March 11, 2014

CHIB nets P5.1b in 2013

In a disclosure to the Exchange yesterday, China Banking Corp. (CHIB) said that its 2013 net income reached P5.1b, 11% higher YoY. This translates to RoE of 11.4% and RoA of 1.5%. Net interest income grew 23% YoY to P9.9b while net interest margin improved to 2.98% in 2013 from 2.90% in 2012. Recurring fee-based income also increased 12% YoY on the back of higher fees from bancassurance, investment banking and wealth
management.

These were driven by the 28% YoY growth in the bank’s assets (to P413.7b) and 16% YoY growth in the bank’s loans (to P220.5b) and supported by the 30% growth in total deposits (to P354.3b). Operating expenses grew at a managed pace of 10% YoY, bringing down the bank’s cost-to-income ratio to 59%. Meanwhile, the bank’s NPL ratio was at 1.98% while NPL cover improved to 147%. - WealthSec