China Bank says Jan.-Sept. income up by 25% to P3.93B

 

China Banking Corp. grew its net income by a quarter in the first nine months of the year on the back of better performance of its core businesses.

 

China Bank disclosed to the Philippine Stock Exchange that its net income reached P3.93 billion, 25 percent higher compared to P3.14 billion last year.

 

“We are pleased with the strong underlying growth in our core businesses and the continued success of our other revenue streams,” president and CEO Peter Dee said in a statement.

 

"These numbers are on track with our growth targets for the year," he added. 

 

Operating income advanced by 18 percent to P11.47 billionon better net interest income and fee and commission income. 

 

Net interest income jumped 17.6 percent to P7.08 billion driven by higher earnings from loans and an expanded low cost deposit base.

 

Non-interest income rose 18.6 percent to P4.38 billion due to higher trading gains, which grew 11.8 percent to P1.92 billion, and increased earnings from revenue streams like private banking, investment banking, bancassurance, and the sale of acquired assets. 

 

The bank said the nine-month performance translates to a return on average equity of 11.78 percent and return on average assets of 1.55 percent. 

 

Total asset base expanded by 15 percent to P359.03 billion, underpinned by a 14 percent growth in gross loan portfolio. Total deposits rose 16 percent to P303.24 billion while the loan-to-deposit ratio was maintained at 68 percent.

 

China Bank’s Capital Adequacy Ratio (CAR) and Tier 1 capital ratio stood at 16.71 percent and 15.83 percent. — OMG, GMA News