Published July 29, 2021, 3:38 PM
China Banking Corporation reported a 39 percent jump in net income to P7.3 billion in the first half of 2021 despite higher provisions as its core businesses delivered strong performances.
In a disclosure to the Philippine Stock Exchange, the bank said this translated to an improved return on equity of 13.4 percent and better return on assets of 1.4 percent.
The 100-year old bank sustained its profitability even as it continued to build up its loan loss provisions, recognizing P5.4 billion in pandemic-related credit buffers in the first semester, up 13 percent year-on-year.
“The strong execution of our strategies enabled us to rally through the challenges. We are continuously adapting and improving our services and operations to support our customers and the overall economy, and to remain well-positioned for sustainable future growth,” said China Bank President William C. Whang.