MANILA – China Bank Corp. said its profit in 2014 was flat at P5.11 billion on the back of sustained growth in its core business operations.
In 2013, China Bank reported a consolidated net income of P5.10 billion.
China Bank said the consolidated net income in 2014 translates to a return on equity of 9.90 percent and return on assets of 1.12 percent.
The Sy-led bank said its net interest income grew 42 percent to P14.09 billion, largely due to earnings from loans and receivables while its net interest margin grew to 3.30 percent from 2.98 percent.
Total non-interest income, meanwhile, declined by 8 percent to P4.76 billion, but it grew 30 percent to P4.22 billion excluding trading gains. Total operating income reached P18.85 billion, higher by 25 percent.
“The inclusion of Plantersbank in the bankwide consolidation contributed P1.45 billion to total net interest income and P397.07 million to total non-interest income for a total operating income of P1.85 billion, accounting for 49 percent of the total net revenue growth of the Bank,” China Bank said in a disclosure to the stock exchange on Monday.
China Bank acquired Planterbank for P1.86 billion last year.
Chinabank said Plantersbank’s loan portfolio of P31.78 billion accounted for 45 percent of the bank-wide loan growth.
“The year 2014 was highly eventful for China Bank, which saw a number of major milestones—including the P8 billion stock rights offer, the P1.86 billion acquisition of Plantersbank, the increase in ownership stake from 5 percent to 40 percent in the bancassurance joint venture Manulife China Bank Life Assurance Corp.,” the bank said.
China Bank has a total branch network of 470 branches: 314 for China Bank and 156 for subsidiaries China Bank Savings and Plantersbank (78 branches each).
China Bank is planning to open at least 50 additional branches in 2015.