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China Bank posted 23% income growth to P8.2b in 9 months

China Banking Corp. said Thursday net income climbed 23 percent in the first nine months to P8.2 billion from the same period last year on sustained growth of core businesses......»»

Category: financeSource: thestandard thestandardOct 30th, 2020

Security Bank profit rose to P2.9B in January to March

Security Bank Corp.’s net income surged to P2.9 billion in the first three months of 2020. In a disclosure on Tuesday, the listed lender said the amount was 21.84-percent higher than the P2.38 billion posted in the same period in 2019. It also said the sustained growth in its core business income and gains from […].....»»

Category: newsSource:  manilatimes_netRelated NewsApr 28th, 2020

China Bank income rises 21% to P6.7 billion

China Banking Corp. continued to book a double digit growth in its earnings in the first nine months on the back of sustained improvement of its core businesses......»»

Category: financeSource:  philstarRelated NewsNov 7th, 2019

BPI 9-month net income jumps 29.5% to P22 billion

MANILA, Philippines – The  Bank of the Philippine Islands (BPI)  posted net income growth of 29.5% to P22 billion in the 1st 9 months of the year, the company said in a disclosure to the Philippine Stock Exchange on Wednesday, October 16. Its net income for the 3rd quarter soared ........»»

Category: newsSource:  rapplerRelated NewsOct 16th, 2019

Finance: China Bank net income rises in first nine months

CHINA BANKING Corp. (China Bank) saw its consolidated net income soar 31% for the first nine months of the year amid robust growth in its core and fee-based businesses......»»

Category: financeSource:  bworldonlineRelated NewsNov 3rd, 2016

Finance: China Bank posts higher net income in first half

NET INCOME of China Banking Corp. (China Bank) rose by a third in the first six months of the year on the back of strong growth in its core and fee-based income......»»

Category: financeSource:  bworldonlineRelated NewsAug 4th, 2016

Shell widens losses to P13.9-B in 9 months; P1B investment set for import facility

With additional valuation-anchored inventory losses and one-off charges booked, the net loss of listed firm Pilipinas Shell Petroleum Corporation (PSPC) had widened to P13.9 billion in nine months this year. That’s a complete reversal of the P4.4 billion net income it posted last year, when oil prices were at more predictable state and there had been no pandemic-induced uncertainties disrupting oil markets. It specified that if the P5.7 billion inventory valuation losses had not turned up, the company’s net loss in the third quarter should have been at leaner P700 million versus P900 million in the second quarter. And without the one-off charges that stood at P7.5 billion, the oil firm’s net loss should have been trimmed to P6.4 billion within the January-September stretch. The one-off charges came about because of the closure of its refining operations that subsequently prompted the conversion of its Tabangao facility into a world-class import terminal. But while the company works on improving its financial performance in the coming months, Pilipinas Shell President and CEO Cesar G. Romero announced that they will be re-investing roughly P1.0 billion in the next few years “to fully transform Tabangao into a world class facility that will support its marketing growth aspirations.” Part of the company’s major step this year is to set on stream the commercial operations of its 54-million liter capacity terminal in Subic to underpin its supply chain, primarily to serve the demand of its Northern Luzon customers; while its Tabangao import facility will cater to the needs of customers in other parts of Luzon and Northern Visayas. To complete the loop, its Northern Mindanao Import Facility (NMIF) in Cagayan de Oro will be supporting the rest of Visayas and well as customers in Mindanao. Pilipinas Shell said it now “has a more resilient network of three medium-range import terminals with sufficient finished products capacity to effectively serve the demands of customers nationwide.” The firm indicated that despite the challenges, it prioritized business strategies that shall result in cash preservation for the company. As of third quarter’s end, the savings logged by the company stood at P2.5 billion; and this is seen sustained at the level of P2.0 billion until the end of this year. “Savings of P1.2 billion were generated from OPEX (operating expenses); with P1.3 billion from CAPEX (capital expenditure),” Shell emphasized. While the company still navigates the tough terrain of business induced by the coronavirus pandemic, Romero asserted their overall frame “remains optimistic,” as he noted that the “government’s efforts to gradually reopen the economy by prudently relaxing quarantine restrictions are slowly giving elbow room for the economy to recover.” He specified that for Shell, “the wins are coming in gradually as more businesses operate at increased capacity in the areas of manufacturing and transportation.” The company chief executive expounded “our balance sheet, technical capability and resources are solid; and serve as well in continuing to provide Filipinos with high quality fuel products despite the challenging environment.” Parallel to the firm’s aspirations for demand and financial rebound, Romero noted they are also making “the right sustainable decision to protect the long-term interests of our shareholders.” The company’s gearing had risen to 47-percent, and that was mainly attributed to “lower equity from net loss rather than an increase in net debt,” with it emphasizing that “excluding the impact of the refinery one-off charges, the company’s gearing stands at 41-percent.” Romero indicated “the pandemic has forced us to rethink the way we do things, while ensuring the quality of service that Filipinos expect from us.”.....»»

