Chinatrust earnings up 127 percent

MANILA, Philippines - Chinatrust (Philippines) Commercial Bank Corp. (Chinatrust Philipines) has registered a net income of P404 million, or 127 percent better than the P178 million it posted for the same period last year, and already surpassing its full-year 2009 net income of P333 million.

This income performance translates to a 9.5-percent return on average equity (ROAE) and 2.14-percent return on average assets (ROA). Non-interest income rose by 90.84 percent mainly due to a hefty 170 percent increase in both trading and foreign exchange gains amounting to P278 million from P103 million last year.

It maintained its conservative stance by setting aside provision for impairment of P220 million. Its capital adequacy ratio (CAR) remains high at 25.22 percent. “While we are quite satisfied with our performance, we expect better results in the coming years as we gain further economies of scale,” Mark Chen, president and chief executive officer, said.