China Banking Corp. (China Bank) has aimed for a 10-percent growth in net income to P5.621 billion this year on sustained growth in core lending.
China Bank Senior Vice President and head of investor and corporate relations Alexander C. Escucha said net income should be 10-percent better than last year’s net income of only P5.11 billion. He said loan portfolio should grow by 10 percent to 15 percent from last year’s P297 billion.
This year China Bank vowed to focus on delivering sustained profitability in its core banking business.
He revealed consumer lending has been growing faster than corporate lending. “We see consumer lending grow 24 percent year-on-year, while corporate lending will post 5-percent growth,” he said.
Of the total loan portfolio, consumer loans contribute 15 percent; corporate loans, 40 percent; and the rest are commercial loans.
“Our aim is not to be the biggest bank. Our aim is to be the best bank for our customers,” he said.
By end of the year, China Bank expects 500 branches from the current 492 branches and targets over 1.50-million client accounts.
With the China Bank Savings and Planters Development Bank integration, the China Bank Group should create a bigger business footprint within the commercial and consumer segments.