China Bank profit hits P16.2 B in 9 months

China Banking Corp. grew its earnings by 10.2 percent to P16.2 billion from January to September versus last year’s P14.7 billion on the back of robust growth from core businesses and lower loan loss provisions.

- LAWRENCE AGCAOILI

Chinabank president and CEO Romeo Uyan Jr. said the bank’s sustained growth reflects the successful execution of its business strategies.

“Despite the current high interest rate environment, we continue to grow our bottom line by preserving our margins, managing our overall costs effectively, and bringing greater efficiencies to our operations with technology,” Uyan said.

For the third quarter alone, China Bank’s net income went up by 16 percent to P5.4 billion

From January to September, the bank’s net interest income went up by 16 percent to P39.2 billion from P33.7 billion as the 44 percent surge in top line revenues cushioned the nearly triple increase in interest expense.