Advertisement

Chinabank says 2015 earnings hit P5.63b

China Banking Corp., one of the largest banks controlled by tycoon Henry Sy, said Wednesday net income in 2015 climbed 10 percent to P5.63 billion from a year ago, on the back of sustained growth in core businesses.

Chinabank said in a disclosure to the stock exchange the 2015 performance translated into a return on equity of 9.69 percent and return on assets of 1.18 percent.

“Net interest income grew 7 percent to P15.08 billion, largely due to earnings from loans and receivables that grew 8 percent to P15.90 billion while interest expenses dropped by 2 percent to P4.24 billion. This led to an improved net interest margin of 3.37 percent from 3.30

percent,” the bank said.

Net loans rose 7 percent to P309.81 billion, driven by the strong growth of consumer and commercial loans, up 24 percent and 11 percent, respectively, which offset the flat growth in corporate loans.

Non-interest income fell 4 percent to P4.56 billion as trading gains and income from sale of investment properties declined 9 percent to P486.92 million and 27 percent to P258.71 million, respectively.

“This was offset by the 25-percent increase to P1.95 billion in earnings from service charges, fees, and commissions from the bigger network and contribution from the remittance and investment banking businesses,” it said.

Total operating income increased 4 percent to P19.64 billion. Consolidated operating expenses, excluding provision for losses, grew 5 percent to P12.30 billion which resulted in a cost-to-income ratio of 62.62 percent.

Total assets expanded 12 percent to P526.54 billion, driven by loans and investments supported by deposit growth. Total deposits went up 10 percent to P439.10 billion, led by the 18-percent growth in low-cost deposits.

Topics: China Banking Corp. , net income
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by Manila Standard. Comments are views by manilastandard.net readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of manilastandard.net. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with Manila Standard editorial standards, Manila Standard may not be held liable for any false information posted by readers in this comments section.
AdvertisementSpeaker GMA
Advertisement