China Banking Corporation (Chinabank) booked a record net income of P24.8 billion in 2024, up 13 percent from P22 billion a year earlier.
Last year was the second year in a row that the bank posted a record high income.
In a statement on Thursday, the Sy-led lender said earnings were boosted by the strong performance of core businesses, which translated to 15.6 percent return on equity and 1.6 percent return on assets.
The bank generated 21 percent higher revenues of P65.5 billion, mainly from net interest income which grew 19 percent to P63.5 billion.
The ongoing business transformation, coupled with solid fundamentals will allow the bank to continue growing in years ahead, said Romeo D. Uyan Jr., Chinabank president and CEO.
“We continue to remain focused on executing our strategies to deliver quality service to our customers and stellar financial results to all our stakeholders,” he added.
Operating expenses reached more than P30.7 billion, up 14 percent from P27 billion year-on-year, on sustained investments in manpower and technology, and volume-related taxes.
The bank’s cost-to-income ratio improved to 47 percent from 50 percent.
Its total assets stood at P1.6 trillion as of end-December 2024, up 11 percent from P1.5 trillion a year earlier.
Chinabank remained the 4th largest private universal bank in the country.
Gross loans increased by 18 percent to P933 billion on higher loan demand across all customer segments.
Total deposits grew by 12 percent to P1.3 trillion.
Total capital was 12 percent higher at P169 billion, with capital ratios well above the regulatory requirements of 15.3 percent common equity tier 1 ratio and 16.2 percent total capital adequacy ratio. Chinabank closed 2024 with 650 branches and 1,081 automated teller machines, including 170 branches and 221 ATMs of its savings bank, China Bank Savings.
