Chinabank (PSE: CBC) on Thursday reported a record net income of P24.8 billion for 2024, reflecting a 13 percent year-on-year growth. This performance underscores the bank’s robust core business operations and effective growth strategies, translating to a return on equity of 15.6 percent and return on assets of 1.6 percent.
President and CEO Romeo D. Uyan Jr. attributed the success to the bank’s ongoing transformation, emphasizing that solid fundamentals and a focus on quality service would support sustained growth in the years ahead. “Our continued business transformation and strategy execution enable us to deliver stellar results and meet the needs of our customers and stakeholders,” Uyan said.
Chinabank’s revenues surged by 21 percent, reaching P65.5 billion, driven primarily by a 19 percent increase in net interest income, which totaled P63.5 billion. This growth was fueled by the expansion of the bank’s asset base and a strengthened net interest margin of 4.5 percent. Despite a 14 percent rise in operating expenses to P30.7 billion—due to investments in manpower, technology, and volume-related taxes—the bank’s cost-to-income ratio improved to 47 percent.
The bank’s proactive risk management approach was also evident, with credit provisions rising to P3.3 billion, resulting in a non-performing loan (NPL) coverage ratio of 139 percent. Chinabank’s total assets increased by 11 percenbt to P1.6 trillion, maintaining its position as the 4th largest private universal bank in the Philippines.
Chinabank CFO Patrick D. Cheng highlighted the bank’s financial strength, noting its strong capital structure and ample liquidity. “This positions us well to continue supporting both institutional and retail customers, ensuring financial stability amidst market challenges,” Cheng said.
Key growth indicators included an 18 percent increase in gross loans to P933 billion and a 12 percent rise in total deposits to P1.3 trillion. The bank’s total capital rose by 12 percent to P169 billion, with capital ratios comfortably exceeding regulatory requirements.
In addition to its strong financial performance, Chinabank has garnered enhanced investor confidence, with its stock price doubling in 2024. The bank has also returned to the Philippine Stock Exchange Index (PSEi) in February this year, cementing its position as a key player in the financial sector.
Chinabank’s commitment to corporate governance and sustainability was recognized in 2024 with several prestigious accolades, including the Five-Golden Arrow Award for governance excellence and The Asset’s ESG Corporate Award. Furthermore, the bank was ranked among the World’s Best Companies of 2024 and Asia Pacific’s Best Companies of 2025 for employee satisfaction, revenue growth, and ESG performance.
Looking ahead, Chinabank continues to innovate with customer-centric digital offerings, such as its newly upgraded My CBC mobile app and the launch of the Chinabank Velvet Visa Signature credit card, further enhancing its competitive edge in the financial services market.
