Listed China Banking Corp. (China Bank) reported on Thursday that its net income increased to P5.2 billion in the first half of the year despite higher provisions. Net interest income surged by 39 percent to P16.2 billion “on the back of higher volume of earning assets and lower funding costs as market interest rates declined,” China Bank said. China Bank Chief Finance Officer Patrick Cheng was quoted as saying in the statement that the lender’s balance sheet reflected ample liquidity and sufficient capitalization. “Our first-half results reflect China Bank’s continued strength and resilience, and demonstrate the soundness of our strategies to thrive in the new normal,” China Bank President William Whang said in the statement. China Bank shares lost 2 centavos or 0.10 percent to close at P19.98 apiece on Thursday.

Source: Manila Times July 30, 2020 18:21 UTC