Image via WikipediaThe Philippine unit of Taiwan-based banking giant Chinatrust Commercial Bank grew its net profit in 2010 by 20.84 percent to P410 million, on the back of improved interest margins and large treasury earnings.
This translated to 7.3 percent return on equity and 1.6 percent return on assets of Chinatrust (Philippines) Commercial Bank.
Better margins were on account of lower cost of funds while income from treasury operations substantially increased, the bank in a disclosure to the Philippine Stock Exchange on Thursday.
"The favorable economic environment that prevailed last year allowed Chinatrust to take advantage of the opportunities in the bond markets," the bank. Trading gains and foreign exchange gains thus amounted to P307 million, an increase of 90.33 percent from a year ago.
http://business.inquirer.net/money/breakingnews/view/20110317-325976/Chinatrusts-net-profit-grows-20-to-P410M
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