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China Bank net income up 27% in 2022

China Banking Corp. saw a 27% increase in its bottom line for 2022, as revenues jumped by double digits on the back of higher net interest income during the period.

In a filing to the local bourse, China Bank reported a net income of P19.1 billion, higher than the P15.1 billion in 2021. This translated to a return on equity of 15.1% and return on assets of 1.6%.

Revenues climbed by 14% to P55.7 billion, as net interest income grew by 17% to P45.6 billion. Interest income increased by 23% to P57.2 billion, while interest expense surged by 57% to P11.6 billion.

“Our sustained strong performance amid macroeconomic headwinds is a testament to our unwavering customer focus, effective management of assets, and good cost control,” China Bank President William Whang said.

Net loans for the year rose by 15% to P700 billion, driven by business and consumer lending, with the nonperforming loan (NPL) ratio at 2.3% and the NPL coverage ratio at 123%.

Deposits increased by 24% to P1.1 trillion, with current and savings account (CASA) deposits at P573 billion to bring the CASA ratio to 54%.

“Our investments over the past years have started to bear fruit as evidenced by the record growth in assets and profits that we have been reporting,” Chief Operating Officer and incoming President and CEO Romeo Uyan said.

“We also will keep on investing in our people and capabilities as China Bank continues to play an increasing role as one of the preeminent institutions in the Philippine banking industry,” he added.

The bank’s subsidiaries include Chinabank Insurance Brokers Inc., CBC Properties and Computer Center Inc., China Bank Savings Inc., China Bank Capital Corp., China Bank Securities Corp., CBC Assets One Inc., and Resurgent Capital Inc. — Jon Viktor D. Cabuenas/RSJ, GMA Integrated News