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Bank of Ningbo Co Ltd, a Chinese bank that raised 4.14 billion yuan ($547 million) in an initial public offering last month, said audited first-half profit surged 41 percent on increased loans to domestic companies.

Net income rose to 382.8 million yuan, or 0.19 yuan a share, in the six months ended June 30 from 271.6 million yuan, or 0.15 yuan a share, a year earlier, the city-level bank said in a statement to Shenzhen's stock exchange.

Interest income rose 39 percent to 1.38 billion yuan, Bank of Ningbo said.