Shenzhen Development Bank, a major Chinese joint-stock commercial bank, saw profits up 77 percent in the first nine months compared with the same period last year, according to the bank's quarterly report released on Friday.

The Shenzhen-listed lender reported profits of 3.32 billion yuan (US$485.65 million) between January and September.

Its earnings per share was 1.42 yuan, and the rate of return on net assets was 30.15 percent.

The report attributed the profit growth largely to increases in both loans and deposits and rapid expansion of intermediary business.

The bank's outstanding deposits totaled 348.4 billion yuan at the end of September, up 24 percent over the beginning of the year.

Its capital adequacy ratio was 8.84 percent, with the non-performance loan (NPL) ratio down 1.36 percentage points to 4.28 percent.

According to the report, the mid-size lender did not invest in US sub-prime mortgage assets and other financial products abroad, so escaping the direct impact of the global financial crisis.

(Xinhua News Agency October 26, 2008)