Chinabank reports record P24.8B net income for 2024

China Banking Corp. (Chinabank) reported a record net income of P24.8 billion for the year 2024, marking an increase of 12.7 percent.

The bank's revenues grew by 21.1 percent to P65.49 billion, driven primarily by a 18.7 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 18.55 percent to P916.23 billion across all customer segments, while total deposits rose 12.2 percent to P1.33 trillion, contributing to a total asset increase of 11.4 percent to P1.65 trillion.

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.

The lender's common equity tier 1 ratio was 15.3 percent, while total capital adequacy ratio was 16.2 percent, with a return on equity of 15.6 percent.