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Sy-led China Banking Corp. said net income in the first quarter of 2023 rose 3 percent to P5 billion as strong interest earnings were tempered by a sharp drop in fee-based income.
During the three-month period, total revenue also went up 5 percent to P13.2 billion, a stock exchange filing on Thursday showed.
“The bank continues to do well amidst the challenging operating environment, reflecting the quality of our balance sheet, our prudent management and the strength of our core businesses,” China Bank president and CEO Romeo D. Uyan Jr. said in a statement.
“We are off to a good start as our strong capital position and solid liquidity allow us to play a major role in the reopening and growth of the Philippine economy,” he added.
