Chinabank nets record P11.4B during first half of the year

Sy family-led China Banking Corp. posted record earnings in the first half of the year on higher lending activities.

Chinabank on Thursday said its net income during the period grew by 6 percent to P11.4 billion, resulting in a return on equity of 15.1 percent.

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Net interest income expanded by 19 percent to P30.4 billion.

“The continued growth of our core lending and deposit-taking businesses, combined with stable asset credit quality and controlled operating costs, allowed us to register our highest first half net income to date, solidifying our position as one of the top four banks in the country,” Chinabank President and CEO Romeo Uyan Jr. said in a statement.