China Banking Corp. said Thursday it posted a 35-percent year-on-year increase in consolidated net income in the first nine months to P11.2 billion on the back of sustained core business growth and effective cost management.
China Bank president William Whang said in a statement the results exceeded expectations. “We will continue to support our customers, especially those who are still struggling amid the global pandemic, as we push for greater efficiencies and sustainable growth through digitalization and optimization of our branch and ATM networks,” he said.
The bank was able to ride out the economic headwinds, recording quarterly income growth since the start of the COVID-19 pandemic. In the third quarter, China Bank saw net earnings grow 29 percent to P3.9 billion from the same period last year.
The strong performance in the first nine months of 2021 translated into a higher return on equity of 13.6 percent and an improved return on assets of 1.5 percent. Net interest income rose 13 percent to P28.2 billion as interest expense dropped by 48 percent.
