CHINA Banking Corp. saw a 13-percent expansion in net income for the first nine months of 2024, to P18.4 billion from P16.2 billion last year, on the back of sustained strong growth in its core businesses.'This record performance is the result of the hard work of our employees, the continued execution of our strategies, and our steadfast focus on the needs of our customers,' Chinabank President and CEO Romeo Uyan said.The growth in net income translated to a return on equity of 15.
Transaction-based income also improved its net interest margin to 4.4 percent.As of end-September 2024, Chinabank's loan portfolio stood at P871.6 billion, up 14 percent year on year, due to the improvement of its business and consumer lending segments, resulting in an improved non-performing loans ratio of 1.8 percent.The bank hiked its credit provisions by 15 percent to P1.5 billion, resulting in above-industry NPL cover of 141 percent.