Defining the News
China Banking Corp. said Monday its net income grew 18 percent in the first quarter of 2024 to P5.9 billion from a year ago on the robust growth of its core businesses.
“We are focused on sustaining our growth trajectory. Our good first quarter results provide the momentum to achieving our ambitious goals and targets,” Chinabank president and chief executive Romeo Uyan Jr. said.The bank said it reduced its provisions for loan losses to P302 million as economic conditions continued to improve.
Chinabank’s total assets went up by 11 percent to P1.5 trillion. Its gross loans increased 11 percent to P805 billion on strong loan demand from businesses and consumers.Total deposits expanded by 13 percent to P1.2 trillion. “With our strong balance sheet and capital position, we can sufficiently fund our growth plans in the years ahead,” China Bank chief finance officer Patrick Cheng said.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US, China defense chiefs hold first talks in nearly 18 monthsUS Defense Secretary Lloyd Austin spoke with his Chinese counterpart Dong Jun via video teleconference Tuesday, in the first substantive talks between the superpowers' defense chiefs in nearly 18 months.
Read more »
US, China defense chiefs hold 1st talks in nearly 18 months to check tensionsDefining the News
Read more »
Acer releases Predator Helios 18 gaming laptopAcer has launched another state-of-the-art gaming laptop that will change how games are experienced.
Read more »
Polish priest charged with sex crimes gets 18 months in jailA Polish priest was sentenced to 18 months in jail for sex and drug crimes, state news agency PAP reported on Tuesday, after an incident in which a man reportedly collapsed during an orgy at his home.
Read more »
NU dominates San Juan Institute of Technology in PNVF U-18 ChampionshipDefining the News
Read more »
Landslides hit Indonesia's Sulawesi island, killing at least 18 peopleSunStar Publishing Inc.
Read more »