Bank of Ningbo (002142.SZ) posted a 59.32 percent year-on-year increase in 2010 net profit to 2.32 billion yuan, reports 163.com, citing a filing by the bank.

Earnings per share hit 0.91 yuan, up 56.9 percent from 2009.

Sales revenue increased 41.59 percent year-on-year to 5.91 billion yuan.

The bank attributed the earnings increase to the rapid growth of its business and to improved profitability.

Interest income rose 40.06 percent year-on-year to 5.63 billion yuan.

Income generated from commissions and fees increased 14.59 percent to 597 million yuan.

Total assets hit 263.27 billion yuan as of end 2010, up 61.17 percent, or 99.92 billion yuan from the beginning of the year.

During the same period, the deposit balance rose 31.67 percent to 35.08 billion yuan, while the loan balance hit 101.57 billion yuan, an increase of 24.08 percent.

The bank had a loan-to-deposit ratio of 66.22 percent as of end 2010.

The non-performing loan (NPL) balance totaled 704 million yuan, up 59.02 million yuan from the beginning of 2010. The NPL ratio was down 0.1 percentage point from the beginning of the year to 0.69 percent.

The bank reported capital adequacy ratio of 16.2 percent and core capital adequacy ratio of 12.5 percent as of end 2010.