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China Banking H1 net income jumps 10% YOY

China Banking Corp.'s consolidated net income for the first half ended June 30 climbed 10% year over year to 3.6 billion Philippine pesos, mainly due to strong growth in its lending business and core-recurring income.

The bank in its Aug. 3 filing said net interest revenue rose to 9.2 billion pesos, while noninterest revenues grew to 3.1 billion pesos. Excluding trading gains and one-off items, operating income jumped 18% year over year, reflecting sustained growth in earnings from core businesses.

Meanwhile, total operating expenses increased 12% to 7.5 billion pesos, driven by continued investments in people and technology, as well as expansion in the bank's branch and distribution network.

China Banking's common equity Tier 1 and total capital adequacy ratios clocked in at 14.65% and 15.5%, respectively.

As of Aug. 2, US$1 was equivalent to 50.27 Philippine pesos.