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China Banking sees Q1 net income rise 15% YOY

China BankingCorp. reported a 15% year-over-year increase in net income for thefirst quarter due to steady growth in its core businesses and noninterestrevenues.  

The bank said May 5 that its consolidated net income for thequarter rose to 1.39 billion Philippine pesos. Net revenues before operatingexpenses grew 10% to 5.27 billion pesos, while net interest revenues increased6% to 3.92 billion pesos.

The bank's noninterest revenues rose 27% year over year to1.35 billion pesos, driven by higher trading gains and an increase in trustfees. Total operating expenses grew 8.9% to 3.6 billion pesos.

China Banking said its total capital adequacy ratio stood at13.97% in the first quarter and its Tier 1 capital adequacy ratio was 13.05%.

As of May 5, US$1 wasequivalent to 47.35 Philippine pesos.