China Bank posts double-digit earnings growth, breaches P1T in assets in Q3

China Banking Corp. reported a double-digit climb in its net earnings for the third quarter of the year, driven by the sustained growth of its core businesses during the period.

In an emailed statement, China Bank reported net earnings of P3.0 billion in the third quarter, bringing the year-to-date net income up 23% to P8.2 billion during the nine-month period.

Loans rose by 6% year-on-year to P595 billion and core businesses to P827 billion, for a loans-to-deposit ratio of 72%. Total assets of the company also grew by P60 billion to reach P1 trillion.

"The year 2020 has been very challenging, but with the hard work and commitment of our employees, we are able to pull through and provide the needed banking services and support to our clients," China Bank president William Whang said.

"We are still expecting continuing challenges from a difficult environment, and the results give us the buffer to absorb further stresses down the road," he added.

Just last week, China Bank raised P15 billion from its second offering of fixed-rate bonds listed on the Philippine Dealing & Exchange Corp., part of the bank's P45-billion bond and commercial paper program.

"Amid the pandemic, China Bank's capital and liquidity position remains strong. We continue to productively deploy resources to drive strategic growth, finance our clients' needs, and contribute to the country's economic recovery," chief finance officer Patrick Cheng said.

China Bank ended 2019 with 631 branches and 1,002 automated teller machines nationwide.—LDF, GMA News