Shanghai Pudong Development Bank to write off $968 mln in assets

Reuters - Wed Sep 28, 2016 | 6:01am EDT

Mid-tier Chinese lender Shanghai Pudong Development Bank Co (SPDB) said on Wednesday it plans to write off 6.46 billion yuan ($968 million) in losses from its assets.

The Shanghai-based bank's board of supervisors approved the write-off plan at a meeting on Wednesday, it said in a filing to the Shanghai Stock Exchange, without providing any details.

The committee also approved a proposal by the bank to amend procedures for the transfer of non-performing assets, according to the filing, which did not mention any details.

During the first half of the year, SPDB had conducted 14.96 billion yuan in loan and non-loan write-offs, the bank said in its interim filing last month.

The bank also said the total amount of its non-performing loans (NPLs) amounted to 40.34 billion yuan at the end of June, representing an increase of 15 percent from the end of last year, according to the bank's filing.

Nearly three-fourths of the bank's NPLs were corporate borrowings.

Its non-performing loan ratio stood at 1.65 percent as of the end of June, up from 1.56 percent at end-2015, according to the filing.

($1 = 6.6712 Chinese yuan) (Reporting by Shu Zhang and Matthew Miller; Editing by Jacqueline Wong)