China Bank's 6-month net profit up by 8.6%

ABS-CBN News

Posted at Aug 05 2010 10:41 AM | Updated as of Aug 05 2010 06:44 PM

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.