SPD Bank reduces staff and controls costs; key management personnel receive an annual salary of 9 million yuan

Source: Yinrui Society

Author: Xu Shumin

The 2025 annual report of Shanghai Pudong Development Bank (SPDB) dedicates a significant section to introducing its digital intelligence strategy.

In the speech by Chairman Zhang Weizhong, he repeatedly emphasizes the achievements brought by digital intelligence. Whether it is asset size growth or risk control effectiveness, both are related to digital intelligence.

Throughout the annual report, the keyword “digital intelligence” is mentioned 107 times.

Compared to other peers, SPDB’s desire to showcase its technological and intelligent development strategy to the outside world is more evident.

Or rather, SPDB is more eager to accelerate the “digital intelligence” strategic transformation.

By 2025, as SPDB reaches the 10 trillion yuan milestone, it urgently needs new concepts to drive new growth.

Zhang Weizhong mentioned at the performance briefing, “On the track of high-quality development, we believe that over the past year, we have explored new paths, new methods, and new models, delivering SPDB’s answers and providing SPDB’s solutions.”

He said, “We have accelerated SPDB’s pace and speed.”

The scale growth rate has reached a relatively high level in recent years.

From 2021 to 2025, SPDB’s total assets increased by 2.35%, 6.98%, 3.36%, 5.05%, and 6.55%, respectively.

Additionally, by 2025, SPDB’s total loans and deposits both surpassed 5 trillion yuan.

Revenue growth has returned to positive territory.

In 2025, SPDB’s operating income reached 100k yuan, a year-on-year increase of 1.88%. Compared to 2021-2024, the revenue growth rates were -2.75%, -1.24%, -8.05%, and -1.55%, all negative.

However, behind this growth, some instability factors still exist.

For example, the decline in non-interest income.

In 2025, SPDB’s net non-interest income was 50k yuan, down 53.48B yuan year-on-year, a decrease of 4.55%.

Among them, net fee and commission income was 2.55B yuan, down 22.73B yuan or 0.40%, and other non-interest income was 91M yuan, down 30.76B yuan or 7.40%.

During the same period, the bank’s investment income was 19.39B yuan, down 33.45% year-on-year, while fair value change gains and losses amounted to 5.44B yuan, up 451.39%, and foreign exchange gains and losses were 250 million yuan, down 74.7%.

Another example is the slowdown in net profit attributable to the parent company.

In 2025, SPDB’s net profit attributable to the parent exceeded 50 billion yuan, a year-on-year increase of 10.52%. Compared to 2024, this growth rate was 23.31%.

Facing profit challenges, Zhang Weizhong also continuously reduced costs.

In 2025, SPDB’s cost-to-income ratio was 28.50%, down 0.66 percentage points from the previous year.

During the period, the bank’s operating and administrative expenses were 213M yuan, down 2.13 billion yuan or 0.43%. Among them, staff expenses were 27.95B yuan, down 1%.

SPDB is also reducing staff.

As of the end of 2025, the total number of employees was 62,198, a decrease of 789 from the same period last year.

Roughly estimating based on employee expenses, in 2025, the average employee cost at SPDB was 449.3k yuan.

Meanwhile, the bank’s payments to key management personnel also declined.

In 2025, the total compensation paid to key management was 9 million yuan, down 4 million yuan from the previous year.

Among them, Zhang Weizhong’s annual salary was 909.5k yuan, an increase from 856.8k yuan last year, and President Xie Wei’s annual salary was 1.04 million yuan, up 156k yuan from the previous year.

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Editor: Wang Xinru