China Banking Corp. (Chinabank) aims to raise up to P100 billion over the next three years through fundraising events. The funds will be used to support strategic initiatives and expansion programs. Chinabank reported strong financial performance in the first nine months of 2024, with a 13-percent growth in net income.
SY family-led China Banking Corp. (Chinabank) announced plans for a series of fundraising events over the next three years, aiming to raise up to P100 billion for expansion. The bank's board approved the fundraising exercise, which could involve retail bonds, commercial papers, or a combination of both. Proceeds will be utilized to support strategic initiatives and expansion programs.
Chinabank's last fundraising effort was in 2021 when it issued a P20-billion fixed-rate peso bond to finance its expansion plans. For the first nine months of 2024, Chinabank reported a 13-percent growth in net income, reaching P18.4 billion compared to P16.2 billion in the same period of 2023. The bank attributed this growth to strong performance in its core businesses. The growth in net income resulted in a return on equity of 15.7 percent and a return on assets of 1.6 percent, considered among the highest in the industry. Total operating income reached P46.3 billion, driven by higher interest income from loans, securities, and other investments. Transaction-based income also contributed to an improved net interest margin of 4.4 percent. As of end-September 2024, Chinabank's loan portfolio stood at P871.6 billion, a 14 percent year-on-year increase, fueled by growth in its business and consumer lending segments. This resulted in an improved nonperforming loans (NPL) ratio of 1.8 percent. The bank increased its credit provisions by 15 percent to P1.5 billion, leading to an above-industry NPL cover of 141 percent. Operating expenses rose 9 percent to P22 billion, attributed to volume-related taxes, while its cost-to-income ratio stood at 48 percent. Chinabank shares on Thursday declined by 30 centavos, or 0.43 percent, to close at P69 apiece
FINANCE INVESTMENT BANKING EXPANSION FUNDRAISING
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