Net profit of Bank of Ningbo up 19% in 2017

Bank of Ningbo saw it assets exceeding 1 trillion yuan (US$158.8 billion) in 2017 and earned a net profit of 9.33 billion yuan for the past year, according to its annual report briefing.

The Ningbo-based lender recorded 1.02 trillion yuan of assets in 2017, up by around 16 percent compared with the beginning of past year. Deposits and loans witnessed a growth of 10.53 percent and 14.44 percent respectively during the same period, standing at 565.2 billion yuan and 346.2 billion yuan.

Its net profit increased by 19.51 percent year on year to top 9.33 billion yuan, according to the briefing.

The bank’s non-performing loan ratio stood at 0.82 percent in 2017, down by 0.09 percentage points from the beginning of past year. And its provision coverage ratio saw a 141.8 percent surge during the past 12 months to reach 493.2 percent .

Founded in April 1997, Bank of Ningbo was the first city commercial bank listed on the Shenzhen Stock Exchange in 2007.