Category: newsSource:  mb.com.phRelated NewsNov 12th, 2020

Bank lending growth slowed to 2.8% in September

The Philippine banking sector posted its slowest growth in terms of outstanding loans in September this year on weak business environment and income prospects amid the lingering pandemic......»»

Category: financeSource:  thestandardRelated NewsNov 11th, 2020

COVID-19’s impact on banks manageable – BSP report

The banking system remains on “solid footing” in terms of assets, loans, deposits, profitability, capital and liquidity buffers despite the COVID-19 health crisis, a report from the Bangko Sentral ng Pilipinas (BSP) said.  “The impact of the pandemic on the overall condition and performance of the banking system, which remains the core of the domestic financial system, has been manageable,” according to the BSP’s second semester report on the Philippine financial system. The total assets of the banking system account for 81.9 percent of the financial system’s total resources. MB file photo. The banks remained resilient during the worst of the lockdown period because of the “timely, time-bound and crucial” regulatory relief measures that BSP granted to them during the most severe quarantine months of March until June. These relief measures “helped address the adverse repercussions of the pandemic.” One of these reprieves was the suspension of the submission of some bank reports while most of the country was on enhanced community quarantine (ECQ) restrictions. Banks have had to adjust operations and deal with the slowdown in economic activities that affected their borrowers’ capacity to pay. Based on a set of financial soundness indicators (FSI) to assess banks’ health and soundness, it noted that the banking system is “stable and resilient despite global uncertainties related to the extent and path of COVID-19 menace.”  But, the BSP said that the FSI analysis also implies that “consequent risks from lending should be monitored especially in the event of excessive uncertainties that could place additional pressures on the banking system in the short and medium run.” As of the report timeline, banks surveyed have yet to determine the total impact of the grace periods under the Bayanihan law but generally, based on the BSP’s comprehensive baseline survey conducted in April, banks have proactive control measures that will ensure the continued delivery of financial services to the general public and also to protect their personnel, said the BSP. Banks’ business continuity plans, and previous efforts at digitalization, also helped them to respond quickly to conditions brought about by the ECQ. Despite the economy in recession due to the pandemic, the banking system’s total assets reached P18.6 trillion as of end-June, 98.8 percent of the GDP. The end-June tally was 7.9 percent higher year-on-year but was slower than the 9.8 percent growth recorded in June 2019 and the 8.4 percent growth as of end-December 2019. Assets continue to grow because of the expansion of funds that went to lending activities while funding came from deposits, bond issuances and capital infusion. In the meantime, the report said banks’ profitability or net income fell by 22.5 percent to P86.5 billion as of end-June 2020 because of higher provisioning requirements. This was a reversal of the 27.7 percent growth in earnings same time in 2019.  “Provisions on credit losses for loans and financial assets significantly increased, weighing heavily on bank profitability. Other income sources are expected to slow down due to lower volume of transactions, waiver of inter-branch and interbank fees as well as the temporary grace period moratorium on the imposition of bank fees, penalties and charges under the Bayanihan Act,” said the BSP. Based on the BSP survey, banks have measures to cushion the adverse impact of the pandemic on profitability such as banks’ plans to impose cost-cutting measures that includes deferred capital spending and freeze hiring of non-critical positions. The BSP said banks have also intensified loan collection activities and its loan monitoring. They have also become more prudent in loan releases, reduced the cost of funds and at the same time boosted marketing campaigns for new loans and deposits.  “Across banking groups, (the big banks) also intend to reduce their exposures to vulnerable sectors and to increase ancillary or fee-based business while thrift banks and rural/cooperative banks plan to fast track digitization initiatives to reduce operating expenses,” said the BSP......»»

