China Bank retains strong rating

MANILA, Philippines - Credit rating agency Capital Intelligence (CI) has affirmed the ‘BBB-’ financial strength rating of China Banking Corp. (China Bank), underscored by the bank’s good profitability, comfortable liquidity, and improved capital adequacy. CI also maintained China Bank’s long and short-term foreign currency ratings at ‘BB-’ and ‘B’, respectively, and stated that all outlooks are ‘stable’. According to the CI report, “China Bank over the past few years has adhered to its branch expansion plan by opening additional domestic branches and reviving the dormant branches from earlier acquisition of Manila Bank. Improvement in its net profit in 2010 was aided by sustained growth in net interest and fee and commission income and significantly higher gains from securities trading.”