Chinabank net income jumps 18% to P5.9B in Q1

China Banking Corporation (Chinabank, PSE symbol: CHIB) earned P5.9 billion in the first quarter of 2024, 18% higher compared to the same period last year, on the robust growth of its core businesses. The resulting return on equity and return on assets continued to be among the best in the industry at 15.5% and 1.6%, respectively.

Net interest income grew by 18% to P15.0 billion, driven by higher asset yields and loan volume. Net interest margin improved by 22 basis points to 4.4%.

Provisions for loan losses were reduced to P302 million as economic conditions continued to improve. The growth of operating expenses was controlled at 6% to P7.2 billion, translating to a better cost-to-income ratio of 48%.

We are focused on sustaining our growth trajectory. Our good first quarter results provide the momentum to achieving our ambitious goals and targets,” Chinabank President & Chief Executive Officer Romeo D. Uyan Jr. said.

The country’s fourth-largest private lender recently launched a brand refresh campaign to make its brand and image more resonant and engaging to a new generation of customers.

From compelling product innovations to reimagined customer-facing solutions, to the adoption of a new bank logo, exciting things are happening in Chinabank,” Uyanadded.

Chinabank’s total assets grew by 11% to P1.5 trillion.  Its gross loans increased by 11% to P805 billion on strong loan demand from businesses and consumers.  Nonetheless, credit quality was kept in check, with non-performing loans (NPL) ratio easing to 1.8% and NPL coverage improving to 143%.  On the funding side, total deposits expanded by 13% to P1.2 trillion.

The bank’s capital rose by 11% to P154 billion, with a common equity tier 1 (CET-1) ratio of 15.3% and total capital adequacy ratio (CAR) of 16.2%—both well above the regulatory minimums. Book value per share improved by 11% to P57.35. 

With our strong balance sheet and capital position, we can sufficiently fund our growth plans in the years ahead,” Chief Finance Officer Patrick D. Cheng said.

At its 2024 Annual Stockholders’ Meeting recently, Chinabank announced an all-time high cash dividends of P5.9 billion, 16% higher vs. last year, representing 27% of its 2023 net income of P22.0 billion. The bank’s stockholders on record as of May 3, 2024 will receive P1.20 per share regular cash dividend and an additional P1.00 per share special cash dividend on May 16, 2024.

Chinabank maintained its Baa2 deposit and issuer ratings—a notch above investment grade—with stable outlook, from Moodys’ Investors’ Service.  The bank, distinguished by the People Management Association of the Philippines as the 2023 Employer of the Year, and by the Institute of Corporate Directors as a two-time Five-Golden Arrow Awardee, was also recently recognized by the CFA Society Philippines for its Chinabank Dollar Fixed Income Fund, named for the 8th time as the Best Managed Fund of the Year in its category. 

Written by Village Connect

In a world where free quarterly print and online publications rule, Concept and Beyond Publishing (formerly, Tesmarias Publishing) a publisher of Village Connect (VC) stands out as a pillar and a trailblazer, raising the bar for complimentary magazines with quality reads that are tailored to discriminating Filipino urbanites.

As a print and digital publication, VC strives to provide readers an insightful glimpse into the ever-changing business landscape through relevant dialogue and inclusive coverage of trending news, information, and lifestyle tidbits within (and outside) the metropolis.

On a bigger scale, VC identifies and promotes Philippine innovations in various industries and connects them with Manila’s young and upbeat populace.

Since its founding in 2011, VC emerged as a household and business name, with a monthly circulation of 50,000 copies distributed FREE in Metro Manila, VC is targeted toward select villages, multi-dwelling outfits (condominiums, serviced apartments), banks, and lifestyle facilities including salons, wellness institutes, and beauty and fitness centers. It is also exclusively carried by Figaro Coffee Shops in Metro Manila – truly living up to its goal of connecting villages and businesses.

“Get Connected and Join the Conversation”

Connecting villages to the urban world where villages and businesses come together. Your information hub for urban and corporate living.

Should you have further queries, please feel free to contact us at the telephone number, (02) 7255-1092 or mobile numbers: (0916) 704-7815 or (0939) 592-7990 or visit our website:

Leave a Reply

Your email address will not be published. Required fields are marked *



Globe Rewards+ offers next-level experience for Globe Prepaid customers

CCAP Keeps Confidence on Contact Center Sector’s Resilience and Revenue Potential