Bank of Ningbo based in Ningbo, a coastal city in eastern China's Zhejiang Province, expects a year-on-year growth of 30 percent to 50 percent in net profits for the whole of this year, according to bank sources.
The city commercial bank garnered 255 million yuan in net profits in the July-September period of this year, a rise of 48.86percent on the same period of last year, the sources said.
The bank's net profits amounted to 638 million yuan for the first three quarters of this year, up 43.93 percent, with earnings per share averaging 0.3 yuan.
Service charges for the Shenzhen-listed bank went up 58.85 percent to 46.26 million yuan in the third quarter, while its earnings on interests rose more than 30 percent to 527 million yuan.
There are now 114 city commercial banks across China.
(One U.S. dollar is equal to 7.5074 yuan)