China Banking Corp., the seventh-largest lender in terms of assets, said consolidated net income rose 7 percent in 2018 to a record P8.1 billion, driven by the sustained growth in its core businesses.
The positive 2018 profit translated into a return on equity of 9.5 percent and a return on assets of 1 percent.
“We are gratified that we were able to sustain improvements in our profitability even as our expansion and strategic initiatives remain on track,” China Bank president William Whang said in a statement.
Total operating income increased 11 percent to P28.6 billion, as net interest income grew 17 percent to P22.9 billion on the back of a 13-percent improvement in gross loans.
Fee-based revenues excluding trading gains and one-off gains jumped 16 percent. The growth in revenues from service fees, charges, commissions and the sale of acquired assets was tempered by the expected decline in trading and forex gains.
Total assets expanded 15 percent to P866.1 billion, supported by double-digit growth in loans and investment securities.
