MANILA, Philippines — China Banking Corp. (Chinabank) has reported a robust financial performance for the first quarter, with net income climbing 4% to reach P6.8 billion. The growth was primarily fueled by the expansion of its core banking operations.
The Sy family-led financial institution announced these results on Thursday, highlighting impressive profitability metrics. The bank achieved a return on equity of 14.2% and a return on assets of 1.5%, figures that rank among the highest in the Philippine banking sector.
"Our first-quarter results reflect the strength of our core business and our disciplined execution," the bank stated in its report.
Chinabank's balance sheet also showed significant expansion. Total assets grew by 12% to P1.9 trillion, while gross loans surged 16% to P1.1 trillion, indicating broad-based demand across various sectors of the economy.
On the funding side, customer deposits increased by 13% to P1.5 trillion, bolstering the bank's liquidity position. Total equity rose 10% to P192.3 billion, with book value per share standing at P71.42.
The results underscore Chinabank's continued momentum in the competitive Philippine banking landscape, building on its record performance in the previous year.