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China Banking posts 18% YOY rise in H1 profit

The Philippines' China Banking Corp. posted an 18% year-over-year rise in first-half consolidated profit to 4.2 billion Philippine pesos.

The bank attributed the rise in first-half profit to the sustained build up of loans and deposits, as well as the greater contribution from fee-based businesses, according to an Aug. 8 earnings report.

Net interest income for the period rose 6% year over year to 11.7 billion pesos on the back of double-digit growth in loans and securities. Fee-based income rose 61% year over year to 3.4 billion pesos, mainly due to higher trading gains, as well as a rise in service fees and commissions.

The bank's nonperforming loan ratio as of June 30 was 1.2%.

As of June 30, the lender's total capital adequacy ratio stood at 13.8%, while its common equity Tier 1 and Tier 1 ratios both clocked in at 12.9%.

As of Aug. 8, US$1 was equivalent to 52.00 Philippine pesos.