China Bank 9-mth net income surges 31% to P4.8B

CHINA Banking Corp., affiliate bank of the SM Group, boosted its consolidated net income by 31 percent in the first nine months of the year, driven by the strong performance of its core and fee-based businesses.

In a disclosure to the Philippine Stock Exchange on Thursday, China Bank said net income from January to September this year increased to P4.84 billion from P3.69 billion in the same period a year ago, translating to a return on equity (ROE) of 10.47 percent and a return on assets (ROA) of 1.19 percent.