth % ... ...                         18.3 27.4 18.0 26.4 65.2    
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ...     14.4 -27.7 12.6 24.1 75.9    
Consumer Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ...     43.2 307 22.8 28.2 56.7    
Corporate Loan Growth % ... ...                         15.4 11.2 13.8 6.05 8.10    
Total Asset Growth % ...                           17.2 17.0 14.0 20.2 16.1    
Shareholders' Equity Growth % ...                           20.1 15.3 27.1 21.0 17.1    
Customer Deposit Growth % ...                           15.3 13.4 12.6 8.45 18.9    
market share                                          
Market Share in Customer Loans % ... ... ... ... ...                   2.24 2.17 2.19 2.07 2.29    
Market Share in Total Assets % ... ... ... ... ...                   2.35 2.41 2.44 2.53 2.54    
Market Share in Customer Deposits % ... ... ... ... ...                   2.26 5.81 6.02 5.19 4.95    
ratios Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                          
ROE %                             20.8 21.2 20.0 17.4 15.4    
ROA %                             1.17 1.20 1.19 1.10 0.974    
Costs (As % Of Assets) %                             1.04 0.979 0.946 0.902 0.770    
Costs (As % Of Income) %                             36.7 34.2 30.6 28.5 25.9    
Capital Adequacy Ratio % ... ... ... ... ... ...                 12.5 11.0 11.3 12.3 11.7    
Tier 1 Ratio % ... ... ... ... ... ... ... ...             8.97 8.58 8.61 9.45 9.30    
Net Interest Margin %                             2.52 2.50 2.49 2.45 1.98    
Interest Spread % ...                           2.36 2.33 2.31 2.28 1.85    
Asset Yield %                             5.15 5.21 5.38 4.94 3.94    
Cost Of Liabilities % ...                           2.80 2.88 3.07 2.66 2.09    
Interest Income (As % Of Revenues) %                             88.4 87.3 80.6 77.3 66.8    
Fee Income (As % Of Revenues) %               ...             10.5 14.2 17.5 19.0 25.1    
Other Income (As % Of Revenues) %               ...             1.05 -1.55 1.90 3.69 8.08    
Equity (As % Of Assets) %                             5.71 5.63 6.27 6.32 6.37    
Loans (As % Of Deposits) %                             70.7 71.3 72.5 73.5 76.1    
Loans (As % Assets) %                             48.0 46.9 47.1 43.0 45.7    
NPLs (As % Of Loans) % ...                           0.595 0.760 1.08 1.60 1.92    
Provisions (As % Of NPLs) % ...                           389 311 245 207 166    
Provisions (As % Of Loans) %                             2.37 2.42 2.72 3.41 3.30    
Cost of Provisions (As % Of Loans) %                             0.540 0.644 1.18 1.79 1.93    
other data Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                          
Employees                             35,784 38,976 43,654 48,427 52,832    
Sight (As % Of Customer Deposits) % ... ... ... ...                     50.2 49.5 48.9 47.6 39.2    
On-balance Sheet Loans RMB mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1,725,740 1,974,610 2,171,410 2,674,560    

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Shanghai Pudong's corporate loans rose 5.35% yoy to CNY 2,113,130 mil in 2Q2019

By Helgi Analytics - October 11, 2019

Shanghai Pudong Development Bank's loans reached CNY 3,714,900 mil in the second quarter of 2019, up from CNY 3,617,530 mil when compared to the previous quarter and up from CNY 3,345,640 mil when compared to the same period of last year. Historically...

Shanghai Pudong's net interest margin rose 19.0% yoy to 1.99% in 2Q2019

By Helgi Analytics - October 11, 2019

Shanghai Pudong Development Bank's net interest margin amounted to 1.99% in the second quarter of 2019, up from 1.96% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 2.68% in 4Q2011 and an all t...

