Chinabank Posts Record-High PHP11.4 Billion Net Income For First Half Of 2024

China Banking Corporation has reported a record-high net income of PHP11.4 billion from January to June 2024, marking a 6% increase compared to the same period last year.

Chinabank noted a 14% growth in deposits, amounting to PHP1.3 trillion. I Photo: SM Supermalls

In its disclosure to the Philippine Stock Exchange (PSE), Chinabank attributed this robust performance to stronger core lending and deposit-taking activities.

Romeo D. Uyan Jr., President and CEO of Chinabank, emphasized, “The continued growth of our core lending and deposit-taking businesses, combined with stable asset credit quality and controlled operating costs, allowed us to register our highest first-half net income to date, solidifying our position as one of the top four banks in the country.”

Chinabank noted a 14% growth in deposits, amounting to PHP1.3 trillion.

Additionally, the bank reported a significant improvement in its credit quality and loan expansion, with gross loans registering a 10% increase to PHP817 billion in response to strong demand across market segments.

Consumer loans, in particular, which accounted for a quarter of the bank’s total loan portfolio, increased by 25%, the bank added.

Uyan underscored Chinabank’s strong position as the Philippines’ fourth-largest private universal bank, with total assets currently worth PHP1.5 trillion.

Patrick D. Cheng, Chief Financial Officer of ChinaBank, commented, “This solid financial performance, backed by strong capital and liquidity, reflects Chinabank’s inherent financial strength, prudent risk management, and sharpened customer focus.”

Chinabank is celebrating its 104th anniversary on August 16, highlighting its milestones, including being named the Domestic Retail Bank of the Year (Philippines) by Asian Banking & Finance and its inclusion in the inaugural Fortune Southeast Asia 500 list.