Bank of Ningbo revised its forecast for its first half-year result on July 7. It said its net profits in the first-half year would increase by 85 to 90 percent, a considerable rise on its previous forecast, when it estimated a 50 to 70 percent increase, the bank said in a statement.

It also said the continuing strong demand for loans, wide interest rate spread and the reduction of the corporate tax rate were factors which lead to its rise in its forecast.

(China Daily July 8, 2008)