CDB profit surpasses 30b yuan

China Development Bank (CDB), the country's State-run bank for public works, reported a significant rise in net profit last year, spurred on by the government's call to stimulate the economy by funding major infrastructure projects.

The bank's net profit hit 30.2 billion yuan in 2009, up from 20.8 billion yuan in 2008. Total assets rose to 4.5 trillion yuan at the end of 2009, compared to 3.8 trillion yuan a year earlier.

Despite rapid credit expansion last year, CDB's non-performing loan ratio dropped to 0.9 percent at the end of 2009, from 0.96 percent a year ago.