THE CORE OF OUR

MISSION
2022 ANNUAL FINANCIAL AND
SUSTAINABILITY REPORT
About the Cover
Amid the dramatic changes, companies not only face the challenge
of staying ahead of the competition, but also of keeping up with
customers who are now more connected and empowered than ever.
For over a century, China Bank has built strong and enduring
relationships with generations of customers, focusing on how best to
û¸÷Ē¸ â´ûćôôèŔĂɸá â´´¸ûÌÄâÌâÄô÷许ûû¸û â´ûèÜćĂÌèâû ÷èćâ´
ĂɸÌ÷⸸´ûˑCèá Ŗ¸÷Éèēáć®Éē¸Ä÷èē â´®É âĸēÌĂÉĂɸĂÌá¸ûˇ
our customers are at the core of our mission and we are motivated to
ÃćÜōÜÜèć÷ô÷èáÌû¸ˆęèć÷ûć®®¸ûûÌûèć÷­ćûÌâ¸ûûˑ
2

­èćĂĂɸX¸ôèŔ
2-3, 3-1

Placing a strong emphasis on transparency and accountability, China Bank’s 2022 Annual Financial
and Sustainability Report highlights material information about the financial and non-financial activities
and results of the China Bank Group for the period January 1 to December 31, 2022. This report was
prepared in accordance with GRI Standards and in line with the standards and/or guidelines of Securities
Exchange Commission, Bangko Sentral ng Pilipinas, Sustainability Accounting Standards Board, and the
ASEAN Corporate Governance Scorecard to provide a holistic view of our overall operational, financial,
and sustainability performance.

We welcome any comments or questions.

Please send them to investor-relations@chinabank.ph.

CHINA BANKING CORPORATION

 3

Table of Contents
4 7 8

Who We Are Milestones Message to Stakeholders

14 Financial 18
Highlights

Outlook and 16
Objectives

Operational Highlights

33 Sustainability at Sustainability 38 62
China Bank Performance

Corporate
Governance

86 Board of Directors 98 Recent Awards

Management 94
Committee

Management 96 Financial Statements 99

Team

145 151
Products
and
Services
Topic Boundary GRI Index

156
126 Branch Subsidiaries 142
Directory and Affiliate
Investor Information

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

4

Who We Are
2-1, 2-2, 2-6, 2-23

Founded in 1920, China Banking Corporation (China Bank) is a leading private

universal bank in the Philippines with a strong presence in the entrepreneur, middle
á ÷Ù¸Ăˇ â´®è÷ôè÷ øû¸Äá¸âĂûˑs¸èń¸÷ ÃćÜÜ÷ âĸèÃōâ â®Ì Üô÷è´ć®Ăû â´
services, also serving the retail banking, investment banking, and insurance needs
of our diverse customers through our subsidiaries China Bank Savings, China Bank
Capital, China Bank Securities, Resurgent Capital, CBC Assets One, China Bank
.âûć÷ ⮸÷èÙ¸÷ûˇ â´ ŇÜÌ Ă¸B âćÜÌøÉÌâ  âÙ<Ìøûûć÷ ⮸ˑ

For over 100 years, we have made the success
of the people and businesses who bank with us
our business. Leveraging our network, expertise,
and resources—vast distribution network, robust
technological infrastructure, team of highly
qualified banking professionals, strong balance
sheet— we build long-term relationships with
today’s generation and shape China Bank as a
responsive, reliable, and responsible banking
partner for the next generation.
China Bank is listed on the Philippine Stock
Exchange under the ticker symbol “CHIB” and
a member of the SM Group, one of the largest
conglomerates in the Philippines.

1,044
ATMs
640
Branches 11
Cash Accept
Machines
+¸ ´öć Ŕ¸÷û

China Bank
Building, Paseo de
Roxas corner Villar
St., Makati City
10,237 2.4M
Employees Customers
1226 Philippines

CHINA BANKING CORPORATION

 5

STOCK INFORMATION OWNERSHIP

39%
̪ɊɏˑɌɍ ̪ɏɋˑɐɐ SM Group
Stock Price Market
Capitalization 26%
Foreign
Shareholders

5.56% ̪ɏˑɉɈ 26%

Others
Dividend Yield Earnings per
Share
9%
Dee Group
* As of December 31, 2022

FULL SERVICE PLATFORM

RELATIONSHIP FINANCIAL SAVINGS BANK &

BANKING MARKETS BANCASSURANCE

Retail Banking China Bank Savings

Business Segment Treasury

Loans Deposits
Market Sales
Deposits
SME Loans

Institutional Banking
Segment Remittance Consumer Loans

Corporate Loans Housing Loans

Wealth Management
Commercial Loans
Auto Loans

Consumer Banking Teachers’ Loans

Segment Trust & Asset Management

Housing Loans Personal Loans

China Bank Capital
Auto Loans Manulife China Bank Life
Assurance
Credit Cards
China Bank Securities China Bank Insurance
Multi-purpose Loans Brokers

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

6

Mission
We will be a leading provider of quality
services consistently delivered to institutions,
entrepreneurs, and individuals here and abroad,
to meet their financial needs and exceed their
rising expectations.
Vision
Drawing strength from our rich history, we
will be the best, most admired, and innovative
financial services institution, partnering with
our customers, employees, and shareholders in
wealth and value creation.

We will be a primary catalyst in the creation

of wealth for our customers, driven by a
desire to help them succeed, through a highly
engaged team of competent and empowered
professionals, guided by in-depth knowledge Core Values
of their needs and supported by leading-edge
technology.
• Integrity • Efficiency
We will maintain the highest ethical standards, • High Performance • Resourcefulness/
sense of responsibility, and fairness with respect Standards Initiative
to our customers, employees, shareholders, and • Commitment to • Customer Service
the communities we serve. Quality Focus
• Concern for People

CHINA BANKING CORPORATION

 7

Milestones
1920
1927 1945 1969
Became one Reopened for business Became the
of the first after being shut down first bank in
companies by the Japanese Southeast Asia
to be listed Military, lending to key to process
on the industries for post-war deposits on-
Opened for business on August 16, Manila Stock reconstruction and long- line, using the
1920—the first privately owned local Exchange term development IBM 360
commercial bank in the Philippines

1991 2007
Became a Acquired Manila Bank and renamed it China
2015
universal Bank Savings; entered into a bancassurance Entered the credit card
bank joint venture with Manulife to form Manulife business and launched
China Bank Life Assurance Corp. China Bank MasterCard;
rolled out a new core
banking system;
2012 2014 incorporated China Bank
Acquired Pampanga- Acquired Plantersbank and merged Capital
based Unity Bank it with China Bank Savings

2016 2018 2019 2020

Acquired ATC Signed US$150 million Raised P30 billion via Marked centennial with
Securities Green Bond issuance for maiden issue of fixed- P1 trillion in assets and
and renamed climate-smart projects rate retail bonds P100 billion in capital
it China Bank with International Finance
Securities Corporation (IFC) as sole
investor

2021 2022
Inaugurated the restored China Bank Became the fourth
Binondo Business Center and the new largest private universal
China Bank Museum; emerged as Best bank in the country
Bank in the Philippines and among the in terms of assets;
strongest banks in the country and in breached the trillion-
the Asia Pacific region peso mark in deposits

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

8

Message to
Stakeholders
2-6, 2-22, 3-3

bèèć÷øÜÜèēûĂ Ù¸ÉèÜ´¸÷ûˆ

bɸę¸ ÷ɊɈɊɊá ÷Ù¸´ĂɸĂ Ìܸâ´èÃĂɸô â´¸áÌ®ˑ̜ÜĂÉèćÄÉIr.˸ɉɑÌû

still a cause for concern, the worst has passed and the world is now focused
on recovery, with most countries easing or dropping their pandemic
÷¸ûĂ÷Ì®ĂÌèâûˑ̜bɸę¸ ÷û ēĂɸ÷¸Ăć÷âèÃà ®¸˸Ăè˸à ®¸®Ü ûû¸ûˇÌâ˸ô¸÷ûèâ
gatherings, and consumer demand to pre-pandemic levels.

For China Bank, 2022 was another banner
year. While ensuring the safety and well-being
of our employees and customers, we deftly
navigated the pandemic’s lingering impacts and
the constantly changing landscape. Despite the
external headwinds, we delivered on our strategic
priorities and continued to help our clients and
other stakeholders recover and move successfully
forward.
COVID cases dropped, prices spiked
The world may be out of the health crisis but high
and persistent inflation and geopolitical tension
have weakened most economies, including the
three largest—US, China, and the European Union.
In 2022, pent-up demand from two years of
various degrees of mobility restrictions and the
war in Ukraine led to decades-high inflation for
many economies. Global central banks have
responded with synchronous monetary tightening
that the world has not seen before. Aggressive
monetary tightening led to downturns in advanced
economies, with some countries in Europe already
estimated to have entered recessions as early as
the fourth quarter of 2022. The US will likely achieve
a soft landing with slower growth in 2023. On the
bright side though, China’s recent U-turn on its zero-
COVID policy will bode well for the global economy.
Domestically, although we grappled with elevated
inflation and increasing interest rates in 2022, the
country’s gross domestic product (GDP) grew by
7.6% in 2022. Opening of borders for international
travelers since February, elections in May, and
gradual return to face-to-face classes boosted
domestic demand. On the other hand, the external
environment was beset with challenges. Higher
commodity prices of oil, grains, and fertilizers
pushed up domestic inflation to decades high. To
reign in inflation, the Bangko Sentral ng Pilipinas
raised its key policy rate by 350 basis points
in 2022. This also led to a wider trade deficit,
weakening the peso to a new low of P59 to a
US dollar.

CHINA BANKING CORPORATION

 9

&ÌÜ­¸Ŕgˑ¸¸ Hans T. Sy William C. Whang

Vice Chairman Chairman President

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

10 Message to Stakeholders
ûĂ÷èâÄōâ â®Ì Üûęûøᡠâ¸Ē¸âûĂ÷èâĸ÷
China Bank
Against this backdrop, Philippine banks remain
strongly positioned to support the country’s
economic recovery. At end-2022, the banking
industry’s total resources grew by 10.5% year-on-
year to P22.7 trillion as improving market sentiment
and economic condition spurred credit expansion.
Non-performing loans (NPL) were manageable, with
an NPL ratio of 3.2%, while loan loss reserves were
adequate at 108% even as banks started easing on
credit provisioning.
China Bank, in particular, is stronger and more
resilient than ever, growing from strength to
strength and not losing ground even at the height
of the pandemic. The internal transformations and
asset build-up undertaken over the past decade not
only laid the groundwork for sustainable growth, but
also enabled us to strengthen our market position
during the downturn. Amid the extraordinary
challenges of the last three years, China Bank
continued to be profitable, adequately capitalized,
and well managed.
In 2022, China Bank recorded an all-time high net
income of P19.1 billion, up 27% year-on-year, and
the highest among private mid-sized banks. The
strong performance was driven by higher top line
revenues and core fee income. China Bank also
2021 2022
U÷èōĂ ­ÌÜÌĂę
ROE 13.6% 15.1%
ROA 1.5% 1.6%
Ň®Ì¸â®ę
Cost-to-Income 46% 44%
Strength
CET 1 / Tier 1 14.9% 15.1%
CHINA BANKING CORPORATION
outperformed even some of the biggest local banks
in terms of ROE and ROA which were recorded at
15.1% and 1.6%, respectively.
China Bank’s total assets grew 20% to P1.3 trillion,
the fourth largest among private universal banks
in the Philippines. The expansion was driven by
stronger loan demand and sustained build-up of
deposits.
Despite extending more credit to drive economic
rebound, our prudent credit management resulted
in better-than-industry asset quality. China Bank’s
Gross NPL ratio dropped to 2.3%, and maintained
sufficient NPL cover of 123%.
China Bank continued to be highly liquid and well
capitalized with a Common Equity Tier 1 (CET 1)
ratio of 15.1% and Total Capital Adequacy Ratio
(CAR) of 15.9%.
In July, Moody’s Investors Service affirmed China
Bank’s investment grade credit rating with a stable
outlook, citing stable capitalization and profitability,
which support business expansion, and sound
liquidity as the Bank’s credit strengths.
2021 2022
Dividends
Cash Dividends Paid (In Million Pesos) 2,686 4,037
Cash Dividend Per Share (In Pesos) 1.00 1.50
Cash Payout Ratio (In %) 22 27
Cash Dividend Yield (In %) 4.1 5.6
Confident in our underlying strength and future
prospects, we paid P4.04 billion in total cash
dividends in 2022, comprised of P1.00/share regular
dividend and an additional P0.50/share special
dividend. We are committed to manage our capital
adequacy well above the minimum regulatory
thresholds while continuing to provide shareholders
with an equitable share of profits.

On top of our strong financial results, we
maintained our regional and local standing as one
of the best-governed publicly listed companies. In
2022, China Bank was recognized anew by the
ASEAN Capital Markets Forum (ACMF) as among
the Top 20 ASEAN Publicly Listed Companies, as
an ASEAN Asset Class, and as one of the Top 3
Publicly Listed Companies in the Philippines. The
Institute of Corporate Directors, the domestic
ranking body of the ACMF in the Philippines,
conferred its highest award for governance
excellence to China Bank—the Five-Golden Arrow
Recognition. China Bank is the only bank among the
three recipients of the Five Golden Arrows.
We continued to provide the best returns to
investors. China Bank Dollar Fund, for the sixth
time since 2016, and China Bank Intermediate
Fixed-Income Fund were named as the Best
Managed Fund in their respective categories by
the CFA Society Philippines. Moreover, we remain
the partner of choice for issuers. Our investment
banking arm China Bank Capital, for the third
consecutive year in 2022, was the leading domestic
bank in the domestic debt capital markets and the
11
As we face the
èôôèŔćâÌĂ̸û â´
challenges ahead, we are
®èâō´¸âĂĂÉ Ăē¸É Ē¸Ăɸ
right strategy, sustainable
business model, and
healthy ambition to take
ÉÌâ  âÙÃćŔɸ÷ēÉÌܸ
creating long-term value
for our shareholders,
employees, customers,
and society.
number one bookrunner for corporate fixed income
deals in the Philippines.
We were also distinguished for our innovations.
China Bank Easy Tax Filing & Payment Solution
(Easy Tax) won the plum award in the regulatory
technology category of PAY360 Awards and the
Best Digital Business Banking Initiative for Business
Customers award of Asian Banking & Finance,
along with China Bank Direct Debit Arrangement.
Easy Tax is the first and only automated tax filing
and payment facility of its kind in the Philippines.
The innovative solution makes transactions with
the Bureau of Internal Revenue for taxes related to
the sale of real estate properties faster, easier, and
more secure.
As we face the opportunities and challenges ahead,
we are confident that we have the right strategy,
sustainable business model, and healthy ambition
to take China Bank further while creating long-term
value for our shareholders, employees, customers,
and society.
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
12 Message to Stakeholders

Our best years are still ahead of us. With the

lessons learned and a solid plan to achieve our
ambitious targets, China Bank is ready to seize the
èôôèŔćâÌĂ̸ûĂÉ ĂēÌÜÜ ÷Ìû¸ â´Ăè®÷¸ ø ôèûÌĂÌĒ¸
and lasting impact on the environment and on the
lives of the people we serve.

%è®ćûÌâÄèâô¸èôܸˇá ÙÌâÄ ´Ìń¸÷¸â®¸
In this period of tremendous change, technological
advancement, and sustainability awareness,
China Bank’s focus remains on people, and we
are doing everything we can to be worthy of our
stakeholders’ trust. We are boosting our capabilities
and delivering purpose-built solutions to elevate
customer experience and meet evolving market
needs. We are empowering our employees with
the tools and support they need to reach their full
potential and deliver exceptional service. We are
progressively embedding sustainability into our
operations, conducting business in a way that lets
our customers and all of society to prosper today and
into the future.
portfolio, and act fast on opportunities right on their
mobile phones. For our corporate customers, we
rolled out the more powerful automated payroll
processing solution, China Bank Payroll 2.0. Cloud-
based and accessible via web or mobile app, China
Bank Payroll 2.0 is a complete HR system that can
help companies with the difficult task of payroll
management by automating payroll processing and
ensuring data accuracy and compliance.
Meanwhile, our stock brokerage arm China Bank
Securities introduced ChinaBankSec Online, a digital
stock trading platform for buying and selling stocks
listed on the Philippine Stock Exchange. It equips
new and experienced investors with everything they
need to trade stocks with confidence.

We further enhanced our digital platform in 2022
to make banking and investing easier and safer for
customers. Digital onboarding apps China Bank
START and CBS Go were launched, enabling new-
to-bank customers to open an account with China
Bank or China Bank Savings without having to visit a
branch.
For our UITF investors, China Bank Mobile App was
improved with a Subscribe feature so they can easily
add their existing China Bank UITFs, subscribe to
new units, redeem their investments, check their
We are committed to investing in our employees,
from their careers to their well-being. In 2022, we
partnered with the world’s largest professional
platform, LinkedIn, to up-skill China Bankers and
provide them opportunities to further their careers
and stay competitive in this digital age. We bought
LinkedIn Learning licenses for all our employees so
they can have unlimited access to the over 18,000
online courses and learning content across business,
creative, and technical categories.
We also successfully concluded with our employee
union a new five-year Collective Bargaining

CHINA BANKING CORPORATION

 13

Agreement (CBA), our 27th CBA in our 102-year and there is no plan B. Rest assured that we will
history. The smooth negotiation and mutually continue to leverage our strength and resources
satisfactory agreements show China Bank’s to positively impact the people and communities
harmonious employee-employer relationship and around us, to protect the environment, and to build
more importantly, how we value and take care of a sustainable future for all.
our people. The 2022-2027 CBA includes economic
and non-economic provisions to protect covered BèĒÌâÄ­èÜ´Üꡮèâō´¸âĂÜę ɸ ´
employees’ health, safety, rights, and livelihood.
The past three years have tested our resolve, but
We believe that our long-term success and we are proud to have emerged from the pandemic
resiliency go hand in hand with our economic, stronger and in a better position to pursue our
environmental, social, and governance initiatives mission and to drive economic recovery. With the
and as such, we advanced our sustainability dedication of our employees and the support of our
agenda further in 2022. Following the creation customers and shareholders, China Bank has made
of a dedicated Environmental, Social and significant progress in our continuing journey.
Governance (ESG) Department and the hiring of
Our best years are still ahead of us. With the
a Chief Sustainability Officer, a strategy schema
lessons learned and a solid plan to achieve our
was introduced to serve as our “compass” in
ambitious targets, China Bank is ready to seize the
our sustainability journey. We also created a
opportunities that will arise and to create a positive
Sustainability Oversight Committee to ensure the
and lasting impact on the environment and on the
implementation of sustainability initiatives across
lives of the people we serve. It’s going to be an
the Bank’s various functions and the embedding
exciting 2023 as our Chief Operating Officer Romeo
of sustainability principles in our governance
D. Uyan, Jr. takes the helm as China Bank President
structure. The Sustainability Oversight Committee
and Chief Executive Officer on April 1, 2023. We
will be supported by a Sustainability Working
are confident that he will continue to propel the
Group composed of various teams in delivering
Bank’s growth in a sustainable manner through the
on specific sustainability-related projects. In
uncertainties and economic cycles.
addition, we engaged Moody’s Analytics to provide
recommendations to the Bank’s sustainability- On behalf of the China Bank Board, thank you for
related governance structure, conduct an ESG your unwavering trust and support.
assessment, and develop our Environmental &
Social (E&S) Risk Management Framework. Further, Sincerely,
China Bank joined the newly-created Climate
Change Steering Committee formed by SM
Investments Corporation (SMIC) to serve as Hans T. Sy
Chairman
the corporate umbrella for the SM Group‘s
advocacy, learning, and support initiatives on
climate resilience.
&ÌÜ­¸Ŕgˑ¸¸
These efforts cement our commitment in Vice Chairman
progressively integrating sustainability in the way
we do business. For all the uncertainty in the world,
one thing is clear: there is only one planet Earth William C. Whang
President

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

14

Financial
Highlights
2-6

Net Income Total Resources Stockholders’ Equity

In Billion Pesos In Billion Pesos In Billion Pesos

19.1 1,330 135

119
15.1 1,112
12.1 1,036 105
10.1 962 96
866 88

8.1

2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022

Total Deposits Distribution Network Return on Average Equity

In Billion Pesos ATMs Branches In Percent

1,066
1,044
1,037
1,022
1,002
966

863 15.1
835 13.6
775
722 12.1
11.0
631

637
634

640
620

9.5

2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022

Total CAR Cash Dividends Paid Market Capitalization

In Percent In Billion Pesos In Billion Pesos

73 74
15.8 15.9 70
14.7 67 67
4.0
13.7
13.1

2.7 2.7
2.4
2.2

2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022

CHINA BANKING CORPORATION

 15

CONSOLIDATED PARENT COMPANY

2021 2022 2021 2022
For the Year (In Million Pesos)
Gross Revenues 56,086 67,274 49,479 59,212
Gross Expenses 40,980 48,139 34,390 40,104
Net Interest Income 39,085 45,590 33,618 38,833
Non-Interest Income 9,590 10,063 9,331 10,280
Operating Income 48,675 55,652 42,950 49,113
Provision for Impairment & Credit Losses 8,877 9,013 7,680 7,427
Operating Expenses 22,335 24,354 18,114 19,716
Net Income Attributable to Equity Holders of the Parent Bank 15,088 19,108 15,088 19,108
Net Income 15,106 19,136
At Year-End (In Million Pesos)
Total Resources 1,112,320 1,329,729 1,027,185 1,218,673
Loan Portfolio (Net) 609,007 699,595 544,172 613,197
Investment Securities 279,375 412,234 269,468 402,672
Total Deposits 862,860 1,065,915 782,219 959,419
Stockholders’ Equity 119,123 134,579 119,081 134,510
Distribution Network and Human Resource
Number of Branches 637 640 477 479
Number of ATMs 1,037 1,044 870 874
Number of Employees 9,747 10,237 7,208 7,478
Key Performance Indicators (In %)
Profitability
Return on Average Equity 13.6 15.1 13.6 15.1
Return on Average Assets 1.5 1.6 1.6 1.7
Net Interest Margin 4.3 4.2 4.0 3.9
Cost-to-Income Ratio 46 44 42 40
Liquidity
Liquid Assets to Total Assets 42 44 43 46
Loans (net) to Deposit Ratio 71 66 70 64
Asset Quality
Gross Non-Performing Loans (NPL) Ratio 2.5 2.3 1.9 2.0
NPL Cover 116 123 137 136
Capitalization
Common Equity Tier 1 Ratio (CET 1/Tier 1) 14.9 15.1 14.7 15.1
Total Capital Adequacy Ratio (CAR) 15.8 15.9 15.6 15.9
Shareholder Information
Market Value
Market Price Per Share (In Pesos) 26.00 27.45
Market Capitalization (In Million Pesos) 69,973 73,876
Valuation
Earnings Per Share (In Pesos) 5.6 7.1
Book Value Per Share (In Pesos) 44.2 50.0
Price to Book Ratio (x) 0.6 0.5
Price to Earnings Ratio (x) 4.6 3.9
Dividends
Cash Dividends Paid (In Million Pesos) 2,686 4,037
Cash Dividend Per Share (In Pesos) 1.00 1.50
Cash Payout Ratio (In %) 22 27
Cash Dividend Yield (In %) 4.1 5.6

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

16

Outlook
and Objectives

Pandemic reopening pushed the Philippine down on its construction. On a positive note, after
stagnating during the pandemic, private construction
economy back at pre-pandemic state
surged, restarting capital investment rebuilding. In
After two years of varying degrees of pandemic 2023, we expect consumption to hold up as inflation
restrictions, the country fully returned to its pre- slowly comes down. However, economic activities
pandemic economic size in 2022. Gross domestic will still likely moderate as pent-up demand fades
product (GDP) grew by 7.6%, above the high-end of and high interest rates impact businesses.
the government’s 6.5% - 7.5% target.
On the supply side, services—laggard during
the pandemic, jumped by 9.2% in 2022. Moving
ACTUAL OUTLOOK
forward, the services sector still has some built
2022 2023
up momentum given full face-to-face classes was
GDP (% growth) 7.6 5.8
just implemented last November and tourism is
Demand Side
likely to rebound especially with the U-turn from
Household Consumption 8.3 6.0 China’s zero-COVID policy. With China’s reopening,
Government Consumption 5.0 3.5 we expect headwinds from an expected global
Gross Capital Formation 16.8 1.2 slowdown this 2023 to be partially offset by
of which Construction 12.7 6.0
Chinese demand.
Exports 10.7 7.7 Despite challenges for 2023, structural reforms
Imports 13.1 5.5 are underway. The country is yet to realize the
Supply Side impact of foreign liberalization laws such as the
Agriculture 0.5 1.5
amendments to the retail trade liberalization act,
public services act, and renewable energy act. The
Industry 6.7 4.3
corporate recovery and tax incentives for enterprises
of which Manufacturing 4.5 5.0
(CREATE) act will also reduce some of the costs of
Services 9.2 7.2
businesses, encouraging foreign direct investment.
Reforms to ease doing business in the Philippines
Household consumption remained to be the will be positive for the economy in the next few
driver of GDP. Pent-up demand from pandemic years. Encouraging public-private partnerships to
reopening more than offset the impact of inflation, address the country’s infrastructure backlog will help
as consumer spending dominated. This was also spur development despite a tighter fiscal purse.
helped by a strong labor market with more and
more Filipinos gaining jobs. On the other hand, On the inflation front, moderate demand-pull
public spending growth was much lower in 2022. inflation from pandemic reopening was met by an
Infrastructure outlays, although still positive, unforeseen supply shock from the war in Ukraine.
slowed down from 2021 as the government scaled This forced the BSP to implement harsh monetary

CHINA BANKING CORPORATION

 17

tightening, raising its key policy rate by 350 bps in we bring the franchise—the signature China Bank
a span of one year. In 2023, the BSP is expected touch—into new customer segments, and deepen
to keep its policy rates elevated still as inflation is our niche in core client segments, including those
expected to again breach the target of 2-4%. from the Filipino-Chinese community.

The synchronous monetary tightening in 2022 by Cognizant of a challenging environment operating

global central banks led to volatile financial markets.
In the Philippines, we observed a brisk rise in
interest rates and a steep decline in the value of
the peso. We expect financial markets to be less
volatile in 2023 as central banks pause and await
the lagged effect of monetary tightening.
2023 will be a year of moderate growth, high
interest rates, and declining inflation. External
demand will likely weaken due to looming
recessions in advanced economies. However,
emerging countries like the Philippines will weather
this storm due to resilient domestic demand and a
strong labor market.
Towards a broader horizon
Guided by a bold vision to preserve a 102-year
legacy as the bank of choice for its customers,
China Bank aims to further strengthen its
profitability and sustain market share in core
business lines, intensify product innovation and
cross-selling by way of optimizing resources from
our distribution network, and reach untapped
efficiencies as we continue to enable seamless
and safer banking experiences through our digital
banking platform.
At the heart of China Bank’s ambition towards
becoming a top-of-mind banking partner is
century’s worth of trust, so meticulously built
with multiple generations of customers and
stakeholders. We will leverage this track record as
under elevated interest rates and inflationary
headwinds, China Bank will continue to support the
growth of corporate and SME customers in target
industries, while advocating global best practices
on ESG risk management through sustainable
finance. On the retail front, we will further broaden
access to housing, auto, credit cards, and personal
loans across multiple touchpoints—our branches,
sales offices, kiosks, self-service, and digital
platforms—with the goal of increasing the share of
consumer loans to total credit portfolio. Maintaining
a sound asset quality will remain a top priority for
management as well, even as the Bank continues
to balance the returns and risks from a bigger loan
portfolio.
We will continue to expand China Bank’s reach
to be more accessible to customers. In 2022,
we launched a fully digital customer onboarding
capability through the China Bank START and CBS
Go mobile apps. We plan to supplement this feat
in the upcoming years with an expanded suite
of digital product offerings in our internet and
mobile banking platform, armed with a granular
understanding of our clients’ needs through
robotics and customer analytics. On top of this, we
are looking at serving new markets by optimizing
our branch network in terms of organization and
systemic workflow and enhancing our human and
digital capabilities to meet the demand for fast,
secure, and convenient banking services of today’s
generation of customers and the next.

FOCUS
AREA 1 DEPOSITS
FOCUS
AREA 2 LOANS
FOCUS
AREA 3 FEE INCOME
Grow loans in target industries and segments Diversify revenue streams and
and increase the wallet size of retail credit as sustain momentum in core business
Deliver robust growth in
we prudently manage risks from our portfolio; lines that generate the best returns
CASA deposits
expand sustainable finance initiatives in sync for the Bank’s stakeholders
with regulatory and global best practices

:yC<X\ˆIgX.\bX.gb.ICCbsIX:ˇ+gBCX\IgX\ˇC+.CC:.&.b<U<b%IXB

Optimized branch and self-service Proactive talent acquisition and up-skilling;

Effective and responsive
network deeper leadership bench

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

18

Operational
Highlights

.âɊɈɊɊˇ¸®èâèáÌ® ®ĂÌĒÌĂęÃćŔɸ÷ô̮ٸ´˸ćôēÌĂÉĂɸ
reversal of mobility restrictions, business and consumer
®èâō´¸â®¸÷¸Ăć÷⸴ áÌ´ÉÌÄɸ÷Ē ®®Ìâ ĂÌèâ÷ øûˇ â´
ĂɸUÉÌÜÌôôÌâ¸ûē û­ ®ÙĂèÌĂûô÷¸˸ô â´¸áÌ®Ä÷èēĂÉô ĂÉˑ̜
¸ûôÌøĂɸô¸÷ûÌûøâĂ®É Üܸâĸû â´ć⮸Ŕ ÌâĂ̸ûˇĂɸ
macro and operating environment was much improved
ÌâɊɈɊɊ®èáô ÷¸´ĂèɊɈɊɉ â´Ăɸâè÷á ÜŐèēèÃÜÌø â´
­ćûÌâ¸ûûÉ û÷¸ûćḴˑ̜ 

CHINA BANKING CORPORATION


Balancing the need to enable growth and
economic progress on one hand and manage risks
on the other, China Bank implemented policies
and actions responsive to the needs of the time,
underpinned by our greatest motivation—to serve
our customers well. We continued to leverage
our extensive distribution network, robust digital
and human capabilities, and strong balance
sheet to pursue growth opportunities, increase
operating efficiencies, and do everything possible
to meet our stakeholders’ expectations and deliver
sustainable outcomes in the post-COVID era.
All our branches are back to their pre-pandemic
operating schedules; moreover, our employees
are fully vaccinated and working 100% onsite. To
improve business resilience, we implemented split
operations, opening the China Bank MegaTower
Extension Office in Mandaluyong City. Occupying
19
three floors and with 770 work stations configured
for social distancing, the facility also serves as our
business continuity site. Should disaster strike,
we could quickly shift operations from the head
office to this fully-equipped extension office.
As of end-2022, 80% of the work stations are
actively being used on permanent and hot desking
arrangements while the rest are being allocated
by the business units for business continuity and
expansion.
To broaden our reach of the underserved
markets, we expanded our footprint with China
Bank Savings branch lites or sales kiosks in the
countryside. And to make banking more inclusive
and convenient, we launched new digital solutions
and enhanced existing ones for greater flexibillity,
scalability, and security.
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
20 Operational Highlights

Keeping it personal,
not transactional
China Bank is committed to earning the trust and loyalty of our clients
and building lasting relationships with them. We focus on knowing who
they are, what they need, and how we can help them lead successful
financial lives, not on simply getting them to deposit or borrow more.
We do our best to meet them on their own terms and to offer financial
products, advice, and solutions suited to their needs and circumstances.

Our relationships with our 2.4 million customers
continued to be strong in 2022. Total deposits
expanded by 24% to P1.1 trillion, driven by the
sustained growth across deposit products. The
build-up in Current and Savings Account (CASA)
deposits, a stable source of low-cost funding for
our lending activities, was sustained, ending at
P573 billion for a 54% CASA ratio.
We also started a lot of new customer
relationships. The year saw a 12% increase in the
number of new deposit accounts opened.
China Bank’s accessibility, apart from our reputation
of reliability and excellent customer service,
underpin our solid deposit franchise. We serve our
customers at their preferred platform, re-imagining
the customer journey and providing seamless
on- and off-line experiences. At the end of 2022,
our consolidated network reached 640 branches
nationwide, complemented by 1,044 ATMs, 11
Cash Accept Machines, 24x7 digital channels, sales
offices, and branch lite units.
BRANCHES ATMs

640 1,044
Branches
̪ɉˑɉb ATMs

Total Deposits

479 161 874 170

24% 54%
China Bank CBS China Bank CBS

Increase CASA Ratio For services that are better served in person, we
transformed our physical network from mere
transaction points into relationship hubs where
we provide our customers with personalized
service and advice. At the same time, we
continued to enhance our customer relationship
management tools, enabling our teams to stay

CHINA BANKING CORPORATION


close to customers and communicate with them
in meaningful ways, and ramped up our digital
capabilities in line with the changing customer
behavior. At China Bank, the shift to digital
continued, accounting for 70% of total transactions
in 2022 from 67% in 2021.
TRANSACTIONS
70%
e-Banking &
Digital
Over
99M 30%
Transactions Over-the-
Counter
Moving forward, we will continue building strong
customer relationships by delivering the exceptional
service and solutions—both digital and in-person—
our clients expect and deserve. To sustain CASA
growth, we will intensify new-to-bank CASA
acquisition with focus on business accounts and
implement enhanced CASA expansion promos,
among other strategies. We are also looking at
optimizing our branch network by reviewing our
organizational structure and systemic processes.
21
Welcome to our
branch lite!
China Bank retail banking arm CBS China Bank Savings
is on a mission to bring more Filipinos, particularly
public school teachers in rural areas, into the formal
banking system. This is in line with the CBS Build &
Rise Initiative, a nationwide advocacy campaign which
aims to champion financial inclusion, inspire the spirit
of entrepreneurship, and spark consumer confidence
that the country needs for rapid economic recovery and
national resurgence. On top of 161-strong branches, CBS
has a growing branch lite network of APD Lending Kiosks
to serve the needs of the teaching and non-teaching staff
of the Department of Education (DepEd). CBS opened
28 branch lite units in the countryside in 2022, bringing
the number of APD Lending Kiosks to 44. At these
branch lites or kiosks, CBS offers as much as P1 million
in fixed-interest multi-purpose loans with terms of up to
five years to qualified DepEd teachers and staff. In 2023,
other CBS financial products, such as deposits, will also
be available in these kiosks.
The Bangko Sentral ng Pilipinas defines a branch lite unit
as a bank office that performs limited banking activities
and records its transactions in the books of the head
office or the branch to which it is annexed. While they are
scaled-down offices, CBS’ branch lites—which except for
one, are all located in the provinces—are designed to be
comfortable and welcoming spaces where customers
can get friendly, personalized service like they would in
a regular branch. CBS plans to open 15 additional branch
lites in 2023.
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
22 Operational Highlights
A franchisee’s success story
Kenneth N. Chua
Keeping it in the family
In 1982, spouses Uy Chi San
and Lolita Uy started banking
with China Bank at the same
time that they established
their small feeds and fertilizer
retailing business, Manzihing
Enterprises, in Daraga,
Albay. Over time, the business
grew and they opened branches
in Naga, Camarines Sur,
Daet, Camarines Norte, and
Sorsogon. In 2014, the sole
proprietorship business
became Manzihing Corporation,
engaged in the wholesale
of agricultural products.
Mr. Uy passed in 2018, but
Mrs. Uy, together with their
six children, continues to
make Manzihing Corporation
a success. It is now the sole
distributor of San Miguel BMEG
Feeds and Atlas Fertilizer
in the whole Bicol region.
The Uy family also ventured
into other businesses—
real estate, leasing, hotel,
restaurant, poultry and
CHINA BANKING CORPORATION
A lot of Filipinos dream of
owning a franchise of a popular
quick service restaurant brand
maybe as much as winning
the lottery. Having a franchise
of an established business
with a solid customer base
and the requisite operating
systems already in place can
be like hitting the jackpot;
however, the stakes are
higher—huge investment is
required to put up a Jollibee
Food Corporation (JFC) store.
While the steep cost of
franchising was daunting for
Kenneth N. Chua, then only
in his early thirties when he
decided to get into the franchise
business with friends two
decades ago, he boldly took
a calculated risk, counting on
the support of China Bank to
make his dream a reality.
“Chowking was my very first
business venture and China
Bank was there to make my
farm—providing jobs to over
400 locals and contributing
to Bicol’s revitalization.
Despite the persistent
wooing of other banks, China
Bank remains Manzihing
Corporation’s main bank. The
Uy family considers China Bank
as family, and remains loyal to
the Bank all these years, with
accounts in several China Bank
branches in the Bicol region.
“Of all the banks that time,
it was only China Bank who
took the risk of granting us a
collateral-free and clean loan
worth half a million pesos. It
was a huge gesture for us,
especially when we were
financially struggling with our
business,” Mrs. Uy recalled,
noting that they will be forever
grateful to the Bank for trusting
and supporting them when
they were just starting, as their
businesses were growing, and
when it truly matters. “What I
dream of being a franchisee
come into fruition,” recalled Mr.
Chua who now operates several
JFC brand outlets which he
oversees with his wife Jessica.
While franchising is a safer
bet for first-time business
owners because it eliminates
starting from scratch, running
a franchise of a big brand
is challenging and doesn’t
always lead to fast cash. On
top of overhead expenses,
a franchisee makes monthly
payments for ads, promos, and
royalty, based on a percentage
of sales. The return on
investment depends on a lot
of factors, including how well
the operations and finances are
managed, so a franchisee needs
a dependable banking partner.
“I’ve always felt the support
of China Bank. They treat me
as their valued partner all the
time,” he said, noting that he
started banking with China
The Uy family. From left: Emily, Nancy, Chi San, Johnson, Lolita, Jeckson,
Daisy, and Ramon.
like most about China Bank is
the ease of doing business with
them. We seldom encounter
difficulties in reaching out to
them when we need additional
capital or some assistance
from them,” added Mrs. Uy.
As the family corporation
sets ambitious goals for the
future, Mr. Ramon Tan Uy,
eldest of the Uy siblings
and general manager of
Bank in 1988, before he thought
of becoming a franchisee.
The reopening of the
economy and the issuance
of Executive Order 169
“Strengthening the Franchising
Industry for the Protection
of Micro, Small and Medium
Enterprises” that seeks to
promote entrepreneurship
bode well for the Philippine
franchising industry. Mr. Chua
plans to continue growing
his successful franchising
venture with the help of his
trusted banking partner.
“It has been my dream to
expand my business, provide
employment to those affected
by retrenchment, and leave a
legacy to my children. I believe
that China Bank will be with me
in realizing this goal. Together
as partners, together as one.”
Manzihing Corporation in
Naga City, continues to put
his trust in China Bank.
“We will continue to be loyal to
China Bank,” he said, speaking
on behalf of the new generation
of Uys. “China Bank will remain
our primary bank, and no other
bank can come close to them.”
 23

Making it simple
­ćĂôèē¸ŒćÜ
Responsiveness to our customers’ evolving needs is
essential to building long-term relationships. Thus, we
are determined to remain agile and adaptive to an ever-
changing environment. In 2022, we pursued our ongoing
digital transformation with this in mind: customers want
products and solutions that are simple but powerful.

The year saw the implementation of landmark
automation projects to make our systems
more efficient and secure, our processes more
streamlined, our solutions more cutting-edge, and
our customers happier. The projects included the
revamp of the China Bank website, enhancement
of China Bank Mobile App, the launch of China
Bank START and CBS Go, and the development of
China Bank Payroll 2.0.
Alongside the digital enhancements and new
offerings, we continued to deploy more self-service
devices—ATMs/Cash Recyclers, Cash-Accept
Machines, and POS terminals—so customers can
choose how they want to bank. The continuous
build-up of our retail customer touch points led to a
24% jump in the number of transactions via China
Bank’s e-banking and digital platforms, with mobile
banking accounting for the biggest share at 60%,

China Bank We revamped the China Bank website to make it simpler and more engaging, with enhanced content and
website topic-driven navigation for streamlined user experience.

China Bank Mobile App is now packed with more features:

UITF management Suspend ATM card Scan and pay Maya cash-in
China Bank Customers with Customers can As China Bank is one of the Customers can
Mobile App existing UITF conveniently suspend pilot banks for QRPH person- seamlessly top up
investments can their ATM Cards to-merchant digital payments, their Maya e-wallet by
easily manage, grow, should these be stolen customers can “scan and pay” linking their China Bank
and redeem their or compromised. merchant QRs deployed by account
investments. other issuers.

For new customers, we launched our digital onboarding apps China Bank START and CBS Go. These easy-
China Bank to-use mobile phone apps make it convenient and affordable for new customers to bank with us. With
START and just a few swipes and clicks on their smartphones, new-to-bank customers can open a China Bank or CBS
CBS GO savings account with no initial deposit. China Bank START and CBS Go are designed with the latest identity
verification and security technologies and are available for free download on the App Store and Play Store.

For our corporate customers, we upgraded our standalone payroll and timekeeping program and renamed it
China Bank Payroll 2.0. The fully digital and cloud-based HR system has powerful features and capabilities,
China Bank
including a self-service online portal and real-time data processing for more efficient timekeeping,
Payroll 2.0
attendance tracking, and government report generation. It is also more affordable with its tiered pricing
scheme.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

24 Operational Highlights
and to 36% higher enrollments and 31% more active
users in our online and mobile banking facilities.
36%
Increase in retail online
and mobile banking
enrollments
31%
Increase in retail
active users
We also saw an uptick in the corporate segment
as more businesses simplified and automated
their liquidity, collection, and disbursement
processes with China Bank’s Cash Management
Services (CMS). The number and value of
CMS transactions rose by 16% and 29%,
respectively. China Bank Online-Corporate
accounted for 48% of CMS transactions in 2022.
16%
Increase in the
number of CMS
transactions
29%
Increase in the value
of CMS transactions
CHINA BANKING CORPORATION
Award-winning
digital solutions
China Bank Easy Tax Filing & Payment Solution (Easy
Tax) and China Bank Direct Debit Arrangement (DDA)
were named Best Digital Business Banking Initiative for
Business Customers at the 2022 ABF Retail Banking
Awards of Hong Kong-based magazine Asian Banking and
Finance.
Easy Tax also won the plum award in the Regtech category
at the PAY360 Awards 2022 of UK-based The Payment
Association, the largest community in payments. Easy
Tax is the first and only automated tax filing and payment
facility of its kind in the Philippines. It’s an innovative
solution that makes transactions of real estate companies
with the Bureau of Internal Revenue faster, easier, and
more secure.
Meanwhile, DDA is China Bank’s total outsourcing solution
for the payment collection of biller companies. Payments
are collected via automatic debit from customers’
accounts on a pre-defined period, and credited to the biller
company’s account.
China Bank offers a suite of powerful cash management
solutions for businesses of all sizes. Enhancements are
underway to further improve Easy Tax, including expanding
the coverage of BIR Tax Forms to include Donor’s Tax.
 25

Debit POS that’s A-OK

Tagum Cooperative CEO Juris D. Perez
In the Philippines and around
the world, cooperatives are
considered important to
economic development. The
biggest open-type cooperative
in the country is Mindanao’s
Tagum Cooperative (TC), with
over P12 billion in assets as of
end-2022.
It was founded in 1967 as the
Holy Name Society of Tagum
Parish. It became a branded
cooperative in 2020, achieving
certification from the US-
based World Council of Credit
Unions. TC is under the National
Confederation of Cooperatives,
formerly known as National
Association of Training Centers
for Cooperatives or NATCCO.
“Open-type means we are
a cooperative that’s open to
the community and everyone
is welcome to join,” said TC
Chief Executive Officer Juris
D. Perez. TC has over 150,000
members—mostly government
employees, professionals,
businessmen—and four
business lines: Savings and
Credit, Member Benefit and
Assistance, Funecare, and
Ancillary Services.
TC is a longtime China Bank
client with accounts at 14
of the Bank’s branches in
Mindanao. TC started using
the Bank’s Debit POS facility
in 2017, and more heavily
since the pandemic, and saw
dramatic improvement in the
way the monthly payments or
amortizations are collected from
their members. China Bank
Debit POS is a facility under the
Collection Suite of the Bank’s
Cash Management Services
(CMS). It enables businesses to
conveniently collect payments
via POS terminals installed in
their offices.
“Tagum Cooperative’s primary
source of our cash inflow is loan
collections. Majority of our loan
collections are made through
the ATM via POS. Collections
via China Bank Debit POS
facility are convenient, as these
are cashless transactions, and
very secure, as loan payments
from the ATM accounts
of members are directly
deposited to TC’s account. For
easy reconciliation, we get
settlement reports to ensure
that the cash transfers from
the members’ ATM accounts
to TC’s settlement account
are completely and accurately
accounted for,” said Ms. Perez.
Due to the volume of these
transactions, TC uses
multiple POS terminals by
major commercial banks, but
China Bank stands out for its
personalized service and quick
response to their concerns.
“China Bank is our savior,” said
Ms. Perez, noting that when
they had problems with the
other bank’s POS terminals at
the height of the pandemic,
China Bank was quick to act,
providing TC with faster and
more reliable POS units—
Verifone VX520—and great
customer service from the CMS
Sales Team in the Mindanao
Region. To date, 24 China Bank
POS units are installed at TC’s
branches and more will be
deployed as TC continues to
expand its network.
“We’re very happy with China
Bank’s service. Transactions
are fast, opening deposit or
investment accounts is hassle-
free, and the documentary
requirements are easy to
comply with. We are hoping
that China Bank will continue
to prioritize Tagum Cooperative.
We are partners,” said Ms.
Perez.

As the world becomes increasingly digital, China
Bank will keep on improving and innovating for
our customers, leveraging advanced data analytics
and technology. We will continue to invest on
innovation to future-proof our business, re-
engineer our processes for greater efficiency, and
deploy more self-service channels and enhance
our straight through processing capability to
deliver everyday banking solutions that are simple
but powerful. We will also continue to be on the
lookout for emerging technologies that can create
better digital solutions for our customers and new
business opportunities.
In 2023, our retail customers will enjoy greater
convenience and security as we roll out the
omni-channel China Bank Digital. We will also be
expanding our ATM network with the latest model
with bills-in/bills-out capability. Enhancements like
instant ATM card issuance, credit card cash advance
via ATM, and electronic PIN delivery via SMS or
email will also be implemented within the year.
Meanwhile, our business customers will have
greater flexibility in managing their cash flow with
our improved Corporate Internet Banking Platform,
China Bank SME Super App with Corporate eWallet,
and China Bank 1Pay, an integrated bills payment
facility via automatic debit arrangement and auto-
charge.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

26 Operational Highlights

Enabling success

Our customers’ success is our business and we are here to

enable them to live their best financial lives. We offer best-in-
class loan, remittance, investment, and insurance products,
personalized service, and sound financial advice to help our
clients achieve their personal and business goals.

LOANS home or a vehicle, traveling, and generally improving

certain aspects of their lives.
With the improved economic conditions, there was
a stronger demand for credit in 2022. Our total loan
portfolio expanded by 15% to P718 billion. ̪ɐɎˑɎ
Housing
Corporate/business loans accounted for 80% of
our total loans. Prioritizing loan growth on essential ̪ɋɍˑɋ
Personal
and bounce-back industries, loans to our business ̪ɉɌɌˑɍ
customers increased by 14% to P573 billion as Consumer ̪ɊɈˑɌ
Loans Auto
we continued to support small to large companies
and conglomerates—movers of the economy—to
recover and thrive. New loans disbursed to our
̪Ɋˑɉ
Credit Card
MSME, SME, and commercial customers reached
P80.6 billion.
We recorded moderate growth in home and auto
loans, at 2% and 6%, respectively. Increase was
driven by our strong relationships with partner
̪ɏɉɐ developers referring home loans and contract-to-
Total Loans sell (CTS), continued branch referral efforts, and
improved processing and asset quality management.

15% 80% Our credit card business, on the other hand, reached
new growth milestones in 2022. With amplified
Increase Business Loans efforts in branch engagement and acquisition
programs, new cards booked increased 2.4x,
Consumer lending was more vigorous in 2022, bringing the total cards in force to 126,000. Portfolio
rising by 18% as consumer confidence returned action and customer-focused marketing initiatives
and people pursued their dreams of owning a such as Premium Dining Deals with the Metro

CHINA BANKING CORPORATION

 27

Powered by the sun, motivated by sustainability

The Nepomuceno family has a
long history of contributing to the
country’s economic progress,
especially in Pampanga. They
established the Angeles Ice Plant
in 1922, the Angeles Electric
Corporation in 1923, and since
then have been expanding into
diverse industries, including soft
drink manufacturing, real estate
development and investment,
construction, water distribution,
education, power generation,
and renewable energy.
The family became a pioneer in
the local renewable energy space
with the founding of Raslag Corp.
in 2013. True to their roots, the
term “Raslag” is derived from
the Kapampangan word “aslag” –
meaning “light”, and the letter “r”
representing renewables. Engr.
Peter G. Nepomuceno, Chairman,
President and CEO of Raslag
Corp. and the patriarch of
the Nepomuceno Group of
Companies, founded Raslag
with the vision of becoming
a renewable energy leader
that sustainably powers
a growing economy. The
firm currently operates solar
power plants Raslag-1 with
a capacity of 10 megawatts
(MW), Raslag-2 with 13 MW,
and Raslag-3 with 18 MW.
“We are now able to generate
more solar energy for less land
and for even less cost. This
makes solar energy a particularly
attractive option in the country,
which is in line with Department
of Energy targets,” Engr.
Nepomuceno said when Raslag-3
started operations in July 2022. In
the pipeline are two more
solar projects which will boost
Raslag’s generating capacity by
six-fold in the next five years. Raslag Corp. Chairman, President & CEO Peter G. Nepomuceno
China Bank has been providing China Bank Capital Corporation of other pipeline solar projects.
banking and financing services to was tapped as the Sole Issue
the Nepomuceno Group and the Manager, Sole Underwriter “The listing of Raslag helps us
to raise funds to accelerate our
Nepomuceno family since 2005. and Sole Bookrunner for Raslag
Corp.’s P805 million initial public growth plans. For this, we are
“China Bank has been an grateful to China Bank Capital
invaluable partner of the offering (IPO) in June 2022. The
issuance was met with a strong for helping deliver a successful
Nepomuceno Group over the fundraise that offers significant
years, consistently delivering demand and allowed Raslag
to achieve a market valuation value for all our shareholders,”
on its commitments through said Engr. Nepomuceno.
the execution of successful of P3.0 billion at the IPO
transactions and providing price. Proceeds from the IPO will Raslag’s debut on the Philippine
sound market advice. China support the development and stock market is the first IPO to
Bank has been supportive of construction of two more solar be solely led and underwritten
our ventures and has helped farms, Raslag-4 and Raslag-5, its by China Bank Capital and the
us grow our businesses,” two largest projects to date with only renewable energy IPO
said Engr. Nepomuceno. a combined capacity of around 95 to be solely managed by an
MW, along with the development investment bank in 2022.

Manila’s top restaurants, Cash Installment offers,
Balance Transfer campaigns, and exclusive promos
drove net billings and receivables to exceed pre-
pandemic levels by 64% and by 54%, respectively.
Despite having a much bigger cardholder base,
the quality of acquired accounts and our proactive
collections strategies resulted in a credit card
industry-leading past due rate.
Meanwhile, our savings bank arm CBS also
provides collateral-free loans that can be used for
a variety of purposes like home repairs, tuition fee,
loan re-payment, or to start a small business.
CBS helps with the funding needs of government
employees—teaching and non-teaching personnel
of the Department of Education, autonomous
schools, state universities and colleges, and
other segments covered by an automatic payroll
deduction (APD) Memorandum of Agreement.
CBS also provides salary loans and personal loans
for private individuals.
In 2022, CBS’ personal loan portfolio grew by 50%
to P35 billion. New loan disbursements surged
dramatically, by 125% for APD loans and by 20% for
personal and salary loans.
While high interest rates and high inflation could
dampen credit demand in 2023, we are optimistic
about the sustained growth of our lending
business. Large corporations are expected to remain
resilient. The revitalization of the economy and the
country’s growing middle class could help prop up
demand for consumer loans. We intend to capture a
bigger market share with faster loan approvals with
the completion of our credit automation projects. We
will also continue to expand our credit card offerings,
complemented by robust marketing programs and
targeted promotions. To maintain asset quality, we
will continue to ensure adequate controls and quality
interest income-earning base balanced with good
repayment ability accounts.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

28 Operational Highlights
REMITTANCE
As the top countries of destination began to open
their borders in 2022, deployment of overseas
Filipino workers increased, although not yet back to
pre-pandemic levels. To better serve these modern-
day heroes and their families, we continued to
expand our remittance tie-ups and enhance our
remittance service.
We partnered with Qatar National Bank (QNB)
to facilitate direct remittance from Qatar to the
Philippines via RippleNet. QNB is the largest
financial institution in the Middle East and Africa
while RippleNet is a globally recognized financial
platform for fast cross-border transactions using
blockchain technology. Knowing that digitalization,
not just presence, is crucial in providing more
convenient, fast, secure, and affordable remittance
services, we began the development of a Digital
Adaptive Remittance System to replace our current
remittance system. We also removed the barriers
to opening a bank account to encourage more OFW
families to save. Through the China Bank START
app, they can easily open an OKS Account using
their mobile phone, with no initial deposit. And to
make it exciting to send money through China Bank,
we launched two promotions and rewarded lucky
customers with cash prizes.
We processed nearly 2 million remittance
transactions worth a total of US$1.6 billion during
the year. We expect this to grow in 2023 as we
continue to expand our international and domestic
presence and to develop solutions for emerging
cross-border payments, such as the requirements
of online merchants and micropayments for social
media content providers. Meanwhile, the number
of accountholders increased by 2% for the Peso-
denominated OKS Account and 19% for the US
Dollar variant. As we sustain our promotional
campaigns, we anticipate stronger growth and
more OFW families saving for their future.
CHINA BANKING CORPORATION
INVESTMENT
Financial preparedness was proven to be equally
important as physical health and safety when the
pandemic struck. People since then have been
more mindful of having the right access to personal
finance, such as insurance and investments.
We offer a wide range of investment options,
user-friendly tools, and sound advice to help
our customers become confident and informed
investors and succeed in their financial journeys.
Our Trust business remained steady, with P222
billion in assets under management (AUM) and
over 27,000 trust accounts. We continued to focus
on being the right partner for unit investment
trust funds (UITF), investment management and
estate planning services, setting up and acting as
trustee of retirement funds for employees’ benefit,
traditional trust services involving escrow services,
and loan agency arrangements for corporate clients
such as facility agency and collateral/security
agency. As part of our ongoing investor education
program, we conducted a series of webinars to
provide existing and potential customers with
timely and relevant insights and updates on the
economy and the financial markets so they can
have more informed choices. To make it more
convenient for existing UITF customers to manage
ASSETS UNDER MANAGEMENT
̪ɊɊɊ
Trust and Asset Management Group
̪ɉɋɈ
Wealth Management Group

and grow their portfolio, we enhanced our China
Bank Mobile with UITF management features.
Our Wealth Management business performed
strongly in 2022, registering 20% growth in AUM
to P130 billion. With our highly personalized
approach, we helped our affluent and high net
worth clients in managing and growing their wealth
and assessing their priorities in light of the year’s
events. We seamlessly blended our human and
digital capabilities to onboard more wealth banking
clients, deepen existing relationships, and deliver
exceptional customer experiences. We conducted
an online event to provide tips and insights for
our wealth clients on how to be resilient during
volatile times. New treasury products and primary
issuances were also made available to our clients.
We give our customers easy access to a wide array
of investment opportunities—UITFs, fixed-income
securities, and equities—and tailored advice
to assist them in making the right investment
decisions most suited to their financial objectives,
time horizon, and risk profile. Through our full-
service stock brokerage arm, China Bank Securities,
we help investors build and diversify their
investment portfolios with stocks.
Despite a volatile year for the equities market,
with rising inflation, increasing interest rates, and
weaker peso weighing on investor sentiment
and causing risk aversion, our stock brokerage
business grew even stronger in 2022. The number
of trading accounts surged by 145% while trade
transaction volume doubled. The hefty increase was
driven in part by the launch of ChinaBankSec Online,
a digital stock trading platform for buying and selling
stocks listed at the Philippine Stock Exchange. Online
trading accounts outnumbered traditional accounts
which, in 2022, accounted for only 42% of total
accounts. With the robust growth, China Bank
Securities rose to the 28th spot from number 41 in
the local bourse’s ranking of its 124 member-brokers.
29
Best Managed
Funds of the Year
The Chartered Financial Analyst (CFA) Society of the
Philippines named China Bank Dollar Fund and China Bank
Intermediate Fixed-Income Fund as the Best Managed
Fund in their respective categories at the 2022 Best
Managed Fund of the Year Awards, the global standard of
excellence in the investment industry. The two China Bank
UITFs have been proven to provide the best risk-based
returns on a consistent basis over a five-year period. China
Bank Dollar Fund remained unbeatable in the Dollar Long-
Term Bond (FVPL) category, winning Best Managed Fund
for the sixth time since 2016, and China Bank Intermediate
Fixed-Income Fund won the plum award for the first time
in the Peso Medium-Term Bond (FVPL) category.
China Bank Dollar Fund is invested in a portfolio of dollar-
denominated securities consisting principally of high-
grade government/corporate bonds and bank deposits of
varying tenors. It aims to outperform its benchmark, the
Bloomberg EM USD Sovereign-Philippine Total Return
Index. Meanwhile, China Bank Intermediate Fixed-Income
Fund is invested in a portfolio of peso-denominated high-
grade marketable fixed-income securities like deposits,
tradable money market instruments, government
securities and corporate bonds/notes, and preferred shares
of stock classified as debt securities. The Fund benchmarks
its performance against the Bloomberg Philippine
Sovereign Bond Index 1 to 3 Year (BPHIL13 Index).
Investing in the financial markets offers
many potential advantages regardless of the
macroeconomic conditions. With the high interest
rate environment in 2023, a multi-asset approach
can help curb market risks and ensure a better
return on investment. We will continue to guide
our customers make the most of their hard-
earned money, beefing up our team of top-notch
relationship managers, forecasting tools, and
digital capabilities to help new and savvy investors
navigate market volatilities and build their wealth.
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
30 Operational Highlights

INSURANCE Meanwhile, MCBL, which takes great care

In a world of uncertainty, we are committed
to protecting our customers from unforeseen
emergencies or crisis. Through our subsidiary
Chinabank Insurance Brokers, Inc. (CIBI) and
bancassurance affiliate Manulife China Bank Life
Assurance Corp. (MCBL), we offer a full range of
non-life and life insurance products and services
to help our customers prepare for, respond to, and
recover from some of the most challenging times
in their lives.
CIBI provides direct insurance broking to protect
our customers’ personal and business assets,
leveraging a team of insurance specialists and a
wide network of leading insurance providers to find
the right policy for our clients and get them the best
deal. In 2022, CIBI posted a 15% increase in net
commissions. Efforts on deepening relationships
with existing clients while generating repeat and
new business, coupled with the continuing process
improvements, pushed gross premiums and the
number of policies to increase 13% and 6%,
respectively. CIBI sealed a co-broking arrangement
for Luzon International Premier Airport Development,
the operations and maintenance provider of the new
Clark International Airport, the property insurance
coverage of Manulife Philippines’, and the cyber
insurance coverage of the whole China Bank group.
of our customers’ needs for life, health, and
wealth products, ramped up product and fund
development and launched these innovative
insurance product solutions and funds: MCBL
Future Boost, Enhanced Critical Illness, Secure
Pinoy for Group Life / Student Care, Global Multi-
Asset Fund and Global Health Fund. The new
offerings, combined with excellent customer
service and sustained marketing and cross-
selling across our branch network, resulted in
a 9% increase in policies in force and a 16%
expansion in the number of insured lives. First year
commissions (FYC) rose by 19% for the regular
pay business. Affected by the rising interest rates,
single pay business FYC, however, contracted by
30%.
Insurance plays a pivotal role in our customers’
financial security; thus, we will continue improving
our life and non-life businesses to provide more
value to customers, meet their rising expectations,
and to ensure these businesses remain strong
and capable risk takers amid the escalating risk
mitigation and capital requirements. As the
economy grows and as people become more
conscious of the benefits of insurance after the
pandemic, the need for insurance increases. We
will do everything we can to be our customers’
right partner in securing all that matters to them.

