Chinatrust posts fivefold hike in profits

Chinatrust (Philippines) Commercial Bank posted an almost fivefold increase in net profits last year as it took advantage of market opportunities in an improving economy. The listed foreign bank told the Philippine Stock Exchange on Wednesday its net income hit P335.68 last year. It traced the higher-than-expected bottom line to substantial earnings from fee-based and interest differential income. "Notable among these would be the significant increase in foreign exchange and fixed income trading from the previous year amounting to P160.82 million," Chinatrust said. The bank's net interest income also grew by a tenth to P1.49 billion following sustained expansion of its highly profitable consumer finance portfolio and after getting new corporate clients. Meanwhile, Chinatrust's capital base went up by 8.74 percent to P5.35 billion from the prior year. Chinatrust, which opened in 1995, now has the largest branch network among foreign banks in the country. — GMANews.TV