China Banking Corporation (China Bank, stock symbol: CHIB) reported on Thursday that its net income in the first half of 2021 grow by 39% to P7.3 billion on the back of strong performance across its core businesses.
This translated to an improved return on equity of 13.4% and better return on assets of 1.4%.
The 100-year old bank sustained its profitability even as it continued to build up its loan loss provisions, recognizing P5.4 billion in pandemic-related credit buffers in the first semester, up 13% year-on-year.
“The strong execution of our strategies enabled us to rally through the challenges. We are continuously adapting and improving our services and operations to support our customers and the overall economy, and to remain well-positioned for sustainable future growth,” said China Bank President William C. Whang.