Net interest income rose by 18 percent to P15 billion, driven by improved asset yields and loan volumes, with net interest margin increasing by 22 basis points to 4.4 percent.
Chinabank reduced provisions for loan losses to P302 million due to better economic conditions, and managed to keep operating expenses growth at 6 percent, achieving a cost-to-income ratio of 48 percent.
The bank’s total assets grew by 11 percent to P1.5 trillion, with gross loans up by 11 percent to P805 billion, reflecting strong demand from both businesses and consumers.
Chinabak closed the period with a non-performing loans (NPL) ratio of 1.8 percent and NPL coverage of 143 percent, indication strong credit quality.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
