Sy-led China Banking Corp. reported a record net income of ₱24.8 billion in 2024, a 13% year-on-year increase, driven by robust loan growth and higher margins.
The results translated to a return on equity of 15.6% and a return on assets of 1.6%.
“We continue to remain focused on executing our strategies to deliver quality service to our customers and stellar financial results to all our stakeholders,” Chinabank president & CEO Romeo D. Uyan Jr. said. “Our ongoing business transformation as well as solid fundamentals will allow us to sustain our growth in the coming years.”
Total revenues surged 21% to ₱65.5 billion, with net interest income climbing 19% to ₱63.5 billion, as the bank expanded its asset base and improved its net interest margin to 4.5%.
Loans jumped 18% to ₱933 billion, fueled by strong demand across all customer segments, while deposits rose 12% to ₱1.3 trillion.
Operating expenses increased 14% to ₱30.7 billion due to investments in technology and workforce expansion, but the cost-to-income ratio improved to 47%. Non-performing loans (NPLs) eased to 1.6%, while credit provisions increased to ₱3.3 billion, bringing NPL coverage to 139%.
China Bank’s total assets grew 11% to ₱1.6 trillion. “With ample liquidity and a strong capital structure, we can confidently support our institutional and retail customers while navigating economic challenges,” said CFO Patrick Cheng.
Total capital climbed 12% to ₱169 billion, with regulatory capital ratios comfortably above requirements. Book value per share rose 12% to ₱62.61. Chinabank’s stock price doubled in 2024, leading to its reinstatement in the benchmark Philippine Stock Exchange Index in February.