Secure Pinoy for

Future Enhanced Global Multi Global
Group Life
Boost Critical Illness Asset Fund Health Fund
Student Life Care

A regular pay product that
has flexible plan features
to address the clients need
according to their life stage.
A more comprehensive
critical illness coverage for
over 60 critical illnesses.
A group policy to address
the basic insurance
needs of companies
to protect their clients
and employees, and of
educational institutions to
protect their students
International funds that
invest in companies with
high and steady distribution
of income and potential for
capital growth.

CHINA BANKING CORPORATION


Deepening the
capital markets
Through our investment banking arm China Bank Capital,
we offer a full suite of investment banking solutions that
enable clients to achieve their corporate objectives and
strategic goals, help boost investors’ income and wealth,
and drive the Philippines’ economic development.
In 2022, China Bank Capital led equity and debt
capital market transactions that raised P1.2 trillion
for the public and private sectors. We remained
the top local debt house* as we participated in
P312 billion of the P339 billion issued during the
year, including some of the biggest fixed income
transactions to hit the market to-date:
• San Miguel Corp.’s P60 billion Fixed Rate Bonds
• SMC Global Power Holdings Corp.’s P40 billion
Fixed Rate Bonds - named Best Transition Bond
in 2022 by The Asset
• Ayala Land, Inc.’s P33 billion Fixed Rate Bonds
• SM Prime Holdings, Inc.’s P30 billion Fixed Rate
Bonds
• Development Bank of the Philippines’ P12
billion Fixed Rate Bonds
• Vista Land & Lifescapes, Inc.’s P11.5 billion
Corporate Notes Facility
• Cebu Landmasters, Inc.’s P5 billion Fixed Rate
Bonds – named Best New Bond (Philippines) in
2022 by The Asset
* Bloomberg’s Peso-denominated corporate bond league table (excluding self-led
issuances and non-local banks).
31
For initial public offerings (IPO), despite the very
challenging equity market, we were the most active
investment house with five issuances, including:
• Raslag Corp.’s P805 million IPO – named Best
Small-Cap Equity Deal of the Year in 2022 by
Alpha Southeast Asia
• VistaREIT, Inc.’s P4.8 billion IPO
• Premiere Island Power REIT Corporation’s P2.4
billion IPO
Our strength in raising debt for top corporations has
been recognized domestically and abroad. China
Bank Capital was named the Philippines’ Best Bond
Adviser-Domestic by The Asset for the 7th year in a
row; and the Top Corporate Issue Arranger / Manager
(Investment House Category) by the PDS Group.
In 2023, we will continue to help deepen the
Philippine capital markets to boost the flow of
money to corporate and public projects that benefit
society. By using our expertise and resources,
ramping up our marketing and education efforts, and
working closely with issuers and policy makers, we
aim to increase demand for capital by supporting
the participation of new and repeat issuers and to
expand the supply of capital by encouraging more
institutional and retail clients to be more active and
participate in the equity and fixed income markets.
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
32 Operational Highlights

Solidly built
Cebu Landmasters, Inc. Chairman, President & CEO Jose R. Soberano III
Just three years after leaving his
VP post in an Ayala subsidiary,
Jose R. Soberano III founded
Cebu Landmasters, Inc. (CLI)
in 2003 and imbued it with
traditional family values, a
genuine passion for real estate,
and unrelenting faith. Together
with his wife Marose - EVP &
Treasurer, his son Franco - SEVP
& COO, his daughter Joanna
Marie - SVP & Marketing Director,
Grant Cheng - EVP & CFO, and
other trusted professionals, the
Cebuano real estate veteran
turned CLI into the leading
developer in Visayas and
Mindanao, with more than 100
projects in different stages of
development in 16 key cities.
“CLI’s growth has been closely
tied with serving the strong
underserved demand for middle-
class housing in VisMin. We will
continue to lean on that strength
as we build out sustainable and
vibrant townships in the region,”
said Mr. Soberano during the
listing of CLI’s maiden P5-billion
fixed rate bonds in October
2022. China Bank Capital was
the joint issue manager, joint
lead underwriter, and joint
bookrunner for the transaction
which was hailed as the Best
New Bond (Philippines) at The
Asset Triple A Country Awards
for Sustainable Finance 2022.
“China Bank Capital has proven
instrumental in our successful
return to the capital markets
since our IPO. This landmark
transaction further accelerates
the growth of our portfolio
of community-focused real
estate developments. We
appreciate the work done by
China Bank Capital and we
look forward to having them
onboard for our future deals.”
Publicly listed in 2017, CLI
provides a full range of high-
end, mid-market, economic and
socialized housing products,
mostly located in VisMin. China
Bank has supported CLI’s
various banking and financing
needs, including a P5-billion
and an P8-billion corporate
notes facilities in 2018 and
2020, respectively, to fund the
company’s steady expansion.
“China Bank has consistently
played a vital role in our goal
of expanding our landbank and
portfolio by providing us the
necessary capital for our projects.
With China Bank’s continuous
support and efforts, we were
recognized as the leading
residential developer in VisMin.”
With fresh funds from the
successful P5-billion bond
offering, part of the approved
shelf registration of a P15 billion
debt securities program, CLI is
set to expand in its core markets
in the Visayas and Mindanao.
“As new airports and other major
infrastructure come onstream to
unlock VisMin’s vast potentials,
CLI’s developments and
estates will serve as catalysts
for sustained growth and
development,” Mr. Soberano said.

´ÌĒ¸÷ûÌō® ĂÌèâûĂè÷ę
Under the leadership and
guidance of former Senate
President Manuel B. Villar, Jr.,
the Villar Group of Companies
has grown and expanded into
various businesses that cater
to the needs of the Filipino
people. With an initial mission
to provide its customers the
most basic of needs – a home,
the Group’s business has
diversified from real estate
development to complimentary
offerings such as utilities and
various retail concepts.
From its humble beginnings
as a developer of low-cost
standardized housing under the
“Camella Homes” brand, the
Villar Group, through its real
estate holding company Vista
Land & Lifescapes, Inc., has
since expanded to 149 cities
and municipalities nationwide,
building over 500,000 homes
catering to the affordable,
upper mid-cost and high-end
segments. Aside from residential
property development, the
largest homebuilder in the
country is likewise involved
in commercial property
development through retail malls
and BPO commercial centers. To
further support the development
of its real estate business,
the group launched the initial
public offering of VistaREIT, Inc.
(“VREIT”), the flagship office
and mall REIT of Vista Land
and its subsidiaries. With the
assistance of China Bank Capital
as Issue Coordinator, Joint Lead
Underwriter and Bookrunner,
VREIT was able to raise over
P4.8 billion from the sale of
secondary shares. VREIT was
listed on the Main Board of the
PSE in June 2022. China Bank
Capital also acted as Mandated
Lead Arranger and Bookrunner
for Vista Land’s Corporate
Notes Facility in December.
Continuing the family’s legacy
of providing basic necessities
to Filipinos, eldest son Manuel
Paolo A. Villar established
Prime Asset Ventures, Inc.
(“PAVI”), with investments
in power & infrastructure,
waterworks, integrated resorts,
entertainment, and ICT &
broadcasting. In December
2022, Premiere Island Power
REIT Corporation (“PREIT”),
the power and infrastructure
REIT platform of the PAVI
group, conducted a P2.4
billion IPO and was listed on
the Main Board of the PSE.
Proceeds of the IPO will be
used for solar photovoltaic
farm projects. China Bank
Capital acted as Sole Issue
Manager, Underwriter, and Vista Land & Lifescapes Chairman
Manuel Villar, Jr. and Pres &
Bookrunner for the PREIT IPO. CEO Paolo Villar

CHINA BANKING CORPORATION


Sustainability at
China Bank
SUSTAINABILITY STRATEGY
2-22
China Bank’s Sustainability Strategy is to support
its vision and mission through responsible
Value Creation activities that Contribute to the
environment and society, while being Resilient.
In doing so, we operate under conditions that are
Viable to the company and the community. We
will ensure that our contributions are Equitable
to the environment and society, and that risks are
Manageable.
It shall be governed by its Corporate Governance
and Risk Management framework.
33
OUR APPROACH
2-23
Recognizing China Bank’s vital role in
advancing sustainable development—
not just by being responsible in
managing the impact of our operations,
but also in making responsible
decisions in lending, investing, and
the services we offer—we have been
progressively integrating sustainability
principles on three fronts: through value
creation, through our contribution, and
by being resilient.
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
34 Sustainability at China Bank

Sustainability
Governance
2-14, 2-24

The Board of Directors has the overall oversight

responsibility in ensuring that sustainability is
institutionalized into China Bank’s strategy and
Board of
objectives. Directors

The Management Committee is tasked to ensure

that the Bank’s operations and the performance
of our personnel are in line with the set objectives
on sustainability. The Management Committee is
supported by the newly-established Sustainability
Oversight Committee in the implementation of its
sustainability-related activities. Management
Committee
The Sustainability Oversight Committee aims to:

• ensure that oversight and management of

sustainability-related issues are embedded
within the Bank’s governance structure and,
• ensure that the Board and Management
would have visibility of sustainability-related Sustainability
issues and set the appropriate strategy and its Oversight
implementation. Committee

To support the Sustainability Oversight

Committee’s activities, the Sustainability
Working Team, led by the ESG Department,
coordinates with the other units of the Bank in
the implementation of actions and initiatives on
capacity building, materiality assessment, and
Sustainability
other activities under the Sustainability Transition
Working Team
Plan.

CHINA BANKING CORPORATION

 35

Stakeholder
Engagement
2-25, 2-26, 2-29̜

We are committed to serve our stakeholders and to live up to their expectations. Using various engagement
channels, we communicate, interact, and touch base with our key stakeholder groups to understand and
address their concerns and to foster stronger relationships.
Our
Key Engagement Channels Their Concerns Our Response
Stakeholders

Customers • Daily customer contact via branches,
customer service hotline, e-mail, SMS,
viber, and social media
• Customer Satisfaction Survey
• Bank-scheduled virtual interactions
via Economic Briefing and Wealth
Management Forum
Employees • Regular Management Advisory
• Internal Customer Satisfaction Survey
• Performance Appraisals
• Online and face-to-face interactions and
meetings
• Retail Banking Business National
Convention
• Work-life Integration Programs
• Townhall meetings
Shareholders • Annual Stockholders’ Meeting
• Group Strategy Update
• Participation in the SM Group’s quarterly
investor briefings
Non- • Partnerships and collaborations for a
Government
cause
Organizations
(NGOs)
While restrictions on mobility eased to almost
pre-pandemic levels, our customers remained
concerned about banking access, security, and
responsive service.
Our employees continued to be concerned
about their health and safety and continuous
improvement through training. They also
expressed concern for the rising inflation
which impacted their spending power.
While restrictions on mobility eased to almost
pre-pandemic levels, our customers remained
concerned about banking access, security, and
responsive service.
The top concern of NGOs was to get support
(financial and non-financial) for their projects
and advocacies.
When the government eased restrictions, our
branches returned to their normal operating
hours while remaining mindful of health
protocols. We continued to expand our
reach, opening more branches and deploying
additional ATMs, and sustained our customer
engagement efforts to provide clients with
helpful advice and insights on cybersecurity,
investing and financial planning, and the
economy. We also enhanced the security
features and functionalities of our digital
channels and launched new mobile apps to
make account opening easier.
We continued to provide logistical support
to employees, including service vehicles,
COVID booster shots in partnership with the
SM Group and LGUs, and dedicated COVID
testing centers. We continued to hold virtual
meetings, events, and trainings and beefed
up our training program by providing LinkedIn
Learning licenses to all our employees. The
year also saw the signing a new five-year CBA,
which includes economic and non-economic
provisions to protect covered employees’
health, safety, rights, and livelihood.
We kept our shareholders apprised of
our financial performance with timely and
transparent disclosures, and continued to
improve our governance practices to ensure
the Bank remains fundamentally sound
and resilient. We paid P4.04 billion in cash
dividends in 2022, equivalent to P1.00/share
regular dividend plus P0.50/share special
dividend.
China Bank has been involved in a range of
philanthropies, partnering with various NGOs
to support worthy causes.

Regulators • Regular Audits and Reports With the stringent regulatory environment to We endeavor to maintain a mutually
• Regular Bangko Sentral ng Pilipinas ensure the stability of the financial system as beneficial relationship with our regulators by
(BSP) examination we recover from the pandemic, the regulators’ proactively collaborating with them to ensure
• Regular correspondences through letters primary concern continued to be compliance that regulatory issuances are accurately
with the rules and regulations. interpreted/ applied, timely communicated, and
and e-mails
properly implemented across all levels in the
organization.
Suppliers • Online meetings While restrictions on mobility eased to almost We continued to be understanding of the
• E-mail correspondences pre-pandemic levels, some problems remained issues faced by our suppliers, allowing some
• Accreditation and bidding process and our suppliers were still mainly concerned leeway to the extent practicable.
with meeting delivery due dates.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

36 Sustainability at China Bank

B ø÷Ì ÜÌĂęûû¸ûûá¸âĂ̜
3-1, 3-2

We conduct a Materiality Assessment based on
the following key objectives:
• To identify and prioritize which economic,
environmental, social or governance topic/issue
has an impact to and is impacted by the Bank
• To spot trends and anticipate emerging issues
rather than focused on banking to have a broader
scope and to avoid excluding potential topics. Thus,
we came up with a total of 36 material topics—six
for Economic, eight for Environment, fifteen for
Social, and seven for Governance.
The respondents assigned a score for each topic
based on the following:

• To focus efforts on allocating resources better SCORE

DESCRIPTION
LEVEL
4 ĘĂ÷¸á¸Üę.áôèŔ âĂ
Identify the Stakeholders
3 r¸÷ę.áôèŔ âĂ
Conduct the Survey 2 \èá¸ēÉ Ă.áôèŔ âĂ
Collect and Analyze the Data 1 CèĂûè.áôèŔ âĂ
BASIS OF OUR MATERIALITY
SCORECARD
- by scale, or how grave
is the impact;
- by scope, or how
widespread is the impact;
and
- by likelihood, or what
are the chance the
impact could happen.

Prioritize the issues and Secure Approval Upon receiving the responses, the ESG
Department consolidated them using an in-house
Address the Issues developed data tool. Results show that China
Bank’s top ten material topics are as follows:

For the 2022 materiality assessment, our 1 Health and Safety

respondents were China Bank officers, selected
based on the broad representation of their 2 Business Ethics

business/support function, area and scope in the 3 Corporate Governance

organization, expertise, and seniority. Discussions
were conducted to ensure understanding of the 4 b ܸâĂŖ÷ ®ĂÌèâ â´X¸Ă¸âĂÌèâ

purpose, process, and in validating the results. 5 Anti-Corruption and Anti-Bribery

In determining the potential economic, 6 Digitalization

environmental, social or governance topics, we 7 Labor Standards

considered various international sustainability
principles such as the GRI Standards and the 8 Training and Education

Sustainability Accounting Standards Board (SASB). 9 Innovation

We also designed the materiality assessment to
10 ®èâèáÌ®U¸Œè÷á ⮸
incorporate topics for a more generic company

CHINA BANKING CORPORATION


Sustainability Transition Plan
In the past two years, the Bangko Sentral
ng Pilipinas (BSP) has issued sustainable
finance regulations to foster wider adoption
of sustainability principles in the domestic
financial system: Circular No. 1085 on the
Sustainable Finance Framework in 2020,
Circular No. 1128 on the Environmental and
Social Risk Management System (ESRMS) in
2021, and Circular No. 1149 on the Guidelines
on the Integration of Sustainability Principles in
Investment Activities of Banks in 2022.
We believe that the BSP’s transformational
policies pave the way for banks to play key roles
in building a more sustainable and resilient
Philippine economy. Thus, we are committed to
do our part to help accelerate the low-carbon
transition of our country’s finance sector. We
established our ESG Department in 2021 with a
mandate to lead the collaboration across China
Bank in addressing sustainability considerations
in our lending, investment, risk management,
compliance, disclosure, and corporate social
responsibility activities. In 2022, we engaged
Moody’s Analytics as our external advisor in
setting up the ESRMS conducive to meeting
the expectations of the BSP in its Circulars.
The engagement includes capacity building,
ESG assessment on its existing policies and
procedures, profiling of its portfolios and the
establishment of its ESRMS, among others.
37
Key Accomplishments in 2022
1. Environment Risk Hazard Modeling Exercise
– conducted an initial assessment
on the potential exposures of our
branches to various events such as
earthquake, volcanic eruptions, or
flooding using HazardHunterPH.
2. Materiality Assessment for Internal
Stakeholders – conducted materiality
assessment to identify topics/
issues that have a significant impact
to our own internal stakeholders
(i.e. officers of the Bank) and to our
business.
3. \&UèŔÃèÜÌèU÷èōܸ÷ˁ – conducted an initial
assessment of our non-retail loan
portfolio to identify ESG risk profile,
Physical and Transition Risk Scores,
and gather its Scope 1 and 2 GHG
Emissions.
4. \&ûû¸ûûá¸âĂèâÉÌâ  âÙˁ–
conducted an ESG Assessment of
our existing policies/frameworks,
with the recommendations being
addressed by the responsible units.
5.  ô ®ÌĂęćÌÜ´ÌâÄˁ – conducted a series
of ESG-related trainings for our
Board of Directors, Management
Committee, and selected officers
from various units
6. Sustainability Awareness – released
bi-monthly infographics on various
sustainability-related topics and
required all China Bank employees
to complete the sustainability
module on LinkedIn Learning to
increase employees’ awareness on
sustainability.
*Part of engagement with Moody’s Analytics
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
38

Sustainability
U¸Œè÷á ⮸

Value Creation Model

Input Activity

FINANCIAL CAPITAL
Sound financial and earnings foundation SUSTAINABILITY
• ̪ɉˇɋɊɑˑɏɋ­ÌÜÜÌèâ assets
STRATEGY

• 15.92% capital adequacy

• ̪ɉɑˑɉɌ­ÌÜÜÌèâ net income

MANUFACTURED CAPITAL
Vast and secure physical and digital infrastructure
• 640 branches

• 1,044 ATMs

• 24/7 online and mobile banking facilities

HUMAN CAPITAL
Diverse and highly qualified personnel
• 10,283 permanent and fixed term employees

• 67% women; 33% men

INTELLECTUAL CAPITAL
Culture of continuous learning and improvement
BUSINESS
• ̪ɋɑˑɑɏáÌÜÜÌèâspent on employee training OPERATIONS

SOCIAL AND RELATIONSHIP CAPITAL

Strong brand reputation and customer relations Relationship
• 102 years of trusted banking service and advice Banking

• 98% customer satisfaction

Financial
• 99% issue resolution
Markets
• Sustained cyber resilience

NATURAL CAPITAL Savings Bank and

Efficient resource management
Bancassurance
• 25,706 MWh electricity consumption

• 435,045 cubic meters water consumption

CHINA BANKING CORPORATION

 39

Outcome SDG Contribution

Shared Growth
Our continued strong financial performance in 2022 enabled us to distribute higher
economic value through taxes paid to the government, dividends and interest paid
to shareholders and accountholders, salaries and benefits paid to employees, and
contribution to our communities

U&\ɲɮtoɲɯ ICbX.gb.ICbIb+\&s
U&ɲɰ .XbICIB.r<g&CXbC.\bX.gb

Engaged Workforce
We continued to make China Bank a great place to work, investing in the necessary
resources to attract, develop, retain, and protect employees who share our vision and
mission of wealth and value creation for our stakeholders

U&\ɲɱtoɲɶ +gBCX\IgX\
U&\ɲɷtoɳɮ +<b+Η\%by

\ ĂÌûō¸´ćûĂèá¸÷û
Our strong commitment to financial inclusion, consumer protection, data privacy and
cybersecurity continued to enhance our reputation as a trusted banking partner

U&\ɳɯtoɳɲ %.CC.<.C<g\.IC
U&\ɳɳtoɳɴ IC\gBXUXIbb.IC
U&\ɳɵtoɳɷ bUX.ryCyX\gX.by

Small Environmental Impact

As a financial institution, China Bank is more dependent on human and intellectual
capital than natural capital. Nevertheless, we continue minimizing our environmental
footprint to help protect the planet
U&ɴɮ  Cr.XICBCb<%IIbUX.Cb

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

40 \ćûĂ Ìâ ­ÌÜÌĂęU¸Œè÷á ⮸

Contribution to
Shared Growth

the SDGs
3-3, 203-1, 203-2
Small Environmental Impact \ ĂÌûō¸´ćûĂèá¸÷û Engaged Workforce

We take to heart our responsibility to help deliver on the

United Nations Sustainable Development Goals (SDGs).
We identified nine strategically relevant UN SDGs for
China Bank that resonate deeply with our vision and
mission. We believe that these are the key areas where
we can make the most positive contribution.

Target 1.4 Target 3.8

By 2030, ensure that all men and Achieve universal health coverage,
women, in particular the poor and including financial risk protection,
the vulnerable, have equal rights to access to quality essential health-care
economic resources, as well as access services and access to safe, effective,
to basic services, ownership and quality and affordable essential
control over land and other forms of medicines and vaccines for all.
property, inheritance, natural resources,
appropriate new technology and financial
services, including microfinance.

CONTRIBUTION CONTRIBUTION

• Provided support to 2,851 • Provided P1.25 billion in loans

MSMEs to the healthcare sector
• Provided P18.67 billion in loans • 153,050 lives insured
to MSMEs • P359.12 million in life
• Paid P7.84 billion in government insurance claims paid
taxes

Target 4.4 Target 4.7

By 2030, substantially increase the
number of youth and adults who have
relevant skills, including technical and
vocational skills, for employment, decent
jobs and entrepreneurship.
By 2030, ensure that all learners acquire the knowledge and skills
needed to promote sustainable development, including, among
others, through education for sustainable development and
sustainable lifestyles, human rights, gender equality, promotion
of a culture of peace and nonviolence, global citizenship and
appreciation of cultural diversity and of culture’s contribution to
sustainable development.

CONTRIBUTION

• 19,316 participants benefitted from the various Financial Literacy Programs of China Bank
and CBS
• Provided P1.58 billion in loans to the educational sector to build, maintain and upgrade
schools

CHINA BANKING CORPORATION


Target 5.5
Ensure women’s full and effective
participation and equal opportunities
for leadership at all levels of decision-
making in political, economic and public
life.
CONTRIBUTION
• 67% of employees are female
• 2 female Independent Directors
are in the Board
Target 7.1
By 2030, ensure universal access to
affordable, reliable and modern energy
services.
Target 7.2
By 2030, increase substantially the
share of renewable energy in the global
energy mix.
CONTRIBUTION
• Loans for energy access P18.43
billion
• Provided P17.75 billion in loans
to renewable energy
Target 8.8
Protect labour rights and promote safe
and secure working environments for all
workers, including migrant workers, in
particular women migrants, and those in
precarious employment.
Target 8.10
Strengthen the capacity of domestic
financial institutions to encourage and
expand access to banking, insurance
and financial services for all.
CONTRIBUTION
• 640 branches
• 1,044 ATMs
• 10,283 permanent and fixed
term employees
• P8.13 billion in salary and
benefits paid to employees
• 17.16 million in safe man-hours
recorded
41
Shared Growth
Target 9.3
Increase the access of small-scale
industrial and other enterprises, in
particular in developing countries, to
financial services, including affordable
credit, and their integration into value
chains and markets.
Engaged Workforce \ ĂÌûō¸´ćûĂèá¸÷û Small Environmental Impact
CONTRIBUTION
• Provided P573 billion in
business loans to corporate,
SME, and middle market
segments
Target 12.6
Encourage companies, especially large
and transnational companies, to adopt
sustainable practices and to integrate
sustainability information into their
reporting cycle.
CONTRIBUTION
• China Bank has been
publishing a combined annual
and sustainability report for the
last five years
Target 16.6
Develop effective, accountable and
transparent institutions at all levels.
CONTRIBUTION
• Five-Golden Arrow awardee
for corporate governance
excellence
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
42 \ćûĂ Ìâ ­ÌÜÌĂęU¸Œè÷á ⮸

Direct Economic Value

Shared Growth

Generated and Distributed

Small Environmental Impact \ ĂÌûō¸´ćûĂèá¸÷û Engaged Workforce

3-3, 201-1̜

The wealth we create through our business IPO, the Company had two operating solar
operations is distributed to create value for our power projects – RASLAG-1 and RASLAG-2 –
stakeholders. with a combined capacity of 23.19 Megawatt-
peak (MWp). Proceeds of the IPO will be used
In 2022, we only retained 31% of the wealth to develop the Company’s next solar power
we produced, distributing 69% of it to our projects.
shareholders, customers, employees, suppliers,
as well as for economic and social development. 2. SMC Global Power Holdings Corp.’s
(SMCGP) PHP 40.0 Billion Fixed Rate Bonds
due 2025, 2028, and 2032 – as San Miguel
ECONOMIC VALUE TABLE
(in million PHP) Corporation’s power holding company, SMCGP
METRICS 2020 2021 2022 and its subsidiaries are primarily engaged in the
Economic Value Generated 38,410 41,903 49,255 generation, supply and sale of electric power
and accounts for a significant portion of the
Economic Value Distributed 29,024 29,483 34,157
installed capacity in the Philippines. A large
Operating Costs 8,163 11,371 11,515
part of the bond proceeds would be used by
Employee Wages and Benefits 7,522 7,498 8,133 the company to shift to cleaner fuel sources
Payments to Providers of Capital 6,111 4,790 6,653 such as LNG and solar technologies as well
Payments to Governments 7,226 5,816 7,844 as the development of battery energy storage
Community Investments 2 7 12
systems.

Economic Value Retained 9,386 12,240
We also arrange financing for companies that are
into transition and renewable energy. In 2022,
China Bank Capital raised over P43 billion in
sustainability-related financing.
1. Raslag Corp.’s PHP 805 Million Initial Public
Offering (IPO) – a Kapampangan renewable
energy developer, which prides itself on
being one of the pioneers of solar energy
development in the region. At the time of the
15,098 3. Premiere Island Power REIT Corporation’s
PHP 2.4 Billion IPO – a holding company and
envisioned to be the real estate investment
trust (REIT) platform for the power and
infrastructure assets of its ultimate parent,
Prime Asset Ventures, Inc. (PAVI). Proceeds
of the offer will mainly be used to expand its
portfolio into renewable power generation,
primarily through PAVI’s subsidiary PAVI Green,
which is committed to contributing 1,000MW
of renewable power in three to five years.

CHINA BANKING CORPORATION

 43

Human

Shared Growth
Resources
3-3, 2-7, 2-8

Engaged Workforce \ ĂÌûō¸´ćûĂèá¸÷û Small Environmental Impact

TOTAL 2021 2022
We strive to be among the best employers in BY LEVEL 2021 2022
the Philippines, fostering a culture of integrity, Rank-and-File 5,930 6,335
accountability, collaboration, continuous NCR 3,736
development, and meritocracy to attract, Luzon 1,474
motivate, and retain the best people to best serve Visayas 685
our customers. Mindanao 440
Junior-Middle Management 3,441 3,531
In 2022, the total workforce of the China Bank
NCR 2,127
Group reached 10,283, of which 10,237 were
Luzon 822
permanent and 46 were fixed-term employees.
Visayas 354
Mindanao 228
TOTAL 2021 2022 Senior Management 376 417
Number of Employees 9,747 10,283 NCR 370
NCR 6,233 Luzon 27
Luzon 2,323 Visayas 12
Visayas 1,051 Mindanao 8
Mindanao 676

BY AGE GROUP 2021 2022

BY GENDER 2021 2022 Below 30 years old 4,602 4,865
Male 3,214 3,398 NCR 3,035
NCR 1,930 Luzon 993
Luzon 859 Visayas 494
Visayas 333 Mindanao 343
Mindanao 276 Between 30-50 years old 4,370 4,539
Female 6,533 6,885 NCR 2,644
NCR 4,303 Luzon 1,126
Luzon 1,464 Visayas 483
Visayas 718 Mindanao 286
Mindanao 400 Above 50 years old 775 879
NCR 554
Luzon 204
Visayas 74
Mindanao 47

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

44 \ćûĂ Ìâ ­ÌÜÌĂęU¸Œè÷á ⮸
Shared Growth
Small Environmental Impact \ ĂÌûō¸´ćûĂèá¸÷û Engaged Workforce

Finding the Right Talents TOTAL 2021 2022

3-3, 401-1 New Hires 1,030 2,481

NCR 1,598
Our people are our most valuable asset and we Luzon 447
go to great lengths to find, develop, and keep Visayas 237
them. During the pandemic, our recruitment Mindanao 199
initiatives became more extensive and digitized.
Traditional channels such as campus recruitment, BY GENDER 2021 2022
career fairs, and internal referral programs were Male 383 760
expanded and improved to capture the best NCR 431
talents, leveraging technology to reach more Luzon 168
potential candidates. Visayas 81

• Internal Recruitment Drive (IRD) Mindanao 80

We engage our existing employees to take Female 647 1,721

part in our recruitment efforts and be rewarded NCR 1,167

for their referrals. In 2022, IRD continued to Luzon 279
be the number one source of new officer and Visayas 156
staff hires, accounting for 40% of the total new Mindanao 119
hires for the year.
BY AGE GROUP 2021 2022
• Online Pre-Employment Assessment
Below 30 years old 744 1,978
In 2022, we launched the Online Pre-
NCR 1,290
Employment Assessment, enabling candidates
Luzon 355
for officer and rank-and-file positions to
Visayas 191
conveniently complete our basic mental ability
Mindanao 142
tests, as well as personality and behavioral
assessments online. Between 30-50 years old 253 458
NCR 277
• Onsite Recruitment
Luzon 82
We strengthened our recruitment efforts with
Visayas 44
a program to hire qualified candidates onsite.
Mindanao 55
In 2022, we conducted 60 onsite recruitment
Above 50 years old 33 45
events in major malls and hotels to fill staff
NCR 31
vacancies in Metro Manila. With the help of
Luzon 10
these events, along with other means, we
Visayas 2
were able to decrease our staff vacancies by
Mindanao 2
66%, as of December 31, 2022.

CHINA BANKING CORPORATION

 45

Shared Growth
Engaged Workforce \ ĂÌûō¸´ćûĂèá¸÷û Small Environmental Impact
U÷èáèĂÌâÄÌĒ¸÷ûÌĂę â´öć ÜIôôèŔćâÌĂę
405-1, 406-1

Our diverse workforce with their broad range of skills, experience, and
background enables us to respond to challenges and opportunities and meet
our customers’ needs in a fast-changing world. Women are well represented
at all levels and we take appropriate steps to support future female leaders.

MALE FEMALE MALE FEMALE

2021 2022 2021 2022 2021 2022 2021 2022

By Level No. of Employees in 155 149 139 130

IT Positions
Rank-and-File 1,783 1,898 4,147 4,437
NCR 1,043 2,693 No. of Employees in
Engineering 11 10 5 7
Luzon 508 966 Positions
Visayas 194 491
STEM-related 166 159 144 137
Mindanao 153 287 Functions
Junior Management 357 348 610 525
No. of Employees in 670 919 968 1,546
NCR 126 310 Sales Positions
Luzon 118 114
NCR 404 915
Visayas 51 73
Mindanao 53 28 Luzon 282 364
Middle Management 919 977 1,555 1,681
NCR 605 1,086 Visayas 130 171

Luzon 224 366

Mindanao 103 96
Visayas 82 148
Mindanao 66 81

Senior Management 155 175 221 242

NCR 156 214
Luzon 9 18
Visayas 6 6
Mindanao 4 4

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

46 \ćûĂ Ìâ ­ÌÜÌĂęU¸Œè÷á ⮸
Shared Growth
Small Environmental Impact \ ĂÌûō¸´ćûĂèá¸÷û Engaged Workforce
Providing Fair and Competitive
Compensation
201-3, 401-2, 401-3̜
Our employee remuneration policy is anchored on
the principle of fair, transparent, and performance-
based reward. We provide fair and competitive
salary and benefits to China Bank Group
employees commensurate with their experience,
responsibilities, job grade/corporate rank and
position title. For senior positions, we also
benchmark against the executive compensation
for the same positions in comparable
organizations (similar size, organizational structure,
business risk, and management complexity).
Maintaining Strong Employee Relationship
Through CBA
2-30
We recognize that labor unions provide a
necessary complement to legislated employee
benefits and protections. China Bank and CBS
each have a union. In 2022, China Bank and
the China Banking Corporation Employees’
Association signed a new five-year collective
bargaining agreement (CBA) for 2022 to 2027.
Meanwhile, our thrift bank’s CBA, entered in 2019,
will expire in 2024. In 2022, 49% of our total
workforce was covered by CBA.
2021 2022
Percent of workforce 53.7% 49.4%
covered by CBA
CHINA BANKING CORPORATION
Developing Talents
2-4, 404-1, 404-2
We advocate continuous learning and up-skilling
to develop our employees to their full potential.
Both online and in-person, our employees have
access to a wide range of leadership, marketing,
personal development, technical, and other
training programs and courses through the China
Bank Academy, our e-learning platform named
Learning EDGE, and our partnership with LinkedIn
Learning. As needed, we also sponsor employees’
external training. In 2022, we recorded a total of
292,734 training hours, which translated to 28.47
training hours per employee. Of the total training
hours, 73% went to female, while 27% went to
male employees. The total investment for training
and education in 2022 amounted to P39.97 million,
or P3,887 per employee.
China Bank employees have unlimited access to thousands of LinkedIn
Learning’s courses and learning content across business, creative,
and technical categories, some of which are eligible for certification
and professional credits. The Bank named the platform Learning EDGE
(Empowered talents Driving Growth and Excellence), now the centralized,
always available e-learning platform, complementing the Bank’s in-house
training and development programs through China Bank Academy. Employees
can customize their learning pathways using the assessment tool on Learning
EDGE to find curated learning content for their specific job functions, or to
discover new growth opportunities for their roles.
 47

Shared Growth
Engaged Workforce \ ĂÌûō¸´ćûĂèá¸÷û Small Environmental Impact
TRAINING HOURS 2021 2022
2021
TRAINING HOURS 2021 2022 INVESTMENTS ON TRAINING Restatement 2022
Total Training Hours 180,270 292,734
Total Amount Spent on 23,691,488 39,974,448
NCR 87,716
Training (PHP)
Luzon 147,449
Visayas 38,228 Amount Spent on Training
Mindanao 19,341 per Employee 2,431 3,887
(PHP/employee)
BY GENDER 2021 2022
Male 52,815 79,395
NCR 26,755 Recognizing and Rewarding Hard Work
Luzon 34,726 404-3
Visayas 11,151
Mindanao 6,763 We also support employee development and
Female 127,455 213,339 advancement through continuous conversations
NCR 61,465 and feedback, annual key result area setting
Luzon 112,219 and performance appraisal, and promotion. We
Visayas 27,077
ensure that our employees are aware of their
Mindanao 12,578
specific deliverables and that their performance
TOTAL 180,270 292,734
is objectively evaluated. In addition, to strengthen
BY LEVEL 2021 2022 our current bench and future talent pipeline,
Rank-and-File 92,347 226,126 we conduct periodic talent reviews and
NCR 63,358 succession planning, guided by our Performance
Luzon 118,486
Management System and Succession
Visayas 29,423
Mindanao 14,859
Management Program, to identify potential
Junior Management 81,229 14,468 successors for our senior leadership positions. In
NCR 4,718 2022, a total of 1,797 employees were promoted,
Luzon 5,758 20% higher than in 2021.
Visayas 2,864
Mindanao 1,127 NUMBER OF PROMOTED EMPLOYEES
Middle Management 6,366 46,947 2021 2022
NCR 15,577
Male 551 597
Luzon 22,316
Visayas 5,682 Female 950 1,200
Mindanao 3,372
Senior Management 328 5,193
PROMOTION BY GENDER IN 2022
NCR 4,031
MALE FEMALE
Luzon 881
Visayas 259 Rank and File 262 582
Mindanao 23 335 618
IŇ®¸÷û
TOTAL 180,270 292,734

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

48 \ćûĂ Ìâ ­ÌÜÌĂęU¸Œè÷á ⮸
Shared Growth
Small Environmental Impact \ ĂÌûō¸´ćûĂèá¸÷û Engaged Workforce

Managing Employee Turnover

2-25, 401-1

We endeavor to drive employee loyalty through our sound recruitment and

employment practices, competitive compensation and benefits structure, and
positive culture of continuous development. However, we recorded a higher
turnover rate of 19.6% when we implemented 100% onsite work in 2022.

TOTAL 2021 2022

TOTAL 2021 2022 BY AGE 2021 2022

Separated Employees 1,108 1,990 Below 30 years old 679 1,335

NCR 1,320 NCR 886
Luzon 352 Luzon 239
Visayas 191 Visayas 131
Mindanao 127 Mindanao 79
Turnover Rate 11.31% 19.6% Between 30-50 years old 335 548
NCR 368
BY SEPARATION RATE 2021 2022 Luzon 90
Voluntary 1,008 1,899 Visayas 46
NCR 1,261 Mindanao 44
Luzon 335 Above 50 years old 94 107
Visayas 182 NCR 66
Mindanao 121 Luzon 23
Involuntary 100 91 Visayas 14
NCR 59 Mindanao 4
Luzon 17
Visayas 9 BY GENDER 2021 2022
Mindanao 6 Male 344 587
NCR 378
Luzon 119
Visayas 47
Mindanao 43
Female 764 1,403
NCR 942
Luzon 233
Visayas 144
Mindanao 84

CHINA BANKING CORPORATION


Health and
Safety
3-3, 403-1, 403-2, 403-6, 403-7, 403-8
Our employees’ overall wellbeing is important
to us. We provide a healthy and safe working
environment at all our offices and branches in
line with industry best practices and occupational
safety and health (OSH) standards.
In compliance with RA 11058 (An Act
Strengthening Compliance with Occupational
Safety and Health Standards), we conduct
periodic reviews of our OSH policies and
procedures to ensure alignment with current
regulations and industry standards and practices.
Some of our existing OSH policies include:
1. Drug-free Workplace Policy
2. Tuberculosis Prevention and Control in
the Workplace Policy
3. Hepatitis B Prevention and Control in the
Workplace Policy
4. HIV and AIDS Prevention and Control in
the Workplace Policy
5. Alcohol-free Workplace Policy
6. Smoke-free Workplace Policy
7. Anti-sexual Harassment Policy
8. ÷¸ ûุ´ÌâÄUèÜÌ®ę
9. Mental Health Policy
10. Healthy Lifestyle in the Workplace Policy
49
Shared Growth
Engaged Workforce \ ĂÌûō¸´ćûĂèá¸÷û Small Environmental Impact
In addition, we have emergency procedures
and evacuation plans in case of disasters and
calamities. We have a Corporate Safety and
Health Committee, the overall governance
body responsible for implementing the Bank’s
OSH policies and programs, supported by our
Emergency Response Team and Fire Brigade
Team that act as internal first responders during
emergency situations.
Spreading Health and Safety Awareness
To ensure consistency and compliance within
the whole organization, we conducted a series
of virtual orientations on Occupational Safety and
Health standards and other Department of Labor
& Employment compliance-related matters in
2002. We recorded a 95% participation rate of our
branch personnel— Region Heads, Area Heads,
Branch Heads, Branch Operations Heads and
other main OSH drivers in the branches—in the
virtual orientations.
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
50 \ćûĂ Ìâ ­ÌÜÌĂęU¸Œè÷á ⮸
Shared Growth
Small Environmental Impact \ ĂÌûō¸´ćûĂèá¸÷û Engaged Workforce

Promoting Health and Wellness

403-6

In 2022, we sustained our health and wellness

programs aimed at preventing accidents,
managing stress, and minimizing cases of work-
related ill health. These included:

• Work-Life Integration Programs (ex. Online

Yoga, Painting, Essential Oil Making)
• The Mind Hub - #MentalHealthMatters Series
• Taking Care of our Mental Health Webinar
• Celebration of World Mental Health Day
• Seminars for health diet
Ensuring Covid-19 Protection • Physical fitness program
As part of adapting our workplace health and • Annual Physical exam & executive check-up
safety protocols to the current context and • Annual preventive vaccines
situation, we strongly encouraged our employees
to be vaccinated, including getting the booster SICK LEAVE UTILIZATION RATE
shot. We expanded our COVID-19 Vaccination GENDER 2021 2022
Program to provide booster vaccination to eligible Male 69% 81%
employees and their immediate family members.
Female 77% 90%
Aside from coordinating with the SM Group and
various LGUs, we also tapped the Philippine Red Total 74% 87%

Cross’ Bakuna Bus for easy access to COVID-19

%b<.b.\C<I\b˼b.B.C8gX.\˻BU<Iy\
vaccines. As of December 31, 2022, 93% of
our existing workforce has been fully vaccinated 2021 2022

with primary series. Of the total population, 11%

No. of Lost-time Injuries 336 356
received 2 booster shots and 70% received 1
booster shot. A total of 530 employees received
Covid vaccine shots through the Red Cross’ Employee total hours worked 14,141,535 17,155,246
Bakuna Bus.
Company Lost Time Injury
Frequency Rate (LTIFR) - 0.00238% 0.00208%
Employees

CHINA BANKING CORPORATION


Financial
Inclusion
3-3, 413-1
We refer to financial inclusion as our way of
ensuring that China Bank’s financial products
and services are accessible to more people
and are delivered sustainably. We enable equal
access to economic opportunities, especially for
the unbanked or underserved, by empowering
Filipinos with the access, tools, and support
to join the formal financial system, take part in
e-commerce, improve their financial health, and
secure their future.
In 2022, we embarked on several initiatives to
contribute to the National Strategy for Financial
Inclusion of the Bangko Sentral ng Pilipinas (BSP).
Lowering the Barriers to Account Opening
A basic indicator of financial inclusion is account
ownership. Results of the BSP’s 2021 Financial
Inclusion Survey (FSI) revealed that 56% of the
country’s adult population owned a financial
account, a big improvement from only 29%
before the pandemic. However, the main barriers
to account ownership like the lack of documents
and/or funds to open an account remain a
challenge.
51
Shared Growth
Engaged Workforce \ ĂÌûō¸´ćûĂèá¸÷û Small Environmental Impact
To make it easy and affordable for more Filipinos
to open a bank account, we launched our online
account opening mobile app China Bank START
in July. Our retail banking arm also launched
their own version in November, CBS Go. These
user-friendly but highly secure apps enable a
new customer to conveniently open a savings
account with China Bank or CBS with just one
government-issued ID and even without an initial
deposit—accounts opened through these apps
can be funded within 90 days.
China Bank START and CBS Go help bring our
services closer to more customers, even in areas
where they may be no China Bank or CBS branch.
In 2022, a total of 2,116 new accounts were
opened though these apps.
Enabling Fast and Secure Digital Payments
While cash is still the dominant payment mode,
the BSP’s 2021 FSI survey also showed that
the shift to cashless payments has begun. For
online purchases, cashless payments jumped to
18% from 1% in 2019. For in-store purchases,
payments through payment terminals and mobile
app increased to 13% and 9%, respectively, from
zero before the pandemic.
We promote digital payments to drive financial
inclusion. China Bank is an active participant of
the National Retail Payment System and among
the first banks to be part of PesoNet, InstaPay,
QRPH person-to-person (QRPH P2P), and QRPH
person-to-merchant (QRPH P2M). We also
provide POS devices to partner merchants in
remote areas.
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
52 \ćûĂ Ìâ ­ÌÜÌĂęU¸Œè÷á ⮸
Shared Growth
Small Environmental Impact \ ĂÌûō¸´ćûĂèá¸÷û Engaged Workforce

In 2022, our PesoNet and Instapay transactions

jumped by 96% and 13%, respectively.
Meanwhile, transactions increased by 54% for
QRPH P2P, and by 978% for QRPH P2M.

96%
Increase in PesoNet
transactons

13%
Increase in InstaPay
transactons
Making Stock Investing Easy
Technology has made investing more accessible
In most provinces in the country, cash is the
to investors. According to the Philippine Stock
preferred payment mode. We offer our POS
Exchange’s latest Stock Market Investor Profile
Cashout Service in remote areas where deploying
Report, the number of stock market accounts
and servicing an ATM is difficult. Through our POS
increased by 24% to nearly 1.2 million in 2021.
Cashout Service, customers can withdraw from
Online stock trading accounts spurred interest
their debit or ATM accounts via a POS terminal.
in local stock market trading not only among the
In the aftermath of Typhoon Paeng in October 2022 affluent, but also in lower-income and mostly
which devastated Maguindanao and Cotabato, younger Filipinos.
our POS Cashout Service helped affected families
To encourage more retail investors to invest in the
with their cash needs. The POS terminal at Upi
stock market, our stock brokerage arm China Bank
One Six Eight in Upi, Maguindanao, enabled
Securities launched its own digital stock trading
ATM cardholders of China Bank and other banks
platform, ChinaBankSec Online. Accessible on
to access their funds to buy food, water, and
various platforms and devices, ChinaBankSec
medicine. And because the province lacked ATM
Online makes buying and selling PSE-listed
and cashout facilities, people from the outskirts
stocks convenient. It is also packed with features
and nearby communities also travelled to Upi to
and helpful tools to help investors make more
withdraw money via our POS terminal.
informed decisions.

CHINA BANKING CORPORATION


Opening an online trading account is fast and
easy with ChinaBankSec Online’s video call
identity verification option. No initial deposit
is required for China Bank depositors who
designate their existing China Bank account as
the settlement account.
In 2022, the number of China Bank Securities’
trading accounts increased by 145%, with online
trading accounts making up for 60% of the total
accounts.
CHINA BANK SECURITIES
TRADING ACCOUNTS
58%
Online
2022
42%
Traditional
B ÙÌâÄ.âûć÷ ⮸ńè÷´ ­Ü¸
Insurance provides people with a safety net
for coping with unexpected shocks. However,
insurance ownership is highly skewed to the A,
B, and upper C socio-economic class, according
to the BSP’s 2021 FSI survey. To make insurance
inclusive and enable lower income families and
individuals to benefit from life insurance coverage,
our bancassurance joint venture Manulife China
Bank Life Assurance Corporation (MCBL) offered
Secure Pinoy, an affordable term insurance plan
53
Shared Growth
Engaged Workforce \ ĂÌûō¸´ćûĂèá¸÷û Small Environmental Impact
that provides life protection, or accident and
medical reimbursement, for as low as P1 a day*
or P500 a year.
Exclusive to CBS China Bank Savings customers,
Secure Pinoy is available in four annual premium
plans: P500, P1,000, P2,500, or P5,000. For the
P500 entry-level plan, customers can get P35,000
worth of life insurance coverage for one year, or
P200,000 coverage for death due to an accident
plus P10,000 coverage for accidental medical
reimbursement. Secure Pinoy policyholders
can also extend their coverage to their family
members.
In 2022, 123 CBS customers have secured their
future with Secure Pinoy.
Developing a Culture of Saving
Many OFWs still struggle financially and some
even return home after years abroad with little or
no savings. This happens because not everyone
has a good grasp of money management. To
help address this, we conduct Pre-Departure
Orientation Seminars (PDOS) for workers bound
for abroad. We provide practical tips and advice
on setting financial goals, managing debt, and
establishing a savings discipline to help them
transform from carefree spenders to conscious
savers.
Over 19,316 OFWs benefitted from the PDOS we
conducted in 2022. We also recorded an increase
in the number of accountholders of our savings
account for OFWs, OKS account—by 2% for the
peso variant and by 19% for the dollar variant.
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
54 \ćûĂ Ìâ ­ÌÜÌĂęU¸Œè÷á ⮸
Shared Growth
Small Environmental Impact \ ĂÌûō¸´ćûĂèá¸÷û Engaged Workforce

literacy. The laptops were distributed to DepEd’s

Regional focal point persons tasked with leading
the implementation of digital education programs
and activities. CBS also turned over P5.8 million
in prizes and giveaways during the National
Teachers Day 2022 celebration in Bangued, Abra.
CBS donated a brand-new Toyota Innova SUV, 30
Honda motorcycles, 26 Dell laptops and other
giveaways to 3,700 teacher delegates and guests.

Investing in Our Communities

3-3, 413-1

We value our commitment in sustaining the trust

of our stakeholders as part of our Corporate Social
Responsibility (CSR) policy. These commitments
are anchored to the Bank’s mission, vision, and
core values through continuously supporting
environmental and social development via
community investments.

In 2022, we continued our educational grants

for deserving children of China Bank employees
under the Dee C. Chuan (for college) and the
Gilbert U. Dee (for high school) scholarship funds.
We also strengthened our education advocacy
through our savings bank subsidiary. CBS made
a P6 million endowment for public education to
the Department of Education (DepEd). Part of
the endowment was the donation of 36 laptops
to DepEd in support to the promotion of digital

CHINA BANKING CORPORATION


Consumer
Protection
3-3
Consumer protection is a fundamental
responsibility for China Bank. We are committed
to protecting and upholding consumers’ rights,
including their right to information about our
products and services, their right to data privacy
and transaction security, their right to fair
treatment, and their right to redress.
The Board is responsible for approving
and overseeing the implementation of our
Consumer Protection Risk Management
System and Consumer Assistance Mechanism
(CAM), while Management is in charge of its
proper implementation, ensuring the effective
management of day-to-day consumer protection
activities, and strict compliance with internal
policies and applicable laws and regulations.
The Bank’s Consumer Protection Framework is
anchored on the following pillars:
Board and Management Responsibility
Consumer Protection Risk Management System
Institutional Culture
Disclosure and Transparency
ń¸®ĂÌĒ¸ â´Xè­ćûĂèáôÜ ÌâĂû+ â´ÜÌâÄ
Our Customer Contact Center (CCC) team handles
all our customer assistance channels and reports
consolidated complaints to the Risk Oversight
committee via Risk Management Group (RMG).
Meanwhile, our Service Standards & Quality
55
Shared Growth
Engaged Workforce \ ĂÌûō¸´ćûĂèá¸÷û Small Environmental Impact
Department (SSQ), together with client-facing
units, ensures that important client feedback are
captured and communicated to the Bank’s product
and/or service owners.
Managing Customer Interactions
CCC ensures the resolution of client concerns
within the standard turnaround time (TAT) of
the BSP. The team, led by the Chief Consumer
Assistance Officer (CCAO), monitors and manages
customer feedback and complaints based on set
guidelines, reports consolidated complaints to
the Risk Oversight Committee through the Risk
Management Group, and submits quarterly reports
to the Supervisory Data Center of the BSP.
In 2022, CCC handled 265,798 client calls, emails,
social media, YouTube and Viber messages.
Majority or 55% of these interactions were
inquiries; while only 6% were complaints, 96% of
which were resolved within set standards.
CLIENT INTERACTIONS BY CALL TYPE
55%
Inquiry
27%
Request
2022
12%
Others
6%
Complaint
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
56 \ćûĂ Ìâ ­ÌÜÌĂęU¸Œè÷á ⮸
Shared Growth
Small Environmental Impact \ ĂÌûō¸´ćûĂèá¸÷û Engaged Workforce

Measuring Customer Satisfaction

INBOUND CALLS CUSTOMER
We conduct year-round customer satisfaction SATISFACTION SURVEY
surveys to know how well we are serving our
customers and to see where we can improve.

• Branch Customer Feedback 63%

Bank Services
We collected over 28,000 valid customer
feedback forms in 2022 from our branches 2022
nationwide which yielded an improved overall
satisfaction rating of 97%. 37%
Credit Card

ATTRIBUTES 2021 2022

Overall Satisfaction 95% 97%

Queue Time 95% 96%

Assisting Customers
Account Opening 96% 97%
Our existing and potential customers can easily
Deposit/Withdrawal 95% 97%
reach us and get assistance through various
Branch Premises 96% 96% channels aside from our branches nationwide,
ATM Services 96% 97% which are listed on page 126.

Security Guards 96% 97% For reports on fraudulent activities or unethical

• Inbound Calls Customer Satisfaction Survey
We recorded nearly 8,000 responses via
inbound calls in 2022 which revealed an Overall
Satisfaction (OSAT) score of 98% and an Issue
Resolution (IR) score of 99%.
behavior, customers can call the Customer
Contact Center hotline (see page 156) or use our
Whistleblowing channel (see page 75).
For general information on China Bank,
including products and services and corporate
developments, customers can visit www.
chinabank.ph.

97% 98%
OSAT- Branch OSAT - Inbound
Customer Calls Customer
Satisfaction Survey Satisfaction Survey

CHINA BANKING CORPORATION


Data Privacy and
Cyber Security
3-3, 418-1
Protecting our customers’ and China Bank’s data
and securing our information technology (IT)
systems are of paramount importance in this
increasingly digital world; thus, we make every
effort to ensure that data is acquired with consent
and handled with care and responsibility, and our
IT infrastructure is sufficiently protected from any
unauthorized access.
The growing reliance on technology calls for
greater cyber resilience: having a robust cyber
defense to prevent cyberattacks and cutting-edge
detection and recovery capabilities to ensure
uninterrupted operation even during or after an
attack. We are continuously strengthening China
Bank’s cyber security program, reinforcing it with
cyber threat intelligence to identify and prepare
for both existing and emerging threats, to ensure
our cyber resilience now and in the future.
Keeping Up With Data Privacy Laws
We are committed to data protection to earn and
maintain our stakeholders’ trust. Our data privacy
efforts are guided by the principles of transparency,
legitimate purpose, and proportionality. We also
take into account the five pillars of compliance with
current data privacy regulations:
Commit to Know your Write your
Comply Risks Plan
57
Shared Growth
Engaged Workforce \ ĂÌûō¸´ćûĂèá¸÷û Small Environmental Impact
Our compliance with the Data Privacy Act of 2012,
its implementing rules and regulations, policies,
and related issuances from the National Privacy
Commission is underpinned by organizational,
physical, procedural, and technical security
measures to secure personal information and
sensitive personal information (“personal data”).
To ensure that we meet our stakeholders’
expectations on data privacy and security, we
regularly review and assess the controls currently
in place and replicate those controls in the
cloud in support of the cloud first approach of
our IT team. We also use cloud-based security
technologies that provide flexible and scalable
security controls and continuously develop
security automation and orchestration to
streamline our security assessment and response
capabilities.
In 2022, we updated the Data Privacy Notice
in our website to inform existing and potential
clients of the changes on what, how and why
their personal data is being collected from them.
We also launched the Data Privacy Consent
gathering project via our website to capture the
consent of our existing clients who have not yet
Be Be Prepared
Accountable for Breach
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
58 \ćûĂ Ìâ ­ÌÜÌĂęU¸Œè÷á ⮸
Shared Growth
Small Environmental Impact \ ĂÌûō¸´ćûĂèá¸÷û Engaged Workforce

provided their data privacy consent. We extended (ISO) and the Risk Management Group (RMG)
this initiative, utilizing various channels to gather in managing and implementing the Bank’s IT
data privacy consent of clients, including various security strategy. Cyber security risks are among
bank forms which we started to update to have a the risks regularly discussed in the Board’s Risk
standard data privacy clause. Oversight Committee. To strengthen our strong
cyber security foundation and defense, security
Managing Customer Data assessment and penetration testing of our IT
systems are regularly conducted by both our
Customer data is used in different ways, which
in-house cyber security team and independent
includes performing Know-Your-Customer (KYC)
parties. We also enjoin our stakeholders in the
examination, evaluating and/ or processing
fight against cyber attacks through our cyber
loan or investment applications, evaluating
security campaign on our website and social
creditworthiness, among others. For customers’
media channels. In 2022, we continued to
guidance and information, China Bank’s Data
communicate with our customers on keeping
Privacy Notice and Implementation is disclosed in
their personal information safe and spotting and
our corporate website.
avoiding cyber scams and threats.
We request for customer consent for any data
Aside from a robust IT system and cyber security
sharing and data retention activities prior to using
program, we take pride in our highly capable
the personal information. A customer can notify
IT Team. China Bank’s cyber threat analysts
us in writing if consent to process and/ or share
emerged as champions of INPHILTRATE 2022,
personal data is declined. In 2022, a total of
a cyber security competition organized by Cisco
five data privacy breaches were reported to the
Philippines. China Bank beat 32 other local
Data Privacy Office, none of which fell under the
teams in simulation games of real-world cyber
mandatory reporting of breaches to the National
threats. INPHILTRATE presented participants with
Privacy Commission because of the controls we
security challenges in the guise of capture-the-
have in place.
flag-missions, where teams took turns playing
both offensive and defensive cyber security roles.
Reinforcing Cyber Security
The competitors’ anti-hacking skills were put to
Our Cyber Security Program is aligned with the test in tough challenges that included cyber
government and industry best security practices reconnaissance, open-source threat intelligence,
to provide a safe and secure banking environment threat hunting, malware analysis, and forensics,
for our customers. Our IT Team (China Bank among others.
Properties & Computer Center, Inc.), led by
the Chief Technology Officer (CTO), work hand
in hand with the Information Security Office

CHINA BANKING CORPORATION

 59

Shared Growth
Engaged Workforce \ ĂÌûō¸´ćûĂèá¸÷û Small Environmental Impact
Regular security assessment and penetration
testing of our IT systems are being conducted
by both our in-house cyber security team
and independent parties to ensure control
effectiveness.

