MANILA — China Banking Corp said Thursday its consolidated net income rose 7 percent to a record P8.1 billion in 2018 compared to the previous year, as its core businesses grew.
The Philippines seventh largest lender by assets said operating income grew 11 percent to P28.6 billion, driven by a 17-percent jump in net interest income to P22.9 billion and a 13-percent rise in gross loans.
Shares of China Bank rose 1.63 percent in early trading compared to a 0.31-percent decline in the main index after its 2018 results were released in a disclosure to the stock exchange
An "expected" decline in trading and foreign exchange gains tempered revenues from service fees, charges, commissions and asset sales, the bank said.
"We are gratified that we were able to sustain improvements in our profitability even as our expansion and strategic initiatives remain on track," said China Bank president William Whang.
Total assets grew 15 percent to P866.1 billion. Gross loans posted a "hefty increase" to P513 billion as the consumer and corporate segments grew 20 percent and 18 percent, respectively.