Chinabank reports record P24.8B net income, 13% increase

China Banking Corp. (Chinabank) reported a record net income of P24.8 billion for the year 2024, marking an increase of 13 percent.

The bank's revenues grew by 21 percent to P65.5 billion, driven primarily by a 19 percent rise in net interest income on the back of asset base expansion and improvement in net interest margin.

Chinabank's gross loans increased by 18 percent to P933 billion across all customer segments, while the nonperforming loan ratio decreased to 1.6 percent from 2.5 percent previously.

Romeo Uyan Jr., president and CEO of Chinabank, highlighted the bank's focus on delivering quality service and financial results for its stakeholders, noting that ongoing business transformation will sustain growth in coming years.

Chinabank recorded a return on equity of 15.6 percent, up slightly from 15.5 percent in the previous year, with total assets reaching P1.6 trillion as of December 2024.