Chinatrust rakes P335 million in un-audited income in 2009

CEBU, Philippines - Foreign-owned bank, Chinatrust (Philippines) Commercial Bank Corporation posted a 380 percent growth of its un-audited net income performance by the end of 2009 to P335.68 million from P69.92 million in the previous year.

In a press statement furnished to The Freeman yesterday, the bank attributed its encouraging performance last year to its continuous effort in taking advantage of market opportunities in an improving economy.

Also, the bank is attributing its higher-than-expected bottom line to the substantial earnings that the Bank generated from fee-based and interest differential income.

Notable among these would be the significant increase in foreign exchange and fixed income trading from previous year amounting to P160.82 million.

Likewise, the bank’s net interest income also steadily grew to P1.49 billion at the end of 2009 compared to the P1.35 billion recorded in the previous year, owing to the sustained expansion of the highly profitable consumer finance portfolio and the acquisition of new corporate relationships.

Meanwhile, ChinaTrust’s capital base, grew by 8.74 percent to P5.35 billion , from P4.92 billion a year ago.

Opened as full-service commercial Bank in the latter part of 1995, ChinaTrust now has the largest branch network among foreign banks in the country. It is also deemed to be one of the most successful among many commercial banks that opened in that year.

Although it is owned by Taiwan-based ChinaTrust banking institution, the Philippine operation is locally incorporated, and operates as a subsidiary of ChinaTrust in Taipe, Taiwan.

It is a subsidiary of Chinatrust Commercial Bank (CTCB), the largest and most awarded private commercial bank of Taiwan and one of the 200 biggest banks in the world in terms of capital.— Ehda M. Dagooc