Category: newsSource:  mb.com.phRelated NewsNov 8th, 2020

Emperador Shows Income Growth; Continues to Expand Across North America, Europe and China

Emperador Inc. continues its aggressive growth across North America and Europe during the first nine months of the year even as the global pandemic adversely hit most countries in these continents. Fundador, Tres Cepas, and Emperador brands have been growing consistently, particularly in the United States, Canada, Italy, Spain, United Kingdom, and Greater China. In […].....»»

Category: sportsSource:  abscbnRelated NewsNov 5th, 2020

Exports post first growth since Feb.

The country’s exports increased in September this year, the first monthly growth in seven months, data from the Philippine Statistics Authority (PSA) showed. As the country’s economy gradually reopened, sales from export during month returned to growth for the first time since February, a month before the government imposed the Luzon-wide community quarantine.Total export receipts reached $6.22 billion in September, up from $6.08 billion in the same month last year.  Seven of the country’s top 10 major exports posted an increase during the month, led by cathodes and sections of cathodes, of refined copper (133.9 percent), other mineral products (73.3 percent); and metal components (32.9 percent).  People’s Republic of China and Japan were the top buyers of Philippine products, with 19.6 percent and 15.7 percent, respectively. They were followed by the United State with 14.5 percent, Hong Kong with 13 percent and Singapore with 5.6 percent. But despite the growth, export earnings at end-September amounted to $45.87 billion, lower by 13.8 percent compared with the same period last year. Imports, on the other hand, contracted for the 17th straight month in September after posting an annual decline of 16.5 percent from $9.49 billion a year ago to $7.92 billion.   Eight out of the top 10 major imports decreased during the month. The fastest were seen in transport equipment (53 percent); mineral fuels, lubricants and related materials (51.4 percent); and industrial machinery and equipment (23.3 percent). The People’s Republic of China was also the country’s biggest supplier of imported goods with 25.3 percent share of the total imports in September, followed by Japan with 9.1 percent, South Korea with 8.1 percent, United States with 7.6 percent, and Indonesia with 7.1 percent. The country’s total external trade in goods in September, meanwhile, declined by 9.2 percent to $14.14 billion, while the balance of trade in goods, which measures the difference between the value of export and import, posted a trade deficit of 49.9 percent......»»

Category: newsSource:  inquirerRelated NewsNov 4th, 2020

BPI& rsquo;s income down 22% to P17.2b in first nine months

Bank of the Philippine Islands, the third-largest lender in terms of assets, said Thursday it posted a 22.1-percent drop in net income in the first nine months to P17.17 billion from P22.03 billion in the same period last year, on higher provisions for loan losses in anticipation of increased non-performing loans amid the health crisis......»»

Category: financeSource:  thestandardRelated NewsOct 23rd, 2020

Trade deficit dips to $14.61 B in 8 months

The country’s trade deficit dropped in August as imports slowed at much faster pace than exports, data from the Philippine Statistics Authority (PSA) showed. The gap in the trade balance, which is the difference between the value of export and import, reached $2.07 billion in August, lower by 31 percent from $3 billion in the same month last year. The August performance brought the country’s first eight-month trade deficit to $14.61 billion, lower by 46 percent compared with P27.07 billion in same period last year. Meanwhile, total export sales in declined anew, marking its sixth consecutive month of negative growth, to $5.1 billion from $6.3 billion last year. Of the top 10 major exports of the country, eight posted an annual declines, with gold (-31.3 percent); electronic products (-20.1 percent); and fresh bananas (-19.4 percent). Despite the double-digit decline, electronic products remained the country’s top export with $2.93 billion, accounting for 57.1 percent of the total. It was followed by other manufactured goods with $267.14 million, and other mineral products with $218.65 million. Exports to Japan comprised the highest value at $887.38 million, or 17.3 percent of the total, followed by the United States with $751.68 million, People’s Republic of China with $732.57 million, Hong Kong with $724.27 million and Singapore with $330.67 million. In January to August, the total export earnings amounted to $39.29 billion, down by 16.6 percent from $41.3 billion in the same period in 2019. For 16th straight month in August, the country’s imports remained at the downtrend, registering  an annual decline of 22.67 percent to $7.2 billion from $9.31 billion a year ago. All major imports of the country contracted during the month. The fastest deceleration was in transport equipment (-50.5 percent), mineral fuels, lubricants and related materials (-47.7 percent); and miscellaneous manufactured articles (-28.3 percent). In August, China was the country’s biggest supplier of imported goods at $1.82 billion, followed by Japan with $623.69 million, US at $517.77 million, Singapore at $495.11 million, and South Korea at $493.11 million. At end-August, the total imports reached $53.9 billion, down by 27 percent compared with P74.2 billion in the same period last year......»»

