China Banking Corporation ended 2021 stronger as it posted a 25 percent increase in net income to P15.1 billion on the back of sustained core business growth and effective cost management.
This translated to an improved return on equity and return on assets of 13.6 percent and 1.5 percent, respectively.
William Whang, China Bank president, said the bank continued to prudently manage interest expense, which dropped 44 percent, resulting in a net interest income of P38.3 billion, up 13 percent, and better net interest margin of 4.2 percent.
Credit provisioning was steady at P8.9 billion.
“Our 2021 results reflect our disciplined execution of strategies and commitment to supporting our customers and employees. As we increasingly automate and digitize to navigate the continuing challenges of this pandemic, we are focusing on actions and investments that will redound to superior banking experiences and improved financial outcomes,” Whang said.
