Bank of Ningbo sees 20% year-on-year growth in net profit in Q1

Headquartered in Ningbo, Zhejiang province, where the private sector contributed about 65 percent of the city's gross domestic product and 85 percent of the jobs, Bank of Ningbo Co Ltd integrated the comparative advantages of each of its key business areas to build comprehensive financial service solutions for clients and promote a steady profit growth for itself. 

The bank realized a 3.39-billion-yuan net profit attributable to equity holders of the parent company in the first quarter, up by 20 percent year-on-year. During the same period, its net fee and commission income increased by 17.4 percent to 1.78 billion yuan.

"With the purpose of serving the real economy, Bank of Ningbo headed toward integration, innovation, transformation and upgrading, kept consolidating the basis of development, maintained a continuous and steady growth of the overall operating results, and further strengthened the ability for sustainable development," said the bank in its earnings report for the first quarter of 2019.

The bank continued to deepen and expand its services for the real economy. As of March 31, its various types of loans increased by 3.61 percent from the end of last year to 444.56 billion yuan. Among the total, corporate loans and advances reached 264.06 billion yuan, up by 6.87 percent.