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Core business growth lifts Chinabank earnings to P5.9B

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CHINA Banking Corp. (Chinabank), the country's fourth-largest private lender by asset size, reported earning P5.9 billion in the first quarter of 2024, up 18 percent year-on-year, amid the brisk growth of its core businesses.

CHINA Banking Corp. , the country's fourth-largest private lender by asset size, reported earning P5.9 billion in the first quarter of 2024, up 18 percent year-on-year, amid the brisk growth of its core businesses.This led to a return on equity of 15.5 percent and a return on assets of 1.6 percent, the Sy-led bank said in a regulatory filing on Monday.'We are focused on sustaining our growth trajectory.

Credit quality was controlled as the nonperforming loan ratio improved to 1.8 percent and NPL coverage settled at 143 percent.On the funding side, the bank's consolidated deposits reached P1.2 trillion, 13 percent higher year-on-year. Total assets, meanwhile, amounted to P1.5 trillion at the end of March 2024.The bank's capital stood at P154 billion, with common equity tier 1 and capital adequacy ratios beyond minimum regulatory requirements at 15.3 percent and 16.

 

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