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Bank of Ningbo nets surge 40% in 2008

By Xu Shenglan (chinadaily.com.cn)
Updated: 2009-02-23 14:50

Bank of Ningbo, in which Singapore's Oversea-Chinese Banking Corp (OCBC) has an interest, posted a 40 percent gain in 2008 profit and reported an increase in loans to small- and medium-sized enterprises (SMEs).

Related readings:  Ningbo flags off good bank results  Bank of Ningbo's 1st-half profit jumps 41% on loans  Small companies offer chances for city banks  Bank sees strong H1 profit growth

The bank said that its profit for 2008 rose to 1.33 billion yuan on sales of 3.4 billion yuan ($497 million). Total deposits at the bank grew 36 percent during the year to 75.6 billion yuan, while total loans rose 35 percent to 49.2 billion yuan.

As one of the first two Chinese city banks to obtain a listing on the mainland, Bank of Ningbo lends mainly to SMEs in the Yangtze River Delta region.

The bank attributed the rise in profit to strong asset growth and enhanced profitability, as well as development of its intermediary business. A slash on income tax in 2008 had also helped boost earnings, the bank said.

In 2008, Bank of Ningbo established branches in Shenzhen, Suzhou and Nanjing as part of its expansion plan.