China Bank opening more branches in 2019

MANILA, Philippines — Sy-led China Banking Corp. is opening 29 more branches this year as it continues to beef up its footprint nationwide.

China Bank opened 22 branches in 2018 including a branch in Guiguinto, Bulacan last Dec. 20.

This brought the number of branches of China Bank and China Bank Savings to 620 all over the country.

Aside from the bank’s branches, the bank’s convenient and secure electronic channels – China Bank Tellercard (ATM), China Bank Online including mobile app and internet banking as well as phone banking through China Bank Tellerphone – are available 24/7, 365 days a year.

Earnings of China Bank slipped 2.1 percent to P5.56 billion in the first nine months of 2018 from P5.68 billion in the same period in 2017 due to lower trading gains and non-recurring income.

The country’s sixth largest bank in terms of assets booked an eight percent increase in consolidated operating income to P20.72 billion from January to September this year, driven by sustained growth of its core businesses.

Excluding trading and one-off gains, the bank’s operating income grew by 16 percent.

China Bank’s loan book jumped by 16 percent to P507.83 billion from P434.81 billion on the back of robust consumer lending, while its deposit base surged 20 percent to P691.66 billion from P578.04 billion.

Interest earnings from loans and investment securities led to a 20 percent increase in net interest income to P17.08 billion, bringing the year-to-date net interest margin to 3.17 percent.

On the other hand, the Sy-led bank said its non-interest revenues plunged by 26 percent to P3.64 billion from P4.9 billion due to lower trading gains as well as absence of non-recurring income from asset sales.

It added the bank’s operating expenses stood at P13.11 billion from January to September last year.