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The Shenzhen Development Bank (SDB) said it would resume its state shares reform after the first round failed, but could not give a time frame for the plan to be passed.

 

Shareholders in the Shenzhen-listed medium-sized bank rejected its compensation plan to convert non-tradable state shares into tradable stock in July. Opponents complained the offer was too low compared with those of other listed commercial banks.

 

"We can't predict the timetable," SDB Chairman Frank Newman told a press briefing yesterday, a day after the bank released a strong profit result for the first nine months of the year. He said that no matter whether they are "non-tradable shareholders, tradable shareholders or the regulatory departments, we cannot control anyone."

 

But he said the reform plan would be passed "sooner or later" since all parties want to get the reform done and see further growth, he added.

 

The failure of the first-round share reform has delayed the capital injection of GE's consumer financial arm that agreed to take a 7.3 percent stake in SDB for US$100 million. It is still awaiting official approval a year after the deal was announced.

 

The deal could immediately boost the bank's core capital adequacy ratio to the required 4 percent, which stood at 3.59 percent on September 30, according to Newman, former deputy US treasury secretary.

 

"The bank intends to improve its capital adequacy ratio through internal capital generation and by raising new capital," SDB said in a statement.

 

Although its capital adequacy ratio has remained at a low level, the bank's net profit jumped 223 percent to 427 million yuan (US$54 million) in the July-September quarter from a restated 132 million yuan (US$16.7 million) a year earlier, according to the latest financial results.

 

For the first nine months, net profit soared 197 percent year-on-year to 890 million yuan (US$112.7 million) 186 percent greater than for 2005. The bank attributed the growth mainly to its robust retail business.

 

The bank's non-performing loans ratio fell to 8.3 percent from 9.3 percent at the end of last year, but remained unchanged to the level reported for the end of June.

 

But provisions for credit for the first nine months of the year were adjusted down 29 percent from a year earlier to 993 million yuan (US$125.7 million).

 

"The bank was pleased that lower provisions for credit were appropriate in 2006, as more of the problems in the old loans portfolio have now been dealt with," the bank explained in the statement, adding that it had completely eliminated the shortfall of provisions under the China Banking Regulatory Commission's formula during the first quarter.

 

But analysts said they held conservative attitudes towards SDB's financial status.

 

"The SDB's new operating income increased by just 26 percent for the first nine months of 2006. It would be no different from other commercial banks," Luo Yi, an analyst with China Merchants Securities, told China Daily.

 

He expressed doubts over the reduction of provisions, which could boost net profit but was insufficient.

 

Another analyst with Ping'an Securities, who wished to be anonymous, expressed the same concern, saying: "The bank's future is unclear. Some handsome figures are meaningless."

 

The SDB is 17.89 percent-owned by US buyout firm Newbridge Capital.

 

The bank's shares were up 3.37 percent to 9.82 yuan (US$1.2) yesterday in an overall market that was up about 0.22 percent.

 

(China Daily October 27, 2006)