Chinabank posts P10.8B net income in H1, up 7%

Sy-led China Banking Corporation saw a sustained profitability in the first six months of 2023 on the back of strong revenue and lower non-performing loans provisioning.

In a disclosure to the Philippine Stock Exchange on Thursday, Chinabank reported a net income of P10.8 billion in the January to June period, up 7% from P10.1 billion in the same period last year.

The bank also booked total revenues of P27.2 billion, up 8% from P25.2 billion year-on-year as net interest income rose by 16% to P25.5 billion.

Provision for loan losses stood at P878 million, down 47% from P1.7 billion a year earlier “as the economy continues to recover.”

“Our customer focus and disciplined operational execution enabled us to continue to deliver strong results to all our stakeholders,” said Chinabank president and CEO Romeo Uyan Jr.

Meanwhile, Chinabank’s total assets amounted to P1.4 trillion, up 15% from P1.2 trillion.

Net loans grew by 11% to P726 billion on stronger demand from the consumer sector, up 20%, and the business sector, up 8%.

Chinabank said its asset quality remained stable, with non-performing loans ratio easing to 2.2%, “which was lower than the latest industry average.”

Total deposits, likewise, rose by 19% to P1.1 trillion.

“Our balance sheet is in great shape, with an improved liquidity ratio of 45%,” said Chinabank chief finance officer Patrick Cheng.

“The strength of our balance sheet means we are well placed to take advantage of the growth opportunities, deliver sustainable returns to our shareholders, and more importantly, continue supporting our customers and the broader economy,” said Cheng. — Ted Cordero/RSJ, GMA Integrated News