China's Jilin Jiutai Rural Commercial Bank Corp. Ltd. expects to report a year-over-year increase of not less than 40% in net profit for the year ended Dec. 31, 2016.

The expected increase in 2016 net profit is mainly due to increased deposits taken by the group, increased available funds and increasingly expanded asset scale, among other things, the bank said Jan. 26.

The profit growth forecast came after Jilin Jiutai Rural Commercial Bank recently raised HK$3.01 billion in its IPO in Hong Kong.