China Banking Corporation (Chinabank) reported a 13 percent growth in net income to an all-time high of ₱24.8 billion last year due to the sustained strength of its core businesses.

In a disclosure to the Philippine Stock Exchange, the bank said its 2024 profit translated to a return on equity of 15.6 percent and return on assets of 1.6 percent.

“We continue to remain focused on executing our strategies to deliver quality service to our customers and stellar financial results to all our stakeholders,” Chinabank President and CEO Romeo D. Uyan Jr. said.

He added that, “Our ongoing business transformation as well as solid fundamentals will allow us to sustain our growth in the coming years.”

The bank generated 21 percent higher revenues of ₱65.5 billion, mainly from net interest income, which grew by 19 percent to ₱63.5 billion on the back of asset base expansion and improvement in net interest margin to 4.5 percent.

As Chinabank continued to pursue its growth strategies, operating expenses reached ₱30.7 billion, up 14 percent on sustained investments in manpower and technology and volume-related taxes. Nonetheless, cost-to-income ratio improved to 47 percent.

Taking a more proactive stance against portfolio risks despite the easing of its non-performing loans (NPL) ratio to 1.6 percent, the bank also increased its credit provisions to ₱3.3 billion. The resulting NPL coverage was higher at 139 percent.

Total assets stood at ₱1.6 trillion, up 11 percent, maintaining its status as the country’s fourth-largest private universal bank.

Chinabank Chief Finance Officer Patrick D. Cheng said the bank’s balance sheet remains strong, adding that, “With ample liquidity and a solid capital structure, we can confidently support our institutional and retail customers and advance our growth strategies while ensuring financial stability through market volatilities and economic challenges.”

Gross loans increased by 18 percent to ₱933 billion on higher loan demand across all customer segments. Meanwhile, total deposits grew by 12 percent to ₱1.3 trillion.

Total capital was 12 percent higher at ₱169 billion, with capital ratios well above the regulatory requirements: 15.3 percent common equity tier 1 ratio and 16.2 percent total capital adequacy ratio. Book value per share was at ₱62.61, up 12 percent.

Chinabank’s continued strong performance, coupled with enhanced investor confidence, pushed its stock price to double in 2024. Starting in February of this year, CBC is back on the benchmark 30-member Philippine Stock Exchange Index.