In 2022, we started and/or completed the

following cyber security initiatives:

• SOC training for cloud security

• Review of security controls in place on-

premises

• Verification that information captured

on-premises are also captured in cloud
infrastructure

• Ongoing review services and systems on

cloud

• Engagement of 3rd party to conduct

independent assessment of the Bank’s
vulnerabilities

• Establishment of a threat intelligence

program and collaboration with industry
peers to identify and protect against ongoing
and emerging threats

• Setup a 24x7 Security Operations Center to

continuously monitor and respond to cyber
attacks targeting the Bank

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

60 \ćûĂ Ìâ ­ÌÜÌĂęU¸Œè÷á ⮸

Environmental
Shared Growth

Footprint
3-3
Small Environmental Impact \ ĂÌûō¸´ćûĂèá¸÷û Engaged Workforce

We keep our environmental footprint as small as Managing Electricity Consumption and

possible by being conscious of our energy and
water consumption and reducing wastage in every
way we can.
While the nature of financial sector is not an
intensive user, we recognize the need to be prudent
on the use of all natural resources and as such,
we keep track on our usage to ensure it remains
minimal.
Managing Fuel Consumption
302-1, 2-4
China Bank’s direct emission or Scope 1 mostly
comes from the fuel consumption of generator
sets during power interruptions and the fuel used
by armored vehicles in servicing our branches. To
compute for the Scope 1 emissions, we calculated
following the operational control approach of the
Greenhouse Gas Protocol. Under the operational
control approach, a company accounts for 100%
of emissions from operations over which it or
Indirect Emission̜
305-1, 305-2
In calculating Scope 2, China Bank based it on
emissions coming from assets not owned or directly
controlled by the bank, but more linked with its
activities, such as purchased and consumed electricity
and fuel consumption from third party sources. In
accordance with the accounting method for Scope
2 of the GHG Protocol Corporate Accounting and
Reporting Standard, which refers to the indirect
emissions created by electricity generation to the end
consumers of a given grid, we applied the “location-
based” method since the physics of energy production
and distribution functions the same way in almost all
grids, with electricity demand causing the need for
energy generation and distribution. We used the latest
available Simple Operating Margin Emission Factors
from the Department of Energy’s (DOE) National Grid
Emission Factors for Luzon-Visayas and for Mindanao.
2020 2021 2022

one of its subsidiaries has operational control. We Electricity Consumption 22,306 22,449 25,114
(in MWh)
multiplied our fuel consumption with the emission
factor for Gasoline and Diesel. Scope 2 15,959 16,797 17,993
(in MT CO2e)
2020 Data 2020 2021 Data 2021
Disclosed Re- Disclosed Re-
in 2021 statement in 2021 statement 2022 Managing Water Consumption̜
X¸ôèŔ ÷¸ôèŔ
303-5
Scope 1
10,371 718 19,064 2,148 2,944
(in MT CO2e)
We also monitor the water usage in our branches
% and corporate offices by gathering the data via water
Ìń¸÷¸â®¸
from meter readings from the facilities and consolidated
(93%) (89%)
originally
disclosed
them for reporting purposes.
ōÄć÷¸ˁ
2020 2021 2022
* The restatement of information was needed after finding that certain data was not Water Consumption 282,134 306,333 435,045
included and there were mistakes on the conversion factor used previously, resulting to
(in cubic meters)
the difference.

CHINA BANKING CORPORATION

 61

Environment &
Social Risk Management
Framework

We are strengthening our Risk Management

Framework by establishing a capacity to identify,
assess, monitor, report and manage Environment
& Social (E&S) risk.
Physical Risk
We consider E&S risk as the potential negative refers to risks arising
consequence of the financial, legal, and/or from the impacts
reputational effect of environmental and social of climate change
issues to the Bank. These risks may arise from the and climate-related
changes in the environment or society that may hazards, including
be due to natural or man-made causes, such as risks to facilities and
environmental pollution, hazards to human health, infrastructure, impact
safety and security, impacts on communities on operations, water and
and threats to a region’s biodiversity and cultural raw materials availability
heritage that may be affected or can affect a and supply chain
transaction with the Bank. In particular, we place disruptions
more emphasis on managing climate risks.

Climate risk refers to the risk assessed based on

a formal analysis of the consequences, likelihood,
and responses to the impacts of climate change
Transition Risk
and how societal constraints shape adaptation refers to risks associated
options. It is further broken down into two with transition to a
segments: Physical Risk and Transition Risk. low carbon economy,
including extensive
Recognizing the potential impact of climate change policy, legal, technology,
on China Bank’s credit, market, liquidity and and market changes to
operational risks, we are gathering and assessing address mitigation and
the physical and transition risks of our loan portfolio adaptation requirements
and use hazard mapping to assess our branch related to climate change
network’s exposure to potential damages due to
climate change.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

62

Corporate
Governance

Good corporate governance is a cornerstone of China Bank’s success and

sustainability. Our governance practices are anchored on the principles of
fairness, accountability, integrity, and transparency.

Our Approach • Updated the Corporate Governance Manual to

We are committed to being more than a bank
but a truly reliable and dependable partner to our
stakeholders. We work hard to deliver sustainable
value, firm in the belief that good corporate governance
is vital in the pursuit of our vision and mission. Led by
a Board that is determined to uphold high governance
standards, we conduct our business ethically,
responsibly, and in accordance with applicable laws
to fulfill our commitments and grow the Bank in a
meaningful, sustainable way for generations to come.
Significant Developments in 2022
2-9, 2-12
In 2022, along with the regular best governance
practices, key initiatives were implemented to further
strengthen our position as one of the best-governed
companies in the region, including the following:
keep it aligned with recent rules, regulations, and
global practices.
• Crafted the policies on interlocking positions
to serve as basis for the annual assessment of
concerned directors and officers, in compliance
with BSP requirements.
• Enhanced the Board Committee Charters and
Board Self-Assessment Forms.
• Conducted the annual assessment for the Board,
Board-level committees, Independent Directors,
Compliance Division, External Auditor, and the
President.
• Independent validation of the Board performance
evaluation by an external / third-party entity, to
ensure its objectivity.

• Conducted a virtual Annual Stockholders’ Meeting,

• Accomplishment of the Conflict of Interest and
allowing stockholders to exercise their voting rights
RPT Disclosure Form by the newly/re-elected
through secured electronic registration and voting
directors.
facilities, in light of the pandemic.

CHINA BANKING CORPORATION

 63

• Conducted an online corporate governance training Corporate Governance Manual

for the Bank’s directors and key officers, facilitated
by the Institute of Corporate Directors.
• Engaged Moody’s Analytics as external advisor
in setting up the Bank’s Environmental and Social
Risk Management System (ESRMS) in line with
the BSP requirements.
Code of Ethics
Our Codes of Ethics for directors and employees
are anchored on our core values of integrity, high
performance standards, commitment to quality,
customer service focus, concern for people, efficiency,
resourcefulness, and initiative in our business
activities and stakeholder interactions. The Codes set
the guidelines on professional and ethical business
conduct and articulate our firm stance against illegal or
irregular activities.
All new directors and employees are given a
copy of the corresponding Code, required to
acknowledge receipt thereof, and undergo the New
Employees’ Orientation Course wherein the Code is
comprehensively discussed. Everyone is required to
uphold the tenets set within.
We have a clearly defined governance framework
anchored on fairness, accountability, integrity, and
transparency. Our Corporate Governance Manual
institutionalizes the principles of good corporate
governance and promotes a culture of “beyond-
compliance” approach, built on an effective leadership,
established controls and a set of core values. It
contains our governance structure, policies and
standards, duties and responsibilities of the Board
and individual directors, compliance system, internal
controls, and guidelines on protection of the rights of
various stakeholders, among others. It is continuously
updated to be aligned with the current laws,
regulations, and best practices. The Chief Compliance
and Governance Officer is responsible for driving and
actively monitoring compliance with the Manual.
As of 2022, the Bank has fully complied with all
material provisions of the Corporate Governance
Manual.
Governance Structure
2-9, 2-12
Leading the way of good corporate governance is
the Board of Directors, guiding the overall corporate
direction and fostering a culture of accountability.
Management handles operational activities and leads
the execution of strategies, relative to the Bank’s
business objectives.

Governance Principles

Fairness Accountability Integrity Transparency

We treat our shareholders
fairly and equitably – whether
minority or majority, local or
foreign. We balance our profit
motive, ensuring that the
investment of all shareholders
is protected.
We are accountable and
responsible for our actions
and performance and commit
to uphold the law, behave
ethically, and protect
the resources entrusted
in our care.
We adhere to a moral code of
honesty and professionalism
in our thoughts, words, and
actions.
We are truthful and
forthcoming, ensuring
the accurate and timely
disclosure of and easy access
to all material matters, such
as the financial situation,
performance, ownership, and
governance of the corporation.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

64 Corporate Governance

I÷Ä âÌĞ ĂÌèâ ÜÉ Ŕ

As of March 31, 2023

BOARD OF DIRECTORS

BOARD COMMITTEES

RELATED PARTY EXECUTIVE TRUST

REMUNERATION NOMINATIONS AUDIT
TRANSACTIONS COMMITTEE INVESTMENTS

CORPORATE
SECRETARY
Leilani B. Elarmo

BOARD OF OFFICE OF THE TRUST & ASSET AUDIT

TRUSTEE OF VICE CHAIRMAN MANAGEMENT DIVISION
CBC Gilbert U. Dee GROUP Ronald R. Marcaida
RETIREMENT Mary Ann T. Lim

PRESIDENT
William C. Whang

INFORMATION
MANAGEMENT CREDIT ASSET & LIABILITY TECHNOLOGY SECURITY
COMMITTEE COMMITTEE COMMITTEE STEERING OFFICE
COMMITTEE Nestor Jason V. Camba, Jr.

SUSTAINABILITY
OVERSIGHT
COMMITTEE

CHIEF
OPERATING
OFFICER
Romeo D. Uyan, Jr.

BUSINESS PROCESS BUSINESS

INSTITUTIONAL &
OPERATIONS X˼C&.CX.C&Η DEVELOPMENT
ADVISORY
COMMITTEE OPTIMIZATION & SUPPORT
Mani Thess Q. Peña‐Lee
Jose Luis A. Alcuaz, Jr. Angelyn Claire CC. Liao

RETAIL BANKING INSTITUTIONAL CONSUMER BANKING FINANCIAL MARKETS BUSINESS OPERATIONS

CB SAVINGS
BUSINESS SEGMENT BANKING SEGMENT SEGMENT SEGMENT SUPPORT SEGMENT
James Christian T. Dee
Jose L. Osmeña, Jr. Lilian Yu Aloysius C. Alday, Jr. Magnolia Luisa N. Palanca

CB CAPITAL MARKET SALES CENTRALIZED CREDIT

WEALTH BRANCH CONSUMER LOANS TREASURY
Ryan Martin L. MANAGEMENT CORPORATE COMMERCIAL
Concurrent: Christopher Ma. Concurrent: OPERATIONS MANAGEMENT
NETWORK
Tapia BANKING BANKING Magnolia Luisa N. Delia Marquez Melissa F. Corpus
Angela D. Cruz ˳ɶX&.IC\˴ Aloysius C. Alday, Jr. Carmelo Y. Salazar Palanca

CB SECURITIES Bg<b.˼UgXUI\
CASH
Marisol M. CARDS BUSINESS LOANS AND
MANAGEMENT
Teodoro FACTORING SALES
OIC – Valerie G. SERVICES
Antonio Jose S. Domingo P. Dayro, Jr.
Valera
Dominguez

BANCASSURANCE
Regina Karla F.
Libatique

CHINA BANKING CORPORATION

 65

Separation of Roles

Even though working in close coordination, the roles of

the Chairman and President are kept distinct from one
another. Their responsibilities are delineated to ensure
appropriate balance of power, increased accountability,
and enhanced capacity for independent decision-
making by the Board. The Chairman is responsible
for the leadership of the Board, facilitating effective
discussions among the directors, while the President
CORPORATE leads Management in handling day-to-day operations to
RISK OVERSIGHT COMPLIANCE
GOVERNANCE
execute business strategies with the goal of achieving
corporate objectives approved by the Board.

RISK COMPLIANCE
Board of Directors
MANAGEMENT DIVISION
GROUP Aileen Paulette S.
Ananias S. Cornelio III De Jesus Functioning as the principal steward of the Bank, the
Board of Directors sets the tone of governance and
guides the overall corporate direction. To achieve this,
the Board, among others:

• defines the corporate culture and values

• approves the business objectives and strategies,
and oversees its implementation
• appoints key members of senior management and
heads of control units
• approves the director and management succession
plan
• oversees the development and implementation of
the various frameworks on corporate governance,
enterprise risk management, business continuity,
and consumer protection
• sets and oversees the environmental, social, and
governance initiatives

INNOVATION AND FINANCE SEGMENT CORPORATE SUPPORT

TRANSFORMATION SEGMENT Patrick D. Cheng SEGMENT
Delfin Jay M. Sabido IX

CB PCCI / INFORMATION DIGITAL & CUSTOMER INVESTOR & LEGAL & HUMAN
CORE FINANCE RESOURCES
TECHNOLOGY EXPERIENCE PLATFORMS CORPORATE COLLECTIONS
Francis Andre Z. Manuel C. Tagaza Michelle Y. Yap‐ RELATIONS Belenette C. Tan Tani Michelle
De Los Santos Bersales Gerald O. Florentino M. Cruz

INFORMATION ASSET QUALITY &

SECURITY & DATA REMEDIAL CB INSURANCE ADMINISTRATIVE
PRIVACY MANAGEMENT DIVISION
Frankie G. Panis
Hanz Irvin S. Yoro Maria Luz B. Favis Baldwin A. Aguilar

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

66 Corporate Governance

The Board is composed of twelve directors and an advisor, with relevant industry experience and expertise. Of
the twelve, two are executive directors and the rest are non-executive directors. To ensure there is exercise
of independent judgment and proper oversight on corporate affairs, we have four independent (non-executive)
directors, including the Lead Independent Director. They are free from any business, family or any other
relationship with the Bank, which could affect their judgment.

The profile of the members of the Board are on pages 88 to 93.

LEAD INDEPENDENT DIRECTOR INDEPENDENT DIRECTOR EXECUTIVE DIRECTOR CIC˼xgb.r.XbIX

• Has sufficient authority to
lead the Board in cases
where Management has
clear conflict of interest
• Serves as an intermediary
between the Chairman and
the other directors when
necessary
• Also a non-executive director
• Convenes and chairs meeting • Provides objective judgment
of the independent directors
and/or non-executive
directors without the • Oversees management
presence of the executive
directors
• Holds no interests or
relationships with China
Bank, the controlling
shareholders, or
the Management that would
influence his decisions
or interfere with his
exercise of independent
judgment, among others
• Also a non-executive director
independent of management
performance, including
prevention of conflict of
interest and to balance
competing demands of the
corporation
• Has executive responsibility
of day-to-day operations of
a part or the whole of the
organization
• Has no executive
responsibility and does not
perform any work related
to the operations of the
corporation
• Provides objective judgment
independent of management
• Challenges and monitors
management's delivery of
strategy within the risk and
governance structure agreed
by the Board
• Has oversight responsibility
for the Bank's internal control
and effectiveness of the risk
management system

Nomination and Election

2-10

We have a rigorous and transparent procedure for the nomination and election of directors, to ensure diversity
in Board composition. Directors are selected from a pool of qualified candidates, with due consideration of
their experience in banking/finance, technical expertise, integrity and track record, among others. Through the
collaborative efforts of the Nominations and Corporate Governance committees, only qualified and fit and proper
candidates are considered to be a member of the Board.
Nomination Process

Shareholders of record The Nominations The full Board confirms The shareholders elect The Monetary Board
nominate candidates Committee reviews the candidates’ the directors during the confirms the election of
by submitting the and evaluates the nomination Annual Stockholders’ the directors
nomination form qualifications of Meeting
to any member of the candidates in
the Nominations line with the fit and
Committee, the proper standards
Corporate Governance as prescribed in the
Committee, or the Manual of Regulations
Corporate Secretary for Banks (MORB)
within the prescribed
date

CHINA BANKING CORPORATION

 67

BOARD OF DIRECTORS
Year First No. of Years
Name Designation Directorship Age
Elected as Director
Hans T. Sy Chairman Non-executive 67 1986 37
Gilbert U. Dee Vice Chairman Executive 87 1969 54
William C. Whang Director & President Executive 64 2017 6
Peter S. Dee Director Non-executive 81 1977 46
Joaquin T. Dee Director Non-executive 87 1984 39
Herbert T. Sy Director Non-executive 66 1993 30
Harley T. Sy Director Non-executive 63 2001 22
Jose T. Sio Director Non-executive 83 2007 16
Margarita L. San Juan Lead Independent Director Non-executive 69 2017 6
Philip S. L. Tsai Independent Director Non-executive 72 2018 5
Claire Ann T. Yap Independent Director Non-executive 67 2020 3
Genaro V. Lapez Independent Director Non-executive 65 2021 2
Ricardo R. Chua Advisor N/A 71 N/A N/A

In case of a vacancy, our By-Laws provide the BOARD DEMOGRAPHICS

procedures to be observed in accordance with the
Revised Corporation Code of the Philippines. We use AGE GENDER TENURE
professional search firms or other external sources
to find a suitable replacement (see Retirement and
Succession on page 70. For incumbent directors, the 50%
Nominations Committee evaluates the results of the 17% 17% over
20 years
Board self-assessment, including their attendance and under Female
65
participation in Board meetings.

Board Diversity 83% 50%

65 and
above
83% 20 years
Male and under
We believe that a diverse board composition
contributes to board effectiveness. In place is a Board
Diversity Policy, requiring among others, for the Board BOARD EDUCATION/EXPERIENCE/SKILLS
to be composed of directors with a collective working
knowledge, educational background, and expertise 8% 25%
B.S. in Mechanical B.S. in Banking /
that is relevant to the Bank’s business landscape and Engineering Management/
Accounting/
operations. In addition, there should be an appropriate
mix of skills, experiences, and competence. The Policy
25% Management
Engineering
B.S. in Business
is reinforced by the Board’s commitment to ensure
42%
Administration and
B.S. in Business
that its members, for the duration of their term, Administration B.S. in Commerce
Major in Financial and B.S. in
remain qualified for their positions, both individually Commerce Major
Management/minor in
and collectively. For enhanced diversity, two female Accounting in Accounting/
Finance/Business
Independent Directors sit in our Board. Management

100% Our directors have a collective working knowledge in

­ âÙÌâÄ˙èô¸÷ ĂÌèâûˇá â ĸá¸âáōâ ⮸ˇá ÷Ù¸ĂÌâÄ˙û ܸûˇ
SKILLED AND investment, risk management, accounting, credit, anti-money
EXPERIENCED laundering, internal control and sustainability & resiliency.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

68 Corporate Governance

Orientation and Continuing Education Board Remuneration

2-17 2-19

As stewards of China Bank, members of the Board As stipulated in the Bank’s amended By-Laws, our
must be well-equipped for their role and adaptive directors receive a per diem of up to ten thousand
to changing market dynamics and regulatory pesos (P10,000) for attendance at each meeting /
developments. We have an Orientation and Continuing session of the Board of Directors or of any Committee.
Education program to enhance our directors’ In accordance with Article VIII of the By-Laws, a portion
knowledge and skills, and keep them abreast with the of the net earnings shall be given to the members of
new laws, regulations, and industry developments. the Board. Executive directors get performance-related
Newly elected directors undergo an orientation compensation based on their performance, banking
program from an SEC-accredited training provider experience, position, and rank, while non-executive
and they also receive an orientation kit containing directors do not receive any performance-based
the Specific Duties and Responsibilities of Directors, compensation.
Corporate Governance Manual and applicable Board
Committee Charters, among others. In 2022, each member of the Board of Directors
received the following amount as compensation:
All of our directors attend the mandatory annual
governance training facilitated by an SEC-accredited Hans T. Sy P6,415,000
institution to continually update and expand their Gilbert U. Dee 6,350,000
knowledge of governance practices and market William C. Whang 6,405,000
developments to ensure they are updated with the Peter S. Dee 6,485,000
latest regulations and industry best practices. With Joaquin T. Dee 6,555,000
the assistance of Compliance Division, directors also
Herbert T. Sy 6,170,000
participate in various small-scale learning opportunities,
Harley T. Sy 6,315,000
trainings, webinars, etc., whenever available and/or
Jose T. Sio 6,240,000
applicable.
Margarita L. San Juan 6,515,000
Philip S.L. Tsai 6,470,000
On August 3, 2022, we conducted the Annual China
Bank Group-wide Corporate Governance training for Claire Ann T. Yap 6,535,000
our directors and key bank and subsidiary officers, Genaro V. Lapez 4,445,000
organized by Compliance Division and facilitated
by the Institute of Corporate Directors. The topics Performance Evaluation
discussed were Cybersecurity Governance: Challenges 2-18

and Solutions; Managing Finances in the Digital Age:

FinTech; and Anti-Money Laundering Updates.
Our directors also attended trainings on Technology
Governance and AMLA Compliance in the Age of the
Digital World, among others.
Aligned with the requirement for an annual
performance assessment, the Board, all Board-level
Committees, individual Directors, and the President
accomplish a self-evaluation to assess their individual
effectiveness and collective performance, as well as
to identify areas for improvement. The Compliance
Division summarizes the results of the evaluation
and reports it to the Board through the Corporate
Governance Committee. A 5-point scale rating system
is used for the self-assessment. The lowest is 0,
equivalent to “Poor”, and the highest is 5, equivalent to
“Excellent”.

CHINA BANKING CORPORATION


RATING DESCRIPTION
Poor – Leading practice or principle is not adopted
0
in the company’s Manual of Corporate Governance
Needs Improvement – Leading practice or principle
1 is adopted in the Manual but compliance has not
yet been made
Fair – Leading practice or principle is adopted in the
2-3 Manual and compliance has been made but with
major deviation(s) or incompleteness
Good – Leading practice or principle is adopted in
4 the Manual and compliance has been made but
with minor deviation(s) or incompleteness
Excellent – Leading practice or principle is adopted
5 in the Manual and full compliance with the same
has been made
The self-assessments focus on the following key
aspects:
A. For the Board as a whole:
• Structure (size and composition; skills, expertise
and competencies)
• Organization and functioning (conduct of meetings,
quality of reporting, training areas, reporting by
committees)
• Dynamics and internal culture (formal and informal
engagement)
B. For the Board Committees:
• Leadership, size and composition (including skills)
• Responsibilities
• Quality of reporting and timelines
C. For the Individual Directors
• Upholding the guiding principles and best practices
stipulated in the Code of Ethics for Directors
• Practicing due diligence in carrying out duties as
director
• Willingness to speak at the meetings
• Receptiveness to other views
• Constructively challenging fellow directors and
proposals and management of senior management
• Applying a strategic mindset to board
• Attendance at Board and Committee meetings
69
D. For the President
• Leadership
• Cooperation and collaboration with the Board
• Execution of strategies
• External relations
The 2022 evaluation revealed that:
• The Directors are generally satisfied with the
progress the Board has made to enhance its
effectiveness.
• The size and level of independence within the
Board and Committees are deemed appropriate.
• The committee leadership is deemed effective
and operates on a high level of competency.
• There is strong commitment among the Directors
and the President to fulfill their obligations
• There is a high degree of confidence that the
Directors and the President are competent to
serve their roles to a high standard.
Independent Board Evaluation
In 2022, the Good Governance Advocates and
Practitioners of the Philippines (GGAPP) was engaged
to perform an independent validation in compliance
with the BSP and SEC Code of Corporate Governance.
The results of the Bank’s Board Self-Assessment are
looked into for an in-depth analysis of the Board’s
performance, based on the available information,
adopting its internal scoring criteria (by percentage).
This practice is done every three years.
Based on the results, the Board upholds independent
and effective oversight and performs its duties and
responsibilities in accordance with the prevailing
best corporate governance best practices. With the
exceptional leadership of the Chairman and fully-
functioning committees, the body is deemed aptly
positioned to continuously provide strategic direction
to the Bank.
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
70 Corporate Governance
Retirement and Succession
We recognize that the wisdom of our senior directors
is vital to the overall management of the Bank;
thus, we have no statutory maximum age for our
directors. A Board member may remain for as long
he/she continues to be physically and mentally fit for
the position and able to discharge his/her duties in
accordance with the regulatory requirements. Our
By-laws provides the rules on succession, replacement
or vacancy in the Board due to retirement or any other
reason. Vacancies in the Board may be filled up through
appointment or election of the remaining directors, if
still constituting a quorum; otherwise, the stockholders
shall fill such vacancy in a regular or special meeting
called for such purpose. For Independent Directors,
Bank policies and practices are aligned with SEC and
BSP rules on term limit.
Corporate Secretary
Our Corporate Secretary holds a senior and strategic-
level position that is vital in safekeeping the Bank’s
official records and for the administrative side of the
Board and Committee meetings. The Board of Directors
has full and unrestricted access to the services of
the Corporate Secretary, who is also a corporate
governance gatekeeper responsible for overseeing
sound board practices. The Corporate Secretary also
serves as the Board liaison, who works with, and deals
fairly and objectively with the Board, Management,
stockholders, and other stakeholders.
Board Committees
2-9, 2-11, 2-12, 2-13
To carry out its mandate of good corporate governance,
stewardship, and fiduciary obligations more effectively,
the Board has delegated authority to various Board
Committees which oversee certain roles and
responsibilities based on their respective Charters:
• Executive Committee has the powers of the
Board, when the latter is not in session, in the
management of our corporate affairs to the fullest
CHINA BANKING CORPORATION
extent permitted under the By-Laws, the applicable
laws and the Committee’s Charter. The Committee
also decides on credit applications or transactions,
as endorsed by the Credit Committee (if they
exceed the latter’s credit authority), as well as
other matters brought to its attention.
• Corporate Governance Committee ensures that
our Corporate Governance framework is regularly
reviewed, updated, and properly implemented.
It assists the Board by ensuring compliance with
laws, rules, principles, and best practices on
corporate governance, including the continuing
education program for the directors and conduct of
the Board assessment.
• Audit Committee primarily oversees audit
matters – mainly the evaluation of the adequacy
and effectiveness of the Bank’s internal control
system, as well as the integrity of its financial
statements. It appoints, reviews and concurs
in the appointment or replacement of the Chief
Audit Executive (CAE), and is responsible for
ensuring that the CAE and internal audit function
are free from interference by outside parties. It
ensures that an annual review is performed on
the effectiveness of the internal audit mechanism,
including compliance with the Institute of
Internal Auditors’ International Standards for
the Professional Practice of Internal Auditing
and Code of Ethics and provides oversight
over Management’s activities in maintaining an
adequate internal control framework, managing
credit, market, liquidity, operational, legal and
other risks. It likewise ensures that internal and
external auditors remain independent and are
given unrestricted access to records, properties
and personnel, to perform their respective
audit functions. It is also responsible for the
recommendation on the appointment of the Chief
Audit Executive and the external auditor, and their
removal. It has the explicit authority to investigate
any matter within its terms of reference, in order
to ensure the effectiveness and efficiency of the
Bank’s internal controls.

• Compliance Committee monitors compliance
with laws, rules and regulations specifically in
creating a dynamic and responsive compliance risk
management system for identifying and mitigating
risks that may erode the franchise value of the
Bank, and ensuring that Management is doing
business in accordance with the said prescribed
laws, rules and regulations including policies,
procedures, guidelines and best practices.
• Risk Oversight Committee is responsible for
the development and oversight of the Bank’s
risk management functions, including the
evaluation of the effectiveness of the enterprise
risk management framework and ensuring that
corrective actions are in place to address concerns
in a timely manner. It oversees the risk-taking
activities of the Bank and warrants the continued
relevance, comprehensiveness and overall value of
the institutional risk management plan.
• Nominations Committee reviews and evaluates
the qualifications of all persons nominated to the
Board. Jointly with the CG Committee, it oversees
the nomination process and evaluates the
qualifications of persons nominated to Department
and Division Head positions, as well as all
promotions to Officer positions. It also reviews the
qualifications of Board candidates, to ensure that
their qualities and/or skills are sufficient to lead
and/or assist the Bank in accomplishing its vision
and corporate goals, and identify if the quality of
the directors nominated is aligned with the Bank’s
strategic directions.
• Remuneration Committee provides oversight
over the remuneration of senior management and
other key personnel, ensuring that compensation
is consistent with the interest of all stakeholders
and the Bank’s culture, strategy and control
environment.
• Related Party Transactions Committee reviews all
material related party transactions (RPTs) to ensure
they are conducted at an arm’s length. Composed
entirely of Independent Directors, the Committee
oversees the proper implementation of the RPT
Policy and ensures RPTs are properly identified,
measured, monitored, controlled and reported.
71
• Trust Investment Committee provides oversight
functions, overall strategic business development
and financial policy directions to the Trust and
Asset Management Group. It oversees the trust,
investment management and fiduciary activities of
the Bank, and ensures that they are conducted in
accordance with applicable rules and regulations,
and judicious practices. Moreover, it ensures that
prudent operating standards and internal controls
are in place and that the Board‘s objectives are
clearly understood and duly implemented by the
concerned units and personnel.
Additional details on the Committees and their charters
can be accessed through the Bank’s website at www.
chinabank.ph.
Board and Committee Meetings
The Board of Directors advocates comprehensive and
effective discussions during meetings of the Board and
its committees. Regular Board meetings are held at
least once a month, set to be every first Wednesday,
to review the Bank’s financial performance, to approve
strategies, policies, and business plans, as well as
to consider other proposals and action plans which
require the Board’s approval. Special Board meetings
may also be arranged to deliberate and assess other
business issues and related matters that also require
Board approval.
Board and committee meetings are conducted in
accordance with the Bank’s By-Laws. Majority of
the Board constitutes quorum and a majority of
the quorum is generally what is required for Board
decisions. The directors are committed to their
duty by studying the materials to prepare for the
meetings. When exigencies prevent a director from
physically attending a Board or committee meeting,
he/she could join through remote communication
such as videoconferencing, teleconferencing or other
alternative platforms/media that allow them reasonable
opportunity to participate.
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
72 Corporate Governance

To ensure sound and objective decision making, Board RISK OVERSIGHT COMMITTEE
papers are provided to the directors five days before Total No. of Meetings: 13*
the meeting. The directors also have access to senior Name of Director Ŗ¸â´ ⮸ %
management, external consultants and advisors, and
Philip S.L. Tsai (Chairman) 13 100
the Corporate Secretary.
Margarita L. San Juan 13 100
IXI%.XbIX\̜ Claire Ann T. Yap 13 100
Total Number of Meetings: 16, including the organizational *1 joint meeting with the Executive Committee
meeting

Name Ŗ¸â´ ⮸ % AUDIT COMMITTEE

Hans T. Sy 16 100 Total No. of Meetings: 15
Gilbert U. Dee 16 100
Name of Director Ŗ¸â´ ⮸ %
William C. Whang 16 100
Claire Ann T. Yap (Chairman) 15 100
Peter S. Dee 16 100
Joaquin T. Dee 16 100 Joaquin T. Dee 15 100

Herbert T. Sy 14 88 Philip S.L. Tsai 15 100

Harley T. Sy 16 100
Jose T. Sio 16 100 COMPLIANCE COMMITTEE
Total No. of Meetings: 12*
Margarita L. San Juan 16 100
Philip S.L. Tsai 16 100 Name of Director Ŗ¸â´ ⮸ %
Claire Ann T. Yap 16 100
Margarita L. San Juan (Chairman) 12 100
Genaro V. Lapez 16 100
Harley T. Sy 12 100
EXECUTIVE COMMITTEE Philip S.L. Tsai (a)
8 100
Total No. of Meetings: 41* Joaquin T. Dee (b)
4 100
Name of Director Ŗ¸â´ ⮸ % *12 joint meetings with the Corporate Governance Committee
(a)
Member from May 5, 2022; attended 8 out of 8 meetings of the
Hans T. Sy (Chairman) 38 93
joint Compliance and Corporate Governance Committees meetings
Gilbert U. Dee 41 100 (b)
Member up to May 4, 2022; attended 4 out of 4 meetings of the
Peter S. Dee 38 93 joint Compliance and Corporate Governance Committees meetings

Joaquin T. Dee 41 100

NOMINATIONS COMMITTEE
William C. Whang 40 98 Total No. of Meetings: 19*
* 1 joint meeting with the Risk Oversight Committee
Name of Director Ŗ¸â´ ⮸ %
Margarita L. San Juan (Chairman) 18 95
Claire Ann T. Yap 19 100
Genaro V. Lapez 19 100
*19 joint meetings with the Corporate Governance Committee

CHINA BANKING CORPORATION

 73

CORPORATE GOVERNANCE COMMITTEE

Total No. of Meetings: 32*
Governance Policies
2-6, 2-15, 2-16, 2-19, 2-23, 205-1

Name of Director Ŗ¸â´ ⮸ %

The Bank is committed to uphold good governance. In
Margarita L. San Juan (Chairman) 31 97
place are various policies that support this commitment.
Claire Ann T. Yap 32 100 These policies are posted in the Bank’s intranet facility
Genaro V. Lapez 31 97 as well as in our corporate website, for guidance of our
*12 joint meetings with the Compliance Committee employees and other stakeholders.
19 joint meetings with the Nominations Committee
1 joint meeting with the Remuneration Committee
• Insider Trading: The policy prohibits China Bank
REMUNERATION COMMITTEE directors, officers, and employees who have
Total No. of Meetings: 3* knowledge of material facts or changes in the
affairs of the Bank which have not yet been publicly
Name of Director Ŗ¸â´ ⮸ %
disclosed, including any information likely to affect
Genaro V. Lapez (Chairman) 3 100 the share price of the Bank’s stock, from directly
Herbert T. Sy 3 100 or indirectly engaging in financial transactions. Any
Philip S.L. Tsai 3 100 transactions by the Directors and principal officers
*1 joint meeting with the Corporate Governance Committee involving the Bank’s shares are required to be
disclosed within three business days from the date
RELATED PARTY TRANSACTION COMMITTEE of the transaction.
Total No. of Meetings: 12

Name of Director Ŗ¸â´ ⮸ % • Conflict of Interest: In accordance with the Bank’s
Genaro V. Lapez (Chairman) 12 100 Code of Ethics, conflict of interest (COI) between
Margarita L. San Juan 12 100 the Bank and its directors, officers and employees
should be avoided at all times. However, should a
Philip S.L. Tsai 12 100
conflict arise, the interest of the Bank must always
TRUST INVESTMENT COMMITTEE prevail. Employees are not permitted to have or
Total No. of Meetings: 11 be involved in any financial interests that are in
conflict or appear to be in conflict with their duties
Name of Director Ŗ¸â´ ⮸ %
and responsibilities to the Bank. They are likewise
Peter S. Dee (Chairman) 11 100
barred from engaging in work outside of the Bank
Harley T. Sy 11 100 unless with duly-approved permission, as well as
Jose T. Sio 11 100 work that lies in direct competition with the Bank.
William C. Whang 11 100
Mary Ann T. Lim* 11 100 To strengthen prevention measures for COI, our
* Trust Officer and Head of Trust and Asset Management Group directors are mandated to accomplish the COI and
the Related Party Transaction (RPT) disclosure form
after their election and after gaining knowledge of
an actual or potential COI situation.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

74 Corporate Governance
• Related Party Transactions: The policy requires
the thorough review of all transactions with related
parties as having been conducted in the ordinary
course of business, at arm’s length basis, at fair
market prices, and upon terms not less favourable
to the Bank versus terms offered to others. The
RPT Framework serves as a guide for the China
Bank Group in dealing with related parties. All
material RPTs are reviewed and vetted by the RPT
Committee before they are endorsed to the Board
for approval and are ratified by the stockholders
during the Annual Stockholders’ Meeting. To
prevent conflict of interest, no director is allowed
to participate in the discussion, deliberation, and
approval of a transaction where he is a related
party. Specific materiality thresholds on a per
transaction basis have been established. The
Bank’s RPT policy is kept relevant and aligned with
recent regulatory issuances.
Below is a summary of material RPTs and outstanding
loan balances in 2022. Details have been disclosed
through the submission of required periodic reports to
the BSP and/or SEC.
RELATED PARTY TOTAL AMOUNTʃ
TOTAL OUTSTANDING
BALANCEʄ
P64.5B P467.6M
China Bank Group
$20.0M
P183.2B P3.6B
SM Group
$ 86.0M
P9.0B P429.7M
Other Related
Parties
$6.4M
1
Covers all transactions
2
For loan transactions approved in 2022 (with availments)
• Anti-Bribery and Anti-Corruption: The Bank does
not tolerate any form of bribery and corruption.
As established in the Code of Ethics, directors,
officers, and employees are prohibited from
offering, promising, or giving a financial or other
advantage to any person or party, including public
officials, with the intention of inducing or rewarding
improper performance of their duties or to facilitate
CHINA BANKING CORPORATION
Bank transactions. They are likewise prohibited
from accepting any financial or other advantage as
a reward for participating in any act prejudicial to
the Bank or any of its stakeholders.
In 2022, a total of 6,709 employees attended
the training on Code of Ethics and other related
courses/sessions, in which anti-bribery and anti-
corruption were also discussed.
• Anti-Money Laundering Governance: As we
seek to provide a more secured banking landscape
for our customer, we want to ensure bank wide
compliance with the Anti-Money Laundering and
Counter-Terrorism and Proliferation Financing
(AML/CTPF) laws, rules and regulations. The Bank
has adopted a Money Laundering and Terrorist
Financing Prevention Program (MTPP), approved by
the Board of Directors. It is designed in accordance
with the Bank’s corporate structure and risk
profile and is reviewed and updated regularly to
incorporate recent regulatory issuances. The MTPP
provides guidelines to combat money laundering
and terrorism and proliferation financing activities,
and promotes high ethical and professional
standards, to keep the Bank from being utilized
as a channel for such. The Compliance Division
oversees the Bank’s compliance with the MTPP
and AML laws and regulations, and manages the
AML System to ensure the effective monitoring of
transactions and the timely and accurate reporting
of covered and suspicious transactions to the Anti-
Money Laundering Council (AMLC).
The MTPP is disseminated to all officers and
staff of the Bank who are obligated by law and
by the Bank’s policies to implement the program.
Mandatory AML trainings and seminars are also
conducted to update the Bank’s directors, officers
and staff of the latest AML/CTPF requirements and
to continuously inform them of their obligations
under the AMLA. The Bank has also adopted an
AML e-Learning platform to efficiently expand
the reach of AML training nationwide. A total of
4,699 employees completed the mandatory AML
e-learning course in 2022.
 75

Cb.BICy<gCX.C&CIgCbX˼bXXIX.\BCUXI<.%Xb.IC%.CC.C&

Customer Due AML Compliance Training System Internal Independent

Diligence Officer Controls Testing
prevent criminals/ oversees the maintains continuous establish internal to identify any
terrorists from using compliance with the adherence to policies and deficiencies in the
the Bank to disguise MTPP and AML laws the AML/CTPF procedures Bank’s process
their illicit activities and regulations requirements appropriate to the
risk profile of the
Bank

• Whistleblowing: Without fear of any retaliation, Whistleblowing disclosures may be reported

Bank employees, customers, shareholders, and
any third-party service providers may report
questionable or illegal activity, unethical conduct,
fraud or any other malpractice by mail, phone or
e-mail. The identity of the whistleblower is kept
confidential and all reports are acted upon based
on their merits. If determined sufficient in form
and substance, the disclosure is referred to the
appropriate unit/s for further investigation. If the
report is found to be baseless, the whistleblower
is informed of the status. Although the Chief
Compliance and Governance Officer (CCGO) is
the primary driver in the implementation of the
Whistleblowing Policy, the policy allows reporting
of any disclosure to the Chief Audit Executive,
Chief Risk Officer, and the HRG Head.
directly to Human Resources Group, Audit Division,
Risk Management Group or the CCGO:
Chief Compliance and Governance Officer
Tel. No.: 8885-5731
Mobile No.: 0947-9960573
Fax No.: 8864-5007
Email: whistle_chib@yahoo.com.ph
A whistleblower disclosure form is also available at
www.chinabank.ph.
• Creditors: The policy focuses on honoring
agreements with and respecting the rights of China
Bank’s creditors—depositors and bondholders—
including complying with post-issuance regulatory
requirements like continuing disclosures and tax
compliance.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

76 Corporate Governance

• Suppliers and Contractors: The Bank advocates In 2022, the Bank paid a total of P 136.1 million to
fair market practices and is committed to dealing the five most senior executives*: Vice Chairman
only with suppliers and contractors who have Gilbert U. Dee, President William C. Whang,
proven integrity and good track record. They must Chief Operating Officer Romeo D. Uyan, Jr.,
also undergo and pass our accreditation process Chief Finance Officer Patrick D. Cheng, and RBB
before any contract is awarded to them. China Bank Segment Head Rosemarie C. Gan.
evaluates their reputation, capability, reliability, and
actual performance and takes into consideration BONUSES & OTHER
standards of objectivity, impartiality, and equal YEAR SALARY COMPENSATION TOTAL
opportunity. Vendor bids are evaluated based on 2022 P65,233,046 P70,881,725 P136,114,771
quality, price, service, and overall value to the 2021 P59,808,878 P57,874,732 P117,683,610
business, ensuring that we prevent any favoritism * Due to the competitiveness and high demand for talent in the
or conflicts of interest. The Bank also has an banking industry, individually disclosing the remuneration of the top
five officers, as per corporate governance best practices, would be
outsourcing policy in place.
disadvantageous to the Bank.

• Senior Management Appointment and

• Dividends: It is the Bank’s unwavering
Succession: The Bank is prudent and exercises
commitment to provide shareholders with an
due diligence in selecting members of Senior
equitable share of profits. Cash dividends are
Management. The Succession Management
declared at a payout ratio of approximately thirty
Program is an active process of the China Bank
percent (30%) of the net income of the prior
Group to identify and ready the successors to
year, subject to the conditions and limitations
ensure that the Bank would have high-caliber
set forth in more detail in the dividend policy
leaders. A formal process is followed to ensure
statement contained in the Corporate Governance
that a candidate chosen for a Senior Management
Manual. Dividend payouts, as part of our capital
role is fit and proper for said key position, taking
management policy and process, are reviewed
into account his/her experience in finance /
and calibrated annually, taking into account the
banking or related field, and integrity, among
economic and business environment, the Bank’s
other requirements. The process involves a talent
risk profile and appetite, and trends in capital
profile review by Senior Management led by the
markets and regulatory environment to achieve the
President through an interview, aside from the
following objectives:
Human Resources Group conducting the reference
1. Delivering to stockholders satisfactory
background check. Furthermore, the talent profile
returns and enhanced shareholder value
is also reviewed by the Nominations and/or
2. Healthy capital adequacy ratios to comply
Corporate Governance Committees as applicable.
with regulatory capital requirements and
If found suitable, the candidate is endorsed to the
maintain strong credit rating
Executive Committee / Board of Directors for final
3. Capital buffer to support business growth
appointment approval.
and pursue business opportunities

• Executive Compensation: The Bank’s

2022 2021 2020 2019 2018
remuneration policy is anchored on the principle of Stock
– – – – –
fair, transparent, and performance-based reward to Dividend
encourage employees’ long-term commitment, to Cash 10.0% 10.0% 10.0% 8.8% 8.3%
Dividend (regular)
support the Bank’s long-term outlook and plans, and 5.0%
– – – –
to address the challenge of attracting and retaining (special)

the best talents. Remuneration for senior officers

varies according to rank, function, and performance.
Regular salary reviews are conducted to ensure
market competitiveness of total remuneration.

CHINA BANKING CORPORATION

 77

• Disclosure and Transparency: The Bank is

committed to providing stakeholders with timely
Compliance
and accurate information to facilitate understanding
Compliance risk management forms part of the Bank’s
of the Bank’s true financial condition, operations
overall and fundamental business activities and is
and corporate governance practices. As a publicly-
upheld in all levels of the organization. The Board is
listed company, China Bank ensures that all
responsible for ensuring that appropriate policies are in
material information about its financial condition
place to manage and mitigate compliance risks, while
and operations are disclosed in accordance with
Management is responsible for implementing these
applicable rules and regulations. In addition to
policies and undertakes to timely address critical issues
compliance with reporting requirements, such as
to preserve the franchise value of the Bank.
the publication of quarterly financial statements
in national newspapers and publication of a
Compliance System
comprehensive annual report for the Bank’s
annual stockholders meeting, the Bank promptly
Vital to the implementation of a Group-wide culture
discloses major and market-sensitive information,
of compliance is our Compliance Division which
including but not limited to dividend declarations,
designs and manages the implementation of the
joint ventures and acquisitions, sale and disposition
Bank’s compliance program across the Group. The
of significant assets, as well as financial and non-
Division assists the Board with its governance function
financial information that may affect or influence
to protect not only the Bank’s franchise value, but
an investor’s investment decision. The Bank also
also the interests of our various stakeholders. It has
electronically files its disclosures through Electronic
six departments covering various areas: Regulatory
Disclosure Generation Technology (EDGE) which are
Compliance, Anti-Money Laundering, Corporate
then made available publicly on the PSE’s website.
Governance, IT Compliance, Subsidiaries Compliance,
The Bank’s corporate website is likewise regularly
and SEC Compliance.
updated to include the latest news and information
about the Bank. In addition, the Investor and
Driving and managing the China Bank group-wide
Corporate Relations Group conducts/ participates in
compliance is the Bank’s Chief Compliance and
investor briefings with analysts and members of the
Governance Officer (CCGO) who functionally reports
media.
to the Compliance and the Corporate Governance
Committees of the Board, and administratively to the
Bank’s President. As the second-line of defense in the
overall control structure, the compliance function is
Internal Controls independent from business operations.
Our internal controls framework covers financial,
The Compliance Division endeavors to drive a strong
operational, information technology controls, as well as
compliance culture within the Group, thru a dynamically-
compliance, audit, and risk management policies and
responsive compliance program and corresponding
systems. Effective control is the foundation of safe and
activities such as the preparation and enhancement
sound banking as it safeguards the Bank’s resources,
of policies and procedures, risk assessment of the
ensures accurate and reliable financial data, promotes
institution, conduct of independent testing, and
proper implementation of our policies to comply with
promotion of compliance awareness. The Division also
laws and regulations, and contributes to operational
ensures that employees at all levels are kept informed
efficiency.
of changes in the laws and regulations through regular
trainings and dissemination of the latest and important
We have adopted the three-lines-of-defense governance
advisories and regulatory issuances. The Compliance
framework. In the frontline are the business lines and
function and program are subject to independent review
management, Risk and Compliance are at the second
by the Internal Audit Division.
line, and the Audit function constitutes the third line.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

78 Corporate Governance
Risk Management
We believe that risks are part of doing business, and
that effective risk management, rather than outright
risk avoidance, is crucial to success. This mindset has
enabled us to maintain highly profitable and stable
operations while undertaking only well-calculated risks
for commensurate returns. The Board is accountable for
risk oversight, but everyone in the Bank is responsible
for risk management. The Board sets the tone
for a sound risk culture, Management handles the
implementation of the Enterprise Risk Management
Framework and day-to-day risk management to ensure
alignment with the established risk appetite and limits,
and employees at all levels share the responsibility of
managing risks. Through trainings and communication,
effective risk management is reinforced as a group-wide
discipline.
Risk Governance System
Our Risk Management Framework ensures that the
Board direction on strategy and risks are well articulated
in the risk policies and that risk appetites, limits, and
measures are identified and monitored. We subscribe
to a Three Lines of Defense approach to effectively
manage group-wide risks. The first line of defense is risk
management by the business lines, wherein business
unit engages in risk-taking within the established range
of risk appetite, and promptly implements risk control
at the on-site level when a risk arises. The second
line of defense is Compliance and Risk Management.
Compliance Division is in charge of the compliance
risk management system to identify and mitigate risk
that may erode the franchise value of the Bank, while
the Risk Management Group (RMG) acts as a restraint
function for the risk taking of the first line of defense,
and supervises and provides guidance regarding the
risk governance system. RMG reports on the status of
risk management to the Board of Directors through the
Risk Oversight Committee. The third line of defense
is the Audit Division which validates the effectiveness
and appropriateness of the group-wide risk governance
system and processes from an independent standpoint.
CHINA BANKING CORPORATION
Risk Management Group
The Risk Management Group (RMG), headed by
the Chief Risk Officer (CRO), performs overall risk
management, identifies and evaluates group-wide
risks, creates a risk management process, formulates
recovery strategies, and sets risk limits in accordance
with the Board-approved risk management policies.
RMG applies the principles of sound governance to the
identification, assessment, monitoring, and mitigation
of risks. Risk identification and assessment are
embedded in our work processes and critical business
systems to ensure that decision-making is based on
valid data. RMG distinguishes the different types of risk
and takes an integrated approach, guided by supporting
frameworks and policies which are regularly reviewed
and enhanced, to effectively manage the Bank’s
financial, nonfinancial, and emerging risks.
Credit Risk
During the normal course of lending and credit
underwriting, the Bank is exposed to credit risk
which is the risk of financial loss where a customer
or counterparty fails to meet their financial obligations
to China Bank. The policies for managing credit risk
are determined at the business level with specific
procedures for different risk environments and
business goals. Risk limits and thresholds have
been established to monitor and manage credit
risk from individual counterparties and/or group of
counterparties, countries, and industry sectors.
Periodic assessments are also conducted to review the
creditworthiness of our counterparties.
We measure credit risk for large corporates and
medium-sized entities through the Internal Credit
Risk Rating System (ICRRS). For smaller businesses,
retail and individual loan accounts, we use the
Borrower Credit Score (BCS) for credit scoring. There
is a separate application scorecard for auto loans
and housing loans. For credit cards, we use the
Transunion Bureau score in conjunction with other
credit acceptance criteria. We also have a rating
system for Philippine universal, commercial, thrift,

rural, and cooperative banks. In addition, we use a
Sovereign Risk Rating Model to assess the strength
of the country rated with reference to its economic
fundamentals, fiscal policy, institutional strength, and
vulnerability to extreme events.
The performance of our rating models and scorecards
are regularly monitored. Over the years, we have
partnered with third party consultants such as
Moody’s Analytics and Teradata for model validation,
model recalibration, and knowledge transfer projects.
Internally, periodic review of the performance of the
models are conducted by running statistical metrics to
ensure that they continue to be a reliable tool in our
credit evaluation process.
The ICRRS validation and recalibration engagement
with Moody’s Analytics and the parallel run of
candidate models culminated in the approval of the
recalibrated ICRRS model by the Board in 2019. For
the past two years, the focus of our model-related
activities was on the review of the housing and auto
loan scorecards. This is in addition to the development
and approval for implementation of the scorecard for
Contract to Sell (CTS) without recourse loans. For
2023, we will focus on the remodeling of the Housing
Loans scorecard and the recalibration of the BCS.
Market and Liquidity Risk
Operating in a market that is dynamic and often
unpredictable, China Bank is exposed to market risk—
the risk of changes in market factors, such as foreign
exchange, interest rates and equity prices negatively
impacting earnings. This includes interest rate risk in
the banking book which is the risk to interest income
from a mismatch between the duration of assets
and liabilities. The Bank is also exposed to liquidity
risk, which is the current and future risk arising from
a company’s inability to meet its financial obligations
when they come due. The objective of our market
79
risk policies is to obtain the best balance of risk and
return while meeting our stakeholders’ requirements.
On the other hand, our liquidity risk policies center on
maintaining adequate liquidity at all times to be in a
position to meet all obligations as they fall due. Market
risk, interest rate risk, and liquidity risk exposures
are managed through a risk management framework
comprising of limits, triggers, monitoring, and reporting
process that are in accordance with the risk appetite
of the Board. Market risk exposures are measured
and monitored through reports from our Market Risk
Management System. We use Historical Simulation
Value-at-Risk (VaR) approach for all treasury traded
instruments, including fixed income bonds, foreign
exchange swaps and forwards, interest rate swaps,
and equity securities. Meanwhile, liquidity and interest
rate risk exposures are measured and monitored
through the Maximum Cumulative Outflow (MCO)
and Earnings-at-Risk (EaR) reports from our Asset and
Liability Management (ALM) system. Based on the
latest annual validation of Internal Audit, our internal
risk measurement models –VaR, EaR, and MCO –
remain appropriate and adequate.
Operational Risk
In the course of conducting our daily business
activities, operational risk may arise which can result
from breakdowns in internal procedures, people,
and systems. We believe that operating soundly
and innovating nimbly are vital to sustaining the faith
and credit of our stakeholders. Our Operational Risk
Management Framework provides guidelines that
operational workflows sustain the Bank’s growth and
profit objectives. Our framework advocates a culture
of risk recognition, risk control and risk management. It
includes policies, processes, procedures, and various
tools, which includes Risk Assessment, Control Self-
Assessment, Loss Incident Reporting System and
reporting of Key Risk Indicators to manage operational
risks.
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
80 Corporate Governance
Business Continuity Management (BCM)
Adequate advanced planning and preparation is
essential to maintaining business functions or
quickly resuming after a crisis or disaster. In place
is a robust BCM to ensure the availability of crucial
infrastructure, functions, and systems to minimize the
effects of potentially disruptive events. We continually
strengthen the ability of our operations to recover
from significant business disruptions that may include
natural calamities, pandemics, and disasters through
the development, review, and testing of our resilience
plans.
Information Technology (IT) Risk
Technology has become an essential part of business
operations by streamlining systems, increasing
efficiency, and enhancing customer convenience. As
a business that is heavily reliant on technology, IT
risk—any threat that can stem from equipment failure
to targeted cyber attacks—is a core concern. Our IT
risk infrastructure centers on ensuring the soundness
of our IT operations, the strength of our IT Security
in the face of increasing cyber threat landscape, and
the orderliness of implementation of IT projects in
line with China Bank’s ongoing digital transformation.
The China Bank Board delegates to the IT Steering
Committee (ITSC) the responsibility of implementing
our IT strategies and monitoring IT performance. Our
ITSC includes the participation of three directors who
oversee the Bank’s IT function as well as members of
management who oversee business execution and
business support functions. Governance functions
participate in ITSC meetings in advisory capacity.
The ITSC aggregates IT concerns from all over the
enterprise to ensure concerted implementation of the
Group’s IT Strategy. The allied subsidiary and affiliate
enterprises ensure their respective Boards, Senior
Managements, and Risk functions remain aware of all
businesses they raise before the ITSC.
CHINA BANKING CORPORATION
Trust Risk
With the extensive development of the financial
markets, we continue to place great importance on
managing all the risks specific to our Trust business,
including legal, strategic, and reputational risks. Trust
risk is managed in accordance with the Guidelines
in Strengthening Corporate Governance and Risk
Management Practices on Trust, Other Fiduciary
Business, and Investment Management Activities (BSP
Circular 766), as well as the Bank’s internal Trust Risk
Management Guidelines.
Integrated Stress Test
RMG has an Integrated Stress Testing (IST) framework
to evaluate the Bank’s overall vulnerabilities on specific
events or crisis and gauge the ability to withstand
stress events, in addition to the silo stress tests. The
IST covers all the major risk areas of the Bank and
complements the Pillar I Plus Approach which is the
basis for the Internal Capital Adequacy Assessment
Process (ICAAP) capital charge under normal condition.
Internal Audit
Internal audit is essential in maintaining the Bank’s
overall strength and stability as it provides independent
assurance and contributes to the effectiveness and
efficiency of governance, risk management, and
control processes. The results of assurance reviews
are translated into value-added recommendations
to strengthen controls, mitigate risks, and improve
operations. Internal audit also provides valuable
insights which help our Board and Management
make sound decisions that enhance and protect
organizational value.

