Chinabank welcomes the Year of the Dragon with Michelle Dee as brand ambassador

Chinabank has signed up its first ever brand ambassador, the reigning Miss Universe Philippines Michelle Marquez Dee. The collaboration was formalized on February 14, 2024 at the Chinabank head office in Makati City.

The beauty queen, actress, host, athlete, and model is a fitting and inspiring representative for Chinabank. Michelle, who has won the hearts and minds of Filipinos and the world with her charisma, authenticity, and sense of purpose, is redefining contemporary Filipino culture on a global stage.  Her lifelong autism acceptance and inclusivity advocacy has led her to a degree in BS Psychology and to use her platform and her work with the Autism Society of the Philippines to create awareness about the condition. With Michelle on board, Chinabank is strengthening its brand presence and building a profound connection with the new generation of dynamic and forward-thinking banking customers.

“This engagement with Michelle Dee signifies the beginning of many things to come. For us, Michelle is family.  But beyond her obvious lineage to the bank's co-founders, we firmly believe that Michelle has the qualities to aptly represent a bank with a storied history and an unwavering commitment to building an inclusive and sustainable future for every Filipino,” Chinabank President & CEO Romeo D. Uyan Jr. said during the contract signing.

Michelle expressed her happiness and excitement for her new role, noting that she and Chinabank are a good fit as they share the same high regard for building trust, making an impact, and bringing about change.

“Chinabank isn’t just any bank, it’s been a beacon of trust and resilience for over a century.  Now that’s a lot of years of making a difference in people’s lives and making dreams come true, but it’s also the spirit of making a difference that really resonates with every Filipino heart,” she said. “I would like to keep it real.  I’m here to share my stories and the incredible work Chinabank does…  I can’t wait to make memories and make such ground breaking opportunities for everyone around us as well.”

Chinabank founder Dee C. Chuan was Michelle Dee’s paternal grand-uncle.  Her grandfather was former Chinabank Chairman Dee K. Chiong whose leadership shaped the bank into prominence.  He also led the bank’s early foray into computer technology, becoming the first bank in Southeast Asia to process deposit accounts online.

Chinabank is the fourth largest private universal bank in the Philippines. The bank is set to launch an advertising campaign featuring Michelle as it continues to innovate and improve its products and services with a keen focus on its customers.

Chinabank’s 9-month net income reaches P16.2B

• 15.6% ROE and 1.6% ROA, still among the highest in the industry
• Sustained core business strength and stable asset quality: 2.2% NPL ratio and 126% NPL cover, both better than the industry average.  
• Healthy cost-to-income ratio despite higher investments in technology and manpower development. 
• Book value per share (BVS) grew 7% to P52.50.

Chinabank Makati Main branch

China Banking Corporation (Chinabank, PSE stock symbol: CHIB) recorded P16.2 billion in net income from January to September 2023, 10% higher compared to the same period last year.  This translated to a return on equity of 15.6% and a return on assets of 1.6%.  

Chinabank’s bottom line in the last nine months improved on the back of robust growth from core businesses and lower loan loss provisions.  For the third quarter alone, the bank netted P5.4 billion in profits, up 16% from the same period last year. 

“Chinabank’s sustained growth reflects the successful execution of our business strategies. Despite the current high interest rate environment, we continue to grow our bottom line by preserving our margins, managing our overall costs effectively, and bringing greater efficiencies to our operations with technology,” Chinabank President & CEO Romeo D. Uyan, Jr. said.

Net interest income grew by 16% to P39.2 billion as the 44% surge in top line revenues cushioned the nearly triple increase in interest expense. Net interest margin was maintained at 4.2%.  

 

The bank reduced its total credit provisions to P1.3 billion given its stable portfolio quality. Despite this, non-performing loans (NPL) cover remained better-than-industry at 126%.  

 

Operating expenses increased by 14% to P20.5 billion, driven by higher manpower and

inflation-related expenses and bigger volume and revenue-related taxes.  Cost-to-income ratio

remained healthy at 50%.   

Chinabank remains as the 4 th  largest private domestic bank with total assets of P1.4 trillion, up

11% year-on-year.    

  

Gross loans grew by 10% year-on-year to P765 billion, driven by the 19% expansion in consumer loans, particularly teachers’ loans and credit cards. The bank’s level of bad loans continued to be manageable, posting a better-than-industry average NPL ratio of 2.2%.  

 

Total deposits increased by 14% to P1.1 trillion resulting to a 49% CASA ratio as term deposits grew year-on-year.

"Our balance sheet remains strong.  A quality loan book has helped us during a period of rising interest rates.  We also continued to optimize our capital structure, maintaining strong capital generation and asset quality,” Chinabank CFO Patrick D. Cheng said.   

 

Total capital grew by 7% to P141 billion, with Common Equity Tier 1 Ratio at 14.9% and Total Capital Adequacy Ratio at 15.8%, well above the minimum regulatory requirement. Book value per share was at P52.50, up 7%. 

 

Chinabank was recently named by the People Management Association of the Philippines as the 2023 Employer of the Year, the only bank to win the prestigious award in 30 years. This recognition for the bank's outstanding human resources practices comes in the heels of its latest accolades: Outstanding Wealth Management Service for the Affluent Award from the Private Banker International and Five-Golden Arrow Award from the Institute of Corporate Directors, the second time Chinabank has won this distinction for its excellence in corporate governance.