China Bank nets P1.47B

Sy family-led China Banking Corp. posted a 6 percent year-on-year growth in first quarter net income to P1.47 billion on strong growth in lending and fee-based income.

Operating income reached P5.66 billion, up by 7 percent compared to same period last year, China Bank reported to the Philippine Stock Exchange on Monday.

Net interest income rose by 14 percent year-on-year to P4.47 billion in the first three months, driven by the 16 percent growth in gross loan portfolio.

Non-interest income excluding trading gains grew by 22 percent to P1.08 billion from the gain in service charges, fees from bancassurance, investment banking and trust, as well as income from asset sales.

Core recurring income – referring to operating income excluding trading gains – was up by 15 percent to P5.55 billion in the first quarter.