China Bank 1H profit up 46% to P2.96B

The profit of China Banking Corp., one of the banking arms of listed conglomerate SM Investments Corp., during the first half of the year grew 46 percent on the back of hefty improvements in its core operations.

In a disclosure to the Philippine Stock Exchange, the bank reported that it posted a 46-percent growth in its consolidated profits for the first semester to almost P3 billion from the P2 billion recorded during the same period last year.