MANILA, Philippines - China Banking Corp. said on Thursday its first half net profit rose by 8.64% from a year ago to P2.11 billion, driven by higher net interest revenues, deposits and trading gains.
China Bank said net interest revenue went up by 8% to P4.23 billion, with gross loans to corporates and commercial accounts growing by 11.3%.
In the six months to June, trading gains was up nearly 8%, while gains from the sale of acquired sets jumped by 138% to P119 million.
The bank's non-performing loans ratio improved to 4.4%. it booked lower loan loss provisions of P295 million, bringing its loan loss coverage ratio to 122.5%.
Shares of China Bank which are listed at the Philippine Stock Exchange, were trading 0.2% lower at P409 a piece in mid-trade on Thursday.