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April 12, 2024

China Bank’s record-breaking year: P22 billion profits in 2023

China Banking Corp. of the Sy family saw its net income soar to a record P22 billion in 2023, an increase of 15% from the previous year.

This outstanding performance not only underscores Chinabank’s solid financial footing but also reaffirms its standing as one of the country’s premier financial institutions.

CEO Romeo D. Uyan Jr. hailed this accomplishment, positioning Chinabank among the top four banks in the country.

The exceptional fiscal year was driven by a 17% rise in net interest income, soaring to P53.5 billion, propelled by robust growth in loans and investments despite escalating interest expenses.

Seizing the opportunity presented by favorable economic conditions, Chinabank streamlined loan loss provisions to P1.2 billion, maintaining a manageable non-performing loan ratio of 2.5%, supported by an adequate NPL coverage of 104%.

Chinabank allocated resources toward enhancing operational efficiency, resulting in an 11% uptick in operating expenses, primarily directed at volume-related taxes and advancements in manpower and IT infrastructure.

Furthermore, total assets surged by 11% to P1.5 trillion, while gross loans expanded by 10% to P791 billion, with consumer loans accounting for 23% of the overall portfolio. Deposits also experienced robust growth, rising by 11% to P1.2 trillion, indicative of strong client demand for Chinabank’s services.

Looking forward, Uyan highlighted Chinabank’s commitment to executing strategic business plans and leveraging digitalization investments to enhance customer service delivery.