Chinabank reports record P13B net income, 14% year-on-year increase

China Banking Corp. (Chinabank) reported a record net income of P13 billion for the first half of the year, marking a 14 percent increase from the same period last year.

The robust performance was driven by strong lending, higher yields, and solid deposit growth, contributing to a return on equity of 15.2 percent and a return on assets of 1.6 percent.

Chinabank's president and CEO Romeo Uyan Jr. highlighted the bank's commitment to supporting customer needs while aiding economic growth.

Revenues surged by 34 percent to P38.9 billion, primarily due to net interest income rising by 15 percent to P34.9 billion as a result of higher loan volumes and improved asset yields.

Total assets grew by eight percent to P1.7 trillion, while total equity expanded by 15 percent to P174 billion, with a capital adequacy ratio of 15.62 percent.

The bank's shares closed at P65.50 each on Thursday, up by P1 or 1.55% from the previous day.

Chinabank’s financial performance underscores its strong balance sheet and efficient risk management practices.