China Banking Corporation booked P5.0 billion net income for the first quarter of 2023, driven by robust asset base expansion, strong net interest income and lower credit provisions. This translated to a return on equity of 14.7 percent and return on assets of 1.5 percent, still among the best in the industry.
As announced in its annual stockholders’ meeting on April 20, 2023, all China Bank stockholders on record as of May 5, 2023 will be paid P1.90 per share cash dividend (P1.00 per share regular cash dividend and P0.90 per share special cash dividend). The cash dividends, totalling P5.1 billion, is 27 percent higher compared to the P4.0 billion paid last year.
“The bank continues to do well amidst the challenging operating environment, reflecting the quality of our balance sheet, our prudent management and the strength of our core businesses. We are off to a good start as our strong capital position and solid liquidity allow us to play a major role in the reopening and growth of the Philippine economy,” said China Bank President & CEO Romeo Uyan, Jr.
The country’s fourth largest private universal bank saw its total resources grow by 20 percent to P1.4 trillion as of March 31, 2023. On the funding side, total deposits expanded by 24 percent to P1.1 trillion, reflecting the Bank’s solid customer relationships.
“We sustained the strong momentum in loans and deposits, outpacing the industry average and reflecting the successful execution of our strategy to strengthen our core businesses, effectively manage resources, and prudently reduce risks,” said China Bank CFO Patrick Cheng.
