China Banking Corporation (China Bank, stock symbol CHIB) recorded a consolidated net income of P3.6 billion from January to June 2018 — unchanged vs. the first half of last year. Core operating income (recurring income) grew 15 percent to P13.3 billion, driven by the sustained growth in core businesses. Total operating income stood at P13.1 billion, up seven percent. Net interest revenues rose 20 percent to P11.1 billion on the back of robust growth in loans and securities. Improving loan yields offset the rise in funding cost, leading to an improvement in net interest margin to 3.16 percent from 3.07 percent. Fee-based revenues were down 32 percent to P2.1 billion as the Bank reduced its reliance on securities trading. Total assets rose 17 percent to P768.4 billion. Deposits expanded 18 percent to P653.4 billion, underpinned by a 32 percent increase in low cost funds to P374.6 billion, which funded the growth in lending.