China's Shenzhen Development Bank said on Monday it expects its nine-month net profit to rise 100 to 120 percent from the year-ago period, boosted in part by rising loans and deposits in China's fast-growing economy.

Last year the bank, partly held by U.S. private equity firm Newbridge Capital, reported a nine-month profit of 890.3 million yuan ($118.6 million), or 0.46 yuan per share.

The increase would put its nine-month net earnings for this year, based on new accounting standards, at 1.78 billion to 1.96 billion yuan, it said.

The bank, based in the southern boom town of Shenzhen near Hong Kong, attributed the rise in earnings to an increase in loans and deposits, higher interest income and fee income, improved quality of assets and a lower effective tax rate.

Chinese security regulations require listed companies to issue earnings forecasts if they expect their profit to rise by more than 50 percent. ($1=7.509 Yuan)