Philippines’ China Bank posts H1 profit of US$68 million

Up 46% year-on-year on better core operations.

China Banking Corporation or China Bank said its net income grew by US$21.4 million, lower than its goal of US$23 million. It posted a net income of US$46.7 million in the same period last year.

The bank said its strong income performance translates to a return on average equity of 13.24% and a return on assets of 1.81%.

Gross revenues improved by 18% to US$235 million, driven by higher fee-based revenues.

Its net interest income rose 12% to US$10.2 million. Total gross loans grew 10.7% to US$4.4 billion, buoyed by increased commercial businesses and consumer loans.

Total deposits for the period January to June grew 22% to US$5.7 billion due to sustained growth in low-cost deposits that improved 35% to US$2.6 billion.

Non-performing loans fell 6%, improving the gross NPL ratio to 2.64% from 3.12%.