China Banking Corp., the country’s fifth largest lender by assets, said Tuesday net profit last year rose 27 percent to P19.1 billion, pushing return on equity to 15.1 percent and return on assets to 1.6 percent.
Total revenues increased by 14 percent to P55.7 billion, driven by a 17 percent jump in net interest income to P45.6 billion.
Fee-based income increased 5 percent to P10.1 billion due to improvements in core fee income, including deposit-related transaction fees, trust revenues, bancassurance revenues, and fees from our investment banking, stock brokerage, and insurance brokerage businesses.
“Our sustained strong performance amid macroeconomic headwinds is a testament to our unwavering customer focus, effective management of assets, and good cost control,” said China Bank President William C. Whang
Net loans increased 15 percent to P700 billion on strong business and consumer lending even as non-performing loan ratio stayed low at 2.3 percent.
Total deposits climbed 24 percent to P1.1 trillion while total equity increased 13percent to P135 billion.
