CHINA Banking Corp., the eighth-largest lender in terms of assets, said consolidated net income in the first half jumped 30 percent to P3.27 billion year-on-year due to sustained strength in its core and fee-based businesses.
ChinaBank said in a disclosure to the stock exchange Thursday the first six months’ performance translated into a return on equity of 10.74 percent and a return on assets of 1.22 percent.
“We are encouraged by the strong positive results in the first semester despite the challenging market conditions,” president and chief executive Ricardo Chua said in a statement.
“Our core business drivers are showing healthy growth, our various initiatives are gaining traction, and China Bank Savings is well on its way to make a significant contribution to group profitability this year,” Chua said.
Net revenues before operating expenses grew 15 percent to P10.85 billion, with net interest revenues up 7 percent to P7.95 billion, driven by the 12-percent growth in loan portfolio.
United Coconut Planters Bank, the country’s 12th-largest lender in terms of assets, meanwhile, said net income in the first half rose 42 percent to P1.796 billion from P1.268 billion a year ago on the back of increased demand for consumer loans and trading gains.
UCPB president and chief executive Jeronimo Kilayko said in a statement Thursday UCPB was capitalizing on the country’s sustained economic growth that led to a strong demand from corporate and retail borrowers.
“The banking industry in general has seen its loan portfolio grow steadily in the past months. This has allowed the bank, with the help of its associates and business partners, to serve its clients and perform at par with competition,” Kilayko said.
UCPB loan portfolio surged 21 percent to P138.6 billion as loan segments performed well. Consumer loans, which comprised 43 percent of the total loan portfolio, increased 29 percent as demand for real estate and auto loans continued to grow.
