China Banking Corp. said Thursday net income jumped 31 percent in the first nine months to P14.7 billion from a year ago on higher top line revenues and core fee income.
ChinaBank said in a disclosure to the stock exchange the cumulative net profit translated into an improved return on equity and return on assets of 15.6 percent and 1.6 percent, respectively.
ChinaBank president William Whang said this demonstrated the bank’s strong business franchise and focused growth strategy. “We will continue to efficiently use our resources to fuel the bank’s growth, support our customers, and further drive economic recovery,” he said.
Net interest income went up 17 percent to P33.7 billion from higher volume of earning assets, offsetting the higher interest expense amid a rising interest rate environment. Net interest margin was maintained at 4.2 percent.
Fee-based income grew 6 percent to P8.3 billion supported by the continued recovery in core revenue streams, including service charges, fees and commissions, income from the sale of acquired assets and bancassurance.
