China Bank sustains upward trajectory, books P3.6B profit in Q1

Sy-led China Banking Corp. reported a 61 percent jump in its first quarter earnings to P3.6 billion on strong growth in its core businesses.

Net interest income rose 16% to P9.2 billion, mainly due to the 52% drop in interest expense.

Fee-based income grew three-fold to P3.6 billion, driven by strong trading and securities gains of P2.2 billion.

Gross loans declined 3% to P572 billion as loan demand remained weak due to the lingering economic uncertainties.

Non-performing loans ratio rose to 3.8% from 1.7%, lower than industry average.

Total deposits increased by 4% to P817 billion, underpinned by 23% growth in checking and savings accounts.

“We are gratified by these very positive results and by the continued support of our customers and the dedication of our employees,” said China Bank president William C. Whang.

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