China Bank nets P1.47 B in Q1

MANILA, Philippines - China Banking Corp. booked a six percent rise in its net income in the first three months of the year, driven by its lending business and core fee-based income.

The listed bank owned by retail and banking magnate Henry Sy said its net profit grew to P1.47 billion in the first quarter from P1.39 billion in the same quarter last year.

Similarly, operating income jumped seven percent to P5.66 billion, while net interest income rose 14 percent to P4.47 billion, driven by the 16 percent growth in gross loan portfolio.

“Non-interest income (excluding trading gains) grew by 22 percent to P1.08 billion from the gain in service charges, fees from bancassurance, investment banking and trust, as well as income from asset sales,” China Bank said.

Operating expenses went up eight percent to P3.88 billion despite the continued expansion in its branch and distribution network and investments in people and technology to support the growth of new businesses.