The Audit Division handles the internal audit function,
under the leadership of the Chief Audit Executive,
and maintains a high standard of independence and
objectivity in carrying out its audit responsibilities
effectively. Internal audit activities are free from
any internal or external interference or obstruction.
The Audit Division’s authority to perform its mandate
emanates from the Board-approved Charter, which also
serves as a blueprint for accomplishing its mission and
objectives.
In 2022, our Audit Division resumed onsite reviews
of China Bank branches, units, and subsidiaries,
maximizing all available resources to expand audit
coverage. The Audit Management System and Data
Analytics were utilized during audit engagements
to increase audit effectiveness and efficiency. Audit
Division will continue to leverage modern technology
and to innovate and adapt to enhance its services and
reduce operational cost. Also in 2022, the internal audit
function of our retail bank arm CBS was fully integrated
with the parent Bank to benefit from economies of
scale and enable the seamless sharing and adoption of
best internal audit practices.
• External audit: Sycip Gorres Velayo & Company
(SGV), China Bank’s external auditor for over 20
years, is responsible for providing reasonable
assurance that the Bank’s financial statements are
presented accurately and in conformity with the
Philippine Financial Reporting Standards (PFRS). In
compliance with regulations, the signing partners
are rotated every five years of engagement which
was increased to seven years effective August
2019. None of the Bank’s external auditors have
resigned during the two most recent fiscal years
(2022 and 2021) or any interim period. SGV is again
recommended for appointment at the scheduled
annual stockholders’ meeting.
81
• Audit and audit-related Fees: Audit and Audit-
Related Fees cover services rendered for the
performance of the audit or review of the Bank’s
financial statements including the combined
financial statements of Trust Group, and the
issuance of comfort letters relative to the Bank’s
bond issuances amounting to P20 billion in 2021.
The 2022 and 2021 audit fees were taken up and
approved by the Audit Committee.
Tax fees related to the audit of tax accounting
and compliance are already incorporated in the
year-end audit fees under Audit and Audit-Related
Fees category as this is part of the audit process
conducted by the external auditors.
The Board/Audit Committee likewise discussed,
approved, and authorized to engage the services
of SGV & Co in non-audit work for independent
vulnerability assessment and penetration testing
in 2022, review and advisory services in 2021
and independent validation of votes in the annual
stockholders’ meeting in both 2022 and 2021.
Payments for these services are included under All
Other Fees.
SGV & Co. also confirmed that they did not have
any disagreement with Management that could
be significant to the Bank’s financial statements or
their auditor’s report. Further, there are no matters
that in their professional judgment may reasonably
be thought to bear on their independence or that
they gave significant consideration to in reaching
the conclusion that independence has not been
impaired.
YEAR
AUDIT AND
ALL OTHER FEES
g.b˼X<b%\
2022 P9,498,720 P 974,400
2021 P11,415,712 P3,616,173
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
82 Corporate Governance

Stock information
China Bank common shares are listed and traded on the Philippine Stock Exchange under the symbol “CHIB”.
The Bank‘s common shares were valued at P27.45 per share as of December 29, 2022 (last trading day), and at
P32.05 per share as of March 1, 2023 (latest practicable trading date).

The Bank has an authorized capital stock of P33 billion divided into 3.3 billion shares with a par value of P10.00 per
share. As of February 28, 2023, there were approximately 1,859 holders of 2,691,288,212 common shares.

EQUITY OWNERSHIP BY NATIONALITY

Nationality Number of Stockholders Number Shares Percentage

Filipino 1,782 1,969,771,242 73.191
Non-Filipino (PCD) 1 715,078,294 26.570
Chinese 49 3,485,501 0.130
American 18 2,403,317 0.089
Australian 2 4,513 0.000
British 2 97,631 0.004
Canadian 2 363,117 0.013
Spanish 1 107 0.000
Taiwanese 2 84,490 0.003
TOTAL 1,859 2,691,288,212 100.000

bIUɰɮ+I<X\I%+.CC:IBBIC\+X\

Name of Stockholder Number of Shares Percentage

1. PCD Nominee Corporation (Non-Fil.) 715,078,294 26.570
2. PCD Nominee Corporation (Filipino) 571,266,303 21.227
3. SM Investments Corporation 463,922,761 17.238
4. Sysmart Corporation 416,402,026 15.472
5. JJACCIS Development Corporation 62,320,926 2.316
6. CBC Employees Retirement Plan 53,278,951 1.980
7. Joaquin T. Dee &/or Family 40,787,322 1.516
8. GDSK Development Corporation 31,458,583 1.169
9. Suntree Holdings Corporation 24,138,332 0.897
10. Syntrix Holdings, Inc. 23,266,173 0.864
11. Hydee Management & Resource Corp. 14,334,603 0.533
12. The First Resources Mgt. & Sec. Corp. 5,964,229 0.222
13. Kuan Yan Tan’s Charity (Phil.), Inc. 5,941,277 0.221
14. Reliance Commodities, Inc. 5,662,648 0.210
15. Robert Y. Dee, Jr. 5,569,499 0.207
16. La Filipina Uy Gongco Corporation 5,444,600 0.202
17. Ansaldo, Godinez & Co., Inc. 4,664,350 0.173
18. Michael John G. Dee 3,963,468 0.147
19. Cheng Siok Tuan 3,864,332 0.144
20. Rosario Chua Siu Choe 3,631,816 0.135
TOTAL 2,460,960,493 91.442

CHINA BANKING CORPORATION

 83

XIXCC%..<IsCX\+I<.C&ɳͯIXBIXrIb.C&\gX.b.\
102-5
C á¸èøâ¸ō®Ì ÜIēâ¸÷
Title of Name, Address of Record Owner & No. of
& Relationship with Record Citizenship Percentage
Class Relationship with Issuer Shares Held
Owner
PCD Nominee Corporation*
29/F BDO Equitable Tower,
Common Various stockholders/clients Non-Filipino 715,078,294 26.56
8751 Paseo de Roxas, Makati City
Stockholder
PCD Nominee Corporation*
29/F BDO Equitable Tower,
Common Various stockholders/clients Filipino 571,266,303 21.23
8751 Paseo de Roxas, Makati City
Stockholder
SM Investments Corporation
Sy Family
10th Floor L.V. Locsin Bldg.,
Common PCD Nominee Corporation Filipino 463,922,761 17.24
6752 Ayala Avenue, Makati City
Stockholders
Stockholder
Sysmart Corporation
Sy Family
10th Floor L.V. Locsin Bldg.,
Common Sycamore Pacific Corporation Filipino 416,402,026 15.47
6752 Ayala Avenue, Makati City
Stockholders
Stockholder
*Based on the list provided by the Philippine Depository & Trust Corporation to the Bank‘s transfer agent, Stock Transfer Service, Inc., as
of December 31, 2022, The Hongkong and Shanghai Banking Corporation Limited (396,732,386 shares or 14.74%) and BDO Securities
Corporation (193,683,220 shares or 7.20%) hold 5% or more of the Bank‘s securities under the names of various beneficial owners. The
beneficial owners, such as the clients of PCD Nominee Corporation, have the power to decide how their shares are to be voted.

STOCKHOLDINGS OF BANK DIRECTORS

Number & Nature of

Director Position Citizenship Ownership - Direct (D)/ Percentage
Indirect (I)
Hans T. Sy Chairman of the Board Filipino 1,545,137 (D) 0.057
3,753,725 (I) 0.139
Gilbert U.Dee Vice Chairman Filipino 838,006 (D) 0.031
William C. Whang Director and President Filipino 21,318 (D) 0.001
Peter S. Dee Director Filipino 301,305 (D) 0.011
Joaquin T. Dee Director Filipino 44,365,883 (D) 1.648
7,371,029 (I) 0.274
Herbert T. Sy Director Filipino 735,431 (D) 0.027
Harley T. Sy Director Filipino 897,254 (D) 0.033
Jose T. Sio Director Filipino 3,517 (D) 0.000
Margarita L. San Juan Lead Independent Director Filipino 95,238 (D) 0.004
Philip S. L. Tsai Independent Director Filipino 2,000 (D) 0.000
Claire Ann T. Yap Independent Director Filipino 100 (D) 0.000
Genaro V. Lapez Independent Director Filipino 100 (D) 0.000
TOTAL 59,930,043 2.225

All the tables are as of February 28, 2023

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

84 Corporate Governance

TRADING IN COMPANY SHARES BY BANK DIRECTORS

Shareholdings as of Number of Shares Number of Shares Shareholdings as of

Director
January 1, 2022 Disposed Acquired December 31, 2022
Hans T. Sy 4,383,462 – 915,400 5,298,862
Gilbert U. Dee 12,838,006 12,000,000 – 838,006
William C. Whang 18,318 – 3,000 21,318
Peter S. Dee 301,305 – – 301,305
Joaquin T. Dee 51,736,912 – – 51,736,912
Herbert T. Sy 735,431 – – 735,431
Harley T. Sy 897,254 – – 897,254
Jose T. Sio 3,517 – – 3,517
Margarita L. San Juan 95,238 – – 95,238
Philip S. L. Tsai 2,000 – – 2,000
Claire Ann T. Yap 100 – – 100
Genaro V. Lapez 100 – – 100

TRADING IN COMPANY SHARES BY BANK PRINCIPAL OFFICERS*

Shareholdings as Number of Number of Shareholdings

IŇ®¸÷ of January 1, 2022 Shares Disposed Shares Acquired as of December 31,
2022
Romeo D. Uyan, Jr. 500 _ _ 500
Patrick D. Cheng 618,256 _ 2,000 620,256
Jose L. Osmeña, Jr. 10,000 _ _ 10,000
Magnolia Luisa N. Palanca 100 _ _ 100
Lilian Yu 400 _ _ 400
Ananias S. Cornelio Ill 700 _ 10,000 10,700
Angela D. Cruz 1,641,476 _ _ 1,641,476
Christopher Ma. Carmelo Y. Salazar 100 _ _ 100
Clara C. Sy 2,977,104 _ _ 2,977,104
Cristina P. Arceo 1,200 _ _ 1,200
Gerard T. Dee 279,464 _ 12,000,000 12,279,464
James Christian T. Dee 2,911,081 _ _ 2,911,081
Antonio Jose S. Dominguez 100 _ _ 100
Madelyn V. Fontanilla 1,400 _ _ 1,400
Jerry Ron T. Hao 300 _ _ 300
Delia Marquez 26,700 _ _ 26,700
Elizabeth C. Say 6,633 _ _ 6,633
Belenette C. Tan 7,708 _ _ 7,708
Stephen Y. Tan 4,046 _ _ 4,046
Layne Y. Arpon 11,832 _ _ 11,832
Amelia Caridad C. Castelo 100 _ _ 100
Marie Carolina L. Chua(b) _ _ 38,343 38,343
Melissa F. Corpus 1,500 _ _ 1,500
Rhodin Evan O. Escolar(b) _ _ 400 400
Maria Luz B. Favis 1,300 _ _ 1,300
Mary Ann T. Lim 200 _ _ 200
Mandrake P. Medina 1,200 _ _ 1,200
Marisol M. Teodoro 23,923 _ _ 23,923
Maria Rosanna Catherina L. Testa 7,340 _ _ 7,340
Michelle Y. Yap Bersales (a) _ _ 700 700
*First Vice President and up, in addition to the Vice Chairman and President
(a)
Promotion to First Vice President I effective May 6, 2022
(b)
Promotion to First Vice President I effective July 16, 2022

CHINA BANKING CORPORATION

 85

Conglomerate Map
As of December 31, 2022

SM INVESTMENTS CORPORATION

CORE PORTFOLIO OTHERS

INVESTMENTS

Goldilocks Bakeshop, Inc. Asia-Pacific Computer

2Go Group, Inc. Multi-Realty Development
(74.1%) Technology Center, Inc.
(52.9%) Corporation (90.9%)
(41.8%)

GPAY Network PH, Inc.

Atlas Consolidated (34.5%) Bellevue Properties, Inc. Nagtahan Property
BDO Unibank, Inc.
Mining and Development (62.0%) Holdings, Inc. (99.7%)
(45.3%)
Corporation (34.1%)

Neo Group
Belleshares Henfels Investments Primebridge Holdings, Inc.
SM Retail, Inc.
Holdings, Inc. Corporation (99.0%) (100%)
(77.3%)
(99.0%)
Philippines Urban Living
Solutions Inc. (71.3%)
Intercontinental
SM Prime Holdings, Inc. Belle Corporation SMIC SG Holdings Pte.
Development Corporation
(49.7%) (26.6%) Ltd. (100%)
(99.7%)
Prime Central Limited
21.2% (100%)
5.0%
Mountain Bliss Resort &
Premium Leisure Development Corp.
Corporation (100%)
Globalfund Holdings, Inc.
(100%)
Manila
CityMall Commercial Southcoast
Centers, Inc. Development Corporation
(34.0%) Katimak Holdings, Inc. (99.9%)
(100%)

Sodexo Benefits and

Rewards Services
CHINA BANKING Philippines, Inc. (formerly
Sodexo Motivation Solutions
Allfirst Renewables
Holdings, Inc. (100%)
CORPORATION Philippines, Inc.) (40.0%)

˳ɰɰˑɳͯ˴ AIC Group of Companies

Philippine Geothermal
Production Company, Inc.
Holding Corp. (100%)
(51.0%)

Allfirst Kalinga
Holdings, Inc. (100%)

Pan Pacific Power

Phils. Corp. (100%)

CHINA BANK CBC PROPERTIES & CBC INSURANCE MANULIFE CHINA BANK CHINA BANK CAPITAL
SAVINGS, INC. COMPUTER CENTER, INC. BROKERS, INC. LIFE ASSURANCE CORP. CORPORATION
˳ɷɶˑɱͯ˴ ˳ɯɮɮͯ˴ ˳ɯɮɮͯ˴ ˳ɲɮˑɮͯ˴ ˳ɯɮɮͯ˴

Legend:
% Refers to the Effective Ownership Interest, except for the CHINA BANK
CBC ASSETS ONE RESURGENT CAPITAL
CBC group (subsidiaries and affiliates), where % refers to the SECURITIES
˳\U˴ˇ.Cˑ ˳%.\b˼B˴ˇ.Cˑ
direct shareholding of the parent company. CORPORATION
˳ɯɮɮͯ˴ ˳ɯɮɮͯ˴
˳ɯɮɮͯ˴

Subsidiaries of Associate of SMIC

SMIC Subsidiary
SMIC Subsidiary Associates Subsidiary

Financial Allied Subsidiary Non-Financial Allied Subsidiary Financial Allied Affiliate Special Purpose Corporation

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

86

Board of
Directors

Hans T. Sy Gilbert U. Dee William C. Whang

Chairman Vice Chairman President*
*until March 31, 2023

Romeo D. Uyan, Jr. Peter S. Dee Joaquin T. Dee

Chief Operating Officer* Non-Executive Director Non-Executive Director
*President and CEO effective April 1, 2023

CHINA BANKING CORPORATION

 87

Harley T. Sy +¸÷­¸Ŕbˑ\ę
Non-Executive Director Non-Executive Director

Jose T. Sio Margarita L. San Juan

Non-Executive Director Lead Independent Director

Philip S.L. Tsai Claire Ann T. Yap

Independent Director Independent Director

Genaro V. Lapez Ricardo R. Chua

Independent Director Advisor to the Board

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

88
Board of
Directors
Hans T. Sy, 67, Filipino, is the Chairman of the
Board since May 5, 2011 and has been a member
of the China Bank Board since May 21, 1986.
He previously held the position of Vice Chairman
from 1989 to 2011. He is currently Director and
Chairman of the Executive Committee of SM
Prime Holdings, Inc. (SMPH) and Adviser to the
Board of SM Investments Corporation (SMIC).
SMPH and SMIC are both listed on the Philippine
Stock Exchange (PSE). He also serves as the
Chairman of the Board of Trustees of National
University, Inc. (NUI) and holds other key positions
in several companies under the SM Group. He
was given the Outstanding Filipino Award at the
2022 TOFIL awards for his contribution to nation-
building and resiliency through sustainability and
disaster risk reduction. Chairman Sy graduated
from De La Salle University with a Bachelor
of Science degree in Mechanical Engineering.
He attends and participates in various trainings
and seminars, the most recent of which are
on Risks and Opportunities in Sustainable
Finance conducted by Moody’s Analytics in
October 2022, and Anti-Money Laundering
(AML) updates and Advanced Corporate
Governance training conducted by the Institute
of Corporate Directors (ICD) in August 2022.
Gilbert U. Dee, 87, Filipino, is the Vice Chairman
of the Board since May 5, 2011 and has been a
member of the Board since March 6, 1969. He
was the Chairman of the Board from 1989 to 2011.
He is also the Chairman in the boards of Union
Motor Corporation and China Bank subsidiary CBC
Properties and Computer Center, Inc. (CBC PCCI),
which are not listed on the PSE. He previously
CHINA BANKING CORPORATION
served as director in Philippine Pacific Capital
Corporation, Philex Mining Corporation, and CBC
Finance Corporation. Vice Chairman Dee received
his Bachelor of Science degree in Banking from
De La Salle University. He also holds a Master’s
in Business Administration (MBA) degree in
Finance from the University of Southern California.
Among the trainings in banking and other related
fields he has participated in over the years are
ICD’s Annual Corporate Governance training and
AML updates in August 2022, and Technology
Governance for Directors: Sink, Float or Swim in
the Waves of E-Commerce in January 2022.
William C. Whang, 64, Filipino, Director and
President of China Bank since November 1, 2017
and until his retirement on March 31, 2023. He
previously held several key leadership positions in
the Bank from 2011 to 2017: as Chief Operating
Officer, Head of Lending Business Segment,
and Head of Institutional Banking Group. He
concurrently sits as Chairman of the Board of China
Bank subsidiary, China Bank Securities Corporation
(CBSC), and as member in the boards of other
subsidiaries such as China Bank Savings, Inc.
(CBSI), Chinabank Insurance Brokers, Inc. (CIBI),
CBC PCCI, and China Bank Capital Corporation
(CBCC). He also holds directorship positions
representing China Bank in other entities such
as Bancnet, Inc., Bankers’ Association of the
Philippines (BAP), and Manulife China Bank Life
Assurance Corporation (MCBL). Besides China
Bank, he does not hold any directorship position
in other PSE-listed companies. He has over 40
years of banking experience, previously holding
key positions both in local and international

financial institutions. Under his leadership, China
Bank was recognized as the 2021 Best Bank
in the Philippines by The Asset and recently
edged as the Top 4 private universal bank in
the country as of the second quarter of 2022.
On January 20, 2023, China Bank received
the coveted Five-Golden Arrow Recognition,
the highest corporate governance award given
by the Institute of Corporate Directors to the
country’s top publicly listed companies based
on the 2021 ASEAN Corporate Governance
Scorecard (ACGS) assessment results. President
Whang holds a Bachelor of Science degree in
Commerce, Major in Business Management,
from De La Salle University. He attended
various trainings on corporate governance,
AML, branch-based marketing, quality service
management, sales management, principle-
centered leadership, cybersecurity governance:
challenges and solutions, and managing
finances in the digital age, among others.
On December 7, 2022, the Board of Directors
approved the succession plan for the position
of President and Chief Executive Officer
(CEO) of the Bank, and accepted President
Whang’s retirement notice, effective at the
close of business on March 31, 2023.
Romeo D. Uyan, Jr., 60, Filipino, is the
Senior Executive Vice President and Chief
Operating Officer of China Bank until March
31, 2023, and was appointed President and
CEO effective April 1, 2023. The Monetary
Board issued its confirmation of his election
and appointment on January 26, 2023.
89
Mr. Uyan has been with the Bank since 2014,
initially hired to set up the Bank’s investment
banking arm, CBCC, and was appointed as
its President in December 2015. He was then
appointed as the Bank’s Treasurer in July 2016
and Chief Operating Officer in November 2017.
Mr. Uyan is a seasoned investment banker with
over two decades of experience in trading and
financial structuring working with top multinational
investment houses in the Asia Pacific region. He
previously served as Managing Director and Co-
Head of Asia Special Situations and Leveraged
Capital Markets at UBS AG - Singapore Branch,
and Managing Director and Head of Asia Credit
Products in Barclays Capital, where he was also a
member of the Asia Pacific Executive Committee
and Global Emerging Markets Committee. At
present, he concurrently sits in the Boards of
the following Bank subsidiaries: CBCC and
CBSC as Vice Chairman and Resurgent Capital
(FISTC-AMC) Inc. as Chairman. He also serves
as the alternate Bank representative for BAP
and the Philippine Payments Management Inc.
Mr. Uyan earned a Bachelor of Science degree
in Management Engineering from the Ateneo
de Manila University, cum laude, and obtained
his master’s degree in Business Administration
(MBA), graduating with distinction, at the
Johnson Graduate School of Management in
Cornell University, New York, U.S.A. Mr. Uyan
participated in numerous trainings in banking,
securities and futures products, fraud awareness,
environmental and social risk, FATCA awareness
and responsibility, AML, and corporate governance.
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
90 Board of Directors
Peter S. Dee, 81, Filipino, has been a member
of the China Bank Board since April 14, 1977.
He previously served as President and Chief
Executive Officer of the Bank from 1985 to 2014.
Currently, he serves as independent director for
PSE-listed companies City & Land Developers,
Inc., and Cityland Development Corporation. He
is also a Director and President of Bank subsidiary
CBC PCCI and serves as director of other non-
listed companies, particularly, Commonwealth
Foods, Inc., GDSK Development Corporation,
Makati Curbs Holdings Corporation, Great
Expectation Holdings, Inc., and The Big D Holdings
Corporation. He previously held directorship
positions in Sinclair (Phils.) Inc., Can Lacquer,
Inc., CBC Forex Corporation, and CIBI, among
others. Director Dee holds a Bachelor of Science
degree, Major in Commerce, from De La Salle
University and from University of the East. He
also attended a Special Banking Course at the
American Institute of Banking. He participated
in various trainings on corporate governance,
the latest of which was in August 2022 which
focused on AML and cybersecurity governance.
Joaquin T. Dee, 87, Filipino, is a member of
the China Bank Board since May 10, 1984. He
does not hold any directorship positions in other
PSE-listed companies aside from China Bank.
He currently serves as Chairman of JJACCIS
Development Corporation and Enterprise Realty
Corporation, and Director of Suntree Holdings
Corporation. From 1964 to 1995, he served as Vice
President for Wellington Flour Mills. Director Dee
is a graduate of Letran College, with a Bachelor
of Science degree in Commerce. He attended
CHINA BANKING CORPORATION
various trainings and seminars related to banking,
such as on AML, corporate governance, data
privacy and managing finances in the digital age.
Herbert T. Sy, 66, Filipino, became a member
of the China Bank Board on January 7, 1993.
In addition to China Bank, he is also a director
in PSE-listed SMPH. He is the Chairman of
non-listed companies, Supervalue, Inc., Super
Shopping Market, Inc., Sondrik, Inc., and Sanford
Marketing Corp. He also sits as director in
NUI. He has diverse expertise in food retail,
mall operations, real estate development, and
investments. Director Sy obtained a Bachelor of
Science degree in Management from De La Salle
University. His latest banking-related trainings
include updates on AML, corporate governance
and cybersecurity governance in August 2022.
Harley T. Sy, 63, Filipino, is a director and
member of the China Bank Board since May
24, 2001. He is also the Executive Director
of SMIC, one of the largest publicly-listed
companies in the Philippines, and holds various
positions in other non-listed companies under
the SM Group. Director Sy graduated with a
Bachelor of Science degree in Commerce,
Major in Finance, from De La Salle University.
He also participates in extensive trainings on
banking and finance, the most recent of which
cover updates on AML, corporate governance,
BSP supervisory assessment framework,
and technology governance for directors.

Jose T. Sio, 83, Filipino, has served as Director
of the China Bank Board since November 7, 2007.
He is concurrently the Chairman of the Board of
Directors of SMIC and a member of the Board
of Directors of the following companies listed
on the PSE: (i) Atlas Consolidated Mining and
Development Corporation and (ii) Far Eastern
University, Incorporated (as Independent Trustee).
He is also Adviser to the Board of Directors of PSE-
listed BDO Unibank, Inc., Belle Corporation, and
Premium Leisure Corporation. Mr. Sio also serves
as Director of the following companies not listed
on the PSE: (i) NLEX Corporation; (ii) Ortigas Land
Corporation; and (iii) First Asia Realty Development
Corporation. He is the Chairman, President and
Trustee of SM Foundation, Inc. Director Sio was a
Senior Partner of SyCip Gorres Velayo & Co. (SGV).
He was voted as CFO of the Year in 2009 by the
Financial Executives of the Philippines (FINEX).
He was also awarded as Best CFO (Philippines)
in various years by Hong Kong-based business
publications such as Alpha Southeast Asia,
Corporate Governance Asia, Finance Asia and The
Asset. In June 2022, he received Parangal San
Mateo, the highest honor that can be conferred
upon an accounting professional by the Philippine
Institute of Certified Public Accountants (PICPA).
In March 2023, he was recently honored by the
Professional Regulatory Board of Accountancy with
the Accountancy Centenary Award of Excellence.
Director Sio is a Certified Public Accountant
(CPA) and holds a Bachelor of Science degree
in Commerce, major in Accounting, from the
University of San Agustin. He obtained his Master’s
degree in Business Administration from New
York University, U.S.A. He is actively engaged in
91
continuous trainings, having attended seminars/
trainings on investments, loans and financial
instruments, structured products, debt and equity
financing during the Euromoney Conference in
China in 2005, anti-money laundering updates,
advanced corporate governance, and risks and
opportunities in sustainable finance. He has
been a speaker in various fora and trainings, the
latest of which was a webinar organized by the
Association of CPAs in Commerce & Industry
entitled, Addressing Perceived Competency
Gap: From Classroom to Workplace.
Margarita L. San Juan, 69, Filipino, is China
Bank’s Lead Independent Director. She was
first elected to the Board on May 4, 2017. She
concurrently serves as Independent Director
in Bank subsidiaries CBCC, CIBI, and CBCC’s
wholly-owned subsidiary, Resurgent Capital
(FISTC-AMC) Inc. (RCI). She does not hold
any directorship position in other PSE-listed
companies. She was previously an Independent
Director for nine years in the Board of Bank
subsidiary CBSI. She also worked with Ayala
Investment and Development Corporation,
Commercial Bank and Trust Co., and as Senior
Vice President and Group Head of China Bank’s
Account Management Group until her retirement
in 2012. Director San Juan obtained her Bachelor
of Science degree in Business Administration,
Major in Financial Management, from the
University of the Philippines and completed
the Advance Bank Management Program of
the Asian Institute of Management (AIM). She
participated in various seminars and trainings
including development financing, international
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
92 Board of Directors
banking operations, marketing, financial analysis
and control, risk management, lending and
investment banking, restructuring and corporate
rehabilitation, the Annual Corporate Governance
Training Program, Enhancing Board Performance
and Enhancing Audit Committee Effectiveness-
Essentials and the latest on anti-money laundering,
cybersecurity governance, and managing
finances in the digital age in August 2022.
Philip S.L. Tsai, 72, Filipino, is an Independent
Director of China Bank since November 7, 2018.
He does not hold any directorship position in other
PSE-listed companies. He also sits as Independent
Director in the Boards of non-listed Bank
subsidiaries CBSI, CBCC and CIBI. He has more
than 40 years of banking and financial management
experience, previously holding executive positions
in First CBC Capital (Asia) Limited, Midwest
Medical Management, and Fortune Travel
International Inc., Chemical Bank New York, and
Plastic Container Packaging/Consolidated Can
Corp. He also served as an officer in the Bank’s
Retail Banking Business until his retirement
in 2015. Director Tsai obtained his Bachelor of
Science degree in Business Administration from
the University of the Philippines and pursued
his Master’s degree in Business Administration
from the Roosevelt University in Chicago, Illinois.
He participated in various trainings in banking-
related fields over the years. Recently, he attended
trainings on sustainability in the board room
and risk management in the age of COVID-19
in 2020; effective corporate governance board
focus and digital transformation in 2021; and AML
updates, cybersecurity governance, and managing
CHINA BANKING CORPORATION
finances in the digital age in August 2022 as
well as a forum on sustainability organized by
SMIC and WWF Philippines in November 2022.
Claire Ann T. Yap, 67, Filipino, is an Independent
Director of the Bank since October 1, 2020.
Other than China Bank, she does not hold any
directorship position in other PSE-listed companies.
She concurrently serves as Independent Director
in Bank subsidiaries CBSI, CBSC, CBCC, and in
CBCC’s subsidiary, RCI. She has more than 30
years of experience in banking and finance in local
and multinational organizations. She was Senior
Vice President and Head of Global Service Centre
of Global Payments Process Centre, Inc., a Fortune
500 company, and worldwide leader providing
payments and financial technology solutions. She
has also previously held executive leadership roles
at Australia and New Zealand Banking Group Ltd.
and Hongkong Shanghai Banking Corporation
(HSBC), and served as Chairman of the Credit
Card Association of the Philippines from 2009 to
2010 and President from 2007 to 2009. Director
Yap is a CPA, and she graduated with a Bachelor
of Science degree in Accountancy, cum laude,
from De La Salle University. She had various
trainings on managing customer experience, credit
card fraud and security, information security and
data privacy, sustainability, AML, and corporate
governance. In 2022, she attended trainings on
Technology Governance for Directors (January),
Advanced Corporate Governance Training (August)
which focused on Cybersecurity Governance:
Challenges and Solutions, Managing Finances
in the Digital Age: FINTECH, and AML Updates,
Risks and Opportunities in Sustainable

Finance (October), and AMLA Compliance in
the Age of the Digital World (November).
Genaro V. Lapez, 65, Filipino, was elected as
Independent Director of the Bank on May 6,
2021. He does not hold directorship position in
any PSE-listed company other than China Bank.
He serves as Independent Director in Bank
subsidiaries, CBSI and CBSC. He has more than
10 years of experience in banking and finance in
the Philippines, having handled key executive,
leadership and advisory positions as Executive
Vice President at Union Bank of the Philippines
(UBP), including Head of the Center for Strategic
Partnerships and Head of Consumer Finance.
Aside from banking and financial services, he has
considerable exposure across various local and
global industries spanning fast-moving consumer
goods (FMCG), pharmaceuticals, and multimedia
publishing, where he has held President and
Chief Executive positions. He has been posted
in Hong Kong, Singapore, and Indonesia, and he
is conversant in Chinese and Bahasa. Director
Lapez is a seasoned StracTical (Strategic and
Tactical) and GloCal (combining Global Best
Practices with Local Realities) thinker. He is also
a member of the Management Association of
the Philippines (MAP) for more than 10 years.
In the past, he held various senior leadership
positions in Numico (Netherlands), San Miguel
Corporation, Nabisco International, and Time
Life Inc. Director Lapez obtained his Bachelor of
Science degree in Management Engineering from
the Ateneo de Manila University. He participated in
numerous trainings and seminars on Retail Banking
Leadership (Certificate Program) from The Asian
93
Banker; Retail Banking Future Workshop (Certificate
Program) from John Clements Consultants and
Harvard Business School; and Global Consumer
Banking (Certificate Program) from the European
Financial Management Association. He recently
attended ICD’s Technology Governance for
Directors in 2021, and AML updates and Advanced
Corporate Governance training in August 2022.
Ricardo R. Chua, 71, Filipino, is the Board’s
Advisor since November 1, 2017. He previously
held several key positions in the Bank: as Director
from 2008 up to October 2017, President and
Chief Executive Officer from September 2014
up to October 2017, and Chief Operating Officer
from 2012 to 2014. He sits in the boards of the
following Bank subsidiaries: Chairman of CBSI,
and Director of CBCC and CBC PCCI. A CPA,
Mr. Chua graduated with a Bachelor of Science
degree in Business Administration, Major in
Accounting, cum laude, from the University of
the East, and completed his Master’s in Business
Management from the AIM. He had trainings in
banking operations and corporate directorship,
AML updates, corporate governance, sustainable
finance, cybersecurity governance, and managing
finances in the digital age, among others.
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
94

Management
èááÌŖ¸¸

William C. Whang Romeo D. Uyan, Jr. Patrick D. Cheng

President* Chief Operating Officer* Chief Finance Officer
*until March 31, 2023 *President and CEO effective April 1, 2023

Aloysius C. Alday, Jr. Jose L. Osmeña, Jr. Magnolia Luisa N. Palanca

Consumer Banking Retail Banking Business Financial Markets
Segment Head Segment Head Segment Head

CHINA BANKING CORPORATION

 95

Lilian Yu ¸Üōâ8 ęBˑ\ ­Ì´è.x Manuel C. Tagaza

Institutional Banking Chief Innovation and Chief Digital Officer
Segment Head Transformation Officer

Delia Marquez Ananias S. Cornelio III Rosemarie C. Gan

Centralized Operations Chief Risk Officer* Adviser to the Retail Banking
Group Head *Ex-Officio Member Business Segment*
*until December 31, 2022

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

96
Management
Team
As of March 16, 2023
Vice Chairman
Gilbert U. Dee
Executive Vice Presidents
Aloysius C. Alday, Jr.
Patrick D. Cheng
Senior Vice Presidents
Ananias S. Cornelio III
Angela D. Cruz
First Vice Presidents
Jose Luis A. Alcuaz, Jr.
Cristina P. Arceo
Layne Y. Arpon
Amelia Caridad C. Castelo
Marie Carolina L. Chua
Michael L. Chong
Juan Paolo E. Colet
Melissa F. Corpus
Vice Presidents
Baldwin A. Aguilar
Ma. Hildelita P. Alano
Jay Angelo N. Anastacio
Juan Emmanuel B. Andaya
Faye Theresa S. Babasa
Jose Julian E. Baduria, Jr.
Love Virgilynn T. Baking
Ma. Luisa O. Baylosis
Bryan P. Benedicto
Pamela T. Benito
Francis Vincent S. Berdan
Yasmin I. Biticon
Betty L. Biunas
Richard S. Borja
Victor Geronimo S. Calo
Jonathan C. Camarillo
Jeannette H. Chan
Jose Nicolas E. Co
Joseph T. Cruz
Tani Michelle M. Cruz
Domingo P. Dayro, Jr.
Gemma B. Deladia
CHINA BANKING CORPORATION
President Senior Executive Vice President
William C. Whang* Romeo D. Uyan, Jr.**
Jose L. Osmeña, Jr. Ryan Martin L. Tapia
Magnolia Luisa N. Palanca Lilian Yu
Delfin Jay M. Sabido IX Clara C. Sy
Christopher Ma. Carmelo Y. Salazar Manuel C. Tagaza
Gerard Majella T. Dee Pablito P. Flores Mani Thess Q. Peña-Lee
James Christian T. Dee Madelyn V. Fontanilla Elizabeth C. Say
Francis Andre Z. De Los Santos Cristina F. Gotuaco Belenette C. Tan
Antonio Jose S. Dominguez Jerry Ron T. Hao Stephen Y. Tan
Rhodin Evan O. Escolar Angelyn Claire C. Liao Marisol M. Teodoro
Luellia S. Espine Mary Ann T. Lim Maria Rosanna Catherina L. Testa
Maria Luz B. Favis Delia Marquez Geoffrey D. Uy
Gerald O. Florentino Mandrake P. Medina Michelle Y. Yap-Bersales
Aileen Paulette S. De Jesus Alfredo Manuel E. Moreno Jennifer O. Soriano
Leilani B. Elarmo Tadeos R. Natividad Irene C. Tanlimco
Therese G. Escolin Ella May E. Navallo Ma. Edita Lynn Z. Trinidad
Francisco Javier C. Galang Enrico J. Ong Michael C. Tomon
Rafael B. Gamad, Jr. Joseph Vincent L. Pangilinan Harvey L. Ty
Cesare’ Edwin M. Garcia Frankie G. Panis Jasmin O. Ty
Marissa G. Garcia Josephine D. Paredes Virginia Y. Uy
Marlon B. Hernandez Jocelyn T. Pavon Valerie Mariflor G. Valera
Ma. Cristina C. Hernandez Ma. Cristina T. Perez Aileen Marie A. Vallesteros
Emir Francis D. Javillonar Marilou P. Que Domini S. Velasquez
Josefina Anna T. Justiniano William Wayne T. Quesang Esmeralda R. Vicente
Ma. Arlene Mae G. Lazaro Alvin A. Quintanilla Clarissa Maria A. Villalon
Shirley C. Lee Rhoel T. Reyes Charon B. Wambangco
Regina Karla F. Libatique Rena M. Rico-Pamfilo George C. Yap
Karyn C. Lim Louie Mark P. Roño Carina L. Yandoc
Roseller B. Lim Karla H. Rufino Hanz Irvin S. Yoro
B. Franco C. Loyola Julie Ann P. Santiago Editha N. Young
Zahra D. Lumbris Alejandro F. Santos Joseph T. Yu
Jennifer Y. Macariola Danilo T. Sarita Mary Joy L. Yu
Katherine N. Manguiat Francisco Eduardo A. Sarmiento
Ordon P. Maningding Ernanie V. Silvino
Ronald R. Marcaida Ariel A. Soner
* Retired effective March 31, 2023
** President & CEO effective April 1, 2023

Senior Assistant Vice Presidents
Emmanuel L. Abesamis
Agnes O. Adviento
Rommel M. Agacita
Ramiro A. Amanquiton
Genie N. Ang
Ronaldo D. Angco
Ma. Cristina G. Antonio
Luis R. Apostol
Maria Marissa A. Auditor
Aerol Paul B. Banal
Francis Nicolo D. Basilio
Roberto P. Basilio
Cherie Germaine T. Bautista
Eric Von D. Baviera
Maria Charmina B. Bonifacio
Christine Z. Briones
Agnes C. Calimbahin
Lester Augustus G. Callope
Sherry Anne F. Canillas
Marian Elisa C. Carlos
Norman Roque V. Causing
Ma. Jeanette D. Cuyco
Maria Victoria A. Dagucon
Marilyn C. David
Assistant Vice Presidents
Haris P. Alcantara
Ma. Chimene C. Alvarez
Maria Salome P. Angala
Perla S. Aquino
Juan Carlos R. Arcilla, Jr.
Michelle T. Arriola
Manuel S. Aurora, Jr.
Ramsand Lester T. Bangayan
Michelle M. Baroro
Katherine Y. Barra
Ma. Christina L. Billedo
Marie Christine R. Blancaflor
Ma. Victoria T. Bondoc
Anne Roselle A. Buna
Alalyn J. Buragay
Noel D. Cachero
Alex M. Campilan
Hermenegildo G. Cariño
Eleanor S. Cervantes
April Jean P. Chiong
Ma. Cecilia M. Chiu
Rolando V. Cinco
Maria Rosalie F. Cipriano
Daisy C. Co
Marc Victor Y. Co
Susan V. Co
Dianne Camille C. Condez
Carmela Ysabelle J. Cordero
Genevive B. De Jesus
Rosalita C. Dela Cruz
Anna Liza D. Dela Peña
Reynaldo A. Dones
Katherine Jean S. Diamante
Arnold C. Dimaala
Ricardo J. De Guzman III
Aimee-Cel A. De Leon
Reylenita M. Del Rosario
Marc Patrick A. Dela Paz
Jinky T. Dela Torre
Ma. Lourdes L. Dela Vega
Eleanor Q. Faigao
Michelle A. Farcon
Eileen M. Felipe
Hyacinth M. Galang
Marlon F. Galang
Dennis S. Go II
Virginia G. Go
Irene A. Go See It
Grace Y. Ho
Hector B. Holgado
Gladys Antonette Marcel P. Isidro
Joseph Jeffrey B. Javier
Primitivo B. Julito, Jr.
Maria Margaret U. Kua
Christine Marie D. Lim
Mary Ann L. Llanes
Roberto A. Domingo, Jr.
Warren D. Elbo
Ronaldo H. Francisco
Minnie I. Formales
James Royce C. Galang
Freedom A. Gaviola
Julius M. German
Alvin C. Go
Amy A. Go
Desiree Jade T. Go
Marites B. Go
John Melvin D. Gomez
Maria Violeta M. Gonzales
Juni H. Gotamco
George D. Gutierrez
Juan Alfonso Vicente B. Holgado
Ruth D. Holmes
Christine Erika S. Isada
Jason Eric G. Jamias
Vivian T. Jasmin
Ma. Martha S. Javelosa
Airene Cristina G. Ko
Gian Carlo D. Lacambra
Lorelie Y. Lacson
Alvin M. Lacanlalay
Jericho D. Lagustan
Ma. Giselle A. Liceralde
Kerwin G. Lim
Jesse R. Linsangan
Pamela Junno B. Lising
Ma. Gladys C. Liwag
Maria Melinda O. Lo
Glenn B. Lotho
Chris Jurald C. Mancelita
Georgia Lourdes F. Maog
Jose G. Maravilla III
Godofredo L. Martinez
Sheila Jane F. Medrero
Belinda D. Mendoza
Richele F. Navarro
Gil P. Navelgas
Edgar S. Neri, Jr.
Remedios Emilia R. Olivar
Paul Albert P. Olivas
Lilian B. Orlina
Sheilah B. Paglinawan
Jefrey D. Pangilinan
Ma. Victoria G. Pantaleon
Mary Y. Pe
Christine G. Peñafiel
George Michael F. Punzalan
Noreen S. Purificacion
Katherine Joyce C. Quijano
Victor M. Quismundo
Niña May Q. Reynoso
Rosauro M. Ricardo
Marissa S. Macaraig
Mary Grace D. Macaraig
Kristian Ren Dorothy B. Manzano
Fe Angeles T. Marcaida
Rhea D. Matela
Maricar M. Medina
Karen S. Mendoza
Gene Razieg B. Modequillo
Chrisrey D. Muyco
Susie W. Napili
Maria Josefa R. Nisce
Cranston Hans S. Ng
Shari Maybelle K. Ngo
Wendy G. Ngo
Maynard G. Obispo
Rosalie F. Ocampo
Eleanor C. Ona
Orchid D. Ong
Zarah Stephanie B. Pacia
Maricor B. Paez
Marco Antonio V. Panajon
Vivienne Christine C. Perez
Ma. Lourdes T. Pineda
Hazel Marie A. Puerto
Marissa T. Quines
Mary Antonette E. Quiring
Claire L. Ramirez
Jonathan J. Remorosa
Gina K. Reyes
Maria-Catleya C. Reyes
Pamela D. Rillon
Arlene A. Romo
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
97
Eleanor D. Rosales
Ana Ma. Raquel Y. Samala
Anita Y. Samala
Charmaine V. Santos
Edgardo M. Santos
Ma. Graciela C. Santos
Joseph Lloyd A. San Andres
Rizza A. Salvino
Maria Cecilia D. So
Andrea A. Tan
Joanne Christie U. Tan
Stephanie Y. Tan
Susan Y. Tang
Michaela L. Teng
Arnel Ferdinand R. Tiglao
Jeff Michael T. Ty
Cassandra Ira B. Uy
Jonathan T. Valeros
David Andrew P. Valdellon
Anthony Ariel C. Vilar
April Marie O. Yago
Catherine D. Yabes
Jouzl Marie C. Roña
Marita P. Roxas
Marie Christine S. Sagrado-Cabato
Christian B. Salita
Roberto J. Sanchez, Jr.
Edellina C. Santiago
Laarni P. San Juan
Joanne A. Serrano
John Albert P. Sia
Hilarion Z. Silayan III
Maria Teresa P. Silva
Joseph Adrien B. Soriao
Julie A. Sy
Jason T. Tamayo
Anna Liza M. Tan
Hedy L. Tan
Jaydee C. Tan
Joyce Y. Tan
Marie Roanne D. Tan
Karen W. Tua
Cristina C. Ty
Norman P. Ureta
Arlene T. Uy
Ramiro Mateo D. Valdivia
Hermarie Liza U. Villegas
German Laurie O. Yap
Maria Soccoro Perpetua L. Yapson
Maria Carolina U. Yonzon
Marie Claire B. Young
Yerkes S. Yu
Joaquin Miguel O. Zavala
98
Recent Awards
CHINA BANK
ASEAN Corporate Governance
Scorecard Awards - ASEAN Capital
Markets Forum
• ASEAN Asset Class
• Among the Top 20 Publicly
Listed Companies in ASEAN
• Among the Top 3 Publicly Listed
Companies in the Philippines
ASEAN Corporate Governance
Scorecard Golden Arrow Recognition –
Institute of Corporate Directors (ICD)
5-Golden Arrow Award
ABF Retail Banking Awards 2022 –
Asian Banking & Finance
Best Digital Business Banking
Initiative – Philippines:
• China Bank Easy Tax Filing
& Payment Solution (Cash
Management Services)
• China Bank Direct Debit
Arrangement (Cash
Management Services)
Pay360 Awards 2022 – The Payments
Association
Best Regtech Solution - China
Bank Easy Tax Filing & Payment
Solution (Cash Management
Services)
CHINA BANKING CORPORATION
Best Managed Fund of the Year Awards
2022 - CFA Society Philippines
• Best Managed Fund - Dollar
Long-Term Bond (FVPL) category
- China Bank Dollar Fund
• Best Managed Fund - Peso
Medium-Term Bond (FVPL)
category - China Bank
Intermediate Fixed-Income Fund
58th Anvil Awards – Public Relations
Society of the Philippines
Gold Anvil Award – China Bank
Centennial Coffee Table Book, 100
Years of Trust: A China Bank Story
2022 Outstanding BSP Stakeholders –
Bangko Sentral ng Pilipinas
Outstanding BSP Stakeholder for
Safe and Efficient Payments and
Settlements System-Currency
Integrity – China Bank Cabanatuan
Cash Center
CHINA BANK CAPITAL
Triple A Country Awards for Sustainable
Finance 2022 – The Asset
• Best Bond Adviser (Domestic)
• Best Transition Bond – SMC
Global Power Holdings
Corporation’s P40 billion fixed-
rate bond
• Best New Bond – Cebu
Landmasters’ P5 billion fixed-
rate bond
 99

Financial Statements

100 Disclosure on Capital Structure and Capital Adequacy

110 X¸ôèŔèÃĂɸć´ÌĂèááÌŖ¸¸

111 Statement of Management’s Responsibility for Financial Statements

112 .â´¸ô¸â´¸âĂć´ÌĂè÷û̅X¸ôèŔ

116 Management’s Discussion on Result of Operations and Financial Condition

117 Balance Sheets

119 Statements of Comprehensive Income

120 Statements of Changes in Equity

124 Statements of Cash Flows

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

100

Disclosure on Capital Structure and Capital Adequacy

2-2

Capital Fundamentals

We believe that China Bank can only achieve sustainable growth by maintaining strong capital fundamentals. Major business
initiatives are undertaken with the appropriate capital planning which also takes into consideration constraints and changes in
the regulatory environment. This is necessary to ensure that the Bank’s commercial objectives are equally aligned with its ability
to maintain a capital position at par with the industry. The Board and Senior Management recognizes that a balance should
be achieved with respect to China Bank’s earnings outlook vis-à-vis capital fundamentals that can take advantage of growth
opportunities while maintaining sufficient capacity to absorb shocks.

Risk-based capital components, including deductions, on a parent and consolidated basis:

Common Capital Equity (Basel III) Consolidated Parent Company

In PhP Million 2022
Common Equity Tier 1 Capital
Paid-up common stock 26,912.88 26,912.88
Additional paid-in capital 17,200.76 17,200.76
Retained Earnings 87,206.51 84,589.38
Other Comprehensive Income 1,242.33 1,242.33
Minority Interest 132.43 –
Less: Retained Earnings Appropriated for General Loan Loss Provision (2,852.96) (2,852.96)
Less: Unsecured DOSRI (265.66) (263.47)
Less: Deferred Tax Assets (4,390.77) (3,508.04)
Less: Goodwill (563.47) (222.84)
Less: Other Intangible Assets (3,404.39) (721.31)
Less: Defined Benefit Pension Fund Assets/Liabilities (141.52) (135.82)
Less: Investment in Subsidiary (406.89) (15,777.74)
Less: Significant Minority Investment (983.24) (983.24)
Less: Other Equity Investment (69.60) (67.42)
Total CET 1 Capital 119,616.41 105,412.50
Additional Tier 1 Capital – –
Total Tier 1 Capital 119,616.41 105,412.50
Tier 2 Capital
General Loan Loss Provision 6,682.77 6,124.93
Total Tier 2 Capital 6,682.77 6,124.93
Total Qualifying Capital 126,299.18 111,537.44

Common Capital Equity (Basel III) Consolidated Parent Company

In PhP Million 2021
Common Equity Tier 1Capital
Paid-up common stock 26,912.88 26,912.88
Additional paid-in capital 17,200.76 17,200.76
Retained Earnings 71,826.21 69,209.08
Other Comprehensive Income 631.16 631.16
Minority Interest 103.77 –
Less: Retained Earnings Appropriated for General Loan Loss Provision (2,165.00) (2,165.00)
Less: Unsecured DOSRI (32.53) (32.16)
Less: Deferred Tax Assets (4,769.44) (4,034.91)
Less: Goodwill (563.47) (222.84)
Less: Other Intangible Assets (3,429.01) (768.44)
Less: Defined Benefit Pension Fund Assets/Liabilities (68.89) –
Less: Investment in Subsidiary (330.53) (13,959.10)
Less: Significant Minority Investment (796.52) (796.52)
Less: Other Equity Investment (122.40) (120.21)
Forward

CHINA BANKING CORPORATION

 101

Common Capital Equity (Basel III) Consolidated Parent Company

In PhP Million 2021
Total CET 1 Capital 104,396.99 91,854.70
Additional Tier 1 Capital – –
Total Tier 1 Capital 104,396.99 91,854.70
Tier 2 Capital
General Loan Loss Provision 5,807.27 5,463.97
Total Tier 2 Capital 5,807.27 5,463.97
Total Qualifying Capital 110,204.26 97,318.67

Risk-based capital ratios:

Basel III Consolidated Parent Company

2022
In PhP Million
CET 1 capital 132,694.92 129,945.35
Less regulatory adjustments (13,078.51) (24,532.84)
Total CET 1 capital 119,616.41 105,412.51
Additional Tier 1 capital – –
Total Tier 1 capital 119,616.41 105,412.51
Tier 2 capital 6,682.77 6,124.93
Total qualifying capital 126,299.18 111,537.44
Risk weighted assets 793,551.56 700,446.57
CET 1 capital ratio 15.07% 15.05%
Tier 1 capital ratio 15.07% 15.05%
Total capital ratio 15.92% 15.92%

Basel III Consolidated Parent Company

2021
In PhP Million
CET 1 capital 116,674.78 113,953.88
Less regulatory adjustments (12,277.79) (22,099.18)
Total CET 1 capital 104,396.99 91,854.70
Additional Tier 1 capital – –
Total Tier 1 capital 104,396.99 91,854.70
Tier 2 capital 5,807.27 5,463.97
Total qualifying capital 110,204.26 97,318.67
Risk weighted assets 699,547.39 624,981.80
CET 1 capital ratio 14.92% 14.70%
Tier 1 capital ratio 14.92% 14.70%
Total capital ratio 15.75% 15.57%

The regulatory Basel III qualifying capital of the Group consists of Common Equity Tier 1 capital (going concern capital), which
comprises paid-up common stock, additional paid-in capital, surplus including current year profit, other comprehensive income
and minority interest less required deductions such as unsecured credit accommodations to DOSRI, deferred income tax, other
intangible assets, goodwill, defined benefit pension fund assets/liabilities, and investment in subsidiaries. The other component
of regulatory capital is Tier 2 capital (gone-concern capital), which includes general loan loss provision. A capital conservation
buffer of 2.5% comprised of CET 1 capital is likewise imposed in the Basel III capital ratios.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

102 Disclosure on Capital Structure and Capital Adequacy

Full reconciliation of all regulatory capital elements back to the balance sheet in the audited financial statements is presented
below (in PHP million):

Consolidated
2022 2021
Audited Audited
Qualifying Reconciling Financial Qualifying Reconciling Financial
Capital Items Statements Capital Items Statements
Common stock 26,913 – 26,913 26,913 – 26,913
Additional paid-in capital 17,201 – 17,201 17,201 – 17,201
Retained earnings 87,207 (1,799) 89,006 71,826 (2,110) 73,936
Other comprehensive income 1,242 (148) 1,390 631 (400) 1,031
Non-controlling interest 132 63 69 104 62 42
Deductions (13,079) (13,079) – (12,278) (12,278) –
Tier 1 (CET1) capital/Total equity 119,616 (14,963) 134,579 104,397 (14,726) 119,123
Tier 2 capital 6,683 6,683 – 5,807 5,807 –
Total qualifying capital/Total equity 126,299 (8,280) 134,579 110,204 (8,919) 119,123

PARENT
2022 2021
Audited Audited
Qualifying Reconciling Financial Qualifying Reconciling Financial
Capital Items Statements Capital Items Statements
Common stock 26,913 – 26,913 26,913 – 26,913
Additional paid-in capital 17,201 – 17,201 17,201 – 17,201
Retained earnings 84,589 (4,418) 89,007 69,209 (4,727) 73,936
Other comprehensive income 1,242 (147) 1,389 631 (400) 1,031
Deductions (24,533) (24,533) – (22,099) (22,099) –
Tier 1 (CET1) capital/Total equity 105,412 (29,098) 134,510 91,855 (27,226) 119,081
Tier 2 capital 6,125 6,125 – 5,464 5,464 –
Total qualifying capital/Total equity 111,537 (22,973) 134,510 97,319 (21,762) 119,081

The capital requirements for Credit, Market and Operational Risk are listed below, on a parent and consolidated basis:

Capital Requirement Consolidated Parent

in PhP Million 2022 2021 2022 2021
Credit Risk 69,505.45 61,068.72 61,222.73 54,618.48
Market Risk 2,830.88 2,826.12 2,835.83 2,819.42
Operational Risk 7,018.83 6,059.90 5,986.10 5,060.28
Total Capital Requirements 79,355.16 69,954.74 70,044.66 62,498.18

CHINA BANKING CORPORATION

 103

Credit Risk

On-balance sheet exposures, net of specific provisions and not covered by CRM (in PhP million):

December 2022
Consolidated Parent
On-Balance Sheet Assets Exposures, net of Exposures not Exposures, net of Exposures not
Specific Provisions Covered by CRM Specific Provisions Covered by CRM
Cash on Hand 13,671.94 13,671.94 10,017.29 10,017.29
Checks and Other Cash Items 78.51 78.51 73.63 73.63
Due from BSP 106,784.36 106,784.36 92,743.27 92,743.27
Due from Other Banks 13,056.26 13,056.26 11,530.01 11,530.01
Financial Assets at FVPL 10.89 – 10.89 –
Financial Assets at FVOCI 43,758.24 43,758.24 41,574.59 41,574.59
Investment Securities at Amortized Cost 361,202.92 360,114.08 355,143.78 354,054.94
Loans and Receivables 738,711.36 711,749.65 650,027.42 633,975.15
Loans and Receivables arising from Repurchase 14,799.28 14,799.28 12,831.54 12,831.54
Agreements
Sales Contract Receivables 1,187.85 1,187.85 181.28 181.28
Real and Other Properties Acquired 2,551.07 2,551.07 686.20 686.20
Other Assets 22,208.94 22,208.94 18,058.59 18,058.59
Total On-Balance Sheet Assets 1,318,021.63 1,289,960.19 1,192,878.50 1,175,726.50

December 2021
Consolidated Parent
On-Balance Sheet Assets Exposures, net of Exposures not Exposures, net of Exposures not
Specific Provisions Covered by CRM Specific Provisions Covered by CRM
Cash on Hand 15,809.59 15,809.59 13,581.16 13,581.16
Checks and Other Cash Items 78.33 78.33 71.80 71.80
Due from BSP 124,003.69 124,003.69 114,388.01 114,388.01
Due from Other Banks 10,532.76 10,532.76 9,386.15 9,386.15
Financial Assets at FVPL 9.96 – 9.96 –
Financial Assets at FVOCI 28,908.58 28,908.58 26,742.03 26,742.03
Investment Securities at Amortized Cost 244,449.13 243,453.17 238,544.43 237,548.47
Loans and Receivables 635,911.71 614,656.08 569,853.32 557,001.47
Loans and Receivables arising from Repurchase 17,328.61 17,328.61 15,800.32 15,800.32
Agreements
Sales Contract Receivables 924.31 924.31 214.68 214.68
Real and Other Properties Acquired 2,277.59 2,277.59 221.64 221.64
Other Assets 19,275.03 19,275.03 13,925.02 13,925.02
Total On-Balance Sheet Assets 1,099,509.30 1,077,247.76 1,002,738.51 988,880.74

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

104 Disclosure on Capital Structure and Capital Adequacy

December 2020
Consolidated Parent
On-Balance Sheet Assets Exposures, net of Exposures not Exposures, net of Exposures not
Specific Provisions Covered by CRM Specific Provisions Covered by CRM
Cash on Hand 15,793.10 15,793.10 13,613.29 13,613.29
Checks and Other Cash Items 136.64 136.64 110.97 110.97
Due from BSP 152,028.25 152,028.25 141,821.66 141,821.66
Due from Other Banks 18,555.03 18,555.03 17,197.75 17,197.75
Financial Assets at FVPL 9.38 – 9.38 –
Financial Assets at FVOCI 20,406.45 20,406.45 18,487.50 18,487.50
Investment Securities at Amortized Cost 204,624.35 203,686.51 199,293.08 198,355.24
Loans and Receivables 573,621.01 550,058.40 506,661.77 490,129.07
Loans and Receivables arising from Repurchase 12,023.84 12,023.84 9,336.79 9,336.79
Agreements
Sales Contract Receivables 1,020.36 1,020.36 185.82 185.82
Real and Other Properties Acquired 2,700.31 2,700.31 262.20 262.20
Other Assets 17,678.49 17,678.49 12,050.10 12,050.10
Total On-Balance Sheet Assets 1,018,597.22 994,087.39 919,030.32 901,550.41

Credit equivalent amount for off-balance sheet items, broken down by type of exposures (in PhP million):

2022 2021 2020

Off-balance Sheet Consolidated Parent Consolidated Parent Consolidated Parent
Assets Notional Credit Notional Credit Notional Credit Notional Credit Notional Credit Notional Credit
Principal Equivalent Principal Equivalent Principal Equivalent Principal Equivalent Principal Equivalent Principal Equivalent
Direct Credit Substitutes – – – – – – – – – – – –
Transaction-related 17,329.43 8,664.72 17,245.15 8,622.58 26,183.61 13,091.81 26,089.65 13,044.83 21,656.78 10,828.39 21,549.73 10,774.86
contingencies
Trade-related 6,832.71 1,366.54 6,825.71 1,365.14 3,866.81 773.36 3,862.96 772.59 5,986.61 1,197.32 5,978.36 1,195.67
contingencies arising
from movement of
goods
Other commitments 252,069.02 – 250,614.58 – 242,928.59 – 242,391.06 – – 229,941.53 –
(which can be 230,245.64
unconditionally
cancelled at any time by
the bank without prior
notice)
Total Notional
Principal and Credit 276,231.17 10,031.26 274,685.45 9,987.72 272,979.01 13,865.17 272,343.68 13,817.42 257,889.02 12,025.71 257,469.62 11,970.54
Equivalent Amount

Credit equivalent amount for counterparty credit risk in the trading book, broken down by type of exposures (in PhP million):

December 2022

Consolidated Parent
Standardized Approach
Notional Principal Credit Equivalent Notional Principal Credit Equivalent
Interest Rate Contracts 1,000.00 – 1,000.00 –
Exchange Rate Contracts 159,912.49 2,039.92 159,912.49 2,039.92
Equity Contracts – – – –
Credit Derivatives – – – –
Total Notional Principal and
Credit Equivalent Amount 160,912.49 2,039.92 160,912.49 2,039.92

CHINA BANKING CORPORATION

 105

December 2021

Consolidated Parent
Standardized Approach
Notional Principal Credit Equivalent Notional Principal Credit Equivalent
Interest Rate Contracts 2,172.98 12.11 2,172.98 12.11
Exchange Rate Contracts 46,799.69 864.79 46,799.69 864.79
Equity Contracts – – – –
Credit Derivatives – – – –
Total Notional Principal and
48,972.67 876.90 48,972.67 876.90
Credit Equivalent Amount

December 2020

Consolidated Parent
Standardized Approach
Notional Principal Credit Equivalent Notional Principal Credit Equivalent
Interest Rate Contracts 2,204.53 31.91 2,204.53 31.91
Exchange Rate Contracts 29,752.85 405.23 29,752.85 405.23
Equity Contracts – – – –
Credit Derivatives – – – –
Total Notional Principal and
31,957.38 437.14 31,957.38 437.14
Credit Equivalent Amount

Net Exposures after CRM for counterparty credit risk in the banking book, broken down by type of exposures (in PhP million):

December 2022

Consolidated Parent
Standardized Approach Fair Value/ Carrying Net Exposures Fair Value/ Carrying Net Exposures
Amount after CRM Amount after CRM
Derivative Transactions – – – –
Repo-Style Transactions 81,523.48 16,730.77 81,523.48 16,730.77
Total Fair Value/Carrying Amount and
81,523.48 16,730.77 81,523.48 16,730.77
Net Exposures after CRM

December 2021

Consolidated Parent
Standardized Approach Fair Value/ Carrying Net Exposures after Fair Value/ Carrying Net Exposures
Amount CRM Amount after CRM
Derivative Transactions – – – –
Repo-Style Transactions 73,943.11 10,816.70 73,943.11 10,816.70
Total Fair Value/Carrying Amount and 73,943.11 10,816.70 73,943.11 10,816.70
Net Exposures after CRM

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

106 Disclosure on Capital Structure and Capital Adequacy

December 2020

Consolidated Parent
Standardized Approach Fair Value/ Carrying Net Exposures Fair Value/ Carrying Net Exposures
Amount after CRM Amount after CRM
Derivative Transactions – – – –
Repo-Style Transactions 20,298.52 2,792.44 20,298.52 2,792.44
Total Fair Value/Carrying Amount and Net
20,298.52 2,792.44 20,298.52 2,792.44
Exposures after CRM

The following credit risk mitigants are used in the December 2022 CAR Report:
% ROP warrants
% ROP guarantee
% HGC guarantee
% Holdout vs. Peso deposit
% Holdout vs. FCDU deposit
% Assignment / Pledge of Government Securities

Total credit exposure after risk mitigation, broken down by type of exposures, risk buckets, as well as those that are deducted
from capital (in PhP million):

2022
Consolidated Parent Company
Weight Band
On-balance Off-balance Counterparty Total On-balance Off-balance Counterparty Total
sheet sheet sheet sheet
Below 100% 751,122.40 953.20 17,198.79 769,274.40 708,410.59 953.20 17,198.79 726,562.59
100% and 538,837.78 9,078.06 1,571.89 549,487.73 467,315.91 9,034.52 1,571.89 477,922.31
Above
Total 1,289,960.19 10,031.26 18,770.68 1,318,762.12 1,175,726.50 9,987.72 18,770.68 1,204,484.90

2021
Consolidated Parent Company
Weight Band
On-balance Off-balance Counterparty Total On-balance Off-balance Counterparty Total
sheet sheet sheet sheet
Below 100% 599,059.49 5,803.77 11,362.79 616,226.05 564,535.18 5,803.77 11,362.79 581,701.75
100% and
Above 478,188.27 8,061.40 330.80 486,580.46 424,345.56 8,013.65 330.80 432,690.00
Total 1,007,247.76 13,865.17 11,693.59 1,102,806.52 988,880.74 13,817.42 11,693.59 1,014,391.75

2020
Consolidated Parent Company
Weight Band
On-balance Off-balance Counterparty Total On-balance Off-balance Counterparty Total
sheet sheet sheet sheet
Below 100% 495,905.86 3,190.63 3,111.84 502,208.32 460,877.61 3,190.63 3,111.84 467,180.08
100% and 498,181.54 8,835.09 117.74 507,134.36 440,672.79 8,779.91 117.74 449,570.44
Above
Total 994,087.39 12,025.71 3,229.58 1,009,342.68 901,550.41 11,970.54 3,229.58 916,750.52

CHINA BANKING CORPORATION

 107

Total credit risk-weighted assets, broken down by type of exposures (in PhP million):

2022
Consolidated Parent Company
Weight Band
On-balance Off-balance Counterparty Total On-balance Off-balance Counterparty Total
sheet sheet sheet sheet
Below 100% 134,557.55 190.64 6,568.32 141,316.52 125,830.94 190.64 6,568.32 132,589.90
100% and Above 542,960.83 9,078.06 1,571.89 553,610.78 469,169.75 9,034.52 1,571.89 479,776.16
Covered by CRM 127.19 - - 127.19 127.19 - - 127.19
Excess GLLP - 265.98
Total 677,645.58 9,268.70 8,140.21 695,054.49 595,127.88 9,225.16 8,140.21 612,227.27

2021
Consolidated Parent Company
Weight Band
On-balance Off-balance Counterparty Total On-balance Off-balance Counterparty Total
sheet sheet sheet sheet
Below 100% 113,234.38 2,060.75 4,166.05 119,461.19 105,336.46 2,060.75 4,166.05 111,563.26
100% and Above 482,770.09 8,061.40 330.80 491,162.28 426,425.79 8,013.65 330.80 434,770.24
Covered by CRM 63.77 – – 63.77 63.77 – – 63.77
Excess GLLP – 212.48
Total 596,068.24 10,122.15 4,496.85 610,687.24 531,826.02 10,074.40 4,496.85 546,184.78

2020
Consolidated Parent Company
Weight Band
On-balance Off-balance Counterparty Total On-balance Off-balance Counterparty Total
sheet sheet sheet sheet
Below 100% 83,061.73 638.13 1,555.84 85,255.70 75,422.72 638.13 1,555.84 77,616.69
100% and Above 504,352.63 8,835.09 117.74 513,305.45 443,608.38 8,779.91 117.74 452,506.03
Covered by CRM 49.86 – – 49.86 49.86 – – 49.86
Excess GLLP 785.08 1,192.55
Total 587,464.22 9,473.21 1,673.58 597,825.93 519,080.97 9,418.04 1,673.58 528,980.04

The credit ratings given by the following rating agencies were used to determine the credit risk weight of On-balance sheet, Off-
balance sheet, and Counterparty exposures:

For all rated credit exposures regardless of currency

Standard & Poor (S&P)
Moody’s
Fitch

For PHP-denominated debts of rated domestic entities

Philratings

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

108 Disclosure on Capital Structure and Capital Adequacy

Market Risk-Weighted Assets

The Standardized Approach is used in China Bank’s market risk-weighted assets. The total market risk-weighted asset of the
Bank as of December 2022 is P28,308.79 million on a consolidated basis and P28,358.31 million for the parent company.
This is composed of Interest Rate exposures amounting to P25,594.96 million and Foreign Exchange Exposures amounting to
P2,713.83 million on a consolidated basis, and Interest Rate exposures amounting to P25,594.96 million and Foreign Exchange
Exposures amounting to P2,763.35 million for the parent company.

