China Banking Corp., a universal bank controlled by tycoon Henry Sy, said it will continue its aggressive expansion in 2016 by opening 66 new branches nationwide.
China Bank said in a statement it planned to open 50 branches for the main bank and 16 for its thrift bank unit China Bank Savings.
“China Bank plans to sustain its branch expansion plan, targeting to open 50 branches for the main bank and 16 for the savings bank in 2016,” it said.
The bank said it opened 47 branches in 2015, including 38 China Bank branches and nine
China Bank Savings branches.
The new branches brought the China Bank group’s total network to 517 branches nationwide in 2015.
It said of the total number, China Bank accounted for 352 branches while China Bank Savings, including recently acquired Plantersbank, had 165.
The group opened the final 10 branches in Metro Manila on Dec. 22.
The bank opened three branches in Manila, two each in Quezon City and Parañaque and one each in Makati, Pasig and San Juan. There are now 175 China Bank branches in Metro Manila.
There are now 32 branches in Manila, with the opening of Lavezares, Oroquieta and Manila-Maceda branches.
Newly-opened Holy Spirit Drive and Cubao-P. Tuazon branches brought the number of China Bank branches in Quezon City to 51.
China Bank now has eight branches serving the banking needs of residents and businesses in Parañaque City, with the addition of branches in Parañaque-Moonwalk and Solemare.
China Bank also opened Makati-J.P. Rizal Branch, its 21st branch in Makati; Pasig-San Joaquin Branch, the 12th China Bank branch in Pasig City; and Greenhills-Connecticut Branch, its 6th in San Juan City.
The new Metro Manila branches offer a full range of banking products and services and are each equipped with automated teller machines to serve customers beyond banking hours.
China Bank posted an 8-percent growth in consolidated net income in the first nine months to P3.64 billion, on the back of stronger lending and lower cost of funding.
The three-quarter performance translated into a return on equity of 8.35 percent and a return on assets of 1.02 percent.
Net interest income grew 8 percent to P11.17 billion year-on-year as revenues from loans rose 8 percent, while interest expense dropped 6 percent as a significant block of high-cost funds (time deposits) was replaced by low-cost CASA (checking and savings accounts), which grew
16 percent.
This led to an improved net interest margin of 3.36 percent from 3.23 percent a year ago.
Non-interest income declined 3 percent to P2.96 billion as trading gains fell 5 percent to P365.22 million, offset by the 15-percent increase in earnings from service charges, fees and commissions which stood at P1.38 billion.
