China Banking Corp., one of the largest lenders in terms of assets, said Tuesday net income grew 27 percent in 2022 to P19.1 billion from P15.1 billion in 2021 on sustained strength across its business segments.
China Bank president William Whang said in a disclosure to the stock exchange the bank’s strong performance amid macroeconomic headwinds “is a testament to our unwavering customer focus, effective management of assets, and good cost control.”
The 2022 net gains resulted in a higher return on equity of 15.1 percent and return on assets of 1.6 percent.
Revenues increased 14 percent to P55.7 billion on the back of a 17-percent jump in net interest income to P45.6 billion. Interest income grew 23 percent to P57.2 billion amid the continuous build-up in earning assets.
Despite the 57-percent growth in interest expenses, net interest margin remained healthy at 4.2 percent.