MANILA, Philippines - China Banking Corp. recorded a 31 percent jump in earnings in the first nine months amid the robust performance of its core businesses as well as the strong rebound in its trading and securities gains.
In a statement submitted to the Philippine Stock Exchange (PSE), China Bank said its net income amounted to P4.84 billion from January to September, P1.2 billion higher than the P3.64 billion booked in the same period last year.
Ricardo Chua, president and CEO of China Bank, said the bank’s core business drivers continued to show robust growth.
“These positive results indicate that we are on track to meet our business goals for this year, especially with the turnaround of our China Bank Savings subsidiary into a significant contributor to group profitability,” Chua said.
The bank owned by retail and banking magnate Henry Sy reported that its total operating income grew 16 percent to P16.46 billion.
China Bank’s net interest income went up nine percent to P12.26 billion from P11.17 billion amid the 19 percent growth in loan portfolio.
On the other hand, fee-based revenues improved 42 percent to P4.21 billion in the first nine months from P2.96 billion in the same period last year.
Furthermore, the bank reported that trading and securities gains surged 226 percent to P1.19 billion from P365.22 million.
China Bank’s operating expenses rose at nine percent to P10.08 billion from P9.21 billion even as it continued to strengthen its operations with new investments and more branches, ATMs, and human resource complement.
Total assets of the Sy-led bank jumped 20 percent to P564.79 billion from P472.06 billion. Its loan portfolio rose 19 percent to P343.1 billion in the first nine months the solid 24 percent growth in consumer loans.
Likewise, total deposits jumped 21 percent to P472.77 billion from P392.07 billion. This after the bank’s checking and savings accounts increased 12 percent to P244.44 billion from P218.08 billion.
Total capital funds stood at P63.85 billion, up 10 percent. The Bank‘s common equity tier 1 (CET1) and total capital adequacy ratios stood at 12.40 percent and 13.32 percent, respectively.