Friday February 20, 10:55 AM
TABLE-China's Bank of Ningbo 2008 net up 40 pct
SHANGHAI, Feb 20 (Reuters) - Twelve months to Dec. 31, 2008.
(in millions of yuan unless stated, against 2007 figures):
2008 2007
Operating income 3,403.79 2,243.79
Net profit 1,331.74 951.07
Earnings per share (yuan) 0.53 0.43
Net assets per share (yuan) 3.52 3.21
Company (CPNY3.SA - news) : Bank of Ningbo, partly owned by
Singapore's Oversea-Chinese Banking Corp, is a
commercial bank based in the eastern Chinese port city of Ningbo.
It listed yuan-denominated A shares on the Shenzhen Stock
Exchange in July 2007, becoming one of the first two Chinese city
banks to float shares on a mainland Chinese bourse.
Note (Stockholm: NOTE.ST - news) : The unaudited results were given in a preliminary
statement, pending the announcement of full, audited results in
coming weeks.
The bank (NASDAQ: TBHS - news) attributed the rise in profit to strong asset growth
and improved profitability of those assets, as well as
development of its intermediary business and a fall in its
effective corporate tax rate.
However, profit growth slowed considerably in the second half
of the year as Chinese economic growth slowed; in the first half,
profit jumped 91 percent.
The bank's total deposits grew 36 percent during the year to
75.6 billion yuan ($11.1 billion), while total loans rose 35
percent to 49.2 billion yuan.
($1 = 6.83 yuan)
(Reporting by Andrew Torchia, Editing by Jacqueline Wong)
Keywords: NINGBOBANK/EARNINGS
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