Category: newsSource:  mb.com.phRelated NewsOct 9th, 2020

Cash remittances dip 6.4% in January-May

The central bank said cash remittances or transfers via the banking system has declined by 6.4 percent year-on-year in the first five months of the year to $11.554 billion from $12.349 billion.  “The decline in cash remittances was due to the negative effects of the continued limited operating hours of some banks and institutions that provide money transfer services during the lockdown and the repatriation of many OFWs (Overseas Filipino Workers) in March 2020,” said the Bangko Sentral ng Pilipinas (BSP) in a statement Monday. The cash remittances of land-based overseas Filipinos dropped 7.2 percent to $8.965 billion compared to same time last year of $9.664 billion. The remittances of sea-based workers also dipped 3.6 percent to $2.589 billion from $2.684 billion.  “By country source, the US registered the highest share to total overseas Filipinos remittances at 39.4 percent for January–May. It was followed by Singapore, Saudi Arabia, Japan, the United Kingdom, United Arab Emirates, Canada, Hongkong, Qatar, and Taiwan,” the BSP said. “The combined remittances from these countries accounted for 78.8 percent of total cash remittances.” For the month of May only, remittances sent through the banks decreased by 19.3 percent to $2.106 billion compared to $2.609 billion same time in 2019. Also for the month of May, personal remittances fell by 19.2 percent to $2.341 billion versus $2.896 billion in May 2019. Personal remittances from land-based workers with work contracts of one year or more slipped by 21.2 percent to $1.77 billion in May from $2.24 billion. Sea-based workers and land-based workers with work contracts of less than one year also declined by 12.4 percent to $519 million from $592 million in 2019. According to the BSP, “this is the third consecutive month that personal remittances posted year-on-year contraction amid the adverse effects of the COVID-19 pandemic on global economic activity, travel, and employment, resulting in the repatriation or deferment of employment of many OFWs.” For the cumulative January-May, personal remittances went down by 6.4 percent year-on-year to $12.835 billion from $13.707 billion. Personal remittances as defined by the BSP, is the “sum of net compensation of employees, personal transfers and capital transfers between households.” For 2020, the BSP expects cash remittances to contract by five percent and end up with $28.6 billion and then recover next year, bouncing back to a four percent growth to $29.8 billion. Last year, cash remittances reached $30.133 billion or up 4.1 percent from 2018, while personal remittances grew by 3.9 percent year-on-year to $33.467 billion......»»

