Chinabank posts record P18.4B net income in first nine months

China Banking Corp. (Chinabank) reported a record P18.4 billion in net income for the first nine months of the year, marking a 13% increase.

The bank's strong performance was driven by a 14% rise in total operating income to P46.3 billion, fueled by higher interest income from loans, securities, and other investments, alongside growth in transaction-based income.

Chinabank's net interest margin improved to 4.4 percent.

The bank's loan portfolio reached P871.6 billion, a 14 percent increase.

Asset quality showed improvement, with the nonperforming loans (NPL) ratio declining to 1.8%, though credit provisions were increased by 15% to P1.5 billion.

This resulted in an NPL cover of 141 percent, exceeding the industry average.

President and CEO Romeo Uyan Jr. attributed the record earnings to the collective efforts of employees, strategic execution, and a customer-centric approach.

Chinabank's total assets reached P1.6 trillion, positioning it as the fourth-largest private bank in the country.