Chinatrust income up 380%

MANILA, Philippines - The Chinatrust (Philippines) Commercial Bank has reported an unaudited net income of P335.68 million for 2009, 380 percent higher than the P69.92 million recorded last year.

The higher-than-expected bottom line was attributed to earnings generated from fee-based and interest differential income, including significant increase in foreign exchange and fixed income trading from the previous year amounting to P160.82 million.

Net interest income also grew to P1.49 billion, due to the sustained expansion of the highly profitable consumer finance portfolio and new corporate relationships. Chinatrust’s capital base reached P5.35 billion.