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China's Bank of Ningbo opens lower despite profit surge report

(Xinhua)
Updated: 2010-02-26 13:37
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BEIJING: Shares of Bank of Ningbo opened at 15.36 yuan ($2.26) per share on Friday, down 0.32 percent from the previous close, despite reporting of net profit surge in 2009.

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In its annual business report filed to the Shenzhen Stock Exchange on Friday, the commercial bank based in Ningbo, east China's Zhejiang province, said its net profit in 2009 rose 9.44 percent to 1.46 billion yuan year-on-year. Earnings per share were 0.58 yuan.

Bank of Ningbo attributed the net profit surge mainly to the fast expansion of its business, especially loan business which contributed 4.02 billion yuan of interest income, up 11.44 percent year-on-year.
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