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China Bank profit rises 17% to P5.7 B

“China Bank continues to deliver positive results on the back of strong growth in our core banking businesses,” China Bank president William Whang said. File

MANILA, Philippines — Sy-led China Banking Corp. registered a 17 percent increase in earnings in the first nine months amid the strong growth in its core and fee-based businesses.

“China Bank continues to deliver positive results on the back of strong growth in our core banking businesses,” China Bank president William Whang said.

Net income jumped 17.3 percent to P5.68 billion in the first nine months from P4.84 billion in the same period last year.

Net interest revenue grew 16 percent to P14.26 billion, while non-interest income went up 17 percent to P4.90 billion despite the P611.43 million decline in trading gains.

Core operating income, excluding trading gains and non-recurring income, grew 19 percent compared to last year, reflecting continued robust growth in recurring income from service charges, fees from investment banking and trust as well as income from asset sales.

“The better-than-expected results reflect the fruits of our significant strategic initiatives since we began our expansion phase 10 years ago with the Manila Bank acquisition,” Whang said.

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The consolidated net income for the third quarter of P2.09 billion was 32 percent higher than the previous year’s level.

This translates to a consolidated return on equity of 10.41 percent and a consolidated return on assets of 1.16 percent with the parent bank posting a ROE of 11.41 percent and ROA of 1.32 percent.

Total deposits grew 22 percent to P578.04 billion, reflecting the strength of the China Bank franchise boosted by deposit growth from new branches.

“Our distribution network has grown almost four times from only 148 branches in 2007 to 569 branches as of September 2017, of which 158 are from China Bank Savings,” Whang said.

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