Inquirer
Record quarterly earnings helped China Bank net P10.1B in H1
China Banking Corporation's net profit surged by 39% to P10.1 billion in the first half of 2022 compared to the same period last year.
This significant earnings growth was primarily fueled by an increase in net interest income and core fee income, alongside a reduction in provisions for bad debts.
The bank's net interest income grew by 16% to P22.0 billion, supported by strong revenue generation and controlled interest expenses.
Despite a 46% decrease in trading and foreign exchange gains, the bank's core fee income saw a 24% rise, driven by service charges, commissions, asset sales, and bancassurance.
China Bank improved its return on equity to 16.4% and its return on assets to 1.7%.
The bank lowered its credit provisions by 69% to P1.7 billion, reflecting a positive economic outlook and improved asset quality.
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