In accordance with RA No. 10173 (Data Privacy Act), I hereby consent to the collection, retention, processing, disclosure (as provided under applicable confidentiality and data privacy laws of the Philippines including all subsequent amendments or supplements there(to) of any personal, sensitive personal, and privileged information relating to me, whether provided by me or coming to the China Banking Corporation’s (hereafter referred to as “Company”) possession, and sharing of the said personal, sensitive personal and privileged information to the Company, its offices, branches, subsidiaries and affiliates, accredited third parties/vendors, credit reporting or credit reference agencies, credit protection provider, guarantee institutions, debt collection agencies, private regulatory organizations and other financial institutions, and other outsourced service providers engaged by the Company for the purposes reasonably required by the Company, for the Company’s conduct of everyday business, and/or only if required to do so by law or in good faith belief that such action is necessary to: (a) assess my suitability for employment with the Company or any of its subsidiaries; (b) submit reports to Senior Management on recruitment strategies and demographics; (c) submit reports to government agencies; (d) use as reference when conducting reference checks; (e) conduct background/credit investigation; (f) conform to the edicts of the law or comply with legal process served on the Company and its subsidiaries; (g) protect and defend the rights or property of the Company and its subsidiaries and (h) act under exigent circumstances to protect the personal safety of users of the Company and its subsidiaries or the public.
I shall notify the Company in writing, which must be acknowledged by the Company, if I do not consent to the aforementioned processing. I further acknowledge my right to information, access, correction, rectification, erasure of my personal, sensitive personal and privileged information, data portability, objection to processing and to file complaint under the Data Privacy Act. I agree that the Company may retain my personal information for as long as necessary for the fulfilment of the purpose for which it was collected and such other purposes that I may have consented from time to time, as required by pertinent laws and regulations, and provide information when required to do so in accordance with applicable laws, by court order, and jurisprudence.
If I provide the Company with any personal information relating to a third party (e.g. reference information, et.al.), I warrant to the Company that I have obtained the recorded consent of such third party to provide the Company with the third party’s personal information for the relevant purposes and can upon the Company’s consent request, submit the same for inspection.
I agree that the Company shall not be liable for any loss or damage arising from the Company’s disclosure of personal information for the above purposes.
China Banking Corporation (China Bank, PSE stock symbol: CHIB) posted P10.1 billion in net profit in the first six months of 2022, up 39% compared to the same period last year, driven mainly by higher net interest income and core fee income, as well as lower provisions.
The robust income performance translated to a better return on equity and return on assets at 16.4% and 1.7%, respectively.
Due to rounding, numbers presented in the tables may not add up precisely to the totals provided andpercentages may not precisely reflect the absolute figures.
Net interest income rose 16% to P22.0 billion on the back of stronger top line revenues and steady movement in interest expense. As a result, net interest margin was maintained at 4.3%.
The decline in trading and foreign exchange gains weakened fee-based income to P3.2 billion. Nevertheless, core fee income increased 24%, driven mainly by double-digit growths in service charges, fees, and commissions, income from sale of acquired assets, and bancassurance.
Reflecting its positive economic outlook and its improving asset quality, the Bank reduced its credit provisions by 69% to P1.7 billion. Gross non-performing loans (NPL) ratio was at 2.3%, 120 bps lower versus last year and better than industry average. Meanwhile, NPL cover remained sufficient and above industry at 128%. Efficiency enhancements and judicious cost management kept operating expenses flat year-on-year, further improving cost-to-income ratio to 44%.
“The sustained growth puts China Bank in a stronger position to support customers and the economy in this period of recovery,” China Bank President William C. Whang said.
Throughout the pandemic, the Bank has consistently recorded quarterly income growth. “For the 2Q 2022 period, China Bank's net income breached the P5-billion mark, a first in the Bank's more than 100-year-old franchise,” Chief Finance Officer Patrick D. Cheng said.
China Bank remains one of the largest banks in the country. As of June 2022, consolidated assets were recorded at P1.2 trillion, up 17%. Loans expanded 14% to P655 billion on the back of significant growths in both business and consumer loans. Total deposits likewise increased 14% to P945 billion, as the Bank sustained a 14% year-on-year build-up in current and savings accounts.
Total equity jumped 16% to P127 billion with Common Equity Tier 1 Ratio and Total Capital Adequacy Ratio of 14.8% and 15.7%, respectively, well above the minimum regulatory requirement.
On the strength of its capitalization and profitability, China Bank’s investment grade credit rating with stable outlook was recently affirmed by Moody’s Investors Service. China Bank also received the highest credit rating of PRS Aaa (corp.) from Philippine Rating Services Corporation (PhilRatings). The rating takes into account the Bank's established track record and resiliency, sound funding profile, more than satisfactory asset quality, and ample capital buffer.
The Bank’s digital transformation is progressing as planned, marked by the launch of its mobile account opening app, China Bank START, and the roll-out of its stock trading platform, ChinaBankSec Online, in the second quarter.
Meanwhile, China Bank Easy Tax Filing and Payment Solution (Easy Tax), the first and only automated collection facility in the country specifically for real estate developers, was named as the Best Digital Business Banking Initiative 2022 by Hong Kong-based magazine Asian Banking and Finance. The awarding is slated in August, coinciding with China Bank’s 102nd anniversary.