Bank of Shanghai reports 14% rise in net profit

BEIJING - Bank of Shanghai, a city commercial bank in China, reported a 14-percent rise in net profit in the first half of 2019.

In the January-June period, the mid-sized lender made 10.7 billion yuan ($1.56 billion) of net profit, according to its filing to the Shanghai Stock Exchange.

Business revenues came in at 25.2 billion yuan, surging 27.35 percent year on year.

Bank of Shanghai saw its bad loan ratio edge down 0.01 percentage points from the end of March to 1.18 percent by the end of June, with total assets reaching 2.16 trillion yuan, up 6.75 percent from the end of 2018.

China's city banks were formerly urban credit cooperatives, and unlike big commercial banks, they mainly serve small businesses and the regional economy.