Interest Rate Exposures (in PhP Mn) Consolidated Parent Company Consolidated Parent Company
2022 2021
Specific Risk 87.35 87.35 184.39 184.39
General Market Risk 311.47 311.47 22.53 22.53
PHP FCY 1,648.77 1,648.77 1,981.67 1,981.67
Total Capital Charge 2,047.59 2,047.59 2,188.59 2,188.59
Adjusted Capital Charge 2,559.50 2,559.50 2,735.74 2,735.74
Equivalent Market Risk-Weighted Assets 25,594.96 25,594.96 27,357.40 27,357.40

Consolidated Parent Company Consolidated Parent Company

Equity Exposures
2022 2021
Total Capital Charge – – – –
Adjusted Capital Charge – – – –
Equivalent Market Risk-Weighted Assets – – – –

Foreign Exchange Exposures Consolidated Parent Company Consolidated Parent Company

2022 2021
Total Capital Charge 217.11 221.07 72.30 66.95
Adjusted Capital Charge 271.38 276.34 90.38 83.69
Equivalent Market Risk-Weighted Assets 2,713.83 2,763.35 903.77 836.85

Total Market Risk-Weighted Assets 28,308.79 28,358.31 28,261.17 28,194.25

Operational, Legal, and Other Risks

The enterprise-wide risk management framework of the bank covers measurement of operational risks to facilitate management
and the setting up of capital cover. The Bank monitors its operational risk exposures through using tools that include Key Risk
Indicators, Risk Assessments and Control Self Assessments as well as scenario analyses. The capital allocated by the bank for
Operational Risk amounted to PHP 7,019 million of which PHP 5,986 million was allocated to the operation of the Parent Bank.
Both figures assessed as adequate to cover the computed overall operational risk exposure for the Group and for the parent
respectively. In addition, the Bank through its Legal & Collection Group identified and assessed potential losses attributed to
Legal Risk and the amount is not material to significantly affect the Bank’s capital position.

CHINA BANKING CORPORATION

 109

Operational Risk-Weighted Assets

The bank risk weights its assets for purposes of operational risk using the Basic Indicators Approach. Banks using this method
recognize a risk weighted asset that is 1.25 times fifteen percent of the average operating income reported by the bank over the
last three reporting periods. Total Operational Risk Weighted Assets reported were as follows:

In PHP millions 2022 2021

Parent 59,861 50,603
Group 70,188 60,599

Interest Rate Risk In The Banking Book

The Bank’s interest rate risk in the banking book (IRRBB) originates from its holdings of interest rate sensitive assets and interest
rate sensitive liabilities. The repricing mismatch exposes the Bank to movements in interest rates. To measure the impact to the
Bank’s net interest income, a sensitivity analysis thru the Earnings-at-Risk (EaR) method is performed. In this method, Loans are
assumed affected by interest rate movements on its repricing date for floating rates and on its maturity for fixed rates. Demand
and savings deposits, on the other hand, are generally considered not sensitive to interest rate movements. EaR results are
discussed in Asset and Liability (ALCO) meetings every week. Aside from measuring exposure to movements in interest rates,
the Bank also performs stress testing for adverse changes in interest rates during stress events. Results are reported to the Risk
Oversight Committee (ROC) every month.

Provided in the table below are the approximate addition and reduction in annualized net interest income of a 100bps change
across the yield curve.

Consolidated Parent
Earnings-at-Risk in PhP Million
2022 2021 2022 2021
Upward 174 1,428 263 1,369
Downward 174 1,465 262 1,385

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

110
X¸ôèŔèÃĂɸć´ÌĂèááÌŖ¸¸
China Bank values effective audit oversight and governance in its processes,
financial reporting, and internal control system, leading to its delivery of high-
quality service to its clients and stakeholders. Accordingly, it tasks the Audit
Committee, a Board-level Committee, to perform a structured, systematic
oversight of the Bank’s governance, risk management and internal control
processes. The Committee exercises oversight of the internal and external
audit processes, whistleblowing, and compliance with applicable laws
and regulations. It provides independent and objective guidance on the
adequacy and effectiveness of management’s activities and initiatives and
the corresponding controls in place.
The Committee is led by Independent Director Claire Ann T. Yap, a Certified
Public Accountant, as Chairperson, with Non-Executive Director Joaquin T.
Dee and Independent Director Philip S.L. Tsai as members. All the members
have the relevant background, knowledge, skills and experience in the areas
of accounting, auditing and financial management commensurate with the
size, complexity of operations and risk profile of the Bank.
For the year ended 31 December 2022, the Committee held twelve
regular meetings and three special meetings. The members participated
in the meetings in person or through remote communication pursuant to
the Board-approved Guidelines for Participation in Board and Committee
Meetings through Remote Communication. The Committee deliberated on
various matters during the covered period.
FINANCIAL REPORTING FRAMEWORK
To maintain the integrity of the Bank’s financial reporting framework, the
Committee examined the Bank’s relevant processes, practices and controls
to ensure the generation of accurate, reliable and comprehensive reports
and information.
The Committee extensively assessed the audited financial statements,
taking into consideration key audit matters and other areas of audit
emphasis, tax observations and updates, changes in accounting policies,
standards and interpretations and their relative impact. It also discussed
with the external auditors the management letter and comments relative
to the previous financial statements, together with the management’s
response and undertaking.
EXTERNAL ASSURANCE PROCESSES AND PROVIDERS
To obtain reasonable assurance with respect to the work of external
assurance providers, the Committee carefully evaluated the external audit
providers – SyCip Gorres Velayo & Co. (SGV), in terms of their qualifications,
performance, competence, integrity, ethics and independence. It then
endorsed to the Board and stockholders the re-engagement of SGV as the
Bank’s external auditor.
The Committee and SGV discoursed about the audit approach, including
the efforts to digitalize audit procedures, timeline, and the management’s
disposition of the recommendations, regulatory expectations, and
accounting issues versus their impact on the financial statements. Without
the presence of management, and together with the internal audit, risk
management, and compliance teams, the Committee discussed other
matters relating to the processes and controls of the Bank.
The Committee also approved SGV’s engagement fees in connection with
the audit of the Bank’s financial statements, independent validation of votes
for the stockholders’ meeting, and other non-audit work.
INTERNAL CONTROL AND COMPLIANCE SYSTEM
To ensure that an adequate, effective and efficient internal control system,
including the information technology security and control, is in place, the
Committee reviewed various systems and processes, models, current and
proposed policies, service level agreements, IT general controls including
data privacy and cybersecurity, and IT outsourcing. It took note of internal
CHINA BANKING CORPORATION
control issues raised during internal and external audits, identified the
root causes of the findings and observations, noted the results of the
administrative investigations conducted, and determined that appropriate
and timely corrective actions have been taken to address significant
deficiencies and weaknesses.
The Committee also reviewed and assessed the effectiveness of the
system for monitoring compliance with laws and regulations, and the
results of management’s investigation and follow-up of any instance of
non-compliance. It invited key officers and resource personnel to provide
updates on outstanding audit issues arising from regular, limited, spot and
special audits of branches, units and subsidiaries, as well as the results of
the working papers review. The Committee ensured that efficient and prompt
turnaround times are in place to address any pending audit issues with
definitive courses of actions, especially for high risk audit and management
issues, and monitored how its and the Board’s previous directives were
managed and resolved.
The Committee also tackled whistleblowing reports and recommended
improvements in the existing policy of the Bank in terms of escalation,
reporting and turnaround time.
INTERNAL AUDIT FUNCTION
The Committee monitored the effectiveness of the Bank’s internal
audit function. In its meetings, the Committee evaluated the activities
versus plans of the key units of the Audit Division, namely, Branch Audit
Department, Head Office and Subsidiaries Audit Department, Audit Quality
Assurance Department, IT Audit Department, and the China Bank Savings
Audit Department. The Committee discussed and evaluated the key
accomplishments versus self-assessments done on internal audit activity
and manpower requirements of the units, approved several updates to
the plans and audit function framework, and provided direction on and
looked into how the audit engagements are completed based on plans and
representations.
The Committee determined anew the organizational independence of internal
audit and its activities, and the adherence of the Chief Audit Executive to the
Institute of Internal Auditors’ Standard and Implementation Guide 2130 on
Control and Standard 1100 on Independence and Objectivity. It evaluated the
performance of the Chief Audit Executive and ensured that his performance
of the internal audit function is independent from interference of outside
parties. It also monitored the conformance of the internal audit function with
the Internal Auditors’ International Standards for the Professional Practice of
Internal Auditing, and the Bank’s Code of Ethics.
Based on the foregoing, the Committee posits that the Bank’s internal
control, compliance system, and financial reporting framework are in place,
adequate, effective and efficient, and that the financial statements present
fairly the Bank’s financial position and performance in all material respects in
accordance with the relevant auditing and accounting standards.
Makati City, 27 February 2023.
CLAIRE ANN T. YAP
Chairperson
JOAQUIN T. DEE PHILIP S.L. TSAI
Member Member
 111
\à øá¸âĂèÃB â ĸá¸âĂ̅ûX¸ûôèâûÌ­ÌÜÌĂę
Ãè÷%Ìâ â®Ì Ü\à øá¸âĂû

The management of China Banking Corporation (the Bank) is responsible for the preparation and fair presentation of the consolidated
financial statements including the schedules attached therein, for the years ended December 31, 2022 and 2021. in accordance
with the prescribed financial reporting framework indicated therein, and for such internal control as management determines is
necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due
to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Bank’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is responsible for overseeing the Bank’s financial reporting process.

The Board of Directors reviews and approves the consolidated financial statements including the schedules attached therein. and
submits the same to the stockholders.

SyCip Gorres Velayo & Co., the independent auditors appointed by the stockholders, has audited the consolidated financial
statements of the Bank in accordance with Philippine Standards on Auditing, and in its report to the stockholders, has expressed
its opinion on the fairness of presentation upon completion of such audit.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

112
Independent Auditors’ Report
The Board of Directors and Stockholders
China Banking Corporation
8745 Paseo de Roxas cor. Villar St.
Makati City
Report on the Consolidated and Parent Company Financial
Statements
Opinion
We have audited the consolidated financial statements of China
Banking Corporation and its subsidiaries (the Group) and the parent
company financial statements of China Banking Corporation (the
Parent Company), which comprise the consolidated and parent
company balance sheets as at December 31, 2022 and 2021, and the
consolidated and parent company statements of income, consolidated
and parent company statements of comprehensive income,
consolidated and parent company statements of changes in equity
and consolidated and parent company statements of cash flows for
each of the three years in the period ended December 31, 2022, and
notes to the consolidated and parent company financial statements,
including a summary of significant accounting policies.
In our opinion, the accompanying consolidated and parent company
financial statements present fairly, in all material respects, the financial
position of the Group and the Parent Company as at December 31, 2022
and 2021, and their financial performance and their cash flows for
each of the three years in the period ended December 31, 2022 in
accordance with Philippine Financial Reporting Standards (PFRSs).
Basis for Opinion
We conducted our audits in accordance with Philippine Standards
on Auditing (PSAs). Our responsibilities under those standards are
further described in the Auditor’s Responsibilities for the Audit of the
Consolidated and Parent Company Financial Statements section of our
report. We are independent of the Group and the Parent Company in
accordance with the Code of Ethics for Professional Accountants in
the Philippines (Code of Ethics) together with the ethical requirements
that are relevant to our audit of the consolidated and parent company
financial statements in the Philippines, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the
Code of Ethics. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment,
were of most significance in our audit of the consolidated and parent
company financial statements of the current period. These matters
were addressed in the context of our audit of the consolidated and
parent company financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these
matters. For each matter below, our description of how our audit
addressed the matter is provided in that context.
CHINA BANKING CORPORATION
We have fulfilled the responsibilities described in the Auditor’s
Responsibilities for the Audit of the Consolidated and Parent Company
Financial Statements section of our report, including in relation to
these matters. Accordingly, our audit included the performance of
procedures designed to respond to our assessment of the risks of
material misstatement of the consolidated and parent company
financial statements. The results of our audit procedures, including
the procedures performed to address the matters below, provide the
basis for our audit opinion on the accompanying consolidated and
parent company financial statements.
Applicable to the audit of the Consolidated and Parent Company
Financial Statements
Adequacy of allowance for credit losses
The Group’s and the Parent Company’s application of the expected
credit loss (ECL) model in calculating the allowance for credit losses
on loans and receivables is significant to our audit as it involves the
exercise of significant management judgment. Key areas of judgment
include: segmenting the Group’s and the Parent Company’s credit
risk exposures; determining the method to estimate ECL; defining
default; identifying exposures with significant deterioration in credit
quality, taking into account extension of payment terms and payment
holidays provided as a result of the coronavirus pandemic; determining
assumptions to be used in the ECL model such as the counterparty
credit risk rating, the expected life of the financial asset, expected
recoveries from defaulted accounts, and impact of any financial support
and credit enhancements extended by any party; and incorporating
forward-looking information, including the impact of the coronavirus
pandemic, in calculating ECL.
Allowance for credit losses for loans and receivables as of December
31, 2022 for the Group and the Parent Company amounted to P16.94
billion and P14.17 billion, respectively. Provision for credit losses of the
Group and the Parent Company in 2022 amounted to P9.01 billion and
P7.43 billion, respectively.
Refer to Notes 3 and 16 of the financial statements for the disclosure
on the details of the allowance for credit losses using the ECL model.

Audit Response
We obtained an understanding of the board approved methodologies
and models used for the Group’s and the Parent Company’s different
credit exposures and assessed whether these considered the
requirements of PFRS 9, Financial Instruments to reflect an unbiased
and probability-weighted outcome, and to consider time value of
money and the best available forward-looking information.
We (a) assessed the Group’s and the Parent Company’s
segmentation of its credit risk exposures based on homogeneity
of credit risk characteristics; (b) tested the definition of default and
significant increase in credit risk criteria against historical analysis
of accounts, credit risk management policies and practices in place,
and management’s assessment of the impact of the coronavirus
pandemic on the counterparties; (c) tested the Group’s and the
Parent Company’s application of internal credit risk rating system,
including the impact of the coronavirus pandemic on the borrowers,
by reviewing the ratings of sample credit exposures; (d) assessed
whether expected life is different from the contractual life by testing
the maturity dates reflected in the Group’s and the Parent Company’s
records and considering management’s assumptions regarding future
collections, advances, extensions, renewals and modifications;
(e) tested loss given default by inspecting historical recoveries and
related costs, write-offs and collateral valuations, and the effects of
any financial support and credit enhancements provided by any party;
(f) tested exposure at default considering outstanding commitments
and repayment scheme; (g) evaluated
the forward-looking information used for overlay through corroboration
of publicly available information and our understanding of the Group’s
and the Parent Company’s lending portfolios and broader industry
knowledge, including the impact of the coronavirus pandemic; and
(h) tested the effective interest rate used in discounting the expected
loss.
Further, we compared the data used in the ECL models from source
system reports to the data warehouse and from the data warehouse
to the loss allowance analysis/models and financial reporting systems.
To the extent that the loss allowance analysis is based on credit
exposures that have been disaggregated into subsets of debt financial
assets with similar risk characteristics, we traced or re-performed the
disaggregation from source systems to the loss allowance analysis.
We involved our internal specialist in the performance of the above
procedures. We recalculated impairment provisions on a sample
basis.
113
Impairment testing of goodwill and branch licenses with indefinite
useful life
Under PFRS, the Group and the Parent Company are required to
perform annual impairment test of goodwill and branch licenses
with indefinite useful life. As of December 31, 2022, the goodwill
recognized in the consolidated and parent company financial
statements amounting to P222.84 million is attributed to the Parent
Company’s Retail Banking Business (RBB) segment, while goodwill of
P616.91 million in the consolidated financial statements is attributed
to the subsidiary bank, China Bank Savings, Inc. (CBSI). In addition,
the respective branches are identified as the cash-generating units
(CGUs) for purposes of impairment testing of branch licenses. The
Group and the Parent Company performed the impairment testing
using the CGUs’ value-in-use.
Management’s assessment process requires significant judgment
and is based on assumptions which are subject to higher level of
estimation uncertainty due to the current economic conditions which
have been impacted by the coronavirus pandemic, specifically loan
and deposit growth rates, discount rate and the long-term growth rate.
Hence, the annual impairment test is significant to our audit.
The Group’s disclosures about goodwill and branch licenses are
included in Notes 3 and 14 to the financial statements.
Audit Response
We evaluated the methodologies used and the management’s
assumptions by comparing the key assumptions used, such as loan
and deposit growth and long-term growth rates against the historical
performance of the branches, RBB and CBSI, industry/market outlook
and other relevant external data, taking into consideration the impact
associated with the coronavirus pandemic. We tested the parameters
used in the determination of the discount rate against market data.
We also reviewed the Group’s disclosures about those assumptions to
which the outcome of the impairment test is most sensitive; specifically
those that have the most significant effect on the determination of the
recoverable amount of goodwill and branch licenses.
Recoverability of deferred tax assets
As of December 31, 2022, the deferred tax assets of the Group and
the Parent Company amounted to P4.55 billion and P3.15 billion. The
recognition of deferred tax assets is significant to our audit because
it requires significant judgment and is based on assumptions such as
availability of future taxable income and the timing of the reversal of
the temporary differences that are affected by expected future market
or economic conditions and the expected performance of the Group.
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
114
.â´¸ô¸â´¸âĂć´ÌĂè÷û̅X¸ôèŔ
The disclosures in relation to deferred income taxes are included in
Notes 3 and 28 to the financial statements.
Audit Response
We involved our internal specialist in interpreting the tax regulations,
testing the temporary differences identified by the Group and the
Parent Company, and the applicable tax rate. We also re-performed the
calculation of the deferred tax assets. We evaluated the management’s
assessment on the availability of future taxable income in reference to
financial forecast and tax strategies. We evaluated management’s
forecast by comparing the loan portfolio and deposit growth rates to
the historical performance of the Group and the industry, including
future market circumstances. We also assessed the timing of the
reversal of future taxable and deductible temporary differences.
Other Information
Management is responsible for the other information. The other
information comprises the information included in the SEC Form 20IS
(Definitive Information Statement), SEC Form 17A and Annual Report
for the year ended December 31, 2022, but does not include the
consolidated and parent company financial statements and our
auditor’s report thereon. The SEC Form 20IS (Definitive Information
Statement), SEC Form 17A and Annual Report for the year ended
December 31, 2022 are expected to be made available to us after the
date of this auditor’s report.
Our opinion on the consolidated and parent company financial
statements does not cover the other information and we will not
express any form of assurance conclusion thereon.
In connection with our audits of the consolidated and parent
company financial statements, our responsibility is to read the other
information identified above when it becomes available and, in doing
so, consider whether the other information is materially inconsistent
with the consolidated and parent company financial statements or
our knowledge obtained in the audits, or otherwise appears to be
materially misstated.
Responsibilities of Management and Those Charged with Governance
for the Consolidated and Parent Company Financial Statements
Management is responsible for the preparation and fair presentation
of the consolidated and parent company financial statements in
accordance with PFRSs, and for such internal control as management
determines is necessary to enable the preparation of consolidated
and parent company financial statements that are free from material
misstatement, whether due to fraud or error.
CHINA BANKING CORPORATION
In preparing the consolidated and parent company financial
statements, management is responsible for assessing the Group’s and
Parent Company’s ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to
liquidate the Group and the Parent Company or to cease operations,
or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the
Group’s and Parent Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Consolidated and Parent
Company Financial Statements
Our objectives are to obtain reasonable assurance about whether the
consolidated and parent company financial statements as a whole
are free from material misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with PSAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic
decisions of users taken on the basis of these consolidated and parent
company financial statements.
As part of an audit in accordance with PSAs, we exercise professional
judgment and maintain professional skepticism throughout the audit.
We also:
• Identify and assess the risks of material misstatement of the
consolidated and parent company financial statements, whether
due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or
the override of internal control.
• Obtain an understanding of internal control relevant to the audit
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Group’s and Parent Company’s internal
control.
• Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures
made by management.

• Conclude on the appropriateness of management’s use of the
going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Group’s and
Parent Company’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures
in the consolidated and parent company financial statements or,
if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events or conditions
may cause the Group and the Parent Company to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content of the
consolidated and parent company financial statements, including
the disclosures, and whether the consolidated and parent company
financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business activities within the Group
to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance
of the audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships
and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance,
we determine those matters that were of most significance in the
audit of the consolidated and parent company financial statements
of the current period and are therefore the key audit matters. We
describe these matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, in extremely
rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.
115
Report on the Supplementary Information Required Under Bangko
Sentral ng Pilipinas (BSP) Circular No. 1074 and Revenue Regulations
152010
Our audits were conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The supplementary
information required under BSP Circular No. 1074 in Note 38 and
Revenue Regulations 152010 in Note 39 to the financial statements
is presented for purposes of filing with the BSP and Bureau of Internal
Revenue, respectively, and is not a required part of the basic financial
statements. Such information is the responsibility of the management
of China Banking Corporation. The information has been subjected
to the auditing procedures applied in our audit of the basic financial
statements. In our opinion, the information is fairly stated, in all
material respects, in relation to the basic financial statements taken
as a whole.
The engagement partner on the audit resulting in this independent
auditor’s report is Janet A. Paraiso.
SYCIP GORRES VELAYO & CO.
Janet A. Paraiso
Partner
CPA Certificate No. 92305
Tax Identification No. 193-975-241
BOA/PRC Reg. No. 0001, August 25, 2021, valid until April 15, 2024
SEC Partner Accreditation No. 92305-SEC (Group A)
Valid to cover audit of 2021 to 2025 financial statements of
SEC covered institutions
SEC Firm Accreditation No. 0001-SEC (Group A)
Valid to cover audit of 2021 to 2025 financial statements of
SEC covered institutions
BIR Accreditation No. 08-001998-062-2020, December 3, 2020,
valid until December 2, 2023
PTR No. 9369768, January 3, 2023, Makati City
February 27, 2023
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
116
B â ĸá¸âĂ̅ûÌû®ćûûÌèâ
èâX¸ûćÜĂèÃIô¸÷ ĂÌèâû â´%Ìâ â®Ì Üèâ´ÌĂÌèâ
RESULT OF OPERATIONS
China Bank continued to record robust profitability for full-year
2022, posting a net income of P19.1 billion, up by 26.7% year-on-
year, on the back of sustained growth in operating income and
effective cost management. This strong income performance
translated to a better return on equity of 15.07% from 13.58%
in the year prior and return on assets of 1.56% from 1.45%.
Despite the 56.8% increase in interest expense to P11.6 billion,
consolidated net interest income grew by 16.6% to P45.6 billion
due to the 23.0% lift in topline revenues to P57.2 billion. Amid a
rising interest rate environment, the Bank maintained a healthy
net interest margin at 4.21%.
Non-interest income was at P10.1 billion, up 4.9% relative to
2021 as year-on-year increases in some revenue streams offset
the drop in others. Trading and securities gain recovered to
P927.5 million from a loss of P64.0 million in 2021. The disposal of
foreclosed properties resulted in the 80.0% improvement in gain
on sale of investment properties to P698.8 million and 66.7%
growth in gain on asset foreclosure and dacion transactions to
P145.8 million. The bigger average volume of trust assets
under management drove the 5.1% growth in trust fee
income to P473.8 million. Meanwhile, service charges,
fees, and commissions were up 5.4% to P2.9 billion due to
higher transactions-related revenues. A foreign exchange
loss of P555.3 million was also recorded for the period due
to the month-to-month movement in the Peso-Dollar exchange
rate. Gain on disposal of investment securities at amortized
cost also dropped from P4.1 billion in the previous year
to P1.9 million. Finally, miscellaneous income totaled
P5.2 billion, up P4.0 billion year-on-year primarily due to one-off
gains for the year.
Operating expenses (excluding provision for impairment and
credit losses) increased by 9.0% to P24.4 billion due to higher
revenue-related taxes and core operating costs which were
partly affected by persistent inflation. The material components
of which include compensation and fringe benefits which
accounted for 33% of total expenses, taxes & licenses at
19%, insurance at 9%, occupancy at 9%, and miscellaneous
expenses at 12%. China Bank’s combined efforts of prudent
spending, digitization, and continued investment in growth
strategies led to a better cost-to-income ratio of 44% from 46%.
The Bank recognized provision for impairment and credit
losses worth P9.0 billion which was 1.5% higher from the
P8.9 billion recorded for 2021.
CHINA BANKING CORPORATION
For 2022, China Bank paid a cash dividend of P1.50 per share or
a total of P4.04 billion which represents a total payout of 27%
of prior year’s net income.
FINANCIAL CONDITION
China Bank’s consolidated assets reached P1.3 trillion as of
December 31, 2022, posting a P217.4-billion or 19.5% year-on-
year growth fueled by a continuous expansion in earning assets.
The Bank’s investment securities portfolio amounted to
P412.2 billion, up 47.6%. Financial assets at fair value through
other comprehensive income (FVOCI) and investment securities
at amortized cost posted increases by 51.1% to P43.3 billion
and 47.7% to P358.0 billion, respectively, with the build-up in
such investments. Derivative contracts designated as hedges
representing interest rate swap (IRS) contracts and spot
element of FX forward contracts used as hedging instruments
against time deposits and cash short position of certain FX spot
transactions and of future interest payments grew 5.4x year-
on-year to P6.2 billion. Meanwhile, financial assets at fair value
through profit or loss (FVPL) dropped 34.4% to P4.7 billion due
to securities disposal during the year.
The stronger demand for both business and consumer credit
resulted in the 15.0% growth in gross loans to P717.7 billion.
Net loans stood at P699.6 billion. Consumer loans, which
accounted for 20% of the total portfolio, grew by P21.8 billion
to P144.5 billion. The Bank’s gross non-performing loans (NPL)
ratio was at 2.3% as of end-2022, outperforming industry
throughout the year, while NPL cover remained sufficient at
123%.
On the funding side, total deposits have breached the one
trillion peso-mark, ending at P1.1 trillion as of December 31,
2022 for a 23.5% year-on-year increase. The combined demand
and savings (CASA) deposits increased by P18.2 billion to
P573.4 billion, which accounted for 54% of total deposits. On
the other hand, bonds payable decreased by 33.3% to P28.3
billion following the maturity of P15-billion peso fixed-rate
bonds in October 2022.
Total capital reached P134.6 billion, 13.0% larger than the
P119.1 billion recorded in 2021. The Bank’s Common Equity
Tier 1 (CET 1) ratio was computed at 15.07%, while total
Capital Adequacy Ratio (CAR) was at 15.92%. Both are above
the regulatory minimum requirement.
 117

 Ü â®¸\ɸ¸Ăû
(Amounts in Thousands)

CONSOLIDATED PARENT COMPANY

December 31
2022 2021 2022 2021
ASSETS
Cash and Other Cash Items P13,689,421 P16,024,863 P10,073,767 P13,649,247
Due from Bangko Sentral ng Pilipinas (Notes 7 and 17) 107,100,295 124,283,115 92,920,540 114,528,773
Due from Other Banks (Note 7) 13,614,609 10,694,312 12,347,169 9,897,264
Interbank Loans Receivable and Securities Purchased under Resale
Agreements (Note 8) 43,564,970 36,559,224 41,597,949 35,030,997
Financial Assets at Fair Value through Profit or Loss (Note 9) 4,727,580 7,209,667 3,514,576 5,457,804
Derivative Contracts Designated as Hedges (Note 26) 6,203,379 1,139,233 6,203,379 1,139,233
Financial Assets at Fair Value through Other Comprehensive Income
(Note 9) 43,316,757 28,672,240 41,151,125 26,523,712
Investment Securities at Amortized Cost (Note 9) 357,985,926 242,353,729 351,802,877 236,347,682
Loans and Receivables (Notes 10 and 30) 699,594,789 609,006,732 613,197,254 544,171,738
Accrued Interest Receivable (Note 16) 9,781,803 7,616,692 8,730,710 6,428,565
Investment in Subsidiaries (Note 11) – – 19,063,796 17,191,345
Investment in Associates (Note 11) 983,243 796,519 983,243 796,519
Bank Premises, Furniture, Fixtures and Equipment and Right-of-use Assets
(Note 12) 9,337,260 8,232,859 7,670,562 6,600,139
Investment Properties (Note 13) 3,914,891 3,993,338 1,487,258 1,379,370
Deferred Tax Assets (Note 28) 4,552,692 4,624,981 3,150,610 3,409,600
Intangible Assets (Note 14 and 16) 3,783,643 3,807,889 721,314 768,440
Goodwill (Note 14) 839,748 839,748 222,841 222,841
Other Assets (Note 15) 6,738,460 6,464,385 3,833,925 3,641,671
P1,329,729,466 P1,112,319,526 P1,218,672,895 P1,027,184,940

LIABILITIES AND EQUITY

Liabilities
Deposit Liabilities (Notes 17 and 30)
Demand P272,109,739 P252,324,966 P248,860,724 P229,349,909
Savings 301,330,580 302,884,786 279,502,452 282,597,580
Time 492,474,358 307,650,145 431,055,393 270,271,411
1,065,914,677 862,859,897 959,418,569 782,218,900
Bonds Payable (Note 18) 28,312,870 42,473,558 28,312,870 42,473,558
Bills Payable (Note 19) 70,375,267 65,806,274 70,375,267 65,806,274
Manager’s Checks 1,550,669 1,854,606 1,296,109 1,466,359
Income Tax Payable 311,915 785,091 293,422 754,026
Accrued Interest and Other Expenses (Note 20) 6,115,889 4,745,861 5,399,625 4,325,426
Derivative Liabilities (Note 26) 1,549,561 998,721 1,549,561 998,721
Derivative Contracts Designated as Hedges (Note 26) 4,156,612 162,399 4,156,612 162,399
Deferred Tax Liabilities (Note 28) 794,432 798,212 – –
Other Liabilities (Note 21) 16,068,964 12,712,087 13,360,788 9,898,313
1,195,150,856 993,196,706 1,084,162,823 908,103,976
Equity
Equity Attributable to Equity Holders of the
Parent Company
Capital stock (Note 24) 26,912,882 26,912,882 26,912,882 26,912,882
Capital paid in excess of par value (Note 24) 17,200,758 17,200,758 17,200,758 17,200,758
Surplus reserves (Notes 24 and 29) 4,429,606 3,730,687 4,429,606 3,730,687
Surplus (Notes 24 and 29) 84,577,170 70,205,517 84,577,170 70,205,517
Net unrealized gain (loss) on financial assets at fair value through other
comprehensive income (Note 9) (4,293,952) 81,200 (4,293,952) 81,200
Remeasurement gain (loss) on defined benefit asset (Note 25) 77,760 (30,489) 77,760 (30,489)
Cumulative translation adjustment 27,469 17,604 27,469 17,604
Remeasurement gain (loss) on life insurance reserves 96,387 (14,029) 96,387 (14,029)
Hedge-related reserve (Note 26) 5,481,992 976,834 5,481,992 976,834
134,510,072 119,080,964 134,510,072 119,080,964
Non-controlling Interest (Note 11) 68,538 41,856 – –
134,578,610 119,122,820 134,510,072 119,080,964
P1,329,729,466 P1,112,319,526 P1,218,672,895 P1,027,184,940

See accompanying Notes to Financial Statements.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

118

\à øá¸âĂûèÃ.â®èá¸
(Amounts in Thousands, Except Earnings Per Share)

CONSOLIDATED PARENT COMPANY

Years Ended December 31
2022 2021 2020 2022 2021 2020
INTEREST INCOME
Loans and receivables (Notes 10 and 30) P39,553,071 P34,700,337 P35,684,503 P32,002,643 P28,948,921 P30,372,019
Investment securities at amortized cost
and at fair value through other comprehensive
income (Note 9) 15,060,053 9,193,747 10,023,174 14,776,396 8,934,652 9,734,684
Due from Bangko Sentral ng Pilipinas and other banks,
interbank loans receivable, and securities purchased
under resale agreements (Notes 7 and 8) 2,139,618 1,863,599 1,270,850 1,694,026 1,525,166 889,552
Financial assets at fair value through profit or loss 458,670 738,643 707,741 458,670 738,643 707,741
57,211,412 46,496,326 47,686,268 48,931,735 40,147,382 41,703,996
INTEREST EXPENSE
Deposit liabilities (Notes 17 and 30) 8,824,483 5,111,577 9,637,175 7,342,011 4,272,332 8,193,587
Bonds payable, bills payable and other borrowings
(Notes 18 and 19) 2,615,608 2,104,471 3,425,286 2,615,607 2,104,470 3,425,286
Lease payable (Note 27) 181,789 195,310 232,584 141,000 152,194 182,821
11,621,880 7,411,358 13,295,045 10,098,618 6,528,996 11,801,694
NET INTEREST INCOME 45,589,532 39,084,968 34,391,223 38,833,117 33,618,386 29,902,302
Trading and securities gain (loss) - net (Notes 9 and 22) 927,538 (64,005) 3,233,872 913,709 (110,743) 3,193,171
Service charges, fees and commissions (Note 22) 2,863,078 2,715,372 2,150,089 1,698,390 1,438,614 1,217,030
Gain on disposal and redemption of investment
securities at amortized cost (Note 9) 1,923 4,063,927 2,187,006 1,923 4,063,927 2,187,006
Trust fee income (Note 29) 473,828 450,965 409,916 473,828 450,965 409,916
Foreign exchange gain (loss) - net (Note 26) (555,316) 686,861 212,419 (568,087) 678,431 213,464
Gain on sale of investment properties 698,802 388,295 187,176 250,612 238,891 65,913
Share in net income (loss) of an associate (Note 11) 285,059 (1,609) 152,441 285,059 (1,609) 152,441
Gain (loss) on asset foreclosure and dacion transactions
(Note 13) 145,801 87,485 (22,757) 181,624 31,552 42,885
Share in net income of subsidiaries (Note 11) – – – 2,044,686 1,422,503 790,482
Miscellaneous (Notes 22 and 30) 5,222,179 1,262,841 952,250 4,998,275 1,118,731 847,735
TOTAL OPERATING INCOME 55,652,424 48,675,100 43,853,635 49,113,136 42,949,648 39,022,345
Provision for impairment and credit losses (Note 16) 9,012,633 8,876,744 8,868,919 7,427,202 7,679,877 7,983,206
Compensation and fringe benefits (Notes 25 and 30) 8,145,029 7,505,384 7,527,441 6,432,409 5,899,761 5,893,272
Taxes and licenses 4,729,828 3,529,491 4,041,457 3,954,612 2,901,338 3,498,440
Insurance 2,284,645 2,061,059 1,999,111 2,015,047 1,805,915 1,727,893
Depreciation and amortization (Notes 12, 13 and 14) 1,737,144 1,787,166 1,894,899 1,317,159 1,364,324 1,460,780
Occupancy cost (Notes 27 and 30) 2,163,226 2,090,909 1,758,872 1,611,922 1,657,902 1,339,284
Professional fees, marketing and other related services 727,288 632,857 538,928 579,516 559,649 475,554
Transportation and traveling 576,755 594,063 454,355 429,856 479,985 345,964
Entertainment, amusement and recreation 560,206 490,278 420,641 456,625 381,601 317,774
Stationery, supplies and postage 225,425 218,238 252,365 160,711 149,719 196,668
Repairs and maintenance 184,686 173,825 134,158 154,317 140,177 93,279
Miscellaneous (Notes 22 and 30) 3,020,097 3,251,863 2,499,935 2,604,268 2,773,517 2,140,996
TOTAL OPERATING EXPENSES 33,366,962 31,211,877 30,391,081 27,143,644 25,793,765 25,473,110
INCOME BEFORE INCOME TAX 22,285,462 17,463,223 13,462,554 21,969,492 17,155,883 13,549,235
PROVISION FOR INCOME TAX (Note 28) 3,149,662 2,357,000 1,391,104 2,861,988 2,067,551 1,486,598
NET INCOME P19,135,800 P15,106,223 P12,071,450 P19,107,504 P15,088,332 P12,062,637
Attributable to:
Equity holders of the Parent Company (Note 33) P19,107,504 P15,088,332 P12,062,637
Non-controlling interest 28,296 17,891 8,813
P19,135,800 P15,106,223 P12,071,450
Basic/Diluted Earnings Per Share (Note 33) P7.10 P5.61 P4.49

See accompanying Notes to Financial Statements.

CHINA BANKING CORPORATION

 119

\à øá¸âĂûèÃèáô÷¸É¸âûÌĒ¸.â®èá¸
(Amounts in Thousands)

CONSOLIDATED PARENT COMPANY

Years Ended December 31
2022 2021 2020 2022 2021 2020
NET INCOME P19,135,800 P15,106,223 P12,071,450 P19,107,504 P15,088,332 P12,062,637
OTHER COMPREHENSIVE INCOME (LOSS)
Items that recycle to profit or loss in subsequent
periods:
Changes in fair value of debt financial assets at fair
value through other comprehensive income
(FVOCI):
Fair value gain (loss) for the year, net of tax (4,129,185) (60,479) 2,929,713 (4,020,071) (27,185) 2,864,317
Gain taken to profit or loss (Note 22) (3,465) (60,316) (3,173,881) (3,465) (40,937) (3,145,147)
Cumulative translation adjustment 10,473 12,270 (5,165) (25,046) 466 7,211
Gain (loss) on hedges 4,505,157 1,498,043 (469,260) 4,505,157 1,498,043 (469,260)
Share in changes in fair value of financial assets at
FVOCI of an associate (Note 11) (213,444) (103,148) 119,180 (213,444) (103,148) 119,180
Share in changes in other comprehensive income
(loss) of subsidiaries (Note 11)
Net unrealized gain (loss) on debt financial
assets at FVOCI – – – (107,021) (52,037) 35,154
Cumulative translation adjustment – – – 34,911 11,603 (12,166)
Items that do not recycle to profit or loss in
subsequent periods:
Changes in fair value of equity financial
assets at FVOCI:
Fair value gain for the year, net of tax (31,217) 10,392 3,037 (16,777) 10,965 6,488
Remeasurement loss on defined benefit asset, net
of tax (Note 25) 103,494 400,652 (57,188) 114,308 343,496 (111,853)
Share in changes in other comprehensive income
(loss) of subsidiaries (Note 11)
Net unrealized loss on equity financial assets
at FVOCI – – – (14,374) (573) (3,451)
Remeasurement gain (loss) on defined
benefit plan – – – (10,751) 56,256 53,626
Share in changes in other comprehensive income
of an associate (Note 11)
Remeasurement loss on life insurance
reserves 110,416 31,874 (66,558) 110,416 31,874 (66,558)
Remeasurement gain (loss) on defined
benefit plan 4,693 (3,245) 3,415 4,693 (3,245) 3,415

OTHER COMPREHENSIVE INCOME (LOSS) FOR THE

YEAR, NET OF TAX 356,922 1,726,043 (716,707) 358,536 1,725,578 (719,044)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR P19,492,722 P16,832,266 P11,354,743 P19,466,040 P16,813,910 P11,343,593
Total comprehensive income attributable to:
Equity holders of the Parent Company P19,466,040 P16,813,910 P11,343,593
Non-controlling interest 26,682 18,356 11,150
P19,492,722 P16,832,266 P11,354,743

See accompanying Notes to Financial Statements.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

120

\à øá¸âĂûèÃÉ âĸûÌâöćÌĂę
(Amounts in Thousands)

Capital Paid Surplus

in Excess of Other Equity Reserves Surplus
Capital Stock Par Value - Stock Grants (Notes 24 (Notes 24
(Note 24) (Note 24) (Note 24) and 29) and 29)
Balance at January 1, 2022 P26,912,882 P17,200,758 P– P3,730,687 P70,205,517
Total comprehensive income (loss) for the year – – – – 19,107,504
Transfer from surplus to surplus reserves – – – 47,383 (47,383)
Appropriation of retained earnings (Note 16) – – – 651,536 (651,536)
Cash dividends - P1.50 per share – – – – (4,036,932)
Balance at December 31, 2022 P26,912,882 P17,200,758 P– P4,429,606 P84,577,170
Balance at January 1, 2021 P26,858,998 P17,122,626 P140,924 P2,874,004 P58,659,768
Total comprehensive income (loss) for the year – – – – 15,088,332
Stock grants 53,884 78,132 (140,924) –
Transfer from surplus to surplus reserves – – – 45,096 (45,096)
Appropriation of retained earnings (Note 16) – – – 811,587 (811,587)
Cash dividends - P1.00 per share – – – – (2,685,900)
Balance at December 31, 2021 P26,912,882 P17,200,758 P– P3,730,687 P70,205,517
Balance at January 1, 2020 P26,858,998 P17,122,626 P– P3,598,275 P48,558,760
Total comprehensive income (loss) for the year – – – – 12,062,637
Stock grants – – 140,924 – –
Transfer from surplus to surplus reserves – – – 40,992 (40,992)
Appropriation of retained earnings (Note 16) – – – (765,263) 765,263
Cash dividends - P1.00 per share – – – – (2,685,900)
Balance at December 31, 2020 P26,858,998 P17,122,626 P140,924 P2,874,004 P58,659,768

See accompanying Notes to Financial Statements.

CHINA BANKING CORPORATION

 121

CONSOLIDATED
Equity Attributable to Equity Holders of the Parent Company
Net Unrealized
Gains (Losses)
on Financial
Assets at Fair Remeasurement
Value through Gain (Loss) on
Other Defined Remeasurement
Comprehensive Benefit Asset Cumulative Gain (Loss) on Cash Flow Non- Controlling
Income or Liability Translation Life Insurance Hedge Interest
(Note 9) (Note 25) Adjustment Reserves Reserve Total Equity (Note 11) Total Equity
P81,200 (P30,489) P17,604 (P14,029) P976,834 P119,080,964 P41,856 P119,122,820
(4,375,152) 108,249 9,865 110,416 4,505,158 19,466,040 26,682 19,492,722
– – – – – – – –
– – – – – – – –
– – – – – (4,036,932) – (4,036,932)
(P4,293,952) P77,760 P27,469 P96,387 P5,481,992 P134,510,072 P68,538 P134,578,610
P294,115 (P426,996) P5,535 (P45,903) (P521,209) P104,961,862 P23,500 P104,985,362
(212,915) 396,507 12,069 31,874 1,498,043 16,813,910 18,356 16,832,266
– – – – – (8,908) – (8,908)
– – – – – – – –
– – – – – – – –
– – – – – (2,685,900) – (2,685,900)
P81,200 (P30,489) P17,604 (P14,029) P976,834 P119,080,964 P41,856 P119,122,820
P417,576 (P368,531) P6,835 P20,655 (P51,949) P96,163,245 P12,350 P96,175,595
(123,461) (58,465) (1,300) (66,558) (469,260) 11,343,593 11,150 11,354,743
– – – – – 140,924 – 140,924
– – – – – – – –
– – – – – – – –
– – – – – (2,685,900) – (2,685,900)
P294,115 (P426,996) P5,535 (P45,903) (P521,209) P104,961,862 P23,500 P104,985,362

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

122

\à øá¸âĂûèÃÉ âĸûÌâöćÌĂę
(Amounts in Thousands)

Capital Paid Surplus

in Excess of Other Equity - Reserves
Capital Stock Par Value Stock Grants (Notes 24
(Note 24) (Note 24) (Note 24) and 29)
Balance at January 1, 2022 P26,912,882 P17,200,758 P– P3,730,687
Total comprehensive income (loss) for the year – – – –
Transfer from surplus to surplus reserves – – – 47,383
Appropriation of retained earnings (Note 16) – – – 651,536
Cash dividends - P1.50 per share – – –
Balance at December 31, 2022 P26,912,882 P17,200,758 P– P4,429,606
Balance at January 1, 2021 P26,858,998 P17,122,626 P140,924 P2,874,004
Total comprehensive income (loss) for the year – – – –
Stock grants 53,884 78,132 (140,924) –
Transfer from surplus to surplus reserves – – – 45,096
Appropriation of retained earnings (Note 16) – – – 811,587
Cash dividends - P1.00 per share – – – –
Balance at December 31, 2021 P26,912,882 P17,200,758 P– P3,730,687
Balance at January 1, 2020 P26,858,998 P17,122,626 P– P3,598,275
Total comprehensive income (loss) for the year – – – –
Stock grants – – 140,924 –
Transfer from surplus to surplus reserves – – – 40,992
Appropriation of retained earnings (Note 16) – – – (765,263)
Cash dividends - P1.00 per share – – – –
Balance at December 31, 2020 P26,858,998 P17,122,626 P140,924 P2,874,004

See accompanying Notes to Financial Statements.

