SHANGHAI, Aug. 22 (Xinhua) -- The Shanghai-based Pudong Development Bank has reported a 59.26 percent rise in its net profit of 2.6 billion yuan (342 million U.S. dollars) in the first six months this year over the same period of 2006.

The Shanghai-listed bank's earnings per share stood at 0.586 yuan, up 42.9 percent on the same period last year, according to the bank's half-year report released.

According to the report, the non-performing loan rate of the bank was 1.71 percent, 0.12 percentage points lower than the end of 2006.

The bank, with Citigroup holding 19.9 percent of its stake, reported a rapid growth in its intermediary business in the first half year, which generated 634 million yuan in revenue, up 51 percent over a year earlier.

At the end of June 2007, the gross assets of the bank reached 769.9 billion yuan, with 641.4 billion yuan of outstanding deposit and 524.3 billion yuan of outstanding loans.

Established in January 1993, the bank has 29 branches nationwide by the end of June.

The bank's shares rose 5.31 percent to close at 49.39 yuan on Wednesday at the Shanghai Stock Exchange.