ChinaBank says Q1 net income soared 62.5% to  P1.79B

China Banking Corp. (ChinaBank) posted P1.79 billion in net income for the first quarter of the year, up 62.5-percent from a year earlier and largely driven by gains from trading and securities. “Customer loan portfolio expanded by 16.3 percent to P179.5 billion year-on-year with all market sectors showing significant growth,” the bank noted in a disclosure to the Philippine Stock Exchange. “Interest revenues from loans and receivables increased 14.8 percent. Overall net interest income grew to P2.1 billion, an improvement of 7.5 percent year-on-year,” ChinaBank said. Improved earnings raised by 16.44-percent the return on equity and by 2.19-percent the return on assets. Operating expense grew by 16 percent amid an ongoing branch and ATM network expansion and investments in new technology. The bank said its cost efficiency improved to 54.4 percent from 60.2 percent year-on-year. Total resources expanded by 22 percent to P331.6 billion. Total deposits grew by 22.2 percent to P271.5 billion. Total low-cost deposits went up 14.4 percent to P94 billion. Total capital reached P46.36 billion, reflecting a Tier 1 capital adequacy ratio (CAR) of 15.8 percent. The regulatory CAR is 10 percent. During Thursday's stockholders' meeting, shareholders approved a 10-percent stock declaration and a 12 percent (P1.20) cash dividend, totaling P1.56 billion. The bank said the cash dividend was equivalent to 31 percent of the P5.03-billion peso net income last year. — VS, GMA News