CHINA BANKING CORPORATION

 123

PARENT COMPANY
Net Unrealized
Gains (Losses)
on Financial
Assets at Fair Remeasurement
Value through Gain (Loss) on
Other Defined Remeasurement
Surplus Comprehensive Benefit Asset Cumulative Gain (Loss) on
(Notes 24 Income or Liability Translation Life Insurance Hedge-related
and 29) (Note 9) (Note 25) Adjustment Reserves Reserve Total Equity
P70,205,517 P81,200 (P30,489) P17,604 (P14,029) P976,834 P119,080,964
19,107,504 (4,375,152) 108,249 9,865 110,416 4,505,158 19,466,040
(47,383) – – – – – –
(651,536) – – – – – –
(4,036,932) – – – – – (4,036,932)
P84,577,170 (P4,293,952) P77,760 P27,469 P96,387 P5,481,992 P134,510,072
P58,659,768 P294,115 (P426,996) P5,535 (P45,903) (P521,209) P104,961,862
15,088,332 (212,915) 396,507 12,069 31,874 1,498,043 16,813,910
– – – – – – (8,908)
(45,096) – – – – – –
(811,587) – – – – – –
(2,685,900) – – – – – (2,685,900)
P70,205,517 P81,200 (P30,489) P17,604 (P14,029) P976,834 P119,080,964
P48,558,760 P417,576 (P368,531) P6,835 P20,655 (P51,949) P96,163,245
12,062,637 (123,461) (58,465) (1,300) (66,558) (469,260) 11,343,593
– – – – – – 140,924
(40,992) – – – – – –
765,263 – – – – – –
(2,685,900) – – – – – (2,685,900)
P58,659,768 P294,115 (P426,996) P5,535 (P45,903) (P521,209) P104,961,862

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

124

\à øá¸âĂûèà ûÉ%Üèēû
(Amounts in Thousands)

CONSOLIDATED PARENT COMPANY

Years Ended December 31
2022 2021 2020 2022 2021 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax P22,285,462 P17,463,223 P13,462,554 P21,969,492 P17,155,883 P13,549,235
Adjustments for:
Depreciation and amortization (Notes 12, 13 and 14) 1,737,144 1,787,166 1,894,899 1,317,159 1,364,324 1,460,780
Provision for impairment and credit losses (Note 16) 9,012,633 8,876,744 8,868,919 7,427,202 7,679,877 7,983,206
Amortization of transaction costs on bonds payable
(Note 18) 126,063 83,022 133,117 126,063 83,022 133,117
Securities gain on financial assets at fair value through
other comprehensive income and investment
securities at amortized cost (Note 22) (5,388) (4,124,243) (5,360,887) (5,388) (4,104,864) (5,332,153)
Gain on sale of investment properties (698,802) (388,295) (187,176) (250,612) (238,891) (65,913)
Gain on asset foreclosure and dacion transactions
(Note 13) (145,801) (87,485) 22,757 (181,624) (31,552) (42,885)
Share in net loss (income) of an associate (Notes 2
and 11) (285,059) 1,609 (152,441) (285,059) 1,609 (152,441)
Share in net income of subsidiaries (Notes 2 and 11) – – – (2,044,686) (1,422,503) (790,482)
Changes in operating assets and liabilities:
Decrease (increase) in the amounts of:
Financial assets at fair value through profit or
loss (2,582,059) 5,620,336 5,743,227 (3,120,918) 6,183,974 6,802,323
Loans and receivables (102,457,363) (60,053,495) 3,896,534 (79,216,499) (59,354,783) 3,806,847
Other assets 9,378,000 2,730,389 (2,507,056) 8,866,423 2,094,083 (3,090,935)
Increase (decrease) in the amounts of:
Deposit liabilities 203,054,780 27,629,067 59,802,970 177,199,669 31,245,992 63,208,455
Manager’s checks (303,937) 286,374 (430,446) (170,250) 400,261 (469,838)
Accrued interest and other expenses 1,370,028 839,772 (215,357) 1,074,199 745,807 (70,720)
Other liabilities and derivative liabilities 6,843,231 767,884 (822,854) 7,274,719 443,185 1,607,172
Net cash generated from (used in) operations 147,328,932 1,432,068 84,148,760 139,979,890 2,245,424 88,535,768
Income taxes paid (3,587,642) (1,764,692) (2,879,380) (3,101,705) (1,422,931) (2,537,406)
Net cash provided by (used in) operating activities 143,741,290 (332,624) 81,269,380 136,878,185 822,493 85,998,362
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of/Additions to:
Bank premises, furniture, fixtures and equipment and
capitalized software (Note 12) (2,064,403) (632,109) (541,277) (1,612,437) (428,494) (408,228)
Investment securities at amortized cost (185,997,437) (259,499,749) (69,431,704) (182,910,629) (258,538,503) (67,524,359)
Financial assets at fair value through other
comprehensive income (21,195,283) (60,990,126) (61,994,676) (20,927,405) (59,739,708) (60,758,310)
Proceeds from sale or redemption of:
Investment securities at amortized cost 78,823 59,838,517 32,330,154 78,823 59,838,517 32,330,154
Financial assets at fair value through other
comprehensive income 2,392,523 52,512,838 70,814,873 2,248,704 51,545,295 69,454,223
Investment properties 1,297,207 907,423 676,179 378,025 327,875 105,364
Bank premises, furniture, fixtures and equipment 144,493 489,036 730,795 5,174 345,866 139,943
Proceeds from maturity of:
Investment securities at amortized cost 73,072,428 162,908,132 3,948,763 70,478,028 162,708,584 3,948,763
Cash dividends received from subsidiary and associate
(Note 11) – 40,000 – 75,000 40,000 200,000
Net cash used in investing activities (132,271,649) (44,426,038) (23,466,893) (132,186,717) (43,900,568) (22,512,450)

(Forward)

CHINA BANKING CORPORATION

 125

CONSOLIDATED PARENT COMPANY

Years Ended December 31
2022 2021 2020 2022 2021 2020
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bills payable P402,436,767 P193,908,669 P116,188,100 P402,436,767 P193,908,669 P116,188,100
Settlement of bills payable (403,994,487) (152,843,847) (124,743,600) (403,994,487) (152,843,847) (124,743,600)
Proceeds from issuance of bonds payable (Note 18) – 19,878,458 14,803,803 – 19,878,458 14,803,803
Payments of cash dividends (Note 24) (4,036,932) (2,685,900) (2,685,900) (4,036,932) (2,685,900) (2,685,900)
Settlement of bonds payable (Note 18) (15,000,000) (30,000,000) – (15,000,000) (30,000,000) –
Payments of principal portion of lease liabilities (Note 27) (467,208) (597,435) (655,914) (263,672) (410,396) (350,593)
Net cash provided by financing activities (21,061,860) 27,659,945 2,906,489 (20,858,324) 27,846,984 3,211,810

NET INCREASE (DECREASE) IN CASH AND CASH

EQUIVALENTS (9,592,219) (17,098,717) 60,708,976 (16,166,856) (15,231,091) 66,697,722
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
Cash and other cash items 16,024,863 15,984,210 16,839,755 13,649,247 13,724,265 14,856,844
Due from Bangko Sentral ng Pilipinas (Note 7) 124,283,115 152,156,449 100,174,398 114,528,773 141,811,190 88,109,650
Due from other banks (Note 7) 10,694,312 18,228,721 9,900,642 9,897,264 17,197,750 8,645,547
Interbank Loans Receivable and SPURA (Note 8) 36,559,224 18,290,851 17,036,460 35,030,997 15,604,167 10,027,609
187,561,514 204,660,231 143,951,255 173,106,281 188,337,372 121,639,650
CASH AND CASH EQUIVALENTS AT END OF YEAR
Cash and other cash items 13,689,421 16,024,863 15,984,210 10,073,767 13,649,247 13,724,265
Due from Bangko Sentral ng Pilipinas (Note 7) 107,100,295 124,283,115 152,156,449 92,920,540 114,528,773 141,811,190
Due from other banks (Note 7) 13,614,609 10,694,312 18,228,721 12,347,169 9,897,264 17,197,750
Interbank Loans Receivable and SPURA (Note 8) 43,564,970 36,559,224 18,290,851 41,597,949 35,030,997 15,604,167
P177,969,295 P187,561,514 P204,660,231 P156,939,425 P173,106,281 P188,337,372

OPERATING CASH FLOWS FROM INTEREST

CONSOLIDATED PARENT COMPANY

For Years Ended December 31
2022 2021 2020 2022 2021 2020
Interest paid P12,741,708 P7,384,207 P14,297,974 P10,098,618 P6,480,050 P12,679,471
Interest received 55,046,301 46,638,694 45,766,253 46,629,590 40,552,433 41,396,855

See accompanying Notes to Financial Statements.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

126

China Bank Branches

2-1

MAKATI MAIN BRANCH (HO) AURORA BLVD. – NEW MANILA BETTER LIVING SUBD. CAINTA – POBLACION
CBC Bldg., 8745 Paseo de Roxas Aurora Blvd., Brgy. Valencia, Quezon City 128 Doña Soledad Ave., Parañaque City A. Bonifacio Ave., Poblacion,
cor. Villar Sts., Makati City Tel. Nos.: 8727-4192; 8727-4171 Tel. Nos: 8556-3467; 8556-3468; Cainta, Rizal
Trunkline: 8885-5555 Fax No.: 8727-4171 8556-3470 Tel. No: 8637-1935
(Private Exchange Connecting All Fax No.: 8556-3470 Fax No.: 8637-6634
Departments) ASUNCION
Fax Nos.: 8892-0220; 8817-1325 Units G6 & G7 Chinatown Steel Towers, BF HOMES CAPITOL HILLS
Asuncion St., San Nicolas, Manila Aguirre cor. El Grande Aves., G/F 88 Design Pro Building, Capitol Hills,
BINONDO BUSINESS CENTER Tel. Nos.: 8241-2311; 8241-2359; United BF Homes, Parañaque City Old Balara, Quezon City
CBC Bldg., Dasmariñas 8241-2361; 8241-2335 Tel. Nos: 8825-6138; 8825-6891; Tel. Nos: 8952-7776; 8952-7805;
cor. Juan Luna Sts., Binondo, Manila Fax No.: 8241-2352 8825-6828 8952-7804
Trunklines: 8247-5388; 8885-5222 Fax No.: 8825-5979 Fax No.: 8952-7806
(Private Exchange Connecting All AYALA – ALABANG
Departments) G/F, CBC-Building Acacia Ave., BF HOMES – AGUIRRE CIRCUIT MAKATI
Fax Nos.: 8241-7058; 8242-7225 Madrigal Business Park, Ayala Alabang, Margarita Centre, Aguirre Ave. Level 3, Ayala Mall, Circuit Makati,
Muntinlupa City corner Elsie Gaches Street, Hippodromo St., Brgy. Carmona,
Tel. Nos.: 8807-0673; 8807-0674; BF Homes, Parañaque City Makati City
METRO MANILA 8850-3785; 8850-9640; Tel. Nos: 7799-4707; 7799-4942; Tel. Nos: 8403-8301; 8403-8302
8850-8888 8659-3359; 8659-3360 Fax No.: 8403-8302
A. BONIFACIO – MAUBAN Fax No.: 8850-8670 Fax No.: 8659-3359
G/F Urban Oasis Residences, CENTURY CITY – KNIGHTSBRIDGE
423-431, A. Bonifacio Ave., AYALA AVE. – AMORSOLO BF RESORT VILLAGE Unit 17 & 18 Knightsbridge Residences,
Brgy. San Jose, Quezon City G/F Teleperformance Bldg, Ayala Ave., BF Resort Drive cor. Gloria Diaz St., Century City, Kalayaan Ave. Makati City
Tel. Nos.: 8282-1991; 8282-1994 Makati City BF Resort Village Talon Dos, Tel. Nos: 8866-3937; 8866-3803
Fax No.: 8282-1994 Tel. Nos.: 8541-7348; 8541-5958 Las Piñas City Fax No.: 8866-3937
Fax No.: 8541-5958 Tel. Nos: 8873-4542; 8873-4541;
ALABANG HILLS 8873-4540 COMMONWEALTH AVENUE
G/F RBC-MDC Corporate Center, AYALA – COLUMNS Fax No.: 8873-4543 LGF Ever Gotesco Mall,
Don Jesus Blvd., Alabang Hills Village, G/F The Columns Tower 3, Commonwealth Center
Muntinlupa City Ayala Avenue, Makati City BGC – ICON PLAZA Commonwealth Avenue corner
Tel. Nos.: 8877-8567; 8877-8604 Tel. Nos.: 7915-3672; 7915-3673; G/F Icon Plaza Bldg., 25th cor. 5th Sts. Don Antonio Road, Quezon City
Fax No.: 8877-8604 7915-3674; 7915-3675 Bonifacio South, Fort Bonifacio Global Tel. Nos: 8932-0818; 8932-0820;
Fax No.: 7915-3672 City, Taguig City 3431-5000; 3431-5001
ALVARADO Tel. Nos: 8777-1943; 8800-1474 Fax No.: 8932-0822
Alvarado St. Binondo, Manila AYALA MALLS – MANILA BAY Fax No.: 8777-1943
Tel. Nos.: 8562-3863; 8562-3866 Level 2 Ayala Malls Manila Bay, COMMONWEALTH AVE. EXT. –
Fax No.: 8562-3866 D. Macapagal Ave., Parañaque City BGC – ONE WORLD PLACE CASA MILAN
Tel. Nos.: 8352-7758; 8292-4576 G/F One World Place, 32nd Avenue, ALX Center Building, Commonwealth Ave.
ANONAS Fax No.: 8292-4576 Fort Bonifacio Global City, Taguig City Ext. North Fairview, Quezon City
Anonas corner Marang Streets, Tel. Nos: 8869-6309; 8843-2448 Tel. No: 8463-5714
Brgy. Quirino, Project 2, Quezon City BACLARAN – F.B. HARRISON Fax No.: 8843-2448 Fax No.: 8463-5714
Tel. No.: 8277-9397 BAGPI Main Bldg., 2935 F.B. Harrison
Fax No.: 8277-9378 cor. Ortigas St., Pasay City BGC – W TOWER CONGRESSIONAL AVENUE
Tel. Nos.: 8838-5038; 8838-6187 G/F W Tower 39th St., North Bonifacio G/F Unit C The Arete Square,
ANTIPOLO CITY Fax No.: 8838-5038 Triangle, BGC, Taguig City,1634 Congressional Ave., Project 8,
G/F BudgetLane Arcade, Tel. Nos: 8552-3311; 8551-9072 Quezon City
No. 6, Provincial Road, BALINTAWAK – BONIFACIO Fax No.: 8551-9072 Tel. Nos: 8351-8648; 8351-8645;
Brgy. San Jose, Antipolo City, Rizal 657 A. Bonifacio Avenue, 8351-8646
Tel. Nos.: 8650-3277; 8650-2087; Balintawak, Quezon City BGC – WORLD PLAZA Fax No.: 8454-7383
8695-1509; Tel. Nos.: 8361-3449; 8361-7825; G/F (Unit 5) World Plaza, L4B5 E-Square
Fax No.: 8650-2640 8362-3660; 8361-0450 Information Technology Park, CONGRESSIONAL AVE. EXTENSION –
Fax No.: 8361-0199 Crescent Park West, 5th Avenue, Bonifacio MIRA NILA
ANTIPOLO CITY – TAKTAK Global City, Taguig City CBC Building Congressional Ave. Ext.,
Sumulong Highway corner Taktak Road, BALUT Tel. Nos: 8541-3447; 8541-4220 Quezon City
Brgy. Dela Paz, Antipolo City, Rizal North Bay Shopping Center Honorio Fax No.: 8541-4220 Tel. Nos: 8932-2372; 8932-2370
Tel. Nos.: 8721-6320; 8721-6087 Lopez Boulevard, Balut, Tondo, Manila Fax No.: 8932-2370
Fax No.: 8721-6316 Tel. Nos.: 8253-9921; 8253-9929; BINANGONAN
8253-9620; 8251-1182; National Highway, Bo. Tagpos, CONGRESSIONAL AVE. – PROJECT 8
ANTIPOLO – SUMULONG HIGHWAY 8251-1186 Binangonan, Rizal 159 Congressional Ave., Brgy. Bahay Toro,
No. 219 Sumulong Highway, Brgy. Fax No.: 8253-9917 Tel. Nos: 8669-1530; 8669-1659 Project 8, Quezon City
Mambugan, Antipolo City, Rizal Fax No.: 8669-1530 Tel. Nos: 8365-1737; 8365-1748
Tel. Nos.: 8632-7573; 8655-8087 BANAWE Fax No.: 8365-1737
Fax No.: 8632-7309 CBC Building, 680 Banawe Avenue, BLUMENTRITT
Sta. Mesa Hts. District I, Quezon City 1777-1781 Cavite corner Leonor Rivera CORINTHIAN HILLS
ARANETA AVE. Tel. Nos: 8743-7486; 8743-7488; St., Blumentritt, Sta. Cruz, Manila G/F The Clubhouse, Corinthian Hills,
Philippine Whithasco Bldg., 420 Araneta 8711-8694; 3416-7028; Tel. Nos: 8742-0254; 8711-8589 Temple Drive, Brgy. Ugong Norte, Quezon
Avenue, cor. Bayani St., Quezon City 3416-7030 Fax No.: 8711-8541 City
Tel. Nos.: 8731-2252; 8731-2261; Fax No.: 8743-7487 Tel. Nos: 8637-3170; 8637-3180;
8732-4153 BO. KAPITOLYO 8637-1915
8731-2243; 3410-3026 BANAWE – CALAMBA G/F P&E Building, 12 United Fax No.: 8637-1905
Fax No.: 3410-6753 119 Banawe St. corner Calamba St. cor. First Sts., Bo. Kapitolyo, Pasig City
Quezon City Tel. Nos: 8634-8370; 8634-8915; CUBAO – ARANETA
ARNAIZ AVE. Tel. Nos: 8732-1060; 8740-4864 8634-3697 Level 2, Ali Mall, Araneta Center,
United Life Assurance Building, Fax No.: 8740-4864 Fax No.: 8634-7504 Cubao, Quezon City
A. Arnaiz Ave. (Pasay Road), Makati City Tel. Nos: 8911-2369; 8911-2370;
Tel. No.: BEL-AIR BONNY SERRANO 8438-3830; 8438-3832;
Fax No.: 8541-1506 2/F Saville Bldg., Gil Puyat Ave. G/F Greenhills Garden Square, 8911-2397
cor. Paseo de Roxas St., Makati City 297 Col. Bonny Serrano Ave., Fax No.: 8911-8416
ARRANQUE Tel. Nos: 8897-2212; 8899-4186; Quezon City
Don Felipe Building, 8899-0685 Tel. Nos: 3410-0677; 8997-8043; CUBAO – AURORA
675 Tomas Mapua St., Sta. Cruz, Manila Fax No.: 8890-4062 8997-8031 911 Aurora Boulevard Extension corner
Tel. Nos.: 8733-3477; 8734-4777; Fax No.: 3410-0677 Miami Street, Cubao, Quezon City
8733-7704; 8733-8335; BEL-AIR – JUPITER Tel. Nos: 8912-5164; 8912-5157;
8733-8336; 8733-8337; Buendia Car Exchange, CAINTA 8913-4675; 8913-4676;
8733-8338; 8733-8339; Jupiter Street, Makati City CBC Bldg (Beside Sta. Lucia East Mall) 8911-3524
8733-8340; 8734-4497; Tel. Nos: 8403-5970; 8403-6062 Felix Ave. (Imelda Ave.), Cainta, Rizal Fax No.: 8912-5167
8734-4501; 8734-4506 Fax No.: 8403-6062 Tel. Nos: 8646-0691; 8646-0693;
Fax No.: 8733-3481 8645-9974; 8682-1795
Fax No.: 8646-0050

CHINA BANKING CORPORATION

 127

CUBAO – P. TUAZON E. RODRIGUEZ SR. BLVD. FAIRVIEW TERRACES GREENHILLS – ANNAPOLIS

No. 287 P. Tuazon Ave. near corner 18th CBC Bldg., #286 E. Rodriguez Sr. Blvd., LGF Fairview Terraces, Quirino Highway Mercedes 1 Condominium, Annapolis St.,
Avenue, Brgy. San Roque, Cubao, Brgy. Damayang Lagi, Quezon City corner Maligaya Drive, Brgy. Pasong Putik, Greenhills, San Juan, Metro Manila
Quezon City Tel. Nos: 7007-3466; 7210-0200; Novaliches, Quezon City Tel. Nos: 8470-3385; 8470-3380
Tel. Nos: 8911-5896; 8911-8416; 8722-5860; 8722-5893; Tel. Nos: 8285-5956; 8285-6058 Fax No.: 8470-3380
8661-5057 Fax No.: 8726-2865 Fax No.: 8285-5956
Fax No.: 8911-8416 GREENHILLS – CONNECTICUT
EASTWOOD CITY FILINVEST CORPORATE CITY G/F Missouri Square Bldg., Missouri cor.
CULIAT- TANDANG SORA Unit D, Techno Plaza One, Eastwood City G/F Wilcon Depot, Alabang- Zapote road Connecticut St. Northeast Greenhills,
G/F Royal Midway Plaza, Cyberpark, E. Rodriguez Jr. Ave., cor. Bridgeway Ave. Filinvest Corporate San Juan, Metro Manila
No. 419, Tandang Sora Ave., (C-5) Bagumbayan, Quezon City City, Alabang, Muntinlupa Tel. Nos: 8997-3452; 8997-3455
Brgy. Culiat, 1128 Quezon City Tel. Nos: 8706-3491; 8706-3493; Tel. Nos: 8775-0097; 8775-0126; Fax No.: 8997-3452
Tel. Nos: 8288-2575; 8288-5114 8706-1979; 8706-3320; 8842-1993; 8775-2198;
Fax No.: 8288-2575 8706-3448 Fax No.: 8775-0322 GREENHILLS – ORTIGAS
Fax No.: 8706-1979 CBC-Building, 14 Ortigas Avenue
D. TUAZON FILINVEST CORP. CITY – Greenhills, San Juan, Metro Manila
148 D. Tuazon St., Brgy. Lourdes, EASTWOOD CITY FELINA CORPORATE COMMERCENTER Tel. Nos: 8723-0530; 8723-0501;
Sta. Mesa Heights, Quezon City PLAZA G/F Commercenter Alabang, Commerce 8723-0502; 8723-0504;
Tel. Nos: 8731-2516; 8731-2508 G/F Felina Corporate Plaza, Ave. cor. Filinvest Ave., Filinvest Corporate 8726-1492
Fax No.: 8731-0592 #5 Eastwood Ave., Eastwood City, City, Alabang, Muntinlupa City Fax No.: 8723-0556
Quezon City Tel. Nos: 8805-0824; 8805-0827
DAMAR VILLAGE Tel. Nos: 8275-5541; 8275-5434 Fax No.: 8805-0146 HEROES HILLS
Clubhouse, Damar Village, Quezon City Fax No.: 8275-5541 Quezon Ave. corner J. Abad Santos
Tel. Nos: 8442-3581; 8367-5517 FILINVEST CORP. CITY – NORTHGATE Street, Heroes Hills, Quezon City
Fax No.: 8367-5517 EDSA – KALOOKAN G/F Aeon Centre Building, Northgate Tel. Nos: 8351-4359; 8351-5121;
G/F HGL Building, Cyberzone, Filinvest Corporate City, 8332-7665; 3412-5697;
DASMARIÑAS VILLAGE 554 EDSA, Kalookan City Alabang, Muntinlupa City 3411-3375
2283 Pasong Tamo Ext. Tel. Nos: 8442-4338; 8442-4339; Tel. Nos: 8776-1985; 8551-5569 Fax No.: 8351-5121
corner Lumbang Street, Makati City 8442-4340 Fax No.: 8776-1985
Tel. Nos: 8894-2392; 8894-2393; Fax No.: 8442-4339 HOLY SPIRIT DRIVE
8813-2958 FIVE E-COM CENTER CBC Building Lot 18 Block 6 Holy Spirit
Fax No.: 8894-2355 EDSA – TIMOG AVE. G/F Five E-com Center, Harbor Drive, Drive, Don Antonio Heights,
G/F Richwell Corporate Center, MOA Complex, Pasay City Brgy. Holy Spirit, Quezon City
DILIMAN – MATALINO 102 Timog Ave., Brgy. Sacred Heart, Tel. Nos: 8815-1883; 8815-1884; Tel. Nos: 8355-8665; 8277-7257;
J&L Building, #23 Matalino Street, Quezon City 8815-1887 8287-5387
Diliman, Quezon City Tel. Nos: 8441-5225, 8441-5226, Fax No.: 8815-1883 Fax No.: 8355-8665
Tel. Nos: 8936-8729; 8937-5004 8441-5227, 3412-9878
Fax No.: 8937-5004 Fax No.: 8441-5228 FORT BONIFACIO GLOBAL CITY ILAYA
G/F Marajo Tower, 26th Street #947 APL-YSL Bldg.,
DIVISORIA – STA. ELENA ELCANO cor. 4th Avenue, Fort Bonifacio Global City, Ilaya, Tondo, Manila
New Divisoria Condominium Center, G/F Elcano Tower, Elcano Street, Taguig City Tel. Nos: 8245-2416; 8245-2548;
632 Sta. Elena St. Binondo, Manila San Nicolas, Manila Tel. Nos: 7799-9072; 7799-9074; 8245-2557
Tel. Nos: 8247-1435; 8247-1436; Tel. Nos: 8244-6760; 8244-6765; 8856-4416; 8856-4891; Fax No.: 8245-2545
8247-1437 8244-6779 8856-5196
Fax No.: 8247-1436 Fax No.: 8244-6760 Fax No.: 8856-4416 INTRAMUROS
No. 409 A. Soriano Avenue,
DON ANTONIO ERMITA GEN. LUIS – KATIPUNAN Intramuros, Manila
G/F Royale Place, Don Antonio Ave., Ground Floor A, Ma. Natividad Bldg., CBC Building, Gen. Luis St. corner Tel. Nos: 8528-4241; 8536-1044;
Brgy. Old Balara, Quezon City #470 T. M. Kalaw cor. Cortada Sts., Katipunan SB Road, Brgy. Nagkaisang 8536-5971;
Tel. Nos: 8932-9477; 8952-9678; Ermita, Manila Nayon, Novaliches, Quezon City Fax No.: 8536-1044
8952-9354 Tel. Nos: 8525-6477; 8536-7794; Tel. Nos: 8285-5664; 8285-5665
Fax No.: 8952-9344 8525-6544; Fax No.: 8285-5665 J. ABAD SANTOS AVENUE
8523-0074; 8523-9862 2159 J. Abad Santos Ave.,
DEL MONTE AVENUE Fax No.: 8525-8137 GIL PUYAT AVENUE cor. Batangas St., Tondo, Manila
No. 497 Del Monte Ave. Mitsu Bldg., No. 65 Sen. Gil Puyat Ave., Tel. Nos: 8255-1201; 8255-1202
Bgry. Manresa, Quezon City ESCOLTA Brgy. Palanan, Makati City 8255-1204
Tel. Nos: 3413-2826; 3413-2825; Burke Building, Escolta corner Burke Tel. Nos: 8844-0492; 8844-0494; Fax No.: 8255-1203
8961-8828; 8871-2745 Streets, Binondo, Manila 8844-0688; 8844-0690
Fax No.: 8361-1101 Tel. Nos: 8363-1734; 8365-5408 Fax No.: 8844-0497 J. ABAD SANTOS AVE. – QUIRICADA
Fax No.: 8363-1734 J. Abad Santos Ave. near corner Quiricada
DEL MONTE – MATUTUM GIL PUYAT – ELIZABETH PLACE Street, Manila
No. 202 Del Monte Avenue near corner ESPAÑA G/F Elizabeth Place, Gil Puyat Ave., Tel. Nos: 8253-6803; 8253-6804
Matutum St., Brgy. St. Peter, España cor. Valencia Sts., Makati City Fax No.: 8253-6803
Quezon City Sampaloc, Manila Tel. Nos: 8776-0502; 8776-3234
Tel. Nos: 8731-2535; 8731-2571; Tel. Nos: 8741-9572; 8741-6209; Fax No.: 8766-0502 JUAN LUNA
8413-2118; 8416-7791 8741-6208; 8741-9565 G/F Aclem Building, 501 Juan Luna St.
Fax No.: 8416-7791 Fax No.: 8741-6207 GIL PUYAT AVE. – REPOSO Binondo, Manila
No. 331 Gil Puyat Ave., Makati City Tel. Nos: 8247-3570; 8247-3795;
E. RODRIGUEZ – ACROPOLIS G EXAMINER Tel. Nos: 8541-3739; 8541-3735 8247-3786; 8480-0211
/F Suncrest Building, No. 1525 Quezon Ave. cor. Examiner St., Fax No.: 8541-3735 Fax No.: 8247-3795
E. Rodriguez Jr. Ave., Quezon City West Triangle, Quezon City
Tel. Nos: 8654-3607; 8654-3586 Tel. Nos: 8376-3313; 8376-3314; GREENBELT 1 KANLAON
Fax No.: 8654-3586 8376-3317; 8376-3318 G/F Greenbelt 1, Legaspi Street near Kanlaon near corner N. Roxas Streets,
Fax No.: 8376-3314 corner Paseo de Roxas, Makati City Quezon City
E. RODRIGUEZ – CORDILLERA Tel. Nos: 8836-1387; 8836-1405; Tel. Nos: 8367-0093; 8367-0095
No. 291 (G/F Units 285 & 287) E. EVANGELISTA 8836-1406 Fax No.: 8367-0093
Rodriguez Sr. Blvd., Brgy. Doña Josefa, Evangelista corner Gen. Estrella Sts., Fax No.: 8836-1406
Quezon City Bangkal Makati City KALAYAAN AVE.
Tel. Nos: (02) 8242-2897; Tel. Nos: 7759-5095; 7759-5096; GREENHILLS G/F PPS Building, Kalayaan Avenue,
(02) 8257-1512 8856-0434; 8856-0433 G/F Gift Gate Bldg, Greenhills Shopping Quezon City
Fax No.: (02) 8256-5292 Fax No.: 7759-5096 Center, San Juan, Metro Manila Tel. Nos: 8332-3858; 8332-3859;
Tel. Nos: 8727-2798; 8726-9308; 8332-3860
E. RODRIGUEZ – HILLCREST FAIRVIEW 8727-9520; 8727-3068; Fax No.: 8332-3859
No. 402 E. Rodriguez Sr. Blvd., G/F Pearl Drive Commercial Center, 8721-0556; 8721-0543
Cubao, Quezon City Commonwealth Ave. corner Pearl Street, Fax No.: 8724-5078
Tel. Nos: 8571-8927; 8571-8928; Quezon City
8571-8929 Tel. Nos: 8937-5597; 8938-9636;
Fax No.: 8571-8927 8937-8086; 8523-3639
Fax No.: 8937-8086

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

128 Branch Directory

KALOOKAN LAS PIÑAS – MARCOS ALVAREZ AVE. MACAPAGAL AVE. – DOUBLEDRAGON MANDALUYONG – D. GUEVARA
CBC Bldg., 167 Rizal Avenue Extension Metro Towne Center, 2020 Marcos DD Meridian Park Plaza, Macapagal Ave. G/F 19 Libertad Plaza,
Grace Park, Kalookan City Alvarez Ave., Talon V, Moonwalk, cor. EDSA Ext., Pasay City Domingo Guevara St., Mandaluyong City
Tel. Nos: 8364-0515; 8364-0535; Las Piñas City Tel. Nos: 838-3805; 838-3804 Tel. Nos: 8534-5529; 8477-6382
8364-0717; 8364-0731; Tel. Nos: 8838-9865; 838-9724 Fax No.: 838-3804 Fax No.: 8534-5528
8364-0494; 8364-9948; Fax No.: 838-9786
8366-9457 MAGALLANES VILLAGE MANDALUYONG – PIONEER
Fax No.: 8364-9864 LAS PIÑAS – NAGA ROAD G/F DHI Bldg., No. 2 Lapu-Lapu Ave. UG-05 Globe Telecom Plaza Tower I
Lot 3, Naga Road, Pulanglupa 2, corner EDSA, Magallanes Village, Pioneer Street, Mandaluyong City
KALOOKAN – 8th AVE. Las Piñas City Makati City Tel. Nos: 7746-6949; 7746-6948
No. 279 Rizal Avenue corner 8th Ave., Tel. Nos: 8541-1671 Tel. Nos: 7757-0272; 7757-0240; 8635-4198; 8632-1399
Grace Park, Kalookan City Fax No.: 8541-1674 8852-1290; 8852-1245 Fax No.: 7746-6948
Tel. Nos: 8287-0001; 8287-0262 Fax No.: 8852-1245
Fax No.: 8287-0262 LAVEZARES MANDALUYONG – THE PODIUM
No. 412 Lavezares Street, MAKATI AVENUE 3/F The Podium, ADB Avenue,
KALOOKAN – 10th AVE. San Nicolas, Manila G/F CBC Building, Makati Ave. Ortigas Center, Mandaluyong City
No. 275 10th Ave. corner 3rd Street, Tel. Nos: 8521-6978; 521-7132; cor. Hercules St., Makati City Tel. Nos: 8291-1253; 8280-0220
Grace Park, Kalookan City 521-7128 Tel. Nos: 8890-6971; 8890-6972; Fax No.: 8291-1253
Tel. Nos: 8287-5484; 8287-5489 Fax No.: 8521-7128 8890-6973; 8890-6974
Fax No.: 8287-5489 Fax No.: 8890-6975 MANILA – MACEDA
LEGASPI VILLAGE – AMORSOLO Daguman Bldg., Maceda St.,
KALOOKAN – CAMARIN G/F CAP Bldg. Herrera cor. Amorsolo Sts. MAKATI – COMEMBO Sampaloc Manila
L8B4 La Forteza Subd., Legaspi Village, Makati City No. 46 JP Rizal Ext., Brgy. Comembo, Tel. Nos: 8521-6644; 8521-6643
Brgy. 175, Camarin, Kalookan City Tel. Nos: 8832-6871; 8833-5668 Makati City Fax No.: 8521-6644
Tel. Nos: 8442-6830; 8442-7541; Fax No.: 8833-5668 Tel. Nos: 8802-2616; 8802-2614;
8442-6825 8802-2613 MARIKINA – STA. ELENA
Fax No.: 8442-6825 LEGASPI VILLAGE – AIM Fax No.: 8802-2613 250 J.P. Rizal Street, Sta. Elena,
G/F Cacho-Gonzales Building, Marikina City
KALOOKAN – MONUMENTO 101 Aguirre cor. Trasierra Streets, MAKATI – JP RIZAL Tel. Nos: 8646-4281; 8646-4277
779 Mc Arthur Highway, Kalookan City Legaspi Village, Makati City JP Rizal corner Honradez Streets, 8646-4279
Tel. Nos: 8364-2571; 8361-3270; Tel. Nos: 8818-0734; 8818-9649; Makati City Fax No.: 8646-1807
8921-3043; 8361-3271 8894-5882; 8894-5883; Tel. Nos: 8815-6036; 8815-6037;
Fax No.: 8361-3270 8894-5884; 8894-5885 8815-6038 MARIKINA – FAIRLANE
Fax No.: 8818-0240 Fax No.: 8815-6038 G/F E & L Patricio Building,
KAMIAS No. 809 J.P. Rizal Ave.,
G/F CRM Building II, 116 Kamias Road LEGASPI VILLAGE – C. PALANCA MAKATI – KALAYAAN AVE. Concepcion Uno, Marikina City
corner Kasing-Kasing Street, G/F, JCS Building, 119 Dela Rosa 8445 Zentro Building, Kalayaan Ave., Tel. Nos: 8997-0684; 8997-0897;
Quezon City cor. C. Palanca Sts., Legaspi Village, Brgy. Poblacion, Makati City 8998-1817; 7239-2143
Tel. Nos: 8920-7367; 8920-8770 Makati City Tel. Nos: 8838-7253; 8838-7252 Fax No.: 7239-2143
Fax No.: 8920-5723 Tel. Nos: 8894-5915/18; Fax No.: 8838-7253
8810-1464/8536-4684 MARIKINA – GIL FERNANDO
KAMUNING Fax No.: 8894-5868 MAKATI – YAKAL Block 9, Lot 14 Gil Fernando Ave.,
#47 SKY47 Bldg., Kamuning Road, 173 Yakal St. near corner Ayala Ave. Ext., Marikina City
Quezon City LEGASPI VILLAGE – ESTEBAN Makati City Tel. Nos: 8646-0780; 7358-2138
Tel. Nos: 8287-3369; 8287-3368 G/F PPI Bldg., No. 109 Esteban St., Tel. Nos: 8373-6355; 8367-0086 Fax No.: 8646-8032
Fax No.: 8287-3369 Legaspi Village, Makati City Fax No.: 8373-6355
Tel. Nos: 8800-6147; 8805-4820 MARIKINA – SSS VILLAGE
KARUHATAN Fax No.: 8805-4820 MALABON – CONCEPCION Lilac St., Rancho Estate IV,
No. 253-B McArthur Highway cor. Bizotte Gen. Luna corner Paez Streets, Concepcion Dos, Marikina City
Street, Karuhatan, Valenzuela City LEGASPI VILLAGE – PEREA Concepcion, Malabon Tel. Nos: 8948-5135; 8941-7709;
Tel. Nos: 8291-0431; 8291-0175; G/F Greenbelt Mansion, 106 Perea St., Tel. Nos: 8281-0102; 8281-0103; 8997-3343
3440-0033; 8291-0073 Legaspi Village, Makati City 8281-0104; 8281-0105 Fax No.: 8942-0048
Fax No.: 8291-0175 Tel. Nos: 8893-2273/2272/2827 Fax No.: 8281-0106
Fax No.: 8893-2272 MASANGKAY
KATIPUNAN AVE. – ST. IGNATIUS MALABON – GOV. PASCUAL 959-961 G. Masangkay Street,
CBC Building, No. 121 Katipunan Ave., LEGASPI VILLAGE – SALCEDO CBC Building, Gov. Pascual Avenue, Binondo, Manila
Brgy. St. Ignatius, Quezon City G/F Fedman Suites, 199 Salcedo Street Malabon City Tel. Nos: 8244-1828; 8244-1835;
Tel. Nos: 8913-5532; 8912-5003; Legaspi Village, Makati City Tel. Nos: 8352-1816; 8352-1817; 8244-1848; 8244-1856;
8913-3226 Tel. Nos: 8893-7680; 8893-2618; 8961-2147 8244-1859
Fax No.: 8913-5532 7759-2462; 8893-1503; Fax No.: 8352-1822 Fax No.: 8244-1833
8816-0905
KATIPUNAN AVE. – LOYOLA HEIGHTS Fax No.: 8893-3746 MALABON – POTRERO MASANGKAY – MAYHALIGUE
Elizabeth Hall, Katipunan Ave., CBC Bldg., McArthur Highway, formerly Masangkay – Luzon Branch
Loyola Heights, Quezon City M. DELA FUENTE – TRABAJO MARKET Potrero, Malabon No. 1417-1419 G. Masangkay St.,
Tel. No: 8287-9218 #771 M. dela Fuente St. (Trabajo Market Tel. Nos: 3448-0524; 3448-0525; Sta. Cruz, Manila
Fax No.: 8287-9221 area), Sampaloc, Manila 8361-8671; 8361-7056 Tel. Nos: 8255-0739; 8254-9974;
Tel. Nos: 8522-2083; 8522-2028 Fax No.: 8361-7056 8254-9335
LAGRO Fax No.: 8522-2083 Fax No.: 8254-9974
CBC Building, Lot 32 Blk 125, Quirino MALANDAY
Highway, Greater Lagro, Quezon City MACAPAGAL AVE. – ASEANA SQUARE CBC Bldg. McArthur Highway, MAYON
Tel. Nos: 8372-8226; 8372-8223 Aseana Square (Caltex Area), Malanday, Valenzuela City 480 Mayon St., Maharlika Sta. Mesa
Fax No.: 8372-8226 D. Macapagal Ave., Aseana City, Tel. Nos: 3432-9785; 7006-9787; Heights, Quezon City
Parañaque City 7276-3201; Tel. Nos: 8731-9054; 8731-2766;
LAS PIÑAS Tel. Nos: 8296-7246; 8296-7235 Fax No.: 8292-6956 8741-2409
CBC- Bldg., Alabang-Zapote Road Fax No.: 8296-7235 Fax No.: 8731-2766
cor. Aries St., Pamplona Park Subd., MANDALUYONG – BONI AVE.
Las Piñas City MACAPAGAL AVE. – BIOPOLIS G/F VOS Bldg. Boni Avenue corner MAYON – ROTONDA
Tel. Nos: 8874-6204; 8874-6210 G/F The Biopolis, Central Business Park San Rafael Street, Mandaluyong City G/F One Mayon Place,
Fax No.: 8874-6414 1-A 076/01, Diosdado Macapagal Avenue, Tel. Nos: 7746-6283; 7746-6285; #68 Mayon Street, Brgy. Sta. Teresita,
Pasay City 8534-2289 Quezon City
LAS PIÑAS – MANUELA Tel. No: 8838-9677 Fax No.: 8534-1968 Tel. Nos: 8373-5534; 8281-8603
Alabang-Zapote Road cor Philamlife Ave., Fax No.: 8838-9679 Fax No.: 8373-5534
Pamplona Dos, Las Piñas City MANDALUYONG – BONI SAN ROQUE
Tel. Nos: 8872-9801; 8872-9572; #768 Bonifacio Ave. cor. San Roque St. MEDICAL CENTER PARAÑAQUE
8872-9533; 8871-0770 Brgy. Barangka Ilaya, Mandaluyong City G/F Medical Center Parañaque,
Fax No.: 8871-0771 Tel. Nos: 8571-3861; 8571-3867 Dr. Arcadio Santos Ave., San Antonio,
Fax No.: 8571-3867 Parañaque City
Tel. Nos: 8628-1610; 8635-0900

CHINA BANKING CORPORATION

 129

MINDANAO AVE. OROQUIETA PARAÑAQUE – BACLARAN PASIG – ROSARIO

30 Mindanao Avenue, Brgy. Tandang Sora, 1225-1227, Oroquieta St., Quirino Avenue cor. Aragon St., 1864 Ortigas Ave. Ext.,
Quezon City Sta. Cruz, Manila Baclaran, Parañaque City Rosario, Pasig City
Tel. Nos: 8277-4768; 8277-4782 Tel. Nos: 8521-6648; 8521-6650 Tel. No: 8581-1057 Tel. Nos: 8254-4859; 8244-8839
Fax No.: 8277-4768 Fax No.: 8521-6650 Fax No.: 8663-0425 Fax No.: 8254-4859

MUNTINLUPA – PUTATAN ORTIGAS – ADB AVE. PARAÑAQUE – MOONWALK PASIG – SAN JOAQUIN
G/F Teknikos Bldg., National Highway, LGF City & Land Mega Plaza Milky Way St. cor. Armstrong Avenue, No. 43 M. Concepcion Ave.,
Brgy. Putatan, Muntinlupa City ADB Ave. cor. Garnet Rd. Moonwalk, Parañaque City San Joaquin, Pasig City
Tel. Nos: 8511-0980; 8808-1817 Ortigas Ctr., Pasig City Tel. Nos: 8846-9729; 8846-9771 Tel. Nos: 8997-2815; 8997-2816;
Fax No.: 8808-1819 Tel. Nos: 8687-2457; 8687-2458; Fax No.: 8846-9739 8997-2817
8687-2226; 8687-3263 Fax No.: 8997-2815
N. DOMINGO Fax No.: 8687-2457 PARAÑAQUE – NAIA
G/F The Main Place, No. 1 Pinaglabanan Ninoy Aquino Ave., Brgy. San Dionisio, PASIG – SANTOLAN
cor. N. Domingo Sts., San Juan, ORTIGAS AVE. EXT. – RIVERSIDE Parañaque City G/F Felmarc Business Center, Amang
Metro Manila Unit 2-3 Riverside Arcade Tel. Nos: 8541-8857; 8541-8858 Rodriguez Avenue, Santolan, Pasig City
Tel. Nos: 8470-2915; 8470-2916; Ortigas Avenue Extension corner Fax No.: 8541-8857 Tel. Nos: 8646-0635; 8682-3474;
8470-2917 Riverside Drive, Brgy. Sta. Lucia, 8682-3514; 8681-4575
Fax No.: 8551-2267 Pasig City PARAÑAQUE – SAN ANTONIO VALLEY Fax No.: 8646-0514
Tel. Nos: 7748-1808; 7748-4426; San Antonio Shopping Center,
NAVOTAS 8655-7403; 8655-8350 San Antonio Road, Brgy. San Antonio PASIG – SM SUPERCENTER
No. 500 M. Naval St. Fax No.: 8655-8350 Valley 1, Parañaque City G/F SM Supercenter Pasig, Frontera
near corner Lacson St., Brgy. North Bay Tel. Nos: 8816-2448; 8816-2451 Drive, C-5, Ortigas, Pasig City
Boulevard North (NBBN), Navotas City ORTIGAS CENTER Fax No.: 8816-2451 Tel. Nos: 8706-3207; 8706-3208;
Tel. Nos: 8283-0752; 8283-0753; Unit 105 Parc Chateau Condominium 8706-3209
8283-0754 Garnet Street, Ortigas Center, Pasig City PARAÑAQUE – SUCAT Fax No.: 8706-3208
Fax No.: 8283-0754 Tel. Nos: 8633-7960; 8633-7970; No. 8260 (between AMA Computer
8633-7953; 8633-7954; School and PLDT), Dr. A. Santos Avenue, PASIG – VALLE VERDE
NOVALICHES – BAGBAG 8634-0178 Brgy. San Isidro, Parañaque City G/F Reliance IT Center, E. Rodriguez Jr.
No. 658 Quirino Highway, Fax No.: 8633-7971 Tel. Nos: 8826-4072; 8820-8952; Ave., Ugong, Pasig City
Bagbag, Novaliches, Quezon City 8820-2044; 8825-2501 Tel. Nos: 8706-9242; 8706-9243
Tel. Nos: 8283-3885; 8275-3244 ORTIGAS COMPLEX Fax No.: 8825-9517 Fax No.: 8706-9243
Fax No.: 8283-3885 G/F Padilla Building, F. Ortigas Jr. Road
(formerly Emerald Avenue), PASAY – LIBERTAD PASO DE BLAS
NOVALICHES – GULOD Ortigas Center, Pasig City CBC-Building, 184 Libertad Street, (GMP Building) #63 Paso de Blas,
formerly Novaliches Branch Tel. Nos: 8634-3469; 8631-2772 Antonio Arnaiz Ave., Pasay City Valenzuela City
858 Krystle Building, Quirino Highway, Fax No.: 8633-9039 Tel. Nos: 8551-7159; 8834-8978; Tel. Nos: 8292-3215/3213/3216
Gulod, Novaliches, Quezon City 8831-0306; 8831-0498 Fax No.: 7149-2354
Tel. Nos: 8937-1133; 8937-1136 ORTIGAS – JADE DRIVE Fax No.: 8551-7160
Fax No.: 8936-1037 Unit G-03, Antel Global Corporate Center PASONG TAMO BAGTIKAN
Jade Drive, Ortigas Center, Pasig City PASAY – ROXAS BLVD. G/F Trans-Phil House 1177 Chino Roces
NOVALICHES – STA. MONICA Tel. Nos: 8638-4489; 8638-4490 GF Unit G-01 Antel Seaview Towers Ave. cor. Bagtikan St., Makati City
G/F E & V Bldg. Quirino Highway corner 8638-4510; 8638-4540 2626 Roxas Blvd., Pasay City Tel. Nos: 8403-4820; 8403-4821;
Dumalay St., Novaliches, Quezon City Fax No.: 8638-4540 Tel. Nos: 8551-9067; 8551-9068; 8403-4822; 7738-7591
Tel. Nos: 8288-3683; 8288-2302 8551-9069 Fax No.: 8403-4821
Fax No.: 8288-3683 ORTIGAS – TEKTITE Fax No.: 8551-1768
Unit EC-06B PSE Center (Tektite) PASONG TAMO – CITYLAND
NOVALICHES – SANGANDAAN Ortigas Center, Pasig City PASIG – A. MABINI Units UG30-UG32 Cityland Pasong Tamo
CBC Building, Quirino Highway corner Tel. Nos: 8637-0231; 8637-0238 A. Mabini Street, Brgy. Kapasigan, Tower, 2210 Pasong Tamo St.,
Tandang Sora Ave., Brgy. Sangandaan, Fax No.: 8637-0231 Pasig City Makati City
Novaliches, Quezon City Tel. Nos: 8534-5178; 8634-4028 Tel. Nos: 8817-9337; 8817-9347;
Tel. Nos: 8935-3049; 8935-3491; PACO Fax No.: 8634-4028 8817-9351; 8817-9360;
3455-5661 Gen. Luna corner Escoda Street, 8817-9382
Fax No.: 8935-2130 Paco, Manila PASIG – ESTANCIA Fax No.: 8817-9351
Tel. Nos: 8526-6492; 8536-6630; LGF Estancia (Expansion) Capitol
NOVALICHES – TALIPAPA 8536-6631; 8536-6672 Commons, Meralco Ave., Pasig City PASONG TAMO – LA FUERZA
528 Copengco Bldg., Quirino Highway, Fax No.: 8536-6657 Tel. No: 8255-8032 La Fuerza Plaza 1, Chino Roces Ave.,
Talipapa, Novaliches, Quezon City Fax No.: 8293-6214 Makati City
Tel. Nos: 8936-2202; 8936-3311; PACO – ANGEL LINAO Tel. Nos: 8541-8850; 8541-8851
8936-7765; 8936-5508 Unit 1636 & 1638 Angel Linao St. PASIG – C. RAYMUNDO Fax No.: 8541-8851
Fax No.: 8936-2202 Paco, Manila G/F MicMar Apartments
Tel. Nos: 8242-2849; 8242-3416 No. 6353 C. Raymundo Avenue, PATEROS
NOVALICHES – ZABARTE Fax No.: 8242-3416 Brgy. Rosario, Pasig City G/F Adela Building, M. Almeda St.,
G/F C.I. Bldg 1151 Quirino Highway Tel. Nos: 8642-3652; 8628-3912; Brgy. San Roque, Pateros
corner Zabarte Road, Brgy. Kaligayahan, PACO – OTIS 8628-3922; 7576-4134 Tel. Nos: 8531-6929; 8531-6810;
Novaliches, Quezon City G/F Union Motor Corp Bldg., Fax No.: 7576- 4134 8654-3079
Tel. Nos: 8461-7691; 8461-7694; 1760 Dra. Paz Guazon St., Paco, Manila Fax No.: 8654-3079
8461-7698 Tel. Nos: 8561-6902; 8561-6981; PASIG – CARUNCHO
Fax No.: 8461-7691 8564-2247 No. 7 Caruncho Ave., Pasig City PHILAM
Fax No.: 8561-6981 Tel. Nos: 8639-5482; 8559-6183 #8 East Lawin Drive,
NUEVA Fax No.: Philam Homes, QC
Unit Nos. 557 & 559 G/F Ayson Building, PADRE FAURA Tel. Nos: 8927-9841; 8924-2872;
Yuchengco St., Binondo, Manila G/F Regal Shopping Center, A. Mabini cor. PASIG – DELA PAZ 8929-5734; 8929-3115
Tel. Nos: 8247-6374; 8247-6396; P. Faura Sts., Ermita, Manila Amang Rodriguez Avenue, Fax No.: 8929-3115
8247-0493; Tel. Nos: 8526-0586; 8527-3202; Brgy. Dela Paz, Pasig City
Fax No.: 8247-6396 8527-7865 Tel. No: 8637-7876 PROJECT 8 – SHORTHORN
Fax No.: 8527-3202 Fax No.: 8637-7874 Shorthorn Street, Project 8, Quezon City
ONGPIN Tel. Nos: 8373-3363; 8373-3369
G/F Se Jo Tong Building, PADRE RADA PASIG – MERCEDES Fax No.: 8373-3363
808 Ongpin Street, Sta. Cruz, Manila G/F Gosiupo Bldg., Padre Rada corner Commercial Motors Corp. Compound
Tel. Nos: 8733-8962; 8733-8963; Elcano Sts., Tondo, Manila Mercedes Ave., Pasig City
8733-8964; 8733-8965; Tel. Nos: 8277-1106; 8371-4300 Tel. Nos: 8628-0201; 8628-0209;
8733-8966; 8735-5362 Fax No.: 8277-1106 8628-0197
Fax No.: 8733-8964 Fax No.: 8628-0211

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

130 Branch Directory

PUREZA SALCEDO VILLAGE – TORDESILLAS SM AURA PREMIER SM NORTH TOWERS

G/F Solicarel Building Ramon Magsaysay G/F Prince Tower Condominium L/G SM Aura Premier, McKinley Parkway, SM City North EDSA North Towers, SM
Blvd. near corner Pureza St., Sta. Mesa, 14 Tordesillas St., Salcedo Village, Makati Fort Bonifacio Global City, Taguig City City North EDSA Complex, Quezon City
Manila City Tel. Nos: 8808-9727; 8808-9701 Tel. Nos: 8241-2172; 8251-5122
Tel. Nos: 8241-3313; 8241-3314 Tel. Nos: 8813-4901; 8813-4932; Fax No.: 8808-9701 Fax No.: 8241-2172
Fax No.: 8241-3314 8813-4933; 8813-4944;
8813-4952 SM CITY BICUTAN EDSA – PHILAM
QUEZON AVE. Fax No.: 8813-4933 LGF, Bldg. B, SM City Bicutan 917 EDSA, Brgy. Philam, Quezon City
No. 18 GD Bldg., Quezon Ave. Doña Soledad Ave. Tel. Nos: 8374-2345; 8374-2362;
cor. D. Tuazon St., Quezon City SALCEDO VILLAGE – VALERO cor. West Service Rd., Parañaque City 8287-3106
Tel. Nos: 8712-3676; 8712-0424; G/F Valero Tower, 122 Valero Street Tel. Nos: 8821-0600; 8821-0700; Fax No.: 8287-3106
8740-7779; 8740-7780; Salcedo Village, Makati City 8777-9347
8712-1105; 3416-8891; Tel. Nos: 8892-7768; 8892-7769; Fax No.: 8821-0500 SM SOUTHMALL
Fax No.: 8712-3006 8812-9207; 8893-8188; UGF SM Southmall Alabang-Zapote Road,
8893-8196 SM CITY BF PARAÑAQUE Talon 1, Almanza Las Piñas City
QUEZON AVE. – SCT. CHUATOCO Fax No.: 8892-7769 G/F SM City BF Parañaque, Tel. Nos: 8806-6116; 8806-6119;
Estuar Building, No.880 Quezon Ave., Dr. A. Santos Ave. corner President’s 8806-3536; 8806-3547
Brgy. Paligsahan, Quezon City SALES – RAON Avenue, Parañaque City Fax No.: 8806-3548
Tel. Nos: 8351-0563; 8351-0567 611 Sales St., Quiapo, Manila Tel. Nos: 8553-3067;8825-2990;
Fax No.: 8351-0563 Tel. Nos: 8734-5806; 8734-7427; 8825-3095;8825-3201 SOLEMARE
8734-6959 Fax No.: 8825-1062 G-11 Solemare Parksuites,
QUIAPO Fax No.: 8734-5806 5A Bradco Avenue, Aseana Business Park,
216-220 Villalobos St., Quiapo, Manila SM CITY GRAND CENTRAL Parañaque City
Tel. Nos: 8733-2052; 8733-2059; SAN ANTONIO VILLAGE – KAMAGONG LGF SM City Grand Central, Tel. Nos: 8366-3237; 8366-3219;
8733-2061; 8733-6282; Kamagong near corner St. Paul Streets, Rizal Ave. Ext. corner Bustamante Street, 8366-3199
8733-6286 San Antonio Village, Makati City Kalookan City Fax No.: 8366-3199
Fax No.: 8733-6282 Tel. Nos: 8777-4950; 8777-4951 Tel. Nos: 8288-7360; 8288-7380
8733-2061 (temporary fax) Fax No.: 8777-4951 SOLER – 168
SM CITY MARIKINA G/F R & S Bldg, Soler St., Manila
REGALADO AVE. SAN ANTONIO VILLAGE – G/F SM City Marikina, Marcos Highway, Tel. Nos: 8242-1041; 8242-1674;
CBC Building, Regalado Ave., P. OCAMPO Brgy. Calumpang, Marikina City 8242-1685
North Fairview, Quezon City 1405 P. Ocampo Sr. Street cor. Dungon Tel. Nos: 8477-1845; 8477-1846; Fax No.: 8242-1041
Tel. Nos: 8921-5678; 8921-5359 St., San Antonio Village, Makati City 8477-1847; 7799-6105
Fax No.: 8921-5359 Tel. Nos: 8869-5648; 8869-5649 Fax No.: 8477-1847 SOLER – ARRANQUE
Fax No.: 8869-5651 #715 T. Alonzo St. near corner CM Recto
REGALADO AVE. – WEST FAIRVIEW SM CITY SAN LAZARO Avenue, Sta. Cruz, Manila
CBC Building, Regalado Ave. corner SAN JUAN UGF (Units 164-166) SM City San Lazaro, Tel. Nos: 8983-9496; 8983-9497
Bulova St., Quezon City 17 (new) F. Blumentritt St., Felix Huertas Street corner A.H. Lacson Fax No.: 8983-9497
Tel. Nos: 8936-2554; 8936-2556 San Juan, Metro Manila Extension, Sta. Cruz, Manila
Fax No.: 8936-2554 Tel. Nos: 8724-8263; 8726-4826; Tel. Nos: 8742-1572; 8742-2330; SOUTH TRIANGLE
8723-7333; 7744-5616; 8493-7115 G/F Sunshine Blvd. Plaza,
RIZAL – ANGONO 7744-5617; 7744-5618 Fax No.: 8732-7935 Quezon Ave. cor. Sct. Santiago and Panay
Lot 3 Blk. 4 M.L Quezon Ave. Fax No.: 8723-4998 Ave., Bgry. South Triangle, Quezon City
Richmond Subd., Angono, Rizal SM CITY TAYTAY Tel. Nos: 8277-7947; 8277-7948
Tel. Nos: 8633-5198; 8633-7513 SAN JUAN – J. ABAD SANTOS Unit 147 Bldg. B, SM City Taytay, Manila Fax No.: 8277-7948
Fax No.: 8633-7513 Unit 3 Citiplace Bldg., 8001 Jose Abad East Road, Brgy. Dolores, Taytay, Rizal
Santos Street, Little Baguio, San Juan, Tel. Nos: 8286-5844; 8286-5979; STA. MESA
RIZAL – SAN MATEO Metro Manila 8661-2276; 8661-2277 1-B G. Araneta Avenue,
#63 Gen. Luna corner Simon St., Tel. Nos: 8470-8292; 8656-8329 Fax No.: 8661-2235 Brgy. Doña Imelda, Quezon City
Banaba, San Mateo, Rizal Fax No.: 8656-8329 Tel. Nos: 8516-0764; 8516-0765;
Tel. No: 8650-2230 SM CITY FAIRVIEW 8516-0766
Fax No.: 8650-1837 SCT. BORROMEO LGF, SM City Fairview Fax No.: 8516-0764
G/F The Forum Building, Quirino Avenue corner Regalado Avenue
ROCKWELL – ORTIGAS 71- A Sct. Borromeo St., Fairview, Quezon City STO. CRISTO
G/F Tower 1 Rockwell Business Center, Diliman, Quezon City Tel. Nos: 3417-2878; 8939-3105 622-39 Sto. Cristo St. Binondo, Manila
Ortigas Avenue, Pasig City Tel. Nos: 8426-1431; 8426-1340 Fax No.: 3418-8228 Tel. Nos: 8242-4673; 8242-5361;
Tel. Nos: 8470-4704; 8470-2984 Fax No.: 8426-1431 8241-1243; 8242-5449;
Fax No.: 8470-2984 SM MALL OF ASIA 8242-3670; 8242-4668
SHAW – GOMEZVILLE 3/F Main Mall Building, SM Mall of Asia, Fax No.: 8242-4672; 8242-4761
ROOSEVELT AVE. Gomezville Street cor. Shaw Blvd., Bay Blvd., Pasay City
CBC Bldg., #293 Roosevelt Ave., Mandaluyong City Tel. Nos: 8556-0103; 7625-2246; STO. CRISTO – C.M. RECTO
San Francisco Del Monte, Quezon City Tel. Nos: 8363-3522; 8292-8918; 8556-0100 858 Sto. Cristo Street, Manila
Tel. Nos: 8371-5133; 8371-5134; 8292-1182 Fax No.: 8556-0099 Tel. Nos: 8562-9651; 8562-9652;
8371-5135; 8371-2766; Fax No.: 8363-3522 8254-7227
3410-2160; 3410-1957 SM MEGAMALL Fax No.: 8562-9652
Fax No.: 8371-2765 SHAW – HAIG LGF Building A, SM Megamall,
G/F First of Shaw Bldg., E. delos Santos Avenue corner J. Vargas STO. DOMINGO AVE.
ROOSEVELT AVE. – FRISCO Shaw Blvd. corner Haig St., Mandaluyong St., Mandaluyong City Sto. Domingo Ave., Quezon City
G/F Norita Bldg. #51 H. Francisco St. City Tel. Nos: 8633-1611; 8633-1612; Tel. Nos: 8251-6005; 8251-5852
corner Roosevelt Ave. Brgy. Paraiso, Tel. Nos: 8534-1073; 8273-4585; 8633-1789; 8638-7213; Fax No.: 8251-5852
Quezon City 8273-4633 8638-7214; 8638-72115
Tel. Nos: 8709-7552; 8921-0866 Fax No.: 8273-4633 Fax Nos.: 8633-4971; 8633-1788 T. ALONZO
Fax No.: 8921-0866 Abeleda Business Center
SHAW – PASIG SM CITY MASINAG 908 T. Alonzo corner Espeleta Streets,
SALCEDO VILLAGE – L.P. LEVISTE G/F RCC Center, No. 104 Shaw Boulevard, SM City Masinag, Marcos Highway, Sta. Cruz, Manila
Unit 1-B G/F The Athenaeum San Agustin Pasig City Brgy. Mayamot, Antipolo City Tel. Nos: 8733-9581; 8733-9582;
– LP Leviste St., Salcedo Village, Tel. Nos: 8634-5018; 8634-5019; Tel. Nos: 8655-8764; 8655-8771 8734-3231; 8734-3232;
Makati City 8634-3343; 8634-3344; Fax No.: 8655-9124 8734-3233
Tel. Nos: 8869-3128; 8869-3132; 8634-3340; 7747-7812 Fax No.: 8733-9582
8869-3134 Fax No.: 8634-3344 SM CITY NORTH EDSA
Fax No.: 8869-3132 Cyberzone Carpark Bldg., SM City North
SHAW – SUMMIT ONE Avenue corner EDSA, Quezon City
Unit 102 Summit One Office Tower Tel. Nos: 3456-6633; 3454-8108;
530 Shaw Boulevard Mandaluyong City 3454-8121; 8925-4273
Tel. Nos: 8531-3970; 8531-5736; Fax No.: 8927-2234
8531-4058; 8531-1304;
8533-8723; 8533-4948
Fax No.: 8531-9469

