CHINABANK
Growing With and for Our Customers
In 2023, Chinabank responded to the increased demand for financial services while staying true to its client-centric roots.
Our sharpened customer focus enabled us to sustain our strong growth momentum. We closed the year with 2.6 million customers and a net income of Php 22.0 billion, up 15%, which translated to a return on equity of 15.5% and a return on assets of 1.6%.
Chinabank remains as the 4th largest privately-owned domestic bank with total assets of Php 1.5 trillion, up 11%. Total deposits increased by 11% to Php 1.2 trillion. Our loan portfolio grew by 10% to Php 791 billion, driven by strong demand across client segments.
In 2023, we continued to refine our omnichannel approach, combining the high-touch warmth of personalized service with the high-tech efficiency of automation. We harnessed the power of our 10,662-strong team, our vast nationwide network of 648 branches and 1,069 ATMs and our robust digital platforms to deliver great customer experiences in-branch and online.
We implemented product enhancements like instant credit card issuance and client-facing application upgrades on InstaPay and our payment gateway. Meanwhile, our overall IT architecture is undergoing an overhaul, with a new cloud-first policy as part of our ongoing digital transformation.
For making customer-centricity, multi-channel interaction and personalized products and services the key drivers of our digitalization, Chinabank was named by Backbase as The Big Shift Champion of the Year. The award recognizes our successful transition from conventional to engagement banking.
With our dedicated team and a nationwide network of branches, Chinabank delivers seamless in-branch experiences.
To support our business customers, we efficiently allocated resources while upholding credit standards and risk appetite. For consumers, we re-engineered our lending processes to fast-track approvals to three days for home loans and to one day for auto loans. We also launched the Chinabank Destinations World Mastercard, the Chinabank Destinations World Dollar Mastercard and the Chinabank Destinations Platinum Mastercard to make traveling more rewarding.
To serve Filipinos abroad, we expanded our international remittance network, partnering with Singapore’s SingX as well as Malaysia’s Mobile Money and Thailand’s DeeMoney via the RippleNet platform.
To help customers better understand financial
and estate planning, as well as the economic developments that impact our clients’ financial well-being, we conducted learning sessions and market outlook forums year-round.
Meanwhile, our investment house arm Chinabank Capital continued to be among the top bookrunners for bond and equity transactions in the Philippines. During the year, Chinabank Capital helped raise a total of Php357 billion for the development projects of the national government and Php188 billion for the growth plans of companies.
On the ground, in the cloud and across the Chinabank Group, we are focused on our customers and we will continue to help them achieve their financial goals and build lasting relationships with them.
