China Bank announces Q1 results
by Richard Kilner
Story link: China Bank announces Q1 results
China Banking Corporation (China Bank) has enjoyed a strong start to the year, following the publication of its Q1 results.
China Bank recorded consolidated net income of P1.05bn, a rise of 19% on the corresponding period in 2009.
The firm also achieved a return on equity of 14.23%, and 1.79% return on assets.
Net interest income increased by almost 15% to hit P2.22bn, with other income increasing by over 10% to rerach P903m.
Deposits increased by almost 10% to P187.31bn.
President and Chief Executive Officer Peter S. Dee has expressed his pleasure at the strong results achieved by China Bank in the first quarter of the year, enabling the firm to give shareholders a P12.00 per share cash dividend.
The robust Q1 results follow on from the excellent 2009 performance, which saw the firm achieve net income of P4.03bn, a rise of 42.5% on 2008.