China Bank nets P4.84B

Sy family-led China Banking Corp. posted a consolidated net income of P4.84 billion from January to September this year, 31 percent higher year-on-year, attributed to the strong growth in its core and fee-based businesses.

In a disclosure to the Philippine Stock Exchange on Thursday, Chinabank said this performance translated to a return on equity (ROE) of 10.47 percent and a return on assets (ROA) of 1.19 percent.

“We are pleased to note that our core business drivers continue to show robust growth,” Ricardo Chua, Chinabank president said in a press statement.

“These positive results indicate that we are on track to meet our business goals for this year, especially with the turnaround of our China Bank Savings subsidiary into a significant contributor to group profitability,” he added.