China Banking Corp's net earnings up 24% to PHP3.9b

But higher credit costs dragged down net profit.

According to Maybank Kim Eng, China Banking Corp (CHIB)’s 9M13 net earnings rose 24% YoY to PHP3.9b, achieving 72% of Maybank's full-year forecast and 68% of consensus’. 

Here's more:

For 3Q13, marginal trading gains of PHP13m and higher credit costs dragged down net profit by 13.8% to PHP963m.

With results tracking our full-year forecasts, our estimates are unchanged. We expect more details of CHIB’s acquisition of SME-focused Planters Development Bank (PDB) as soon as the 90-day share purchase agreement ends in mid-December.

Based on our discussion with management, we believe the purchase is final and only awaits regulatory approvals.