Shanghai Pudong's price/earnings (P/E) rose 7.69% yoy to 6.56 in 2Q2019

By Helgi Analytics - October 11, 2019

Shanghai Pudong Development Bank stock traded at CNY 11.7 per share at the end second quarter of 2019 implying a market capitalization of USD 43,897 mil. Since the end of 2Q2014, the stock has appreciated by 84.6 % implying an annual average growth of 13.0 %. In absol...

Shanghai Pudong's net interest income rose 28.6% yoy to CNY 32,818 mil in 2Q2019

By Helgi Analytics - October 11, 2019

Shanghai Pudong Development Bank generated total banking revenues of CNY 49,889 mil in the second quarter of 2019, up 12.3% when compared to the same period of last year and down 4.88% when compared to the previous quarter. Historically, the bank’...

Shanghai Pudong's share price (end of period) rose 22.2% yoy to CNY 11.7 in 2Q2019

By Helgi Analytics - October 11, 2019

Shanghai Pudong Development Bank stock traded at CNY 11.7 per share at the end of second quarter of 2019 implying a market capitalization of USD 43,897 mil. Over the last five years, the stock has appreciated by 84.6 % implying an annual average growth of 13.0 %. In a...

Shanghai Pudong's equity (as % of assets) rose 2.15% yoy to 7.50% in 2Q2019

By Helgi Analytics - October 11, 2019

Shanghai Pudong Development Bank's Equity reached 8.57% of total assets in the 2Q2019, up from 7.94% for the previous year. As a share of net customer loans, the ratio amounted to 15.6% at the end of the second quarter of 2019. ...

Shanghai Pudong's customer loan growth rose 7.86% yoy to 11.6% in 2Q2019

By Helgi Analytics - October 11, 2019

Shanghai Pudong Development Bank's customer loan growth reached 11.6% in 2019-06-30, up from 10.8% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 25.7% in 2017-03-31 and an all time low of 9.97% in 2015-12-31. ...

Shanghai Pudong's retail loan growth rose 33.4% yoy to 19.6% in 2Q2019

By Helgi Analytics - October 11, 2019

Shanghai Pudong Development Bank's retail loans reached CNY 1,601,760 mil at the end of 2019-06-30, up 3.84% compared to the previous year. In the last decade, the average annual loan growth amounted to 0%. Overall, retail loans accounted for 44.2% of the b...

Shanghai Pudong's net interest margin rose 0.974% to 1.80% in 2018

By Helgi Analytics - October 11, 2019

Shanghai Pudong Development Bank's net interest margin amounted to 1.80% in 2018, up from 1.78% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 3.02% in 2007 and an all time low of 1.78% in 2017. T...

Shanghai Pudong's corporate loans rose 5.81% to CNY 2,065,980 mil in 2018

By Helgi Analytics - October 11, 2019

Shanghai Pudong Development Bank's loans reached CNY 3,560,910 mil in the 2018, up from CNY 3,194,600 mil compared to the previous year. Historically, the bank’s loans reached an all time high of CNY 3,560,910 mil in 2018 and an all time low of CNY 928,855 mi...

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Finance

Shanghai Pudong Development Bank has been growing its revenues and asset by 17.7% and 17.0% a year on average in the last 10 years. Its loans and deposits have grown by 17.6% and 15.1% a year during that time and loans to deposits ratio reached 89.3% at the end of 2018. The company achieved an average return on equity of 18.5% in the last decade with net profit growing 16.1% a year on average. In terms of operating efficiency, its cost to income ratio reached 26.8% in 2018, compared to 32.9% average in the last decade.

Equity represented 7.61% of total assets or 13.8% of loans at the end of 2018. Shanghai Pudong Development Bank's non-performing loans were 1.93% of total loans while provisions covered some 153% of NPLs at the end of 2018.

Valuation

Shanghai Pudong Development Bank stock traded at CNY 9.80 per share at the end of 2018 resulting in a market capitalization of USD 36,737 mil. Over the previous five years, stock price rose by 48.6% or 8.25% a year on average. That’s compared to an average ROE of 15.7% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 5.85x and price to book value (PBV) of 0.684x in 2018.