China Banking Corp., the eighth largest lender in terms of assets, said net income in the first half rose 10 percent to P3.6 billion from a year ago, fueled by a strong growth in lending business and core-recurring income.
China Bank said in a disclosure to the stock exchange the first-half performance translated into a return on equity and return on assets of 10.44 percent and 1.13 percent, respectively.
“The results for the first half of the year is an encouraging indication of China Bank team’s ability to execute on our strategic direction of strengthening our core businesses while achieving revenue diversification,” China Bank president and chief executive Ricardo Chua said.
Net interest revenues grew 16 percent year-on-year to P9.2 billion, while non-interest revenues went up 6 percent to P3.1 billion as a drop in trading gains were offset by the growth in service charges, fees from bancassurance, investment banking and trust, as well as income from asset sales.