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China Bank posted P5.56-billion earnings

China Banking Corp., the seventh-largest lender in terms of assets, said net income fell 2 percent in the first nine months to P5.56 billion from P5.68 billion in the same period last year on lower trading gains.

China Bank said in a statement consolidated operating income rose 8 percent year-on-year to P20.72 billion, driven by the sustained growth of its core businesses. 

“Excluding trading and one-off gains, operating income was up 16 percent. Gross customer loans increased 16 percent to P507.83 billion with growth across all segments, and consumer lending growing by 19 percent,” it said. 

Total deposits rose 20 percent to P691.66 billion, supported by a 29-percent growth in low-cost deposits to P394.98 billion. 

Interest earnings from loans and investment securities led to a 20-percent increase in net interest income to P17.08 billion. Year-to-date net interest margin improved to 3.17 percent. 

Non-interest revenues dropped 26 percent to P3.64 billion. Operating expenses for the nine-month period reached P13.11 billion, while assets grew 18 percent to P816.20 billion, driven by loan expansion. 

Topics: China Banking Corp. , net income , gross customer loans
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