高盛：深圳发展银行 研究 03.26

GS：Shenzhen Development Bank－Robust 06 results show continued turnaround

March 26, 2007 9页

SZDB reported 2006 NPAT of Rmb1.46 bn (IFRS), up 411% yoy, 32% above
our estimates. The two key positive surprises include: 1) NIMs (2.9% in
2006, up 47bp yoy), as SZDB proactively adjusted its asset mix to grow
more normal loans instead of bill discount loans; and 2) 32.5% effective tax
rate (vs. 49.8% in 2005 and our estimate of 41%) on tax management
initiatives. Other positive trends include: 1) NPL ratios and net new NPL
formation rates continue to fall yoy and hoh, due to a combination of
efforts to prevent new NPL generation and recover old NPLs; 2) consumer
loans grew robustly at 93% yoy and 71% hoh, to 21% of total loans in 2006,
reflecting management focus and the technical assistance from GE
Consumer Finance in launching new mortgage/credit card products