China Bank income surges to P7.4B in 2017
Bank operations netted bigger gains across all units and subsidiaries.
China Banking Corporation reported a consolidated net income of P7.4 billion for 2017, jumping by 15% from the previous year.
In a disclosure, the listed bank said the growth was driven by broad increases in both core and fee-based businesses.
Loans and deposits each grew by 17 percent year-on-year. Non-interest income jumped by 20 percent to hit P6 billion for the full year due to higher service fees & commissions, trust revenues, forex gain, and income from acquired assets, China Bank said.
Its subsidiary thrift lender China Bank Savings saw its net income tripled in 2017, while the investment house China Bank Capital reported a 25% earnings growth.
“2017 was a pivotal year in the transformation and development of the China Bank Group,” China Bank President William Whang said in the statement. “We grew as projected and I am pleased that our strong fundamentals and solid organic growth gave us the platform to meet the opportunities and challenges in 2018.”