Chinabank profit jumps 18% to P5.9 B

The earnings of China Banking Corp. (China Bank) grew by 18 percent to P5.9 billion in the first quarter from P5 billion in the same period a year ago, driven by sustained expansion of its core business.

- KEISHA TA-ASAN

This translated to a return on equity of 15.5 percent in the first quarter, while return on assets stood at 1.6 percent, among the best in the industry.

"We are focused on sustaining our growth trajectory. Our good first quarter results provide the momentum to achieve our ambitious goals and targets," China Bank president and CEO Romeo Uyan Jr. said.

The Sy-led bank reported an 18-percent improvement in net interest income to P15 billion in the first three months, mainly due to higher asset yields and loan volume.

The bank's net interest margin improved by 22 basis points to 4.4 percent.