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.
Moody's Investors Service recently affirmed China Bank’s investment grade credit rating, maintaining the Bank’s deposit and issuer ratings at Baa2 and stable outlook, in view of its improved capital and profitability to mitigate risks to asset quality.
Moody’s noted in its December 3, 2021 report that “the bank's capital and profitability have improved significantly.”
In the nine months of 2021 ending September, China Bank recorded higher net income growth compared to its full-year performance in both 2020 and in 2019, before the pandemic. Its Common Equity Tier 1 increased to 14.4% from 12.8% as of the end of 2019, while core operating profit (pre-provision income less trading gains) as a percentage of assets increased to 2% from 1.4%. The Bank’s liquidity further improved, with a healthier funding mix as the share of low-cost current and savings deposits increased to 62% from 53%.
The ratings include a one-notch uplift for government support. According to Moody’s, “This support assumption is in line with China Bank's systemic importance, with a deposit market share of 5.4% as of the end of September 2021.”
China Bank is the only publicly-listed universal bank in the Philippines to have consistently recorded quarterly net income growth since the start of the pandemic in 2020. As of end-September 2021, the Bank’s net income reached P11.2 billion, up 35% year-on-year, which translated to a higher return on equity of 13.6% and an improved return on assets of 1.5%. The Bank also maintained its balance sheet strength, with P1.0 trillion in assets, up 4%.
Last October, the Philippine Rating Services Corporation (PhilRatings) gave China Bank the highest credit rating of PRS Aaa (corp.), which takes into account the Bank's established track record and resiliency, sound funding profile, lower interest expense, more than satisfactory asset quality, and ample capital buffer. Meanwhile, The Asian Banker named China Bank as one of the strongest banks in 2021 in terms of balance sheet, ranking the Bank as the 2nd strongest bank in the Philippines—ahead of the two other biggest banks in the country—and in the top 20% of the 500 strongest banks in the Asia Pacific region.