Chinabank Q1 earnings jump 63% to P1.8-B
MANILA, Philippines - Henry Sy-led China Banking Corp. posted a 62.5% increase in its net income in the 1st quarter of the year to P1.79 billion.
In a disclosure to the Philippine Stock Exchange on Friday, May 3, the commercial bank attributed the earnings growth to the expansion of its consumer loan portfolio and higher interest revenues.
The bank's consumer loan portfolio grew by 16.3% to P179.5 billion. Its interest revenues from loans and receivables, on the other hand, jumped 14.8%. The company's overall net interest income rose by 7.5% to P2.1 billion.
During the period, China Bank posted a 24.7% increase in gross revenues. The company's increased revenue was due to an 80.7% jump in trading and securities gains and higher fee-based revenues. Total deposits also grew by 22% to P271.5 billion.
The bank, which opened 23 branches last year, said that its expansion plans are on track in 2013. "This year, the target is to open a total of 67 branches. Three China Bank Savings (CBS) branches were opened in the 1st quarter, bringing the total branch count to 320 to date, including the new China Bank branch opened last April 26," the disclosure read.
CBS is China Bank's thrift bank arm. In 2012, China Bank posted a net income of P5.05 billion. - Rappler.com