Category: sportsSource:  abscbnRelated NewsAug 3rd, 2020

Pandemic hammers HSBC profits in H1

HONG KONG (AFP) – HSBC on Monday said profits for the first half of 2020 plunged by 69 percent on year as the banking giant was hammered by the coronavirus pandemic and spiralling China-US tensions. The lender reported post-tax profits of $3.1 billion while pre-tax profit was $4.3 billion, a 64 percent drop on the same period last year. Reported revenue was down nine percent at $26.7 billion. Chief executive Noel Quinn described the first six months of the year as ”some of the most challenging in living memory”. ”Our first-half performance was impacted by the COVID-19 pandemic, falling interest rates, increased geopolitical risk and heightened levels of market volatility,” he said in a statement to the Hong Kong stock exchange, Even by the standards of the current economic maelstrom engulfing global banks, HSBC has had a torrid year. Before the coronavirus crisis it was beset by disappointing profit growth, ground down by US-China trade war uncertainties and Britain’s departure from the European Union. The Asia-focused lender embarked on a huge cost-cutting initiative at the start of the year, including plans to slash some 35,000 jobs as well as trimming fat from less profitable divisions, primarily in the United States and Europe. The coronavirus upended some of that cost-cutting drive with banks hammered by market volatility and the economic slowdown caused by the pandemic. But HSBC has a further headache — geopolitical tensions via its status as a major business conduit between China and the West. HSBC makes 90 percent of its profit in Asia, with China and Hong Kong being the major drivers of growth.  Caught in crossfire As a result it has found itself more vulnerable than most to the crossfire caused by the increasingly bellicose relationship between Beijing and Washington. The bank has tried to stay in Beijing’s good graces. It vocally backed a draconian national security law that Beijing imposed on Hong Kong in June to end a year of unrest and pro-democracy protests. The move sparked criticism in Washington and London but analysts saw it as an attempt to protect its access to China, which has a track record of punishing businesses that do not toe Beijing’s line. But that has not shielded it from Beijing’s wrath. Last month the bank was a subject of multiple reports in China’s state-run media claiming that it had helped to provide the evidence that led to the arrest in Canada of Huawei executive Meng Wanzhou on a US arrest warrant. HSBC released a statement on its Chinese Weibo accounts saying it had not ”framed” telecom giant Huawei or ”fabricated evidence” that led to the arrest of Meng. China’s internet censors blocked access to HSBC’s statement within hours of publication, without offering an explanation. Quinn referenced the bank’s growing political vulnerability in Monday’s statement. ”Current tensions between China and the US inevitably create challenging situations for an organization with HSBC’s footprint,” he said. ”However, the need for a bank capable of bridging the economies of East and West is acute, and we are well placed to fulfill this role,” he added. The bank’s Asia operations continued to show ”good resilience”, Quinn said, with profit before tax of $7.4 billion. Earlier this year Quinn put some of the job cuts on hold as the pandemic struck. But in Monday’s statement he vowed to press ahead with the cost-cutting. ”As we seek to accelerate our transformation in the second half of the year, I am mindful of the impact it will have for some of our people, particularly those leaving us,” he said......»»

Category: sportsSource:  abscbnRelated NewsAug 3rd, 2020

Metrobank recorded P6.1-b income on 13% rise in first-quarter revenue

Metropolitan Bank & Trust Company, the country’s second-largest lender, said Thursday it posted P6.1 billion in net income in the first quarter on the back of a 13-percent gross revenue growth......»»

Category: financeSource:  thestandardRelated NewsApr 30th, 2020

China Bank posts income of P10.1b

China Banking Corp., the sixth-largest lender in terms of assets, said Friday net income in 2019 rose 24 percent to P10.1 billion from a year ago, driven by the sustained robust growth of its core businesses......»»

Category: financeSource:  thestandardRelated NewsFeb 28th, 2020

Max’s Group posts 10% income growth

Max’s Group Inc. (MGI) ― operator of popular food brands Max’s Restaurant, Pancake House and Yellow Cab Pizza, among others ― posted a net income of P494.77 billion in the first nine months of the current year. In a disclosure, the listed restaurateur said that this was 9.8-percent better than the previous year’s P450.56 million […].....»»

Category: newsSource:  manilatimes_netRelated NewsNov 11th, 2019

Profit climbs 20% in Q3

Philippine Savings Bank,the thrift banking arm of the Metrobank Group, posted a higher net income of P813 million in the third quarter, backed by the strong growth in its core business......»»

Category: newsSource:  philstarRelated NewsNov 8th, 2019

UnionBank gains 40% more profit in 9 months

Aboitiz family-led Union Bank of the Philippines posted a 40 percent jump in net income to P8.51 billion in the first nine months from P6.1 billion in the same period last year......»»

Category: financeSource:  philstarRelated NewsOct 28th, 2019

China Bank Q1 profit jumps 24%

Sy family-led China Banking Corp. grew its net profit in the first three months by 24 percent year-on-year to P1.9 billion on higher interest income, fee-based earnings and treasury gains, boosted by.....»»

Category: newsSource:  philippinetimesRelated NewsMay 4th, 2019