China Banking Corporation (China Bank) reported a 37 percent jump in net profits to P4.9 billion in the first quarter of 2022 from P3.6 billion in the same period last year.
China Banking Corporation reported a 37 percent jump in net profits to P4.9 billion in the first quarter of 2022 from P3.6 billion in the same period last year.
Provisions for credit losses were reduced by 65 percent to P780 million, reflecting an improved macro-economic outlook. The resulting non-performing loan coverage was higher at 119 percent. “Our effective asset-liability management and solid capital structure have allowed clients to access our balance sheet and enabled us to achieve better-than-industry growths in assets, loans, and equity. Moreover, the growth of CASA deposits continued to improve our funding cost,” China Bank Chief Finance Officer Patrick D. Cheng said.
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