Bank of Ningbo makes profit of US$990 million in H1

Bank of Ningbo announced on late Thursday that it has earned a net profit of 6.84 billion yuan (US$990 million) in the first half of 2019, up 20 percent year on year and its asset quality remained sound.

The city commercial lender said its businesses went smoothly in the first six months and its capabilities for sustainable development had been enhanced.

Data from the bank showed that by the end of June 2019, the company's total assets hit over 1.2 trillion yuan, up 8 percent from the beginning of the year. It attracted deposits of 759.1 billion yuan and granted loans totaling 451.8 billion yuan, up 17.3 percent and 9.7 percent, respectively, compared with the beginning of the year.

Between January to June, Bank of Ningbo registered a net profit of 6.84 billion yuan attributable to its shareholders, an increase of 20 percent over the same period of last year. And basic earnings per share was 1.31 yuan, up 0.19 yuan year over year.

Amid the fast business development, the lender’s assets have maintained healthy and sound. Its non-performing loan ratio was 0.78 percent, on par with that at the beginning of the year.