China Banking Corp. (China Bank) has been named the Best Bank in the Philippines by Hong Kong-based financial publication The Asset—besting the largest banks in the country.

In a statement, the bank said subsidiary China Bank Capital was also named the Best Bond Adviser (Domestic), winning the distinction for the sixth consecutive year.

China Bank and China Bank Capital will be awarded at The Asset Triple A Country Awards 2021 in March.

“These recognitions reflect our commitment to be the best banking partner for our customers, and inspire us to keep on doing our best even in the most challenging of circumstances,” said China Bank President William C. Whang.

China Bank was lauded as the Best Bank for its strong financial performance and proven expertise in corporate and institutional banking, advisory and transaction banking, as well as its environmental, social, and governance initiatives.

The bank and all the other awardees in Southeast Asia were recognized by The Asset for their zeal and versatility in seeking ways to adapt to challenging conditions and enhancing their services to end-users while recording fee income growth despite the market volatility caused by the global pandemic.

China Bank was the country’s best performing bank in 2020 in terms of profitability, posting full year net income growth of 20 percent, while most banks’ earnings dropped.

In the first nine months of 2021, as the economy started to open up, China Bank rallied and recorded 35 percent increase in net profits.

It is the only bank in the country to record higher quarterly net income year-on-year since the start of the global pandemic. In addition, the bank had one of the best cost efficiency ratios among banks with assets of over P1 trillion.

The Asset also affirmed China Bank Capital’s solid position as the top investment bank in the Philippine bond market.

China Bank Capital remained the adviser of choice of bond issuers and was active across a wide range of fixed income deals, including all the National Government's Retail Treasury Bond and Premyo Bond issuances.

It was also instrumental in introducing quality issuers to the debt capital markets and executing highly successful and socially impactful fixed income transactions.

Among China Bank Capital's landmark deals in 2021 was the P5 billion maiden bond offering of D&L Industries, Inc., a leading chemical manufacturer in the Philippines, which attracted very strong investor demand and achieved historic tight pricing for the issuer.

That deal was managed and underwritten solely by China Bank Capital and was recognized as the Best New Bond by The Asset.

Another issuance which China Bank Capital led was Phinma Corporation’s P3 billion bond offering, which also marked the company’s first issuance and Phinma Group’s return to the capital market after a prolonged period.