Bank of Jiangsu net profits up 10% in 2018

SHANGHAI - Bank of Jiangsu Co Ltd, a Chinese joint-stock commercial bank, posted a 10.02 percent annual growth in its net profits for 2018.

Its net income attributed to shareholders reached 13.07 billion yuan ($1.93 billion) last year, Bank of Jiangsu said in its unaudited preliminary earnings estimate filed to the Shanghai Stock Exchange late Thursday.

The lender, headquartered in Nanjing, capital of East China's Jiangsu province, generated revenues of 35.22 billion yuan last year, up 4.09 percent year-on-year.

Its total assets reached 1.93 trillion yuan by the end of 2018, an annual increase of 8.77 percent, the bank said.

Its non-performing loan ratio stood at 1.39 percent at the end of last year, down by 0.02 percentage points in 12 months.

In addition, the lender's provision coverage ratio, a measure of funds set aside to cover bad loans, rose by 19.59 percentage points in one year to 203.84 percent by the end of 2018.