Chinabank posts record P24.8 billion net income in 2024

Chinabank announced a record net income of P24.8 billion in 2024, a 13 percent increase driven by growth in its core lending business.

The bank's revenues surged by 21 percent to P65.5 billion, with net interest income climbing by 19 percent to P63.5 billion.

Net interest margin improved to 4.5 percent, contributing to the revenue growth.

Gross loans saw an 18 percent expansion, reaching P933 billion, as all customer segments experienced growth.

Despite loan growth, the nonperforming loans ratio improved to 1.6 percent, and NPL coverage was higher at 139 percent.

The bank increased its credit provisions to P3.3 billion as a proactive stance against portfolio risks.

Operating expenses reached P30.7 billion, up 14 percent due to investments in manpower, technology, and taxes, though the cost-to-income ratio improved to 47 percent.

Chinabank president and CEO Romeo Uyan Jr. expressed confidence in sustaining growth through ongoing business transformation and solid fundamentals.

The bank's financial performance resulted in a return on equity of 15.6 percent and a return on assets of 1.6 percent.

Total assets for Chinabank reached P1.6 trillion as of the end of December 2024, reflecting an 11 percent increase.