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China Bank nets P10.1B

/ 10:07 AM February 28, 2020

Sy family-led China Bank nets P1.9B in Q1 2019

Sy family-led China Bank grew its net profit last year by 24 percent to P10.1 billion on the back of higher earnings from core lending and fee-based businesses alongside treasury gains.

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This translated to an improved return on equity of 11.04 percent and a return on assets of 1.1 percent, the bank disclosed to the Philippine Stock Exchange on Friday.

China Bank president William Whang said: “2019 was an outstanding year for China Bank. Our financial performance exceeded our projections and puts China Bank, 100 years-strong this year, in a better position to meet the opportunities and challenges ahead.”

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Net interest income went up by 14 percent to P26.1 billion, while fee-based income jumped by 49 percent to P8.4 billion driven mainly by service charges, fees and commissions, as well as trading and securities gains.

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TAGS: CHIB, China Bank, William Whang
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