Sy family-led China Banking Corp. grew its first quarter net profit by 61 percent year-on-year to P3.6 billion on the back of higher fee-based earnings and trading gains, lower cost of funds and improved operational efficiency.
This translated to an improved return on equity of 13.4 percent and return on assets of 1.4 percent, compared to 9.2 percent and 0.9 percent in the same quarter last year.Core businesses
Amid the economic downturn due to the pandemic, China Bank reported a strong growth in its core businesses even as it had to provide higher coronavirus (COVID-19) pandemic-related buffers and absorb the one-time impact of the new tax law on deferred tax assets.
The bank’s…
Keep on reading: China Bank Q1 profit up 61%