Friday, July 19, 2024

Chinabank wins Domestic Retail Bank of the Year, two other awards from Asian Banking & Finance

Chinabank was named as the Domestic Retail Bank of the Year - Philippines at the Asian Banking and Finance (ABF) Retail Banking Awards 2024. In addition, the bank and Chinabank Capital won the Debt Deal of the Year - Philippines and IPO (initial public offering) Deal of the Year - Philippines at ABF’s Corporate & Investment Banking Awards 2024. The awarding ceremonies were held on July 5 at the Marina Bay Sands, Singapore.

Chinabank Retail Banking Business Segment Co-Heads Jose Osmena Jr. (center) and Clara Sy (rightmost), with ABF Publisher and Editor-in-Chief Tim Charlton.

The Domestic Retail Bank of the Year award recognizes Chinabank's strong performance in the past year, achieving record-high earnings and improved shareholder returns. The country’s fourth largest private universal bank, Chinabank recorded 15% higher net income in 2023 to P22 billion on the back of strong core business growth. Its key profitability metrics have consistently remained among the highest in the industry, with a return on equity exceeding 15% for the past two years.

Apart from its sustained solid financial performance, Chinabank embarked on a digital transformation, adopting a customer-centric, technology-enabled retail strategy to offer seamless customer experiences and convenience in-branch and online.  “Throughout its transformation, China Banking Corporation has never lost sight of delivering its commitment to its stakeholders,” ABF noted in its citation.