China Bank sees annual profits up 42.5%

by Richard Kilner

Story link: China Bank sees annual profits up 42.5%

China Banking Corporation (China Bank) has announced it made net income of P4.03bn in 2009, a surge in profits of 42.5% on 2008 when the firm made P2.83bn.

Return on equity rose from 11.98% in 2008 to 15.49% in 2009, with return on assets up from 1.53% to 1.84%.

China Bank also saw revenue up 17.8% to reach P16.69bn.

The bank’s cost efficiency ratio improved from 60.05% to 57.68%, despite operating expenses rising by 32.7% to P6.69bn as it embarked upon an expansion programme and opened 32 new branches.

Chief Executive Officer and President Peter S. Dee has said that the bank had benefited from the swift recovery following the financial crisis.

Dee added that China Bank had successfully weathered the financial storm, enabling it to pursue its expansion programme once the crisis abated.

China Bank was established 90 years ago, and is the first privately-owned commercial bank in the Philippines.