China Banking Corp. (China Bank) reported a net income increase of 27 percent to P19.1 billion in 2022, despite a rise in operating expenses due to higher inflation, according to a disclosure to the Philippine Stock Exchange (PSE).
The bank also reported that its return on equity was 15.1 percent, while its return on assets was 1.6 percent.
“Our sustained strong performance amid macroeconomic headwinds is a testament to our unwavering customer focus, effective management of assets and good cost control,” Bankero and China Bank President William C. Whang said in the disclosure to the PSE.
The bank’s total revenues grew by 14 percent to P55.7 billion, while net interest income rose by 17 percent to P45.6 billion.
Interest income also saw a 23 percent increase amid continuous build-up of income-generating assets.
The bank’s net interest margin also remained healthy at 4.2 percent despite the 57 percent increase in interest expenses.
Meanwhile, its fee-based income increased by 5 percent to P10.1 billion.
Its net loans rose by 15 percent to P700 billion, while total deposits reached P1.1 trillion, up 24 percent.
In addition, the bank recorded a better-than-industry non-performing loan (NPL) ratio and NPL coverage ratio of 2.3 percent and 123 percent, respectively.
The bank remains the country’s 4th-largest privately-owned domestic bank with total assets of P1.3 trillion, up 20 percent.