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.
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.”
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.