China Banking Corp. (China Bank) saw its net profit rise slightly in the first quarter of the year amid growth in its core businesses.
In a disclosure to the Philippine Stock Exchange on Friday, the Sy-led China Bank said its consolidated net income rose to P1.5 billion in the January-March period, 2% higher compared to the same period in 2017.
Despite logging tepid profits, China Bank said the growth on its core businesses was sustained in the first three months as operating income grew to P6.14 billion by 9%.
“As China Bank carried out its expansion program by investing in new branches, more people, and up-to-date technology to support the growth of new businesses, operating expenses increased 13% to P4.24 billion,” the bank added. — Karl Angelo N. Vidal