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The Asset, a Hong Kong-based financial newspaper, selected CHINA Banking Corp. (China Bank) as the Best Bank in the Philippines. China Bank outperformed the country’s other banks, including the largest.

Meanwhile, China Bank Capital was voted Best Bond Adviser (Domestic) for the sixth year in a row. The Asset Triple A Country Awards 2021 will honor China Bank and China Bank Capital in March.

For its outstanding financial performance and established experience in corporate and institutional banking, advising, and transaction banking, as well as its environmental, social, and governance activities, China Bank was named the Best Bank.

Despite the market volatility created by the worldwide pandemic, The Asset acknowledged the bank and all other awardees in Southeast Asia for their energy and agility in discovering ways to adapt to adverse conditions and enhance their services to end-users while recording fee income increases.

In terms of profitability, the bank was the best in the country in 2020, with a 20 percent increase in full-year net income, while most banks’ earnings fell. As the economy began to open up in the first nine months of 2021, China Bank surged and saw a 35 percent increase in net earnings. Since the onset of the global pandemic, it is the only bank in the country to have reported increased quarterly net income year over year. In addition, among banks with assets of over P1 trillion, the Bank has one of the top cost-efficiency ratios.

A leading investment bank

China Bank Capital’s status as the top investment bank in the Philippine bond market was also reaffirmed by the Asset. China Bank Capital remained bond issuers’ preferred adviser, engaging in a wide range of fixed income transactions, including all of the National Government’s Retail Treasury Bond and Premyo Bond issuances. It also played a key role in bringing high-quality issuers into the debt capital markets and completing extremely successful and socially beneficial fixed-income deals.

The P5 billion maiden bond offering of D&L Industries Inc., a renowned chemical producer in the Philippines, was one of China Bank Capital’s landmark deals in 2021, attracting very high investor demand and achieving historic tight pricing for the issuer. China Bank Capital was entirely responsible for managing and underwriting the transaction, which was named The Asset’s Best New Bond. Phinma Corp.’s P3 billion bond offering, which also marked the company’s debut issue and the Phinma Group’s return to the capital market after a long absence, was another issuance led by China Bank Capital.

“These awards demonstrate our dedication to being the finest banking partner for our customers, and they motivate us to keep doing our best even in the most difficult of circumstances,” said China Bank president William C. Whang.

Prior to these victories, The Asian Banker recognized China Bank’s financial strength, rating the bank second strongest in the Philippines in The Asian Banker’s Top 500 Strongest Banks in 2021. The most notable improvement among the nine domestic banks included in the report is China Bank’s rise to 81st place from 323rd in 2020. China Bank is in the top 20% of the 500 strongest banks in the Asia Pacific area, which includes 22 nations including the Philippines.

Moody’s Investors Service confirmed China Bank’s investment-grade credit rating with a stable outlook in December, noting the bank’s enhanced capital and profitability to address asset quality issues. China Bank received the highest credit rating of PRS Aaa (corp.) from the Philippine Rating Services Corporation (PhilRatings) in October 2021, based on the bank’s established track record and resiliency, sound funding profile, lower interest expense, more than satisfactory asset quality, and ample capital buffer.

For corporate leaders and decision-makers, The Asset is well-known for its authoritative and objective coverage of Asia’s financial industry. The Asset Triple A Awards are the most prestigious honors in banking, finance, treasury, and capital markets.

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