CHINA BANKING CORPORATION

 131

TAFT AVE. – NAKPIL UP TECHNO HUB ANGELES CITY – BALIBAGO BATANGAS – BALAYAN
G Square Taft Ave. corner Nakpil St., UP AyalaLand Techno Hub, Diamond Square, Service Road McArthur CBC Building, Barrio Ermita,
Malate, Manila Commonwealth Ave., Quezon City Highway cor. Charlotte St. Balibago, Balayan, Batangas
Tel. Nos: 8681-2830; 8631-9745 Tel. Nos: 8441-1331; 8441-1332; Angeles City, Pampanga Area Code: (043)
Fax No.: 8681-2830 8441-1334; 7738-4800 Area Code: (045) Tel. Nos: 741-5028; 741-5180
Fax No.: 8441-1332 Tel. Nos: 892-5136; 892-5144 Fax No.: 741-5028
TAFT AVE. – QUIRINO Fax No.: 892-5136
2178 Taft Avenue near corner Quirino UP VILLAGE – MAGINHAWA BATANGAS – BAUAN
Avenue, Malate, Manila LTR Bldg, No. 46 Maginhawa St., ANGELES CITY – MARQUEE MALL 62 Kapitan Ponso St., Bauan, Batangas
Tel. Nos: 8521-7825; 8527-3285; UP Village, Quezon City G/F Marquee Mall, Angeles City, Area Code: (043)
8527-6747 Tel. Nos: 8373-3349; 8373-3354 Pampanga Tel. Nos: 702-4481; 702-5383
Fax No.: 8527-3285 Fax No.: 8373-3349 Area Code: (045) Fax No.: 702-44 81
Tel. Nos: 304-1173; 305-1167
TANDANG SORA – VISAYAS AVE. V. LUNA BATANGAS – LEMERY
#250 Tandang Sora Ave., Quezon City G/F AGGCT Bldg. No. 32 V. Luna ANGELES – MCARTHUR HIGHWAY Miranda Building, Ilustre Avenue, Lemery,
Tel. Nos: 8426-3818; 8426-3541 cor. Matapat Sts., Brgy. Pinyahan, CBC Bldg. San Pablo St. corner Batangas
Fax No.: 8426-3541 Quezon City Mc Arthur Highway, Angeles City Area Code: (043)
Tel. Nos: 8772-8992; 8772-8564; Area Code: (045) Tel. Nos: 409-3467; 984-0206
TAYTAY – SAN JUAN 8785-6431 Tel. Nos: 323-5793; 887-6028; Fax No.: 409-3467
Velasquez St., Sitio Bangiad, Fax No.: 8772-8564 625-9362
Brgy. San Juan, Taytay, Rizal Fax No.: 887-6029 BATANGAS CITY – KUMINTANG ILAYA
Tel. Nos: (028) 8811-0309; VALENZUELA CBC Building, Brgy. Kumintang Ilaya,
(028) 8811-0312 CBC-Bldg., Mc Arthur Highway cor. V. ANGELES – STO. ROSARIO Batangas City, Batangas
Cordero St., Marulas, Valenzuela City Angeles Business Center Bldg., Area Code: (043)
TAYTAY – ORTIGAS EXENSION Tel. Nos: 8293-8920; 8293-6160 Teresa Avenue, Nepo Mart Complex, Tel. Nos: 702-6823; 702-6826
Ortigas Ave. Ext., Taytay, Rizal 8293-5088; 8293-5089; Angeles City, Pampanga Fax No.: 702-6823
Tel. No: 8727-1667 8293-5090; 3445-0657 Area Code: (045)
Fax No.: 8727-5873 Fax No.: 8293-5091 Tel. Nos: 888-5175; 322-9596 BATANGAS – ROSARIO
Fax No.: 888-5175 Dr. Gualberto Ave., Brgy. Namunga,
TIMOG AVE. VALENZUELA – GEN. LUIS Rosario, Batangas
G/F Prince Jun Condominium, AGT Building, 425 Gen. Luis Street APALIT Area Code: (043)
42 Timog Ave., Q.C. Paso de Blas, Valenzuela City CBC Building, McArthur Highway, Tel. Nos: 312-3748; 312-3776
Tel. Nos: 8371-4523; 8371-4524; Tel. Nos: 3443-6160; 3443-6161; San Vicente, Apalit, Pampanga Fax No.: 312-3748
8371-4522; 8371-4506 8983-3861; 8983-3862 Area Code: (045)
Fax No.: 8371-4503 Fax No.: 3443-6161 Tel. Nos: 652-1131 BATANGAS – SAN JUAN
Fax No.: 302-9560 Rizal St. near corner Gen. Luna St.,
THE MEDICAL CITY VALENZUELA – MALINTA Poblacion, San Juan, Batangas
2/F Medical Arts Building, MacArthur Highway, Brgy. Malinta, BAGUIO CITY Area Code: (043)
The Medical City, Ortigas Ave., Valenzuela City G/F Juniper Bldg., A. Bonifacio Rd., Tel. Nos: 740-0280; 740-0282
Pasig City Tel. Nos: 8282-2160; 8282-2013 Baguio City Fax No.: 740-0280
Tel. Nos: 8372-7701; 8372-7716 Fax No.: 8282-2013 Area Code: (074)
Fax No.: 8372-7701 Tel. Nos: 442-9581; 443-8659; BATANGAS – TANAUAN
VISAYAS AVE. 442-9663 J.P. Laurel Highway, Tanauan City,
TRINOMA CBC-Building, Visayas Avenue corner Fax No.: 442- 9581 Batangas
Unit P002, Level P1, Triangle North of Congressional Ave. Ext., Quezon City Area Code: (043)
Manila, North Avenue corner EDSA, Tel. Nos: 3454-0189; 3455-4334; BAGUIO CITY – KISAD Tel. Nos: 702-8956; 702-8957
Quezon City 3455-4335; 8925-2173 G/F Paladin Hotel, No. 136 Kisad Road Fax No.: 702-8956
Tel. Nos: 7901-5570; 7901-5571; Fax No.: 8925-2155 corner Cariño Street, Baguio City
7901-5572; 7901-5573 Area Code: (074) BULACAN – BALAGTAS
Fax No.: 7901-5573 WEST AVE. Tel. Nos: 424-4837; 424-4838 Mac Arthur Highway, Brgy. San Juan,
82 West Avenue, Quezon City Fax No.: 424-4838 Balagtas, Bulacan
TOMAS MAPUA – LAGUNA Tel. Nos: 8924-3131; 8924-3143; Area Code: (044)
CBC Building, Tomas Mapua St. 8924-6363; 8920-6258; BALANGA CITY Tel. Nos: 769-4376; 769-0359
Sta. Cruz, Manila 8928-3270; 3411-6010; Servicio Filipino Bldg., Paterno St., Fax No.: 769-4376
Tel. Nos: 8289-7923 3411-6011 Poblacion, Balanga City, Bataan
Fax No.: 8711-9849 Fax No.: 8924-6364 Area Code: (047) BULACAN – GUIGUINTO
Tel. Nos: 237-9388; 237-9389; CBC Building, Cagayan Valley Road,
TOMAS MORATO – E. RODRIGUEZ XAVIERVILLE 791-1779 Brgy. Sta. Rita, Guiguinto, Bulacan
1427 Tomas Morato Ave., Quezon City 65 Xavierville Ave., Loyola Heights, Fax No.: 791-1779 Area Code: (044)
Tel. Nos: 8470-3037; 8477-1472 Quezon City Tel. Nos: 764-0879; 764-0886
Fax No.: 8470-3037 Tel. Nos: 3433-8696; 8929-1265; BALER Fax No.: 764-0879
8927-9826 Provincial Road, Brgy. Suklayin,
TOMAS MORATO EXTENSION Fax No.: 8929-3343 Baler, Aurora BULACAN – PLARIDEL
QY Bldg. Tomas Morato Ave., Area Code: (042) CBC Building, Cagayan Valley Road,
Quezon City ZOBEL ROXAS Tel. Nos: 724-0026; Plaridel, Bulacan
Tel. Nos: 8373-4960; 8373-4961 1247 Zobel Roxas Ave. corner 8703-3331 (Manila Line) Area Code: (044)
Fax No.: 8373-4961 Taal Street, Malate, Manila Fax No.: 724-0026 Tel. Nos: 931-2332; 325-0069
Tel. Nos: 8254-4644; 8252-0831 Fax No.: 931-2293
999 MALL Fax No.: 8254-4644 BALIWAG
Unit 3D-5; 3D-7 999 Shopping Mall Bldg. Km. 51, Doña Remedios Trinidad (DRT) BULACAN – STA. MARIA
2 Recto-Soler Sts. Highway, Baliwag, Bulacan J.P Rizal corner C. de Guzman St.,
Binondo, Manila LUZON Area Code: (044) Poblacion, Sta. Maria
Tel. Nos: 8523-1216; 8523-1217; Tel. Nos: 766-1066; 766-5257; Area Code: (044)
8523-1218; 8523-1219 673-5338 Tel. Nos: 288-2006; 815-2951;
Fax No.: 8523-1215 ALBAY Fax No.: 766-5257 913-0334
Rizal St. cor. Gov. Reynold Street, Fax No.: 288-2006
TUTUBAN PRIME BLOCK Old Albay District, Legazpi City BATAAN – DINALUPIHAN
Rivera Shophouse, Podium Area, Area Code: 052 GNI Building, San Ramon Highway CABANATUAN CITY
Tutuban Center Prime Block, Tel. Nos: 742-0893; 742-0894 corner Doña Rosa Street and Mabini Ext., Paco Roman St., Brgy. Dimasalang,
C.M. Recto Ave. corner Rivera Street, Fax No.: 742-0894 Dinalupihan, Bataan Cabanatuan City
Manila Area Code: (047) Area Code: (044)
Tel. Nos: 8255-1414; 8255-1415; ANGELES CITY Tel. Nos: 636-1451; 636-1452 Tel. Nos: 600-4265; 463-0935;
8255-5441 CBC-Building, 949 Henson St., Fax No.: 636-1451 463-0936
Fax No.: 8255-5441 Angeles City Fax No.: 463-0936
Area Code: 045 BATANGAS CITY
Tel. Nos: 887-1549; 887-1550; P. Burgos Street, Batangas City
888-6773; 625-8660; Area Code: (043)
625-8661 Tel. Nos: 723-0953;
Fax No.: 887-1550; 625-8661 8520-6118 (Manila Line)
Fax No.: 402-9157;
8520-6118 (Manila Line)

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

132 Branch Directory

CABANATUAN – MAHARLIKA CAVITE – SILANG GUAGUA LIPA CITY – TAMBO

CBC-Building, Maharlika Highway CBC Building, J.P Rizal St. Yabut Building, Plaza Burgos, Tambo, Lipa City, Batangas
Cabanatuan City Poblacion, Silang, Cavite Guagua, Pampanga Area Code: (043)
Area Code: (044) Area Code: (046) Area Code: (045) Tel. Nos: 757-6331; 757-6332
Tel. Nos: 463-8586; 463-8587; Tel. Nos: 413-5095; 413-4826; Tel. Nos: 458-1043; 458-1045; Fax No.: 757-6331
463-7964; 600-3590; 413-5500; 413-5417 458-1046
940-2395 Fax No.: 413-5095 Fax No.: 458-1043 LUCENA CITY
Fax No.: 463-8587 233 Quezon Avenue, Lucena City
CLARK FREEPORT ZONE LA TRINIDAD Area Code: (042)
CALAPAN CITY Stotsenberg Lifestyle Center, Quirino Sr. G/F SJV Bulasao Building, Tel. Nos: 373-2317; 373-3872;
J.P. Rizal St., San Vicente, Calapan City, cor. N. Aquino Streets, Clark Freeport Km. 4, La Trinidad, Benguet 373-3880; 373-3887;
Oriental Mindoro Zone, Angeles City, Pampanga Area Code: (074) 660-7861
Area Code: (043) Area Code: (045) Tel. Nos: 422-2065; 422-2590 Fax No.: 373-3879
Tel. Nos: 288-8978; 288-8508; Tel. Nos: 499-8060; 499-8062; Fax No.: 422-2065
441-0382 499-8063 MABALACAT – DAU
Fax No.: 441-0382 Fax No.: 499-8063 LA UNION – AGOO One North Mall, #1 McArthur Highway,
CBC Building, National Highway, Dau, Mabalacat City, Pampanga
CAMALANIUGAN DAET San Nicolas Sur, Agoo, La Union Area Code: (045)
CBC Building, National Highway, Vinzons Avenue, 440-0066, Area Code: (072) Tel. Nos: 892-4969; 892-6040
Camalaniugan, Cagayan Camarines Norte Tel. Nos: 682-0350; 682-0391 Fax No.: 892-6040
Area Code: (078) Area Code: (054) Fax No.: 682-0391
Tel. Nos: 377-2836; 377-2837 Tel. Nos: 440-0066; 440-0067 MALOLOS CITY
Fax No.: 377-2837 Fax No.: 440-0066 LA UNION – SAN FERNANDO G/F Graceland Mall, BSU Grounds,
Roger Pua Phee Building, McArthur Highway, Guinhawa,
CANDON CITY DAGUPAN – PEREZ National Highway, Brgy. 3, Malolos City, Bulacan
CBC Building, National Road, Poblacion, Siapno Building, Perez Boulevard, San Fernando, La Union Area Code: (044)
Candon City, Ilocos Sur Dagupan City Area Code: (072) Tel. Nos: 794-5840; 662-2013
Area Code: (077) Area Code: (075) Tel. Nos: 607-8931; 607-8932; Fax No.: 794-5840
Tel. Nos: 674-0574; 674-0554 Tel. Nos: 522-2562; 522-2563; 607-8933; 607-8934
Fax No.: 674-0574 522-2564; Fax No.: 607-8934 MARILAO
Fax No.: 522-8308 G/F, SM City Marilao
CARMONA LAGUNA – BIÑAN Km. 21, Brgy. Ibayo, Marilao, Bulacan
CBC Building, Paseo de Carmona DAGUPAN – M.H. DEL PILAR G/F Raja Cordelle Bldg. Area Code: (044)
Brgy. Maduya, Carmona, Cavite Carried Realty Bldg., No. 28 M.H. del Pilar National Highway, Brgy. San Vicente, Tel. Nos: 815-8956; 761-3802
Area Code: (046) Street, Dagupan City Biñan, Laguna Fax No.: 815-8956
Tel. Nos: 430-1969; 430-1277; Area Code: (075) Area Code: (049)
430-3568; Tel. Nos: 523-5606; 522-8929 Tel. Nos: 511-3196; MARIVELES – FAB
8475-3941 (Manila line) 632-0430; 632-0583 8245-0440 (Manila Line) Tamayo’s Building, Avenue of the
Fax No.: 430-1277 Fax No.: 523-5606 Fax No.: 511-3196 Philippines Brgy. Malaya, Freeport Area of
Bataan (FAB), Mariveles, Bataan
CAUAYAN CITY DOLORES LAGUNA – CABUYAO Area Code: (047)
G/F Prince Christopher Bldg., Maharlika CBC Bldg., McArthur Highway, Dolores, G/F Centro Mall, Cabuyao City, Laguna Tel. Nos: 633-9569; 633-9699
Highway, Cauayan City, Dist. 2, Isabela City of San Fernando, Pampanga Area Code: (049) Fax No.: 633-9569
Area Code: (078) Area Code: (045) Tel. Nos: 544-2287; 544-2289
Tel. Nos: 652-1849; 652-0061 Tel. Nos: 963-3413; 963-3414; Fax No.: 544-2287 MASBATE
Fax No.: 652-1849 963-3415 Espinosa Bldg., Zurbito St.,
Fax No.: 963-1014 LAGUNA – CALAMBA Masbate City, Masbate
CAVITE – DASMARIÑAS CBC-Building, National Highway, Area Code: (056)
G/F CBC Bldg., Gen. E. Aguinaldo ILOCOS NORTE – SAN NICOLAS Crossing, Calamba, Laguna Tel. Nos: 333-2363; 333-2365
Highway, Dasmariñas, Cavite National Highway, Brgy. 2 San Baltazar, Area Code: (049) Fax No.: 333-2365
Area Code: (046) San Nicolas, Ilocos Norte Tel. Nos: 545-7134; 545-7135;
Tel. Nos: 416-5036; 416-5039; Area Code: (077) 545-7136; 545-7137; MEYCAUAYAN
416-5040; Tel. Nos: 600-0994; 600-0995 545-7138 CBC Building, Malhacan Road,
8584-40-83 (Manila line) Fax No.: 600-0995 Fax No.: 545-7138 Meycauayan, Bulacan
Fax No.: 416-5036 Area Code: (044)
IRIGA CITY LAGUNA – LOS BAÑOS Tel. Nos: 815-6889; 815-6961;
CAVITE – GEN. TRIAS Highway 1, JP Rizal St., San Roque, National Road, San Antonio, 815-6958
Lot 12 Brookeside Lane 5 Arnaldo Iriga City, Camarines Sur Los Baños, Laguna Fax No.: 815-6961
Highway, Brgy. San Francisco, Area Code: (054) Area Code: (049)
Gen. Trias City, Cavite Tel. Nos: 299-7000; 456-1498 Tel. Nos: 557-3223; 557-3224 NAGA CITY
Area Code: (046) Fax No.: 456-1498 Fax No.: 557-3223 Centro- Peñafrancia Street, Naga City
Tel. Nos: 482-8993; 482-8995 Area Code: (054)
Fax No.: 482-8995 ISABELA – ILAGAN LAGUNA – SAN PEDRO Tel. Nos: 472-1358; 473-7920;
JHU Golden Grains Center Bldg., No. 365 Brgy. Nueva, National Highway, 873-0468
CAVITE – IMUS Maharlika Highway, Brgy. Baligatan, San Pedro City, Laguna Fax No.: 472-1358
G/F CBC Bldg., Nueno Avenue Ilagan, Isabela Tel. Nos: 8816-3864; 8816-4862
Tanzang Luma, Imus, Cavite Area Code: (078) Fax No.: 8816-4862 NUEVA ECIJA – STA. ROSA
Area Code: (046) Tel. No: 642-0742 CBC Building, Maharlika Highway,
Tel. Nos: 970-8726; 970-8764; Fax No.: 323-0179 LAGUNA- STA. CRUZ Poblacion, Sta. Rosa, Nueva Ecija
471-2637; 471-7094 CBC Building, P. Guevarra Avenue, Area Code: (044)
Fax No.: 471-2637 ISABELA – ROXAS Poblacion, Sta. Cruz, Laguna Tel. Nos: 333-6215; 940-1407
National Road, Brgy. Bantug, Area Code: (049) Fax No.: 333-6215
CAVITE – MOLINO Roxas, Isabela Tel. Nos: 501-4977; 501-4107;
Patio Jacinto Bldg., Molino National Road, Area Code: (078) 501-4085 OCC. MINDORO – SAN JOSE
Molino 3, Bacoor, Cavite Tel. Nos: 376-0422; 376-0434 Fax No.: 501-4107 Liboro corner Rizal Street,
Area Code: (046) Fax No.: 642-0022 San Jose, Occidental Mindoro
Tel. Nos: 431-0632; 484-6295 LAOAG CITY Area Code: (043)
Fax No.: 431-0901 GAPAN Liberato Abadilla Street, Tel. Nos: 491-0095; 491-0096
G/F Waltermart Center - Gapan, Brgy 17, San Francisco, Laoag City Fax No.: 491-0095
CAVITE – ROSARIO Maharlika Highway, Brgy. Bayanihan, Area Code: (077)
G/F CBC Building, Gen Trias Drive, Gapan, Nueva Ecija Tel. Nos: 772-1024; 772-1027; OLONGAPO – DOWNTOWN
Rosario, Cavite Area Code: (044) 771-4688; 771-4417 No. 2 corner 20th St., East Bajac-Bajac,
Area Code: (046) Tel. Nos: 486-0217; 486-0434; Fax No.: 772-1035 Olongapo City
Tel. Nos: 437-0057; 437-0058; 486-0695 Area Code: (047)
437-0059 Fax No.: 486-0434 LEGAZPI CITY Tel. No: 610-9826
Fax No.: 437-0058 G/F Emma Chan Bldg., F. Imperial St., Fax No.: 610-9826
Legazpi City
Area Code: (052)
Tel. Nos: 480-6048; 480-6519;
214-3077
Fax No.: 8429-1813 (Manila line)

CHINA BANKING CORPORATION

 133

PANGASINAN – ALAMINOS CITY SM CITY CABANATUAN SM CITY TELABASTAGAN TARLAC – SAN RAFAEL
Marcos Avenue, Brgy. Palamis, UGF SM City Cabanatuan, SM City Telabastagan, CBC Building, Brgy. San Rafael,
Alaminos City, Pangasinan Maharlika Highway San Fernando City, Pampanga Tarlac City, Tarlac
Area Code: (075) Brgy. H. Concepcion Area Code: (045) Area Code: (045)
Tel. Nos: 551-3859; 654-0286 Cabanatuan City, Nueva Ecija Tel. No: 403-9482 Tel. Nos: 456-0150; 456-0121;
Fax No.: 654-0296 Area Code: (044) Fax No.: 403-9482 Fax No.: 456-0121
Tel. Nos: 958-1916; 486-5501
PANGASINAN – BAYAMBANG Fax No.: 958-1916 SOLANO THE DISTRICT IMUS
CBC Building, No. 91, Poblacion Sur, National Highway Brgy. Quirino, G/F The District Imus Ayala Mall,
Bayambang, Pangasinan SM CITY CLARK Solano, Nueva Vizcaya Anabu II-D, Imus City, Cavite
Area Code: (075) G/F (Units 172-173) SM City Clark, Area Code: (078) Area Code: (046)
Tel. Nos: 632-5776; 632-5775 M. Roxas St., CSEZ, Angeles City, Tel. No: 326-6561 Tel. Nos: 416-1417; 416-4294;
Fax No.: 632-5776 Pampanga Fax No.: 326-6561 416-4212
Area Code: (045) Fax No.: 416-4212
PANGASINAN – ROSALES Tel. Nos: 499-0252; 499-0253; SORSOGON
CBC Building, Calle Dewey, 499-0254 CBC Bldg., Ramon Magsaysay Ave., TRECE MARTIRES
Rosales, Pangasinan Fax No.: 499-0254 Sorsogon City, Sorsogon G/F Waltermart, Governor’s Drive corner
Area Code: (075) Area Code: (056) City Hall Road, Brgy. San Agustin,
Tel. Nos: 633-3852; 633-3853 SM CITY DASMARIÑAS Tel. Nos: 211-1610; 421-5105 Trece Martires City, Cavite
Fax No.: 633-3852 LGF SM City Dasmariñas, Governor’s Fax No.: 421-5105 Area Code: (046)
Drive, Pala-pala, Dasmariñas, Cavite Tel. Nos: 460-4897; 460-4898;
PANGASINAN – URDANETA Area Code: (046) SUBIC BAY FREEPORT ZONE 460-4899
EF Square Bldg., Mc Arthur Highway, Tel. Nos: 424-1134 CBC Building., Subic Bay Gateway Park, Fax No.: 460-4898
Poblacion Urdaneta City, Pangasinan Fax No.: 424-1133 Rizal Highway, Subic Bay Freeport Zone
Area Code: (075) Area Code: (047) TUGUEGARAO CITY
Tel. Nos: 632-2637; 632-0541; SM CITY TANZA Tel. Nos: 252-1568; 252-1575; A. Bonifacio Street, Tuguegarao,
656-2022; 656-2618 G/F (Unit 1061-1062) SM City Tanza, Brgy. 252-1591 Cagayan
Fax No.: 656-2618 Daang Amaya, Tanza, Cavite Fax No.: 252-1575 Area Code: (078)
Area Code: (046) Tel. Nos: 844-0175; 844-0831;
PASEO DE STA. ROSA Tel. Nos: 8885-5124 (temporary) TABACO CITY 846-1709
Unit 3, Paseo 5, Paseo de Sta. Rosa, Ziga Ave. corner Berces Street, Fax No.: 844-0836
Sta. Rosa City, Laguna SM CITY LIPA Tabaco City, Albay
Area Code: (049) G/F (Units 1111-1113) SM City Lipa, Area Code: (052) TUGUEGARAO – BALZAIN
Tel. Nos: 837-1831; 502-3016; J.P. Laurel Highway, Brgy. Maraouy, Tel. Nos: 487-7150; 830-4178 Balzain Highway, Tuguegarao City,
502-2859; 827-8178; Lipa City, Batangas Fax No.: 429-1811 Cagayan
8420-8042 (Manila line) Area Code: (043) Area Code: (078)
Fax No.: 8420-8042 (Manila line) Tel. Nos: 784-0212; 784-0213 TAGAYTAY CITY Tel. Nos: 396-2207; 396-2208
Fax No.: 784-0212 Foggy Heights Subdivision, Fax No.: 396-2207
QUEZON – CANDELARIA E. Aguinaldo Highway,
Pan Philippine Highway cor. Del Valle SM CITY NAGA Tagaytay City, Cavite VIGAN CITY
Street, Poblacion, Candelaria, Quezon SM City Naga, CBD II, Area Code: (046) Burgos Street near corner Rizal Street,
Area Code: (042) Brgy. Triangulo, Naga City Tel. Nos: 483-0609; 483-0608 Vigan City, Ilocos Sur
Tel. Nos: 797-4298; 797-4299 Area Code: (054) Fax No.: 483-0609 Area Code: (077)
Fax No.: 797-4298 Tel. Nos: 472-1366; 472-1367 Tel. Nos: 722-6968, 674-2272
Fax No.: TALAVERA Fax No.: 722-6948
SAN FERNANDO CBC Building, Maharlika Highway,
CBC Bldg., V. Tiomico Street SM CITY OLONGAPO CENTRAL Marcos District, Talavera, VIRAC
City of San Fernando, Pampanga formerly SM City Olongapo Branch Nueva Ecija G/F MQS Bldg., Quezon Avenue,
Area Code: (045) G/F SM City Olongapo Central, East Area Code: (044) Brgy. Salvacion, Virac, Catanduanes
Tel. Nos: 961-3542; 961-3549; Tapinac, Olongapo City, Zambales Tel. Nos: 940-2620; 940-2621 Area Code: (052)
963-5458; 963-5459; Area Code: (047) Fax No.: 940-2620 Tel. No: 811-4321
963-5460; 961-5651; Tel. Nos: 602-0039; 602-0040 Fax No.: 811-4321
860-1925; 892-3211 Fax No.: 602-0038 TARLAC
Fax No.: 961-8352 CBC Building, Panganiban near corner ZAMBALES – BOTOLAN
SM CITY PAMPANGA F. Tanedo Street, Tarlac City, Tarlac National Highway, Brgy. Batonlapoc
SAN FERNANDO – SINDALAN Unit AX3 102, Building 4, SM City Area Code: (045) Botolan, Zambales
Jumbo Jenra Sindalan, Brgy. Sindalan, San Pampanga, Mexico, Pampanga Tel. Nos: 982-7771; 982-7772; Area Code: (047)
Fernando City, Pampanga Area Code: (045) 982-7773; 982-7774; Tel. Nos: 811-1322; 811-1372
Area Code: (045) Tel. Nos: 455-0304; 455-0306; 982-7775 Fax No.: 811-1322
Tel. Nos: 455-5561; 455-0569 455-0307 Fax No.: 982-7772
Fax No.: 455-0569 Fax No.: 455-0307
TARLAC – BAMBAN VISAYAS
SAN JOSE CITY SM CITY SAN JOSE DEL MONTE National Road, Bgry. Anupul,
Maharlika Highway, Brgy. Malasin, UGF SM City San Jose Del Monte, Bamban, Tarlac
San Jose City San Jose Del Monte City, Bulacan Area Code: (045) ANTIQUE – SAN JOSE
Area Code: (044) Area Code: (044) Tel. No: 925-0402 Felrosa Building, Gen. Fullon St. corner
Tel. Nos: 958-9094; 958-9096 Tel. Nos: 913-1562; Fax No.: 925-0402 Cerdena St., San Jose, Antique
Fax No.: 958-9094 8985-3067(Manila Line) Area Code: (036)
Fax No.: 913-1562 TARLAC – CAMILING Tel. Nos: 540-7095; 540-7097
SAN PABLO CITY Savewise Super Market, Fax No.: 540-7096
M. Paulino Street, San Pablo City SM CITY SAN PABLO Poblacion, Camiling, Tarlac
Area Code: (049) G/F SM City San Pablo National Highway, Area Code: (045) BACOLOD – ARANETA
Tel. Nos: 562-5481; 562-5482; Brgy. San Rafael, Tel. Nos: 491-6445; 934-5085; CBC-Building, Araneta corner
562-5483; 562-5484 San Pablo City, Laguna 934-5086 San Sebastian Streets, Bacolod City
Fax No.: 562-5485 Area Code: (049) Fax No.: 934-5085 Area Code: (034)
Tel. Nos: 521-0071; 521-0072 Tel. Nos: 435-0648; 433-3818;
SANTIAGO CITY Fax No.: 521-0072 TARLAC – CONCEPCION 709-1618; 704-2480;
Navarro Bldg., Maharlika Highway near G/F Descanzo Bldg., F. Timbol St. 445-5814
corner Bayaua St., Santiago City, Isabela SM CITY STA. ROSA San Nicolas Poblacion, Concepcion, Tarlac Fax No.: 704-1400
Area Code: (078) Unit EXP 1154-1156 G/F SM City Sta. Area Code: (045)
Tel. Nos: 682-7024; 682-7025; Rosa, Bo. Tagapo, Sta. Rosa, Laguna Tel. No: 491-2987 BACOLOD – LACSON
682-7026 Area Code: (049) Fax No.: 491-3113 Soliman Bldg., Lacson corner Luzurriaga
Fax No.: 682-7026 Tel. Nos: 534-4640; 534-4813 Sts. Bacolod City, Negros Occidental
Fax No.: 7901-1632 (Manila Line) TARLAC – PANIQUI Area Code: (034)
SM CITY BACOOR Cedasco Building, M. H del Pilar St., Tel. No: 474-2451
LGF SM City Bacoor Poblacion, Paniqui, Tarlac Fax No.: 474-2451
Tirona Highway corner Aguinaldo Area Code: (045)
Highway, Bacoor, Cavite Tel. Nos: 491-8465; 491-8464
Area Code: (046) Fax No.: 491-8465
Tel. Nos: 417-0572; 417-0746;
417-0623; 417-0645;
Fax No.: 417-0583

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

134 Branch Directory

BACOLOD – LIBERTAD CEBU – BOGO CEBU – MAGALLANES BRANCH CEBU – TALAMBAN

Libertad Street, Bacolod City, Sim Building, P. Rodriguez Street, (MAIN) Unit UG-7 Gaisano Grand Mall,
Negros Occidental Bogo City, Cebu CBC Bldg., Magallanes corner Jakosalem Brgy. Talamban, Cebu City
Area Code: (034) Area Code: (032) Sts., Cebu City Area Code: (032)
Tel. Nos: 435-1645; 435-1646; Tel. Nos: 434-7119; 266-3251 Area Code: (032) Tel. Nos: 236-8944; 418-0796
703-9605 Fax No.: 434-7119 Tel. Nos: 255-0022; 255-0023; Fax No.: 236-8944
Fax No.: 435-1646 255-0025; 255-0028;
CEBU BUSINESS CENTER 253-0348;255-6093; CEBU – TALISAY
BACOLOD – MANDALAGAN CBC Bldg., Samar Loop corner Panay 255-0266; 412-1877 CBC Bldg., 1055 Cebu South National
COFA Bldg., Lacson Street, Mandalagan, Road, Cebu Business Park, Cebu City Fax No.: 255-0026 Road, Bulacao, Talisay City, Cebu
Bacolod City, Negros Occidental Area Code: (032) Area Code: (032)
Area Code: (034) Tel. Nos: 239-3760; 239-3761; CEBU – MANDAUE Tel. Nos: 272-3342; 272-3348;
Tel. Nos: 441-0500; 441-0388; 239-3762; 239-3763; SV Cabahug Building 155-B SB Cabahug 491-8200
709-0067 239-3764 Street, Brgy. Centro, Mandaue City, Cebu Fax No.: 272-3346
Fax No.: 709-0067 Fax No.: 238-1438 Area Code: (032)
Tel. Nos: 346-5636; 346-5637; DUMAGUETE CITY
BACOLOD – NORTH DRIVE CEBU – CARCAR 346-2083; 344-4335; CBC Bldg., Real Street,
Anesa Bldg., B.S. Aquino Drive, Dr. Jose Rizal St., Poblacion I, 422-8188 Dumaguete City, Negros Oriental
Bacolod City Carcar, Cebu Fax No.: 346-2083 Area Code: (035)
Area Code: (034) Area Code: (032) Tel. Nos: 422-8058; 225-5442;
Tel. Nos: 435-0063 to 65; 709-1658 Tel. Nos: 487-8103; 487-8209; CEBU – MANDAUE – CABANCALAN 225-5441; 225-4284;
Fax No.: 435-0064 266-7093 M.L. Quezon St., Cabancalan, 225-5460
Fax No.: 487-8103 Mandaue City, Cebu Fax No.: 422-5442
BAYBAY Area Code: (032)
Magsaysay Avenue, Baybay, Leyte CEBU – CONSOLACION Tel. Nos: 421-1364; 505-9908 NEGROS OCC. – KABANKALAN
Area Code: (053) G/F SM City Consolacion, Fax No.: 421-1364 CBC Building, National Highway,
Tel. Nos: 335-2899; 335-2898; Brgy. Lamac, Consolacion, Cebu Brgy. 1, Kabankalan, Negros Occidental
563-9228 Area Code: (032) CEBU – MANDAUE – J CENTRE MALL Area Code: (034)
Fax No.: 563-9228 Tel. Nos: 260-0024; 260-0025 LGF J Centre Mall, A.S Fortuna Ave., Tel. Nos: 471-3349; 471-3364;
Fax No.: 423-9253 Mandaue City, Cebu 471-3738
BORONGAN Area Code: (032) Fax No.: 471-3738
Balud II, Poblacion, Borongan, CEBU – ESCARIO Tel. Nos: 520-2898; 421-7067
Eastern Samar Units 3 & 5 Escario Central, Fax No.: 520-2898 ILOILO – IZNART
Area Code: (055) Escario Road, Cebu City Iznart corner J. de Leon Streets,
Tel. Nos: 560-9948; 560-9938; Area Code: (032) CEBU – MANDAUE NORTH ROAD Brgy. Magsaysay, Iloilo City 5000
261-5888 Tel. Nos: 416-5860; 520-9229 G/F Units G1-G3, Basak Commercial Area Code: (033)
Fax No.: 560 9938 Fax No.: 520-9229 Building (Kel-2) Basak, Mandaue City Tel. Nos: 337-9477; 337-9566;
Area Code: (032) 511-1742
CALBAYOG CITY CEBU – F. RAMOS Tel. Nos: 345-8861; 345-8862; Fax No.: 337-9477
Cajurao cor. Gomez Sts., Balud, F. Ramos Street, Cebu City 420-6767
Calbayog Dist., Calbayog City, Samar Area Code: (032) Fax No.: 420-6767 ILOILO – JARO
Area Code: (055) Tel. Nos: 253-9463; 254-4867; CBC Building, E. Lopez St.
Tel. Nos: 209-1358; 533-8842 412-5858 CEBU – MANDAUE NRA Jaro, Iloilo City, Iloilo
Fax No.: 533-8842 Fax No.: 253-9461 G/F Bai Hotel Cebu Ouano Ave. Area Code: (033)
cor. Seno Blvd, North Reclamation Area, Tel. Nos: 320-3738; 320-3791
CATARMAN CEBU – GORORDO Mandaue City, Cebu Fax No.: 503-2955
Cor. Rizal & Quirino Sts., Jose P. Rizal St, No 424. Gorordo Ave., Bo. Camputhaw, Area Code: (032)
Catarman, Northern, Samar Lahug District, Cebu City, Cebu Tel. Nos: 272-6985; 342-2419 ILOILO – MABINI
Area Code: (055) Area Code: (032) Fax No.: 272-6985 A. Mabini Street, Iloilo City
Tel. Nos: 251-8802; 251-8821; Tel. Nos: 414-0509; 239-8654 Area Code: (033)
500-9921 Fax No.: 239-8654 CEBU – MINGLANILLA Tel. Nos: 335-0295; 335-0370;
Fax No.: 500-9921 Unit 9, Plaza Margarita 522-0599
CEBU – GUADALUPE Lipata, Minglanilla, Cebu Fax No.: 335-0370
CATBALOGAN CBC Building, M. Velez Street, cor. Area Code: (032)
CBC Bldg. Del Rosario St. cor. V. Rama Ave., Guadalupe, Cebu City Tel. Nos: 239-7234; 490-6025 ILOILO – MANDURRIAO
Taft Avenue, Catbalogan City, Samar Area Code: (032) Fax No.: 239-7235 G/F The Grid, Donato Pison
Area Code: (055) Tel. Nos: 254-7964; 254-8495; cor. Pacencia Pison Avenues,
Tel. No: 543-8121 254-1916 CEBU – NAGA Atria Park District, San Rafael,
Fax No.: 543-8121 Fax No.: 416-5988 Leah’s Square, National South Highway, Mandurriao, Iloilo City
East Poblacion, Naga City, Cebu Area Code: (033)
CEBU – AYALA CEBU – IT PARK BRANCH Area Code: (032) Tel. Nos: 333-3988; 333-4088
Unit 101 G/F Insular Life Cebu Business G/F The Link, Cebu IT Park, Tel. Nos: 238-7623; 489-8218 Fax No.: 501-6078
Center, Mindanao Ave. cor. Biliran Road, Apas, Cebu City, Cebu Fax No.: 489-8218
Cebu Business Park, Cebu City Area Code: (032) ILOILO – RIZAL
Area Code: (032) Tel. Nos: 266-2559; 262-0982 CEBU – SM CITY BRANCH CBC Building, Rizal cor. Gomez Streets,
Tel. Nos: 262-1839; 260-6524 Fax No.: 266-2559 Upper G/F, SM City Cebu, Juan Luna Brgy. Ortiz, Iloilo City
Fax No.: 260-6524 cor. A. Soriano Avenue, Cebu City Area Code: (033)
CEBU – LAHUG Area Code: (032) Tel. Nos: 336-0947; 338-2136;
CEBU – BANAWA JY Square Mall, No. 1 Salinas Dr., Tel. Nos: 232-0754; 232-0755; 509-8838
G/F The J Block, Duterte St., Banawa, Lahug, Cebu City 231-9140; 412-9699 Fax No.: 338-2144
Guadalupe, Cebu City, Cebu Area Code: (032) Fax No.: 232-1448
Area Code: (032) Tel. Nos: 417-2122; 233-0977; KALIBO
Tel. Nos: 340-9561; 416-3827 234-2062; 238-9243; CEBU – SM SEASIDE CITY Aklan Catholic College, Arch. Gabriel M.
Fax No.: 416-3827 887-0140 LGF SM Seaside City Cebu, South Road Reyes Street, Kalibo, Aklan
Fax No.: 234-2062 Properties, 6000, Cebu City, Cebu Area Code: (036)
CEBU – BANILAD Area Code: (032) Tel. Nos: 500-8088; 500-8188;
CBC Bldg., AS Fortuna St., CEBU – LAPU LAPU PUSOK Tel. No: 262-1772 268-2988
Banilad, Cebu City G/F Goldberry Suites, President Quezon Fax No.: 262-1772 Fax No.: 500-8188
Area Code: (032) National Highway, Pusok, Lapu-Lapu City
Tel. Nos: 346-5870; 346-5881; Area Code: (032) CEBU – SUBANGDAKU MAASIN CITY
416-1001 Tel. Nos: 340-2098; 494-0631; G/F A.D. Gothong I.T. Center, G/F SJC Bldg., Tomas Oppus St.,
Fax No.: 344-0087 340-2099 Subangdaku, Mandaue City, Cebu Brgy. Tunga-Tunga, Maasin City,
Fax No.: 340-2098 Area Code: (032) Southern Leyte
CEBU- BASAK – SAN NICOLAS Tel. Nos: 344-6561; 344-6621; Area Code: (053)
G/F Bai Center, N. Bacalso Ave. CEBU – LAPU LAPU CENTRO 260-1377; 424-0391 Tel. Nos: 381-2287; 381-2288;
Basak San Nicolas, Cebu City, Cebu G.Y dela Serna St., Opon, Poblacion, Fax No.: 344-6621 570-8488
Area Code: (032) Lapu Lapu City, Cebu Fax No.: 570-8488
Tel. Nos: 340-8113; 414-4742 Area Code: (032)
Fax No.: 414-4742 Tel. Nos: 231-3247; 493-5078
Fax No.: 231-3247

CHINA BANKING CORPORATION

 135

NEGROS OCC. – SAN CARLOS CAGAYAN DE ORO – LAPASAN DAVAO – RECTO KORONADAL CITY
Rizal corner Carmona Streets, CBC Building, Claro M. Recto Avenue, CBC Bldg., C.M. Recto Ave. Gen. Santos Drive corner Aquino St.,
San Carlos, Negros Occidental Lapasan, Cagayan de Oro City cor. J. Rizal St., Davao City Koronadal City, South Cotabato
Area Code: (034) Area Code: (088) Area Code: (082) Area Code: (083)
Tel. Nos: 312-5819; 729-3276 Tel. Nos: 859-1651; 859-1645; Tel. Nos: 221-4481; 221-7028; Tel. Nos: 228-7838; 228-7839;
Fax No.: 729-3276 856-1325 221-6921; 226-3851 520-1788
Fax No.: 859-1651; 856-1325 Fax No.: 221-8814 Fax No.: 228-7839
ORMOC CITY
CBC Building, Real cor. Lopez Jaena Sts., CAGAYAN DE ORO – PUERTO DAVAO – STA. ANA MALAYBALAY CITY
Ormoc City, Leyte Luis A.S. Yap Building, Zone 6, R. Magsaysay Avenue corner F. Bangoy Bethelda Building, Sayre Highway,
Area Code: (053) Brgy. Puerto, Cagayan de Oro City, Street, Sta. Ana District, Davao City Malaybalay City, Bukidnon
Tel. Nos: 255-3651; 255-3652; Misamis Oriental Area Code: (082) Area Code: (088)
255-3653 Area Code: (088) Tel. Nos: 227-9501; 227-9551; Tel. Nos: 813-3372
Fax No.: 561-8348 Tel. Nos: 880-7183; 880-7185 227-9601; 221-1054; Fax No.: 813-3373
Fax No.: 880-7185 221-1055; 221-6672
PUERTO PRINCESA CITY Fax No.: 226-4902 MIDSAYAP
Malvar Street near corner Valencia Street CDO – GAISANO CITY MALL CBC Building, Quezon Ave.,
Puerto Princesa City, Palawan G/F Gaisano City Mall, C. M. Recto DAVAO – SM LANANG Poblacion 2, Midsayap, Cotabato
Area Code: (048) corner Corrales Extension, G/F SM Lanang Premier, J. P. Laurel Area Code: (064)
Tel. Nos: 434-9891; 434-9892; Cagayan de Oro City Avenue, Davao City Tel. No: 229-9700
434-9893 Area Code: (088) Area Code: (082) Fax No.: 229-9750
Fax No.: 434-9892 Tel. Nos: 880-1051; 880-1052 Tel. Nos: 285-1064; 285-1053
Fax No.: 2274-5880 Fax No.: 285-1520 OZAMIZ CITY
ROXAS CITY Gomez corner Kaamino Streets,
1063 Roxas Ave. cor. Bayot Drive, COTABATO CITY DAVAO – TAGUM Ozamiz City
Roxas City, Capiz No. 76 S.K. Pendatun Avenue, Davao Central Warehouse Club, Inc. Area Code: (088)
Area Code (036) Cotabato City, Maguindanao Building, Magugpo East, Lower Apokon, Tel. Nos: 521-2658; 521-2659;
Tel. Nos: 621-3203; 621-1780; Area Code: (064) Tagum City, Davao del Norte 521-2660
522-5775 Tel. Nos: 421-4686; 421-4653 Area Code: (084) Fax No.: 521-2659
Fax No.: 621-3203 Fax No.: 421-4685 Tel. Nos: 655-9561; 655-9560;
655-6306; 655-6307 PAGADIAN CITY
SILAY CITY DAVAO – BAJADA Fax No.: 655-9560 Marasigan Building, F.S. Pajares Avenue,
Rizal St., Silay City, Negros Occidental B.I. Zone Building, J.P. Laurel Ave., Pagadian City
Area Code: (034) Bajada, Davao City DAVAO – TORIL Area Code: (062)
Tel. Nos: 714-6400; 495-5452; Area Code: (082) McArthur Highway corner St. Peter Tel. Nos: 215-2781; 215-2782;
495-0480 Tel. Nos: 221-0184; 221-0319; Street, Crossing Bayabas, 925-1116
Fax No.: 495-0480; 495-0480 221-0568 Toril, Davao City Fax No.: 214-3877
Fax No.: 224-8370 Area Code: (082)
TACLOBAN CITY Tel. Nos: 303-3068; 295-2334; SM CITY CDO UPTOWN
Uytingkoc Building, Avenida Veteranos, DAVAO – BUHANGIN 295-2332 G/F SM City CDO Uptown, North Wing
Tacloban City, Leyte VG Building, Km. 5, Buhangin Fax No.: 295-2332 Bldg., Las Ramblas St., Masterson Ave.,
Area Code: (053) Davao City Pueblo De Oro Business Park, Cagayan
Tel. Nos: 325-7706; 325-7707; Area Code: (082) DIPOLOG CITY BRANCH De Oro City, Misamis Oriental
325-7708; 523-7700; Tel. Nos: 300-8335; 227-9764; CBC Building, Gen Luna corner Gonzales Tel. Nos: (088) 565-0919; 565-0916
523-7800 221-5970 Streets, Dipolog City
Fax No.: 523-7706 Fax No.: 221-5970 Area Code: (065) SURIGAO CITY
Tel. Nos: 212-6768; 212-6769; CBC Building, Amat St.,
TAGBILARAN CITY DAVAO CITY – CALINAN 908-2008 Barrio Washington, Surigao City,
0178 G/F BQ Builderware Bldg., Carlos P. G/F TNE Bldg., Davao-Bukidnon, National Fax No.: 212-6769 Surigao del Norte
Garcia Avenue, Tagbilaran City, Bohol Highway, Calinan District, Davao City Area Code: (086)
Area Code: (038) Area Code: (082) GEN. SANTOS CITY Tel. Nos: 826-3958; 826-3968
Tel. Nos: 501-0688; 508-0677; Tel. Nos: 224-9229; 224-9135 CBC Bldg., I. Santiago Blvd., Fax No.: 826-3958
411-2484 Fax No.: 224-9229 Gen. Santos City
Area Code: (083) VALENCIA
DAVAO – INSULAR VILLAGE Tel. Nos: 553-1618; 552-8288 A. Mabini Street, Valencia, Bukidnon
MINDANAO Insular Village I, Km. 8, Lanang, Fax No.: 553-2300 Area Code: (088)
Davao City Tel. Nos: 828-2048; 828-2049
Area Code: (082) GEN. SANTOS CITY – DADIANGAS Fax No.: 828-2048
BUTUAN CITY BRANCH Tel. Nos: 300-1892; 234-7166; M. Roxas Ave. corner Lapu-Lapu Street,
CBC Building J.C. Aquino Avenue 234-7165 Brgy. Dadiangas East, Gen. Santos City, ZAMBOANGA CITY
Butuan City Fax No.: 315-3392 South Cotabato CBC-Building, Gov. Lim Avenue
Area Code: (085) Area Code: (083) corner Nuñez Street, Zamboanga City
Tel. Nos: 341-5159; 341-7445; DAVAO-MA-A Tel. Nos: 552-8576 Area Code: (062)
815-3454; 815-3455; G/F Lapeña Building, Mac Arthur Fax No.: 552-8290 Tel. Nos: 991-2978; 991-2979;
225-2081 Highway, Matina, Davao City 991-1266
Fax No.: 815-3455 Area Code: (082) ILIGAN CITY Fax No.: 991-1266
Tel. Nos: 295-0472; 295-1072 Lai Building, Quezon Avenue Extension
SM CDO DOWNTOWN PREMIER Fax No.: 295-1072 Pala-o, Iligan City ZAMBOANGA – GUIWAN
G/F SM CDO Downtown Premier, Area Code: (063) G/F Yang’s Tower, M.C. Lobregat National
Cagayan de Oro City DAVAO – MATINA Tel. Nos: 221-5477; 221-5479; Highway, Guiwan, Zamboanga City
Area Code: (088) Km. 4 McArthur Highway, 492-3009; 221-3009 Area Code: (062)
Tel. Nos: 857-2212; 857-3742; Matina, Davao City Fax No.: 492-3010 Tel. Nos: 984-1751; 984-1754
859-1063; 859-1054 Area Code: (082) Fax No.: 984-1751
Fax No.: 857-2212 Tel. Nos: 297-4288; 297-4455; ILIGAN CITY – SOLANA DISTRICT
297-5880; 297-5881 Andres Bonifacio Hi-way, Brgy. San ZAMBOANGA – SAN JOSE GUSU
CAGAYAN DE ORO – CARMEN Fax No.: 297-5880 Miguel, Iligan City, Lanao del Norte Yubenco Supermarket, San Jose Gusu,
G/F GT Realty Building, Max Suniel St. Area Code: (063) Zamboanga City, Zamboanga del Sur
corner Yakal St., Carmen, DAVAO – MONTEVERDE Tel. Nos: 224-7664; 224-7665 Area Code: (062)
Cagayan de Oro City Doors 1 & 2, Sunbright Bldg., Fax No.: 224-7664 Tel. Nos: 995-6154; 955-6155
Area Code: (088) Monteverde Ave., Brgy. 27-C, Fax No.: 955-6154
Tel. Nos: 858-3902; 858-3903 Poblacion District, Davao City KIDAPAWAN CITY
Fax No.: 858-3903 Area Code: (082) Datu Ingkal St., Brgy. Poblacion,
Tel. Nos: 225-3680; 225-3679 Kidapawan City
CAGAYAN DE ORO – DIVISORIA Fax No.: 225-3680 Area Code: (064)
RN Abejuela St., South Divisoria, Tel. Nos: 577-3509; 577-3510
Cagayan de Oro City DAVAO – PANABO Fax No.: 577-3510
Area Code: (088) Grajeda Bldg (Major Building),
Tel. Nos: 2272-2641; 857-5759 Quezon St., Brgy New Pandan,
Fax 857-4200 Panabo City, Davao Del Norte
Area Code: (084)
Tel. Nos: 628-4057; 628-4065
Fax No.: 628-4053

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

136
China Bank Business Offices
2-1
CONSUMER BANKING CENTERS
CBG BACOLOD CENTER
China Bank - Bacolod Araneta
2/F CBC Bldg., Araneta St.
Bacolod City
Tel. No.: (034) 435-0647
(034) 435-0250
Email: ihsaplagio@chinabank.ph
Center Head: Ivy H. Saplagio
CBG BATANGAS CENTER
China Bank - Batangas City
3/F CBC Bldg., P. Burgos St.
Batangas City, Batangas
Tel. Nos.: (043) 723-7127
(043) 723-4294
(02) 8520-6161
Email: jdlacorte@chinabank.ph
Center Head: Jonnalyn D. Lacorte
CBG CABANATUAN CENTER
China Bank - Cabanatuan City
2/F CBC Bldg., Paco Roman St.
Brgy. Dimasalang, Cabanatuan City
Nueva Ecija
Tel. Nos.: (044) 600-1575
(044) 4631063
(044) 464-0099
Email: ergatdula@chinabank.ph
Center Head: Emilie R. Gatdula
WEALTH MANAGEMENT OFFICES
MAKATI HEAD OFFICE
15F, China Bank Bldg.,
8745 Paseo de Roxas cor. Villar Sts.,
Makati City
Tel Nos. 8885-5693; 8885-5690
8885-5694
Email: tgescolin@chinabank.ph
Contact Person:
Therese G. Escolin
GREENHILLS OFFICE
2/F Chinabank GH-Ortigas Branch
14 Ortigas Avenue
Greenhills, San Juan City
Tel Nos.: 8721-4396; 8727-7884
8727-7645; 8724-0413
Email: mvgpantaleon@chinabank.ph
Contact Person:
Ma. Victoria G. Pantaleon
QUEZON CITY OFFICE
2F, 82 West Ave., Quezon City
Tel Nos.: 8426-6980; 8441-4685 Lacson cor. Luzurriaga Sts.,
8441-4690
Email: jaydeetan@chinabank.ph
Contact Person:
Jaydee Cheng Tan
CHINA BANKING CORPORATION
CBG CAGAYAN DE ORO CENTER
China Bank Cagayan de Oro Divisoria
2/F CBC Bldg. R.N. Abejuela St.
Divisoria, Cagayan de Oro City
Tel. Nos.: (088) 859-1232
(088) 856-2409
Email: mmdcarpio@chinabank.ph
Center Head: Ma. Melody D. Carpio
CBG CEBU CENTER
China Bank - Cebu Business Park
2/F CBC Corporate Center,
Samar Loop cor. Panay Road
Cebu Business Park, Cebu City
Tel. Nos.: (032) 416-1606
(032) 346-4448
(032) 416-1915
(032) 239-3733
Email: khltan@chinabank.ph
Center Head:
Kinard Hutchinson L. Tan
BINONDO OFFICE
6F China Bank Bldg.
Dasmariñas cor. Juan Luna,
Binondo, Manila
Tel No.: 8241-1452; 8241-7086
Email: ictanlimco@chinabank.ph
Contact Person:
Irene C. Tanlimco
KALOOKAN OFFICE
167 Rizal Ave., Extension
Kalookan City
Tel Nos.: 8366-8669; 8352-3789
Email: jymacariola@chinabank.ph
Contact Person:
Jennifer Y. Macariola
SAN FERNANDO OFFICE
2F V. Tiomico., San Fernando City,
Pampanga
Tel No.: (045) 961-0486
Email: mcdpuno@chinabank.ph
Contact Person:
Ma. Cristina D. Puno
CBG DAGUPAN CENTER CBG ILOILO CENTER
China Bank - Dagupan-Perez China Bank - Iloilo-Rizal
Siapno Bldg., Perez Boulevard 2/F CBC Bldg., Rizal cor. Gomez Sts.
Dagupan City Brgy. Ortiz, Iloilo City
Tel. Nos.: (075) 522-8471 Tel. Nos.: (033) 336-7918
(075) 522-8472 (033) 503-2845
Email: mpmacaranas@chinabank.ph (033) 336-7909
Center Head: Maricris P. Macaranas Email: mdcelajes@chinabank.ph
Center Head: Marvin D. Celajes
CBG DAVAO CENTER
China Bank - Davao-Recto CBG PAMPANGA CENTER
2/F CBC Bldg., C.M. Recto China Bank - San Fernando
cor. J. Rizal Sts., Davao City 2/F CBC Bldg., V. Tiomico St.
Tel. Nos.: (082) 226-2103 Sto. Rosario Poblacion, City of
(082) 221-4163 San Fernando, Pampanga
(082) 222-5761 Tel. Nos.: (045) 961-5344
(082) 222-5021 (045) 961-0467
Email: rdmatela@chinabank.ph Email: cjdbautista@chinabank.ph
Center Head: Rhea D. Matela Center Head:
OIC Carlo Juan D. C. Bautista
ALABANG OFFICE
2F, Unit D, CBC Bldg.,
Acacia Ave., Madrigal Business Park,
Ayala Alabang, Muntinlupa City
Tel Nos.: 8659-2463; 8659-2464
Email: clramirez@chinabank.ph
Contact Person:
Claire L. Ramirez
CEBU OFFICE
7F Chinabank Corporate Center
Samar Loop cor Panay Road
Cebu Business Park, Cebu City
Tel Nos.: (032) 415-5881
(032) 239-3741 up to 44
Email: edrosales@chinabank.ph
Contact Person:
Eleanor D. Rosales
BACOLOD OFFICE
2F Soliman Bldg.,
Bacolod Lacson Branch
Bacolod City
Tel No.: (034) 431-5549
Email: jramanuel@chinabank.ph
Contact Person:
Julie Rose A. Manuel
 137

