China Bank net income rose to P6.45B in 2016
Sy family-led China Banking Corp. grew net profit last year by 15 percent to P6.45 billion on higher interest earnings, fee-based revenues and treasury gains.
Reporting sustained growth in core businesses across all market segments, China Bank disclosed to the Philippine Stock Exchange on Monday that its earnings performance last year translated to a return on equity of 10.4 percent and return on assets of 1.16 percent.
China Bank president and chief executive officer Ricardo Chua said: “Our 2016 results reflect the teamwork and dedication of everyone in the China Bank group to achieve significant growth in the major market segments—corporate, middle market and entrepreneurs—where we are traditionally strong and establishing a stronger presence in the consumer segment, and more recently in the capital markets.”
Net interest income grew by 11 percent to P16.69 billion, attributed to the 12.5-percent rise in interest revenue from loans to P17.89 billion.