China Bank posts P1.9B net income in Q1, up 24%

Sy-led China Banking Corp. on Friday said it posted a net income of P1.9 billion in the first quarter of 2019, up 24 percent from P1.5 billion a year earlier amid continued growth of its core businesses.

In a disclosure to the Philippine Stock Exchange, China Bank said its net interest income for the January to March period stood at P5.9 billion, up 12 percent driven by 41-percent jump in interest revenues from loans.

Non-interest income also grew by 52 percent to P1.3 billion attributable to fees, service charges, and commissions.

“We are gratified that our first quarter results reflect the sustained growth in our businesses and  the result of various initiatives,” China Bank president William Whang said.

Total operating income reached P7.2 billion, up 18 percent, while total operating expense increased by 13 percent to P4.8 billion as the bank continued to strengthen and expand its operations.

Total assets rose 23 percent to P889 billion.

Gross loans grew 13 percent to P515 billion, driven by strong demand from all customer segments.

Deposits increased by 17 percent to P720 billion, underpinned by a 20-percent increase in checking and savings accounts. —Ted Cordero/LBG, GMA News