Chinabank nets record P24.8B in 2024

MANILA, Philippines — Growth in its core businesses, such as lending, lifted the net income of China Banking Corp. (Chinabank) last year to a record P24.8 billion, up by 13 percent.

In a stock exchange filing on Thursday, the Sy family-led bank said its revenues surged by 21 percent to P65.5 billion due to its net interest income jumping by a fifth to P63.5 billion.

Gross loans climbed by 18 percent to P933 billion as all customer segments registered growth.

Despite this, nonperforming loans ratio, a key indicator of asset quality, eased to 1.6 percent from 2.5 percent previously.

“We continue to remain focused on executing our strategies to deliver quality service to our customers and stellar financial results to all our stakeholders,” Chinabank president and CEO Romeo Uyan Jr. said in their disclosure.

Chinabank’s financial performance translated to a return on equity of 15.6 percent from 15.5 percent.

As of end-December, total assets stood at P1.6 trillion, up by 11 percent.