MANILA, Philippines – China Banking Corp. (CHIB) registers a 31 percent increase in its income during the first nine months of the year as driven by its core businesses and strong recovery.
The bank owned by Henry Sy, a retail and banking magnate, disclosed to Philippine Stock Exchange (PSE) that its net income increased to P4.84 billion from its registration of P3.64 billion last year of the same period. It has a P1.2 billion higher income from January to September.
Its total operating income increased to P16.46 billion, which is a growth of 16 percent.
The financial firm’s net interest income, on the other hand, climbed to P12.26 billion from P11.17 billion, which is a nine percent growth. In addition, loan portfolio grew by 19 percent, which is equivalent to P343.1 billion.
The strong gains of the bank are driven by its core segments’ strong performance and recovery from trading and securities profit.
In the first nine months, fee-based earnings also grew to P4.21 billion against last year’s record of P2.96 billion, which is a 42 percent increase.
From P365.22 million last year, gains from trading and securities increased to P1.19 billion, a boost of 226 percent.
The operating expenses of the bank climbed to P10.08 billion from P9.21 billion, which is a raise of nine percent. This is irrespective of the firm’s buildup of superior new investments, more branches, human resources accompaniment, and ATMs.
Assets of the bank climbed from P472.06 billion to P564.79 billion. It also achieved 24 percent increase in consumer loans.
Total deposits increased from P392.07 billion to P472.77 billion following its savings and checking accounts ascend to P244.44 billion, a 24 percent increase from P218.08 billion.
Additionally, capital funds totaled to P63.85 billion, an increase by 10 percent. The bank’s total capital adequacy ratio remained at 13.32 percent, whereas its common equity tier 1 (CET1) is maintained at 12.40 percent.
Ricardo Chua, China Bank President and Chief Executive Officer, stated that the core segments of the bank continued to expand its growth. He said that the positive financial health of the bank exhibits that they are meeting this year’s business goals. One of the attempts of the financial firm is to reverse its subsidiary to a group profit contributor.
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