MANILA, Philippines—Sy family-led China Banking Corp. bucked the downturn in corporate earnings caused by the COVID-19 pandemic in 2020, posting a double-digit growth in profits while hitting the P1-trillion milestone in asset base.
Net profit in 2020 rose by 20 percent to P12.1 billion, despite a hefty increase in provisions against probable loan losses. This improved the bank’s return on equity to 12.1 percent from 11 percent in the previous year, China Bank disclosed to the Philippine Stock Exchange on Friday (Feb. 26).
“Going into the crisis, China Bank was operationally and financially sound, but what enabled us to remain resilient and to sustain our growth momentum was our em…
Keep on reading: China Bank bucks pandemic downturn, posts double-digit profit growth