China Banking Corp. (China Bank) said its consolidated net income for the first half fell 25 percent from a year earlier, reflecting the impact of an industry-wide drop in trading gains.
Net income for the first half dropped to P2.2 billion from P2.96 billion, the bank said. However, operating income, excluding the lower trading gains, grew 43 percent in the first six months “from the build up of loans and deposits, as well as the greater contribution of our fee-based businesses.”
Alex Escucha, first vice president at China Bank Corporate Planning, told reporters at briefing on SM Investments Corp.’s first-half results, that with the acquisition of 78 branches of Plantersbank, China Bank had “already exceeded its five-year target to open 400 branches by end-2014.
To date, China Bank has 455 branches: 301 of China Bank, 76 of China Bank Savings, and 78 of Plantersbank.
Incorporated in 1920, China bank is the first privately owned local commercial bank, serving the banking needs of corporate, commercial, and retail clients. Its consolidated branch network comprises round-the-clock services for ATM, online, mobile, and phone banking.