China's Pudong Bank says can boost 2008 net 50 pct

SHANGHAI, March 20 (Reuters) - Shanghai Pudong Development Bank (600000.SS: Quote, Profile, Research), a Chinese partner of Citigroup Inc (C.N: Quote, Profile, Research), said on Thursday the bank can boost its net profit 50 percent or more in 2008 if it completes its planned sale of new shares within the year.

The bank's president Fu Jianhua told a shareholders' meeting he was confident of boosting net profit by at least 50 percent this year if the bank carries out its plan to raise up to 20 billion yuan ($2.83 billion) to bolster its capital adequacy ratio, the bank said in a statement.

Pudong Development Bank reported a net profit of 5.5 billion yuan for 2007. (For details click [ID:nSHA102004].).

Fu also told the meeting the bank would strive to boost net profit to 10 billion yuan this year.

The new share plan was approved by shareholders on Wednesday. (For details click [ID:nSHA234189].)

The bank has said it hoped to increase its capital adequacy ratio to 11 percent after the share sale, compared with 9.15 percent at the end of 2007 and the minimum regulatory requirement of 8 percent. ($1=7.066 Yuan) (Reporting by Fang Yan; Editing by Edmund Klamann)