China Banking Corp., the sixth-largest lender in terms of assets, said Friday net income in 2019 rose 24 percent to P10.1 billion from a year ago, driven by the sustained robust growth of its core businesses.
The bank said in a disclosure to the stock exchange the performance translated into an improved return on equity of 11.04 percent and a return on assets of 1.10 percent.
“2019 was an outstanding year for China Bank. Our financial performance exceeded our projections and puts China Bank, 100 years-strong this year, in a better position to meet the opportunities and challenges ahead,” said China Bank president William Whang.
Net interest income rose 14 percent to P26.1 billion, while fee-based income jumped 49 percent to P8.4 billion, driven mainly by service charges, fees and commissions, as well as trading and securities gains.
The ongoing upgrading of systems, processes, infrastructure, and manpower resulted in a higher total operating cost of P20.3 billion, up 13 percent.