China Bank net income up 35 percent to P11.2 billion

ABS-CBN News

Posted at Nov 04 2021 11:32 AM

MANILA— China Banking Corp on Thursday said it posted a consolidated net income of P11.2 billion for the January to September period.

The total is 35 percent higher compared to the same period last year, the bank said in a disclosure to the stock exchange.

"The Bank was able to ride out the economic headwinds, recording quarterly income growth since the start of the COVID-19 pandemic," it said. 

For the third quarter, net earnings grew 29 percent to P3.9 billion compared to the same period last year, China Bank said. 

"These results exceeded our expectations," China Bank president William Whang said.

"We will continue to support our customers, especially those who are still struggling amid the global pandemic, as we push for greater efficiencies and sustainable growth through digitalization and optimization of our branch and ATM networks," Whang added.

The Bangko Sentral ng Pilipinas said the country's banking sector remains strong and stable despite the pandemic as assets continue to grow and with enough coverage for bad loans.

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