China Bank Savings Branches

2-1

ACACIA ESTATES – SAVEMORE BINONDO – JUAN LUNA FILINVEST MAKATI – J.P. RIZAL
Acacia Taguig Town Center 694-696 Juan Luna Street, BC Group Building, East Asia Drive 882 J.P. Rizal Street,
Acacia Estates, Ususan, Taguig City Binondo, Manila near corner Commerce Avenue, Poblacion, Makati City
Te. Nos.: (632) 8633-5472 Tel Nos.: (632) 7964-1327 Filinvest Corporate City, Tel. No.: (622) 8890-1027
8633-3245 8254-7337 Alabang, Muntinlupa City Mobile No.: 0917-5105919
Tel. Nos.: (622) 8511-1145
ALABANG HILLS BLUMENTRITT 7217-3069 MALABON – FRANCIS MARKET-
Alabang Commercial Citi Arcade Blumentritt Street, near Oroquieta Mobile No.: 0917-8046443 SAVEMORE
Don Jesus Boulevard, Alabang, Street, Sta. Cruz Manila Francis Market, Governor Pascual
Muntinlupa City Tel Nos.: (632) 7968-4759 FTI HYPERMARKET TAGUIG corner M.H. Del Pilar Street,
Tel. Nos.: (632) 8828-4854 8562-0953; 8256-3840 DBP Avenue, Food Terminal Malabon City
8403-2801 Mobile No.: 0917- 8273205 Incorporated, Western Bicutan, Tel. Nos.: (622) 8931-6323
Taguig City 7507-4053
AMANG RODRIGUEZ BONI AVENUE Tel. Nos.: (622) 8834-0408 Mobile No.: 0917-5614811
Amang Rodriguez Avenue corner Raymond Tower Boni, 615 Boni Avenue 7507-4090
Evangelista Street, Santolan, Pasig City Plainview, Mandaluyong City Mobile No.: 0917-5615131 MANDALUYONG
Tel. Nos.: (632) 7964-1323 Tel. Nos.: (632) 8636-5072 Paterno’s Building,
8645-4710 7316-5983 G. ARANETA 572 New Panaderos Street
195 G. Araneta Avenue, Quezon City Brgy. Pag-asa, Mandaluyong City
ANGONO BUENDIA – MAIN Tel Nos.: (622) 8978-6448 Tel. Nos.: (632) 7238-3745
Manila East, Road CBS Building 8711-7822 7238-3744
corner Don Benito Street, 314 Sen. Gil Puyat Avenue, Makati City Mobile No.: 0917-8287829
Brgy. San Roque, Angono, Rizal Tel. No.: (632) 8884-7645 MANDALUYONG – SHAW BLVD.
Tel. Nos.: (632) 8651-1779 Trunkline: (632) 8988-9555 GIL PUYAT BAUTISTA 500 Shaw Tower, 500 Shaw Boulevard
8651-1782 locals 73901 and 73902 Lot 25 Blk 74 Bautista Street corner Mandaluyong City
Mobile No.: 0917-8099638 Sen. Gil Puyat Avenue, Makati Tel. Nos.: (632) 8941-9231
ANTIPOLO Tel. No.: (632) 8838-2312 8941-9412
EMS Building, M.L. Quezon corner COMMONWEALTH AVE. 8541-3514; 8354-5923 Mobile No.: 0917-5806593
F. Dimailig Street, Brgy. San Roque, JocFer Building, Commonwealth
Antipolo City, Rizal Avenue, Brgy. Holy Spirit, Quezon City GREENHILLS – ORTIGAS AVENUE MARIKINA
Tel. Nos.: (632) 8869-70224 Tel. Nos.: (632) 8282-5946 VAG Building, Ortigas Avenue 33 Bayan-Bayanan Avenue
8869-71066 7957-0559 Greenhills, San Juan City Brgy. Concepcion 1, Marikina City
Tel. Nos.: (632) 8721-0105 Tel. Nos.: (632) 8477-2445 / 7907-2418
ARANETA CENTER COD – CAINTA 8724-7528; 8353-4656 Mobile No.: 0917-8108618
SAVEMORE CK Square Mall, Ortigas Avenue
Gen. Romulo Street, Araneta Center Extension, Brgy. San Juan, KALOOKAN MARIKINA – GIL FERNANDO
Cubao, Quezon City Cainta, Rizal Augusto Building, Rizal Avenue AVENUE
Tel. Nos.: (632) 8921-3149 Tel. No. 8659-4083 Grace Park, Kalookan City CTP Building, Gil Fernando Avenue,
7502-1437 Mobile No. : 0928-5143750 Tel. Nos.: (632) 8363-2752 Marikina City
Mobile No.: 0917-8099670 8365-7593 Tel. Nos.: (632) 8681-2810
CUBAO 8645-8169
AYALA AVENUE Fernandina 88 Condominium KALOOKAN – MABINI
VGP Center, 6772 Ayala Avenue, 222 P. Tuazon Boulevard AJ Building, 353 A. Mabini Street, MUÑOZ – JACKMAN
Makati City Araneta Center, Cubao, Quezon City Kalookan City Jackman Plaza, Lower Ground Floor
Tel. Nos.: (632) 8988-9555 Tel. Nos.: (632) 8913-4903 Tel. No.: (632) 8961-2628 EDSA – Muñoz, Quezon City
Local 8100, 8101, 8103, 8913-5209 Tel. Nos.: (632) 8442-4829
8104; (632) 250-6985 KATIPUNAN AVE. 79684697
Mobile No.: 0927-9071716 DEL MONTE One Burgundy Condominium Mobile No.: 0917-8005128
392 Del Monte Avenue, Katipunan Avenue, Loyola Heights,
BACLARAN Brgy. Sienna, Quezon City Quezon City NEPA-Q MART – SAVEMORE
3751 Quirino Avenue Tel. No.: (632) 8741-8285 Tel. Nos.: (632) 7211-7882 770 Saint Rose Building, EDSA and
corner Sta. Rita Street, 8741-2447 8988-9555 local 74782 K-G Street , West Kamias, Quezon City
Baclaran, Parañaque City Mobile No.: 0917-6283318 Tel. No.: (632) 88351-4884
Tel Nos.: (632) 8816-1956 E. RODRIGUEZ SR. AVENUE Mobile No.: 0917-8636069
7975-2172 Hemady Square, E. Rodriguez Avenue LAGRO
Mobile No.: 0917-7032503 corner Doña Hemady Street, Bonaza Building, Quirino Highway NINOY AQUINO AVENUE
New Manila, Quezon City Greater Lagro, Novaliches, Quezon City G/F Skyfreight Building, Ninoy
BANAWE Tel. Nos.: (632) 8531-9676 Tel. Nos.: (632) 8936-4988 Aquino Avenue corner Pascor Drive,
247-249 Banawe Street, 8531-9680; 7987-4966 8461-7214 Parañaque City
Sta. Mesa Heights, Mobile No.: 0917-8085214 Tel. Nos.: (632) 8843-2447
Brgy. Lourdes, Quezon City LAS PIÑAS – ALMANZA UNO 7239-0574
Tel. Nos.: (632) 8412-6249 ESPAÑA – SUNMALL Alabang - Zapote Road, Almanza Uno,
8256-4941 Sun Mall, España Boulevard corner Las Piñas City N.S. AMORANTO AVE.
Mayon Street, Brgy. Sta. Teresita, Tel. Nos.: (622) 8551-4724 Unit 101 R Place Building
BANGKAL Quezon City 8551-4051 255 N.S. Amoranto Sr. Avenue,
Amara Building, Tel. Nos.: (632) 8244-2477 7966-9001 Quezon City
1661 Evangelista Street, 7987-4962 Mobile No.: 0917-8173526 Tel. Nos.: (632) 8251-6592
Bangkal, Makati City Mobile No: 0917-8103097 8251-6594; 7966-9075
Tel. Nos.: (632) 7621-3459 MAKATI – CHINO ROCES Mobile. No.: 0917-8056964
7621-3461 FELIX HUERTAS – JT CENTRALE Graceland Plaza,
Unit 103 JT Centrale Mall 2176 Chino Roces Avenue ONGPIN
BF HOMES Fugoso corner Felix Huertas Street, Pio del Pilar, Makati City Ramada Manila Central Hotel
284 Aguirre Avenue, B.F. Homes, Sta. Cruz, Manila Tel. Nos.: (622) 7964-1322 Quintin Paredes Road, Binondo, Manila
Parañaque City Tel. Nos.: (632) 8247-3177 8831-0477 Tel. No. 8247-3299
Tel. Nos.: (632) 8553-5412 Mobile No: 0917-5538446 Mobile No.: 0917-5106078
8553-5414 / 7964-1292
8988-9555 local 74873
Mobile No.: 0917-510-5911

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

138 Branch Directory

ORTIGAS CENTER PATEROS – ALMEDA STA. MESA NORTH LUZON

Hanston Square, San Miguel Avenue 120 M. Almeda Street, Pateros City 4128 Ramon Magsaysay Boulevard
Ortigas Center, Pasig City Tel. Nos.: (632) 8641-6760 Sta. Mesa, Manila
Tel. Nos.: (632) 8477-3439 8641-6768 Tel Nos.: (632) 8252-3286 ANGELES – RIZAL AVENUE
8637-9778 7507-6515 639 Rizal Street, Angeles City
Mobile No.: 0917-8078394 PEDRO GIL Mobile No.: 0917-8353352 Tel. Nos.: (045) 323-4303
LKE Building, Pedro Gil Street corner (045) 888-4971
PARAÑAQUE – BETTER LIVING Pasaje Rosario, Paco, Manila TAFT – QUIRINO AVENUE
90 Doña Soledad Avenue, Tel. Nos.: (632) 8521-4056 Esther Building, 1945 Taft Avenue, ARAYAT
Better Living Subdivision 7502-7101 Malate, Manila Cacutud, Arayat, Pampanga
Bicutan, Parañaque City Mobile No.: 0917-8636307 Tel. Nos.: 8525-6286 Tel. Nos.: (045) 885-2390
Tel. Nos.: (632) 8551-3600 7219-4390 (045) 409-9559
8831-8507 PLAZA STA. CRUZ Mobile No.: 0917-5807061
Mobile No.: 09175615576 MBI Building, Plaza Sta. Cruz, BAGUIO
Sta. Cruz, Manila TANDANG SORA B 108 Lopez Building, Session Road
PARAÑAQUE – JAKA PLAZA Tel. Nos.: (632) 8734-0534 Cecile Ville Building III, 670 Tandang corner Assumption Road, Baguio City
Jaka Plaza Center, Dr. A. Santos 7618-2241 Sora Avenue corner General Avenue, Tel. No.: (074) 446-3993
Avenue (Sucat Road) Mobile No.: 0917-5965826 Tandang Sora, Quezon City Mobile No.: 0917-8493218
Brgy. San Isidro, Parañaque City Tel. No.: (632) 7968-4719
Tel. Nos.: (632) 8820-6093 QUEZON AVENUE Mobile No.: 0917-8017585 BALAGTAS
8820-6091 GJ Building, 385 Quezon Avenue Ultra Mega Supermarket,
West Triangle, Quezon City TAYTAY MacArthur Highway
PARAÑAQUE – LA HUERTA Tel. No.: (632) 8332-2638 C. Gonzaga Building II Burol 1st , Balagtas, Bulacan
1070 Quirino Avenue, La Huerta, Mobile No.: 0917-5382423 Manila East Road, Taytay, Rizal Tel.No.: (044) 693-1849
Parañaque City Tel. Nos.: (632) 8650-3367
Tel. Nos.: (632) 8893-1226 QUEZON AVENUE – PALIGSAHAN 8623-6113 BALANGA
7587-6205 1184-A Ben-Lor Building Mobile No.: 0917-5786978 D.M. Banzon Street,
Mobile No.: 0917-5788058 Brgy. Paligsahan, Quezon City Balanga City, Bataan
Tel. Nos.: (632) 8376-4546 TAYUMAN Tel. Nos.: (047) 237-3666
PARAÑAQUE – MOONWALK 8376-4548 1925-1929 Rizal Avenue (047) 237-3667
Kassel Residence, E. Rodriguez near corner Tayuman Street,
Avenue, Moonwalk, Parañaque City QUIAPO – ECHAGUE Sta. Cruz, Manila BALIBAGO
Tel. Nos.: (632) 7957-2339 Carlos Palanca corner P. Gomez Street Tel. Nos.: (632) 7586-1618 JEV Building, MacArthur Highway
8664-1923 Echague, Quiapo, Manila 8230-3091 Balibago, Angeles City
Mobile No.: 0917-6218321 Tel. No.: (632) 8959-4450 Mobile No.: 0917-8325078 Tel. No.: (045) 892-3325

PASAY – LIBERTAD RADA TIMOG BALIUAG

533 Cementina Street, HRC Center, 104 Rada Street Jenkinsen Towers Condominium 713 Naning Street, Poblacion
Libertad, Pasay City Legaspi Village, Makati City 80 Timog Avenue, Quezon City Baliuag, Bulacan
Tel. Nos.: (632) 7907-4246 Tel. Nos.: (632) 8810-9369 Tel. Nos.: (632) 8371-8303 Tel. Nos.: (044) 673-1338
8541-1698 8810-9370 8371-8305 (044) 766-2014
Mobile No.: 0917-8080695
ROOSEVELT TWO ECOM CABANATUAN – BAYAN
PASIG – CANIOGAN 342 Roosevelt Avenue, Quezon City Two E-Com Center Tower B Duran Building, Burgos Avenue,
KSN Building, C. Raymundo Avenue Tel Nos.: (632) 7957-0796 Ocean Drive corner Bayshore Drive Cabanatuan City
Caniogan, Pasig City 8663-7563; 8688-9146 Mall of Asia Complex, Pasay City Tel. Nos.: (044) 463-0441
Tel. Nos.: (632) 7957-0817 Tel. Nos.: (6322) 8802-3068 (044) 600-2888
8988-9555 local 74786 SAN JUAN 7587-4753
Mobile No.: 0917-5206966 Madison Square, DAGUPAN
264 N. Domingo Street UN AVENUE Lyceum-North Western University,
PASIG MUTYA Brgy. Pasadena, San Juan City 552 United Nations Avenue, Ground Floor, Tapuac District,
Richcrest Building, Caruncho corner Tel. No.: (632) 8637-4759 Ermita, Manila Dagupan City
Market Avenue, San Nicolas, Pasig City Mobile No.: 0917-561-5639 Tel. Nos.: (632) 8400-5467 Tel. No.: (075) 522-9586
Tel. Nos.: (632) 8640-7085 8400-5468
8642-2870 / 7906-3129 SAVEMORE ANONAS Mobile No.: 0917-5382421 DAU
Mobile No.: 0917-8173133 Maamo Street, MacArthur Highway, Dau, Mabalacat,
Road Lot 30, V. Luna Street and VALENZUELA – MARULAS Pampanga
PASIG – PADRE BURGOS Anonas Extension, Sikatuna, 92 J Ong Juanco Building Tel. Nos.: (045) 892-2216
114 Padre Burgos Street, Quezon City MacArthur Highway, Marulas, (045) 892-2216
Kapasigan, Pasig City Tel. No.: (632) 8351-4928 Valenzuela City
Tel. No.: (632) 8650-336 Mobile No.: 0917-8636157 Tel. Nos.: (632) 8291-6541 DOLORES
Mobile No.: 0917-5747874 8709-4641 STCI Building, MacArthur Highway
SOUTH TRIANGLE Brgy. San Agustin, City of San
PASO DE BLAS Sunnymede IT Center, Quezon Avenue VISAYAS AVE. Fernando, Pampanga
Andoks Building, 629 Gen. Luis Street South Triangle, Quezon City Wilcon City Center Mall, Tel. No.: (045) 649-3724
Malinta Interchange – NLEX Tel. Nos.: (632) 7959-4515 Upper Ground Floor, Visayas Avenue, (045) 649-3150
Paso de Blas, Valenzuela City 8256-3881 / 8256-4841 Quezon City
Tel.Nos.: (632) 3443-5069 Mobile No.: 0917-8431722 Tel. No.: (632) 8990-6543 GUAGUA
8984-8258 Plaza Burgos, Guagua, Pampanga
STA. ANA MANILA WILSON Tel. Nos.: (045) 9010-966
PATEROS Savemore Pedro Gil Street, 219 Wilson Street, Greenhills, (045) 9010-640
Unit CC1, East Mansion Townhomes Sta. Ana, Manila San Juan City
Elisco Road, Sto. Rosario, Pateros City Tel. Nos.: (632) 8523-8574 Tel. Nos.: (632) 8584-5946 GUIGUINTO – RIS
Tel. Nos.: (632) 8641-9556 7987-4975 7748-7625 RIS-5 Industrial Complex
8655-2349 Mobile No.: 0917-8140390 68 Mercado Street, Tabe,
Mobile No.: 0917-8130535 Guiguinto, Bulacan
Tel. No.: (044) 235-79630
Mobile No.: 0917-8485249

CHINA BANKING CORPORATION

 139

LA UNION SAN FERNANDO – BAYAN URDANETA LEGAZPI CITY

A.G. Zambrano Building, JSL Building, Consunji Street MacArthur Highway, Nancayasan F. Imperial Street, Barangay Bitano
Quezon Avenue City of San Fernando, Pampanga Urdaneta City, Pangasinan Legazpi City, Albay
San Fernando City, La Union Tel. Nos.: (045) 961-8168 Tel No.: (075) 656-2331 Tel. Nos.: (052) 225-5155
Tel. No.: (072) 242-0414 (045) 961-4575 (052) 431-0820
VIGAN Mobile No.: 0917-836-0093
LAOAG CITY SAN ILDEFONSO Agdamag Building, Quezon Avenue
LC Square Building, J.P. Rizal corner Savemore Building, Cagayan Valley corner Calle Mabini, Vigan City, LIPA
M.V. Farinas Streets, Road, Poblacion, San Ildefonso, Ilocos Sur China Bank Savings Building
Laoag City, Ilocos Norte Bulacan Tel No.: (077) 674-0300 C.M Recto Avenue, Lipa City
Tel. Nos.: (077) 600-1008 Tel. Nos.: (044) 797-0742 Tel. Nos.: (043) 756-1022
(077) 600-1009 (044) 797-0974 (043) 756-1414
SOUTH LUZON
LINGAYEN SAN JOSE DEL MONTE LOS BAÑOS CROSSING
The Hub - Lingayen Building Giron Building, Gov. Halili Avenue, Lopez Avenue, Batong Malake,
BACOOR – TALABA
Poblacion, Lingayen, Pangasinan Tungkong Mangga, City of San Jose Los Baños, Laguna
Coastal Road corner Aguinaldo
Tel. Nos.: (075) 523-4955 del Monte, Bulacan Tel. Nos.: (049) 536-2596
Highway, Brgy. Talaba,
(075) 523-4953 Tel. Nos.: (044) 815-6616 (049) 536-0549
City of Bacoor, Cavite
Mobile No.: 0917-8486063 (044) 233-6501
Tel. Nos.: (046) 4175-930
Mobile No.: 0917-8354675 LUCENA
(046) 512-6315
MACABEBE Merchan corner Evangelista Street,
Mobile No.: 0917-8354691
Poblacion, Macabebe, Pampanga SAN MIGUEL Lucena City
Tel. No.: (045) 435-5507 Norberto Street, San Miguel, Bulacan Tel. Nos.: (042) 710-69-64
BATANGAS
Mobile No.: 0917-8218102 Tel. Nos.: (044) 764-0826 (042) 660-6964
No. 4 Burgos Street, Batangas City
(044) 764-0162
Tel. No.: (043) 723-7652
MALOLOS MOLINO
Mobile No.: 0917-8173606
Canlapan Street, Sto. Rosario SAN NARCISO Avon Building, 817 Molino Road
City of Malolos, Bulacan Brgy. Libertad, San Narciso, Zambales Molino III, City of Bacoor, Cavite
BIÑAN
Tel. No.: (044) 794-2793 Tel. Nos.: (047) 913-2245 Tel Nos.: (046) 431-9907
Nepa Highway, San Vicente,
Mobile No.: 0917-8354684 (047) 913-2288 (046) 235-7542
Biñan City, Laguna
(632) 8988-9555
Tel.Nos.: (049) 511-3638
MALOLOS – CATMON SAN RAFAEL loc. 74878
(632) 8429-4878
Paseo Del Rosario, Catmon, Cagayan Valley Road corner Cruz na Mobile No.: 0917-5615883
City of Malolos, Bulacan Daan, San Rafael, Bulacan
CALAMBA
Tel. Nos.: (044) 791-2461 Tel. Nos.: (044) 815-8915 NAGA
HK Building II, National Highway
(044) 662-7819 (044) 913-7629 ELS Building. Panganiban Drive,
Brgy. Halang, Calamba City, Laguna
Concepcion Pequeña, Naga City
Mobile No.: 0917-8173609
MEYCAUAYAN SANTIAGO – VICTORY NORTE Tel.No.: (054) 472-1947
Mancon Building, MacArthur Highway JECO Building, Maharlika Highway
CAVITE CITY
Calvario, Meycauayan, Bulacan corner Quezon Street, Victory Norte SAN PABLO
485 P. Burgos Street
Tel. No.: (044) 228-2416 Santiago City, Isabela China Bank Savings Building
Barangay 34, Caridad, Cavite City,
Tel. Nos.: (078) 305-0260 Rizal Avenue corner A. Fule Street,
Cavite
MOUNT CARMEL (078) 305-0252 San Pablo City
Tel. Nos.: (046) 417-3102
Km. 78 MacArthur Highway, Tel. Nos.: (049) 503-2890
(046) 235-7537
Brgy. Saguin, City of San Fernando, STA. ANA (049) 562-0697
Mobile No: 0917-5615780
Pampanga Poblacion, Sta. Ana,Pampanga
Tel. No.: (045) 435-6055 Tel. Nos.: (045)409-9818 SAN PEDRO
DARAGA
(045) 409-0335 Gen-Ber Building, National Highway
N & H Building, Rizal Street
OLONGAPO Landayan, San Pedro City, Laguna
Brgy. San Roque, Daraga, Albay
City View Hotel Building, STA. MARIA Tel. Nos.: (632) 8847-0585
Tel. Nos.: (052) 483-0706
25 Magsaysay Drive Gen. Luna corner De Leon Street 8869-8221
(052) 204-0024
New Asinan, Olongapo City Poblacion, Sta. Maria, Bulacan
(052) 204-0025
Tel. No.: (047) 222-1891 Tel. Nos.: (045) 409-9818 SAVEMORE TAGAYTAY – MENDEZ
Mobile No.: 0917-8078509 (045) 409-0335 Mendez Crossing West, Tagaytay-
DASMARIÑAS
Nasugbu Highway corner Mendez-
Veluz Plaza Building,
ORANI STA. RITA Tagaytay Road, Tagaytay City
Zone 1, Aguinaldo Highway
National Road, Balut, Orani, Bataan San Vicente, Sta. Rita, Pampanga Tel. No.: (046) 413-387
Dasmariñas City, Cavite
Tel. No.: (047) 638-1282 Tel. No.: (045) 900-0658 Mobile No.: 0917-5615334
Tel. Nos.: (046) 416-0510
(046) 416-0501
PLARIDEL SUBIC STA. ROSA
0226 Cagayan Valley Road Baraca, Subic, Zambales Sta. Rosa-Tagaytay Highway,
IMUS
Banga 1st, Plaridel, Bulacan Tel. Nos.: (047) 232-6105 Sta. Rosa City, Laguna
OLMA Building, Aguinaldo Highway
Tel. No.: (044)795-0105 (047) 232-6104 Tel. No.: (049) 502-9134
Tanzang Luma, Imus City, Cavite
Mobile No.: 0917-5105951
Tel. Nos.: (046) 471-4715
PORAC TARLAC
(046) 476-0927
Cangatba, Porac, Pampanga MacArthur Highway, STA. ROSA – BALIBAGO
Tel. No.: (045) 329-3188 San Nicolas, Tarlac City Old National Highway corner Roque
GENERAL TRIAS
Mobile No.: 0917-8703305 Tel. No.: (045) 982-9652 Lazaga Street, Sta. Rosa City, Laguna
VCentral Mall, Governor’s Drive,
Mobile No.: 0905-6793720 Tel. Nos.: (049) 534-1167
Gen. Trias City
SAN FERNANDO (632) 520-8448
Tel. No.: (046) 443-0997
Khy Trading Building, TUGUEGARAO
Jose Abad Santos Avenue Metropolitan Cathedral Parish Rectory STO. TOMAS
LAGUNA – STA. CRUZ
City of San Fernando, Pampanga Complex Rizal Street, Tuguegarao City The Lifestyle Strip, Maharlika Highway
E & E Building, Pedro Guevarra Avenue
Tel. Nos.: (045) 961-1415 Tel. No.: (078) 844-0484 San Antonio, Sto. Tomas, Batangas
Sta. Cruz, Laguna
(045) 961-1416 Tel. No.: (043) 778-3247
Tel. No.: (049) 501-3084
Mobile No.: 0917-8164577
Mobile No.: 0917-5615715

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

140 Branch Directory
China Bank Savings
Business Offices
SORSOGON GENERAL SANTOS SME LENDING OFFICES MARIKINA
God is Good Commercial Building Go Chay Ching Building 3rd Floor, CTP Building
Rizal Street, Purok 5, Piot, I. Santiago Boulevard, 5A Gil Fernando Avenue
West District, Sorsogon City, Sorsogon General Santos City MAIN OFFICE Brgy. San Roque, Marikina City
Tel. No: (056) 311-5786 Tel. No.: (083) 552-6330 SME Lending Group Tel. Nos.: (02) 8465 9819
Mobile No: 0917-8351685 CBS Building, 314 Sen. Gil J. Puyat (632) 8884-7600
ILOILO – IZNART Avenue, Makati City local 74238
TANAUAN CITY Golden Finance Building, Tel. Nos.: (632) 8988-9555
China Bank Savings Building Iznart Street, Iloilo City locals 75065, 75066, SAN PABLO
Jose P. Laurel National Highway Tel. No.: (033) 335-0213 75068, 75109, 75110, 2nd Floor, China Bank Savings
Darasa, Tanauan City, Batangas Mobile No.: 0917-8078378 75142, 75150, 75156, Building, Rizal Avenue
Tel. No.: (043) 726 2758 73044 and 73045 cor. A. Fule St., San Pablo City
Mobile No.: 0917-863-6160 ILOILO – JARO Tel. Nos.: (049) 800-3917
Lopez Jaena corner El 98 Street, (632) 8988 9555
Jaro, Iloilo NORTH LUZON local 74127
VISAYAS – MINDANAO Tel. No.: (033) 320-0370

KALIBO BAGUIO VISAYAS – MINDANAO

BACOLOD Room D-303, Lopez Building
across from Kalibo Public Market
Fordland Annex I Building, Session Road cor. Assumption Road,
Lot 3459-E-1, Toting Reyes Street,
Lacson Street, Bacolod City, Baguio City CEBU BUSINESS CENTER
Kalibo, Aklan
Negros Occidental Tel. No.: (632) 8884-7600 2nd Floor, JSP Building
Tel. No.: (036) 268-4379
Tel. No.: (034) 435-7143 local 74231 General Maxilom Avenue, Cebu City
Mobile No.: 0917-8047837
Mobile No: 0977-8027452 Tel. Nos.: (032) 232 6263
LA UNION (032) 232-2435
MANDAUE
BUTUAN 2nd Floor AG Zambrano Building (632) 8988-9555
A. Del Rosario Avenue
JMC Building, J.C. Aquino Avenue Catbangen, San Fernando City, locals 74206 and 73014
Mantuyong, Mandaue City, Cebu
Brgy. Lapu Lapu, Butuan City, La Union
Tel. No.: (032) 520-2770
Agusan Del Norte Tel. Nos.: (632) 8884-7600 DAVAO BUSINESS CENTER
Tel. No: (085) 818-6665 locals 74227 and 74106 8990 Corporate Center
ROXAS AVE. CAPIZ – CITYMALL
Mobile No: 0917-8341071 Quirino Avenue, Davao City
CityMall-Roxas City, Roxas Avenue
PLARIDEL Tel. Nos.: (082) 298-4569
Barangay VI, Roxas City, Capiz
CAGAYAN DE ORO 2nd Floor, CBS Building (082) 227-6013 /
Tel. No.: (036) 620-1177
Sergio Osmeña Street Banga 1st, Plaridel, Bulacan (632) 8988-9555
Cogon District, Cagayan de Oro City Tel. Nos.: (632) 8884-7600 locals 74217 and 74214
SAVEMORE TALISAY NEGROS
Tel. Nos.: (088) 859-0740 locals 74251, 74261
OCCIDENTAL
(088) 852-2066 and 74130 GEN. SANTOS
Savemore Talisay, Mabini Street,
Go Ching Chay Building
Zone 12, Paseo Mabini, Talisay City,
CEBU LAHUG PAMPANGA BUSINESS CENTER Santiago Boulevard, Gen. Santos City
Negros Occidental
Skyrise IT Building, 2nd Floor, JSL Building, Consuji St. Tel. Nos.: (632) 8988-9555
Tel. Nos.: (034) 441-6267
Brgy. Apas, Lahug, Cebu City Sto Rosario, City of San Fernando, local 75110
(034) 441-6264
Tel. No.: (032) 236-0810 Pampanga
(034) 441-6264
Tel. Nos.: (632) 8884-7600 ILOILO
CEBU – MANGO AVENUE locals 74103 and 74104 2nd Floor, CBS Iloilo Branch
TACLOBAN
JSP Mango Realty Building, Lopez Jaena cor. El 98 St.
YVI Center Building A,
Gen. Maxilom Avenue URDANETA Jaro, Iloilo City
Fatima Village, Tacloban City
corner Echavez Street, Cebu City Brgy Nancayasan, MacArthur Highway Tel. Nos.: (033) 514 4463
Tel. Nos.: (053) 832-2066
Tel. Nos.: (032) 231-4736 Urdaneta City, Pangasinan (632) 8884-7600
(053) 832-9174
(032) 231-4304 Tel. No.: (632) 8884-7600 local 74225
TAGUM local 74372
CEBU MANDAUE BASAK
CityMall, Maharlika Highway APD SALARY LOAN OFFICES
Cebu North Road, Basak,
corner Lapu- Lapu Extension, SOUTH LUZON
Mandaue City, Cebu
Brgy. Magugpo, Tagum City
Tel. No.: (032) 346-8814
Tel. No.: (08) 216-8117 NCR - QUEZON AVENUE
Mobile No.: 0917-8497228 IMUS 2nd floor, G.J. Building
DAVAO
CBS Imus - Tanzang Luma Branch, 385 Quezon Avenue, Quezon City
8990 Corporate Center,
ZAMBOANGA OLMA Building, Aguinaldo Highway, Tel. No.: (02) 8372-7926
Quirino Avenue, Davao City
CityMall, Don Alfaro Street, Tanzang Luma II, Imus, Cavite Mobile No.: 0917- 8223514
Tel. No.: (082) 221-3873
Tetuan, Zamboanga City Tel. Nos.: (046) 416-4992
Tel. No.: (062) 955-8709­­­­ (046) 471-4715 BACOLOD
DAVAO RECTO
(632) 8884-7600 Fordland 1 Annex Building
C. Villa Abrille Building
locals 74868, 77848 Lacson Street, Bacolod City
C.M. Recto Avenue, Davao City
and 73038 Tel. No.: (034) 474-2261
Tel. Nos.: (082) 324-5724
Mobile No.: 0922-8112680
(082) 305-5808
Mobile No.: 0917-8095808 LIPA
2nd Floor, China Bank Savings BAGUIO
Building, CM Recto Avenue, Lipa City B108 Lopez Building
Tel. Nos.: (043) 756-5003 Session Road cor. Assumption Road,
(632) 8988-9555 Baguio City
locals 74253 and 74130 Tel. No.: (074) 619-2097
Mobile No.: 0917-861941
LEGAZPI
F. Imperial St., Barangay Bitano BATANGAS
Legazpi City, Albay 2nd Floor, No. 3 P. Burgos Street,
Tel. Nos.: (632) 8884-7600 Batangas City
local 74273 Mobile No.: 0917-8769938
0931-0224769

CHINA BANKING CORPORATION

 141

BOGO CITY – CEBU GUIMARAS LINGAYEN SAN JOSE DE BUENAVISTA –

2nd Floor SIM Bldg. Piazza Zemarcato Building The Hub Building, G/F Unit 5&6, ANTIQUE
P Rodriguez Street San Miguel, Jordan, Guimaras Solis Street, Brgy. Poblacion, AML Building 1corner Dalipeatabay
Brgy. La Purisima, Conception, Tel. No.:033-3294751 Lingayen, Pangasinan San Jose de Buenavista, Antique
Bogo City Mobile Nos.: 0917-7733601 Tel. No.: (02) 8988-9555 loc 4132 Mobile No.: 0918-9175291
Mobile No.: 0918-9208760 0918-9656964
LIPA SAN NICOLAS – ILOCOS NORTE
BOTOLAN – ZAMBALES GUMACA 2nd Floor CBS Building VYV Building, Valdez Center,
Casa Bien Building, RM Building CM Recto Avenue Barangay 1, San Nicolas, Ilocos Norte
Barangay Batonlapoc Maharlika Highway, A. Bonifacio Brgy 4., Lipa City Mobile No.: 0918-9572802
Botolan, Zambales Barangay Tabing Dagat, Tel. No.: (043) 277-5315
Tel. Nos.: (02) 8988 - 9555 Gumaca, Quezon Mobile No.: 0917-8277152 SAN PABLO
local 78686 Mobile No.: 0918-9645464 Rizal Avenue cor Lopez Jaena Street,
LUCENA San Pablo City
BUTUAN ILIGAN CITY – LANAO DEL NORTE Merchan cor Evangelista Street, Tel. No.: (049) 521-3991
JMC Building, JC Aquino Avenue Quezon Ave. Extension, Lucena City Mobile No.: 0917-8046178
Butuan City, Agusan Del Norte Barangay Villaverde, Poblacion, Tel. No.: (042) 717-9387
Tel. No.: (02) 8988-9555 Iligan City, Lanao del Norte Mobile No.: 0917-8619387 SANTIAGO
local 4843 Mobile No.: 0918-9397659 JECO Building Maharlika Highway
MALAYBALAY – BUKIDNON cor Quezon Avenue
CABANATUAN ILOILO – IZNART Fortich Street, Barangay 9 Victory Norte Santiago City, Isabela
2nd Floor Dumar Building Golden Commercial Building, Malaybalay City, Bukidnon Tel. No.: (078) 305-0064
Padre Burgos Avenue Iznart, Iloilo City Mobile No.: 0918-9651095
Cabanatuan City Tel. Nos.: (033) 320-5309 SORSOGON
Mobile Nos.: 0917-8740488 094-9648417 MALOLOS 2nd Floor God is Good Building
(044) 940-2679 Canlapan Street, Sto. Rosario Rizal Street, Piot, Sorsogon
IMUS Malolos City, Bulacan Mobile No.: 0917-8161361
CABARROGUIS Gen. Emilio Aguinaldo Highway Tel. No.: (044) 794-1648
Purok 1 Gundaway, Cabarroguis, Anabu II, Imus, Cavite City. TACLOBAN
Quirino Province Tel. No.: (046) 416-1405 MATI CITY – DAVAO ORIENTAL YVI Center, Building A, Baybay
Mobile Nos.: 0918-9649437 Mobile No.: 0917-8038045 Madaway Distributor Inc., S. Road, Brgy. 77, Fatima Village,
Rizal Extension, Mati City, Marasbaras, Tacloban City
CAGAYAN DE ORO IRIGA CITY – CAMARINES SUR Davao Oriental Tel. No.: (053) 832-1874
2nd Floor, Sergio Osmeña Street Everest Plaza Building Mobile No.: 0918-9628744 Mobile No.: 0917-8267612
Cogon District, Cagayan De Oro City Zone 5, Highway 1, San Miguel
Mobile Nos.: 0917-8619281 Iriga City, Camarines Sur NAGA TAGUM
(088) 890-6443 Mobile No.: 0918-9677626 2nd floor Rl Building CityMall, Maharlika Highway
Panganiban Street, Lerma, Naga City cor. Lapu-Lapu Extension
CALBAYOG CITY – SAMAR KABANKALAN CITY – NEGROS Tel. No.: (054) 881-2557 Brgy. Magugpo, Tagum City
Rosales corner Rueda Street OCCIDENTAL Mobile No.: 0917-8619406 Tel. No.: (084) 216-8245 loc 8658
Tel. No.: 055 8370323 Dinsay Building, National Highway, Mobile No.: 0925-5421223
Mobile No.: 0918-9852240 Mabinay, Kabankalan City, ORANI
Negros Occidental Brgy. Balut TANAUAN
CEBU Mobile No.: 0918-9068711 Orani, Bataan Jose P. Laurel National Highway
2F Unit 204 & 205 JSP Mango Realty Darasa, Tanauan City, Batangas
Building, Gen. Maxilom Avenue KALIBO ORMOC – LEYTE Mobile No.: 0977-2647091
cor. Echavez Street, Cebu City Lot 3459-E-1, Toting Reyes Street, Real Street
Tel. No.: (032) 238-7820 Kalibo, Aklan District 22, Ormoc City, Leyte TAYTAY
Mobile No.: 0917-8163655 2nd floor, Gonzaga Building
DAVAO PAMPANGA Manila East Road, Taytay, Rizal
8990 Corporate Center KORONADAL CITY – SOUTH JSL Building, Consunji Street Tel. Nos.: (02) 7586-3739
Quirino Avenue, Davao City COTABATO San Fernando, Pampanga 8633-3988
Tel. No.: (082) 287-6824 MCM Villamor Building Tel. Nos.: (045) 4039971 Mobile No.: 0917-8158627
Mobile No.: 0917-8619403 Gen. San Drive, Zone 2 (045) 403-9970
Koronadal City, South Cotabato Mobile No.: 0917-5523389 TUGUEGARAO
DIGOS CITY – DAVAO DEL SUR Mobile No.: 0918-9634815 Metropolitan Cathedral Parish
CPP Building II, Rizal Avenue, Zone 1 PASSI CITY – ILOILO Rectory Complex, Rizal Street,
Zone 1, Digos City, Davao del Sur LA HUERTA M. Palmares Street, Brgy. Poblacion Tuguegarao City
Mobile No.: 0918-9485586 Quirino Avenue, La Huerta, Ilawod, Passi City, Iloilo Tel. No.: (078) 375-4471
Parañaque City Mobile No.: 0918-9067075 Mobile No.: 0917-8169491
ESTANCIA – ILOILO Mobile No.: 0918-5272535
Sitio Poblacion, Highway ROXAS URDANETA CITY – PANGASINAN
Cano-an, Estancia, Iloilo LA UNION Ground floor, T-114 CityMall Roxas Alexander Street cor. Belmonte Street
Mobile No.: 0918-9432088 A.G. Zambrano Building, Roxas Avenue, Brgy. VI, Poblacion, Urdaneta City, Pangasinan
Quezon Avenue, San Fernando City, Roxas City, Capiz Mobile No.: 0918-9673831
GEN. SANTOS La Union Tel. Nos.: (036) 620-0094
Go Chay Ching Building Tel. Nos.: (072) 687-2218 (02) 8988-9555 loc 4144 VIGAN
Santiago Boulevard, (02) 8988-9555 loc 8654 Mobile No.: 0917-8064432 Maestro Convention Center
General Santos City Florentino Street, Brgy 1, Vigan City
Tel. No.: (083) 554-0211 LEGAZPI SAN CARLOS CITY – NEGROS Tel. No.: (077) 674-6062
(02) 8988-9555 loc 4129 2nd floor, Lot 4-6 Blk 20 PCS-1617 OCCIDENTAL
Mobile No.: 0907-8815270 Sol's Subdivision, Purok 5, V. Gustilo Street, San Carlos City,
37 Bitano, Legazpi City Negros Occidental
GLAN – SARANGANI Mobile No.: 0917-8059102 Mobile No.: 0918-9083793
Ruiz Building
Hombrebueno Street, Brgy. Poblacion
Glan, Saranggani Province
Mobile No.: 0918-9853901

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

142

Subsidiaries and Affiliate

28F BDO Equitable Tower

CBS Building, 314 Sen. Gil Puyat Avenue, Makati City
8751 Paseo de Roxas, Makati City
Tel. No.: (632) 8988-9555
Tel. No.: (632) 8885-5798
www.cbs.com.ph
cbcapital@chinabank.ph

China Bank Savings, Inc. (CBS) began operations on

China Bank Capital Corporation (China Bank Capital) is
September 8, 2008 following the acquisition of Manila
the wholly owned investment banking subsidiary of China
Bank by China Bank in 2007. Subsequent mergers with
Banking Corporation. It was registered and licensed as
Unity Bank and Planters Development Bank bolstered
an investment house in 2015 as a result of the spin-off of
CBS as a leading thrift bank in the industry. With a
China Banking Corporation’s Investment Banking Group.
nationwide retail banking network and strong platform for
The firm offers a full suite of investment banking solutions
auto, housing, teachers and enterprise finance, CBS is
that enable clients to achieve their fundraising objectives
dedicated to servicing the needs of entry-level customers,
and strategic goals. The company’s services include
the broad consumer market and small business owners.
arranging, managing, and underwriting debt and equity
CBS is committed to promoting financial inclusiveness
transactions, such as bond offerings, corporate notes
and uplifting the quality of life of consumers and
issuances, initial public offerings and follow-on offerings
entrepreneurs, in line with its Easy Banking for You brand
of common and preferred shares, private placement of
of service.
securities, structured loans, project finance, real estate
investment trusts, and asset securitizations. China Bank
BOARD OF DIRECTORS
Capital also provides financial advisory services, such
Chairman Branch Banking Group Head as deal structuring, valuation, and execution of mergers,
Ricardo R. Chua Jaydee P. Caparas
acquisitions, divestitures, joint ventures, and other
Vice Chairman APD Lending Group Head corporate transactions.
Nancy D. Yang Niel C. Jumawan
Directors Human Resources Division Head BOARD OF DIRECTORS MANAGEMENT TEAM
James Christian T. Dee Atty. Josephine F. Fernandez
Romeo D. Uyan, Jr.* Chairman President
Risk Management Division Head Ricardo R. Chua Ryan Martin L. Tapia
Herbert T. Sy, Jr.
Raymond C. Apo
Jose L. Osmena Vice Chairman Head of Origination and
Patrick D. Cheng Romeo D. Uyan, Jr. Client Coverage
WITH INTERLOCKING POSITION
Independent Directors IN CHINA BANK Michael L. Chong
Directors
Antonio S. Espedido, Jr. William C. Whang Head of Execution and
Administrative Services Division
Philip S.L. Tsai Lillian Yu Treasurer
Head
Claire Ann T. Yap Magnolia Luisa N. Palanca Atty. Juan Paolo E. Colet
Baldwin A. Aguilar
Genaro V. Lapez Ryan Martin L. Tapia
Chief Security Officer Head of Distribution
Corporate Secretary Independent Directors Ma. Martha S. Javelosa
Nestor Jayson V. Camba
Atty. Arturo Jose M. Margarita L. San Juan
Constantino III Human Resources Group Head Head of Compliance and
Philip S. L. Tsai
Tani Michelle M. Cruz** Risk Management
Claire Ann T. Yap
MANAGEMENT COMMITTEE
Jason Eric G. Jamias
Information Security Officer Corporate Secretary
President Hanz Irvin S. Yoro Atty. Wilfred Francis B. Martinez
James Christian T. Dee Chief Technology Officer
Consumer Lending Group Francis Andre Z. De Los Santos***
Head Retail Banking Business
Jan Nikolai M. Lim Segment Head
Controllership Group Head Jose L. Osmena
Jaydee P. Caparas
*Effective March 16, 2023; replaced
Asset Recovery Group Head William C. Whang
**Effective January 16, 2023; replaced
Mary Grace F. Guzman Maria Rosanna Catherina L. Testa
***Effective September, 2022

CHINA BANKING CORPORATION

 143

28F BDO Equitable Tower 2nd Floor, VGP Center, 6772 Ayala Avenue
8751 Paseo de Roxas, Makati City Makati City, 1226, Philippines
Tel. No.: 02 8230 6660 to 64 Tel. No.: (632) 8885-5555
VGP Center: (632) 8751-6000
China Bank Securities Corporation (China Bank
Securities) is the wholly-owned stock brokerage Chinabank Insurance Brokers, Inc. (CIBI) Incorporated
subsidiary of China Bank Capital Corporation. China Bank on November 03, 1998 as a full-service insurance broker,
Securities complements China Bank Capital’s equity providing insurance advice and solutions for retail and
underwriting activities covering the distribution of issues corporate customers, with a wide and comprehensive
under initial and/or follow-on offerings and providing range of products for non- life and life insurance
research and related equity services. requirements. CIBI offers Property, Motor, Marine,
Bonds/Surety, Construction All Risk / Engineering Lines,
CBSC operates as a stock brokerage licensed by Liability, Financial Lines such as Directors & Officers
the SEC to engage in dealing, for its own and for its Liability, Professional Indemnity, Trade Credit, Cyber
customers’ accounts, securities listed in the Philippine Liability, Travel and Group Personal Accident for the Bank
Stock Exchange. The company is eligible to trade dollar- clients including non- mortgaged accounts. CIBI is 100%
denominated securities or DDS, real estate investment owned by the Bank.
trust or REITs and also offers an online stock trading
platform. BOARD OF DIRECTORS Account Management
Head (CBS)
Chairman
Deofel F. Jover
BOARD OF DIRECTORS MANAGEMENT TEAM Patrick D. Cheng
Accounting Head
Chairman President and Chief Directors
Maria Victoria A. Dagucon
William C. Whang Executive Officer William C. Whang
Marisol M. Teodoro Frankie G. Panis Operations Head
Vice Chairman Arleen B. Gallano
Romeo D. Uyan, Jr. Treasurer and Business Independent Directors
Operations Director Philip S.L. Tsai OIC - Claims Head
Directors Richelle S. Ayuro
Mary Antonette E. Quiring Margarita L. San Juan
Marisol M. Teodoro
Ryan Martin L. Tapia Sales & Trading Director Corporate Secretary CIBI Branches Head/
Gerald O. Florentino Julius M. German Atty. Belenette C. Tan Central and North Luzon
Branch Head
Independent Director Research Director Herschel Fitzgerald G.
MANAGEMENT TEAM
Genaro V. Lapez Rastine Mackie D. Mercado Tumibay
Claire Ann T. Yap President
Associated Person and South Luzon Branch Head
Frankie G. Panis
Corporate Secretary Compliance & Risk Director Roberto D. Consul
Atty. Ma. Hildelita P. Alano Minnie I. Formales Corporate Treasurer
Maria Primitiva Carmela D. Canceran* Cebu Branch Head
Maria Carolina B. Ylanan
Risk and Compliance Officer
Freedom A. Gaviola Davao Branch Head
Richelle R. Aguilon
Account Management Head (CBC)
Anne Roselle A. Buna
*Effective January 1, 2023

28F BDO Equitable Tower
8751 Paseo de Roxas, Makati City
Tel. No.: (632) 8885-5798
BOARD OF DIRECTORS
Chairman
Ryan Martin L. Tapia
Directors
Atty. Juan Paolo E. Colet
Roberto A. Cabusay
CBC Assets One (SPC) Inc. was incorporated in the Philippines on June 15, 2016
as a special purpose corporation engaged primarily in the securitization of assets
which shall include, but is not limited to receivables, mortgage loans and other
debt instruments. The company is a wholly-owned subsidiary of China Bank Capital
Corporation.
Independent Directors MANAGEMENT TEAM Operations Officer
Atty. Ma. Cecilia A. Gironella Roberto A. Cabusay
President and Chief
Ariel A. Soner
Executive Officer Compliance Officer
Corporate Secretary Ryan Martin L. Tapia Mary Grace M. Velasco
Atty. Wilfred Francis B. Martinez
Legal Counsel and Treasurer
Assistant Corporate Secretary Atty. Juan Paolo E. Colet
Atty. Steven Angelo C. Sy

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

144 Subsidiaries and Affiliate

28F BDO Equitable Tower

4F and 15F China Bank Building, 8751 Paseo de Roxas, Makati City
8745 Paseo de Roxas cor. Villar St., Makati City Tel. No.: (632) 8885-5798
Tel. Nos.: (632) 8885-5555; 8885-5053; 8885-5060
8885-5051; 8885-5052 Resurgent Capital (FISTC-AMC) Inc. (RECAP) is a
Fax No.: (632) 8885-5047; 8885-9458 special purpose subsidiary of China Bank Capital. It was
incorporated on September 6, 2021, with the primary
CBC Properties and Computer Center, Inc. (CBC-PCCI) purpose of investing in or acquiring non-performing assets
was created on April 14, 1982. It provides computer-related of financial institutions as contemplated under Republic
services solely to the China Bank group. It manages the Act No. 11523 or the Financial Institutions Strategic Transfer
Bank’s electronic banking and e-commerce requirements, (FIST) Act and its implementing rules and regulations.
including sourcing, developing and maintaining software
and hardware, financial systems, access devices and BOARD OF DIRECTORS MANAGEMENT TEAM
networks to foster the safety and soundness of China Chairman President and Chief
Bank’s technology infrastructure and keep its processing Romeo D. Uyan, Jr. Executive Officer
capabilities in top shape. Ryan Martin L. Tapia
Directors
Lilian Yu Vice President, Treasurer,
BOARD OF DIRECTORS MANAGEMENT TEAM
Rhodin Evan O. Escolar and Legal Counsel
Atty. Juan Paolo E. Colet Atty. Juan Paolo E. Colet
Chairman President Ryan Martin L. Tapia
Gilbert U. Dee Peter S. Dee Compliance Officer
Independent Directors Mary Grace M. Velasco
Directors Treasurer Margarita L. San Juan
Peter S. Dee William C. Whang Associate Compliance Officer
Claire Ann T. Yap
Ricardo R. Chua Juancho Jeff J. Uy
General Manager Corporate Secretary
William C. Whang
Manuel C. Tagaza Atty. Wilfred Francis B. Martinez
Delfin Jay M. Sabido IX*
Chief Technology Officer Assistant Corporate Secretary
Corporate Secretary
Francis Andre Z. De Los Santos** Atty. Steven Angelo C. Sy
Atty. Rikki Daniele Louis A.
Dela Paz *Effective January 1, 2023
**Effective September 1, 2022

10th Floor NEX Tower

6786 Ayala Avenue,
Makati City 1229, Philippines DIRECTORS AND OFFICERS
Customer Care: (632) 8884-7000 Chairperson Independent Directors Head of Training
Domestic Toll-free: 1-800-1-888-6268 Sachin Shah Janette L. Peña Juan Miguel Javellana
E-mail : phcustomercare@manulife.com Director/President &
Rhoda Regina R. Rara
Bancassurance Strategy Head
www.manulife-chinabank.com.ph Conrado Favorito
CEO Manulife Jared Anthony N. Uichico
Rahul Hora* Corporate Secretary
RBB Channel Heads
Manulife China Bank Life Assurance Corporation Atty. Abbiegail D. Sac
Director/President & Jannette Pasion-Domingo
(MCBLife) is a strategic alliance between Manulife CEO MCBL Assistant Corporate Jennifer Sanchez
Philippines and China Bank. MCBLife provides a Neil Bowyer** Secretary
Data Privacy Officer
wide range of innovative insurance products and Atty. Mara Kristina Herrera
Directors Atty. Anna Elizza Bustos-De Leon
services to China Bank and China Bank Savings Rahul Hora Treasurer and Controller
customers. MCBLife aims to ensure that every Neil Bowyer Edwin Magpantay
client receives the best possible solution to meet William C. Whang
Chief Legal and
his or her individual financial and insurance needs. Patrick D. Cheng
Compliance Officer
In 2014, China Bank raised its equity stake to 40% Matthew Lawrence
Atty. Fritzie P. Tangkia-
in MCBLife. Fabricante
*Effective October 3, 2022
**Effective July 14, 2022

CHINA BANKING CORPORATION


Products and Services
2-6
PESO DEPOSITS
Checking Account
• ChinaCheck Plus
An affordable interest-bearing checking
account that comes with an ATM card.
Savings Account
• ATM Savings
An interest-earning Peso-denominated
savings account that comes with an
ATM card.
• MoneyPlus Savings
An account that gives you flexibility and
liquidity. Build your account balance and
be rewarded.
• Young Savers
An interest-earning savings account for
children 17 years old and below.
Time Deposit
• Regular Time Deposit
For a low minimum placement, you can
earn higher interest than in a regular
savings account.
• Diamond Savings Account
A high-yield fixed-term deposit account
evidenced by a passbook.
• Money Lift Plus
A 5-year term deposit that offers floating
interest rate.
FOREIGN CURRENCY DEPOSITS
Savings
• Foreign Currency Savings Account
A Passbook-based, low initial deposit
and maintaining balance savings deposit
account offered in US Dollar, Euro,
Chinese Yuan, and Japanese Yen.
• Premium Savings Account
A Passbook-based savings account
offered in US Dollar. It optimizes your
funds for better earnings and with
monthly crediting of interest.
Time Deposit
• Foreign Currency Time Deposit Account
A time deposit account offered in US
Dollar and Euro which comes with
a certificate of deposit, and renewal
options.
DEPOSIT-RELATED SERVICES
Cash Card
A peso denominated re-loadable prepaid
card with no maintaining balance. Offers the
convenience of an ATM card without the need
to open a deposit account.
SSS Pensioner’s Account
A savings account for SSS pensioners for the
purpose of crediting pensions and other SSS
benefits.
Gift Check
A thoughtful gift for weddings, birthdays,
graduations, and other special occasions.
Manager’s Check
This is another way for clients to make
payments where checks are issued by the
Bank in exchange for their cash or debit from
current/savings account – these checks are
also considered “good as cash”.
Demand Draft
A check issued by the Bank against its own
account with our correspondent banks for use
of clients to transfer funds.
Safety Deposit Box
For the safekeeping / storage of valuables /
possessions and other important documents
under lock and key.
Night Depository Services
An overnight drop box service that allows
accountholders, usually small businesses, to
makes deposits after regular banking hours.
Cash Delivery and Deposit Pick-Up
Services
A convenient deposit pick-up and cash
delivery solution for secure cash handling.
Cash is transported via Bank armoured car
and all deposits are processed in a secure
bank facility where cash deposits are credited
the same day.
OVERSEAS KABABAYAN SERVICES
China Bank Remittance
Safe and affordable remittance service to the
Philippines through China Bank’s remittance
partners abroad. The remittances may be
credited to a China Bank account or any other
bank account, picked-up in cash from China
Bank / CBS branches and payout partners, or
delivered to the beneficiary in cash.
Overseas Kababayan Savings (OKS)
Account (PHP)
A Peso-denominated, no-initial deposit, and
no maintaining balance account for Overseas
Filipinos and their beneficiaries that makes
saving and sending /receiving remittances
more secure and convenient.
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
145
Overseas Kababayan Savings (OKS)
Account (USD)
A US dollar-denominated, lower initial deposit,
and no maintaining balance account for
Overseas Filipinos and their beneficiaries for
a more secure and convenient way of easier
sending/receiving remittances.
Pay to Cash
Remittance services available through the
China Bank mobile app—either Real-Time
Cash Pick-Up Anywhere service or Same Day
Cash Delivery (within NCR only).
LOANS AND CREDIT FACILITIES
Omnibus Line
A revolving master facility offered to
borrowers with subfacilities, including trade
and loan lines that may be shared with related
or affiliated companies.
Loan Line
A revolving facility under which funds may
be drawn, repaid and re-drawn at any point
within the loan tenor (usually renewable on a
yearly basis).
Term Loan
A non-revolving facility to be repaid within a
specified period. A term loan may have single
or multiple drawdowns, but once repaid, the
amounts cannot be re-drawn.
Trade Finance
Issuance of Trust Receipt and Letter of Credits
(“LC”), including Standby LC, Usance LC,
Sight LC, or Cash LC, Import LC or Export LC,
and which could be revocable or irrevocable.
Factoring Receivable
A credit facility offered to institutions where
the Bank purchases trade/account receivables
at a discounted rate.
Consumer Loans
• China Bank HomePlus
A loan for the purchase, construction,
and renovation of residential units,
refinancing of housing loans with on-
time payments, and reimbursement
within a year of purchase.
• China Bank AutoPlus
A loan for the purchase of brand
new, pre-owned vehicles, and fleet
requirements of companies and
reimbursement of purchase cost of
brand new vehicles within 30 days from
purchase date.
• Contract-to-Sell Facility
A Purchase of Receivables facility that is
granted to eligible real estate developers
for the purpose of liquefying their
receivables arising from their installment
sales covered by Contracts to Sell (CTS).
146 Product and Services
Credit Cards
• China Bank Wealth Mastercard
The premier card designed exclusively
for Wealth Management clients offering
luxurious experiences, exceptional
privileges, and personalized premium
service befitting an elite lifestyle.
• China Bank World Mastercard
The total luxury card that provides world-
class privileges such as access to a wide
spectrum of lifestyle events, global perks,
VIP lounges, and personal concierge.
• China Bank Platinum Mastercard
The ultimate travel companion card that
rewards cardholders when they travel,
shop, and dine anywhere in the world.
• China Bank Prime Mastercard
The everyday card that elevates
convenient cashless spending through
exciting perks, installment offers, and
rewards.
• China Bank Cash Rewards Mastercard
The must-have card that allows
cardholders to save as they spend with
up to 6% cash rebates.
• China Bank Freedom Mastercard
The card that offers perpetual waiver on
annual membership fees with access to
rewards and delightful deals.
INTERNATIONAL BANKING
Letter of Credit
An irrevocable written undertaking by the
Issuing Bank on behalf of the Applicant to
pay the Beneficiary against presentation of
complying documents as stipulated in the
credit.
Standby Letter of Credit
An irrevocable written undertaking by the
Issuing Bank on behalf of the Applicant to pay
the Beneficiary in case the Applicant defaults
on performance of the agreement.
Shipping Guarantee
A document issued by a bank at the request
of Applicant, addressed to the shipping line,
requesting to release stated merchandise
to the importer in lieu of submission of the
original bill of lading upon arrival of goods.
Documents against Payment
A bank to bank transaction in which the
exporter sends documents to the Exporter’s
bank with accompanying instruction to release
documents to the importer once payment was
received by the Importer’s bank.
CHINA BANKING CORPORATION
Documents against Acceptance
A bank to bank transaction in which the
exporter sends documents to the Exporter’s
bank with accompanying instruction to
release documents to the importer only upon
submission of signed bill of exchange payable
at a future date.
Advance Payment
Payments made in advance by the importer/
buyer to the exporter/supplier prior to
receiving the goods or services.
Open Account
An arrangement wherein the exporter directly
sends the documents to the importer and
ships the merchandise for payment at a future
date (minimum of 30 days from shipment
date).
Trust Receipt Loans
A document executed by an importer in favor
of a bank to finance an import transaction.
Export Bills Purchase
The Bank advances the receivables to the
exporter at a discount.
Export Collections
An arrangement wherein the Presenting Bank
sends the documents to the Collecting Bank
on collection basis. Payment to the Exporter
is made upon receipt of proceeds from the
Importer.
Customs and Duties Tax Payments
Collection and remittance of taxes, duties and
other levies to the Bureau of Customs.
Advising of Letters of Credit and Standby
Letters of Credit
Letters of Credit and/or Standby Letters of
Credit received from the Issuing Bank which
are checked by the Advising Bank for its
authenticity and workability for further advise
to the Beneficiary.
Purchase and Sale of Foreign Exchange
Buy and/or sell of foreign exchange to service
trade and non-trade requirements.
Inward and Outward Remittance Service -
Domestic and International
Send and receive money within the
Philippines or to and from other countries.
Foreign Currency Loans
Working capital loans to help strengthen cash
flow or help fund day to day operations.
TRUST
Unit Investment Trust Fund (UITF)
• China Bank Money Market Fund
A Peso-denominated UITF classified
as a money market fund, invested in
a diversified portfolio of marketable
fixed-income securities comprised
of deposits, tradable money market
instruments, government securities,
and corporate bonds and notes. The
Fund’s average duration is not more than
one year and caters to investors with
moderate risk appetite.
• China Bank Cash Fund
A Peso-denominated UITF classified as
a money market fund, invested primarily
in special savings deposits. The Fund’s
average duration is not more than
one year and caters to conservative
investors.
• China Bank Short-Term Fund
A Peso-denominated UITF classified as
a money market fund, invested primarily
in a diversified portfolio of marketable
financial instruments including deposits,
money market instruments, government
securities, and corporate bonds/notes
and preferred shares of stock (classified
as debt). The Fund’s average duration is
not more than one year and caters to
moderate investors.
• China Bank Intermediate Fixed-Income
Fund
A Peso-denominated UITF classified as
an intermediate bond fund, invested
primarily in a diversified portfolio of high-
grade marketable fixed-income securities
comprised of deposits, tradable money
market instruments, government
securities, corporate bonds and notes
and preferred shares of stock (classified
as debt). The Fund’s average duration is
not more than three years and caters to
investors with moderate risk appetite.
• China Bank Fixed Income Fund
A Peso-denominated UITF classified as a
long-term bond fund, invested primarily
in a diversified portfolio of high-grade
marketable fixed-income securities
such as government securities, tradable
corporate bonds and notes of varying
tenors, as well as bank deposits and
money market placements. The Fund’s
average duration is not more than ten
years and caters to investors with
moderate risk appetite.
• China Bank Balanced Fund
A Peso-denominated UITF classified
as a balanced fund, invested in a
diversified portfolio of high-grade
tradable fixed-income securities issued
by the Philippine government and local
corporations, and choice equity issues
listed in the Philippine Stock Exchange

(PSE). The equity component of the Fund
shall not exceed 60% of the portfolio at
any given time with an average duration
of not more than ten years for the fixed-
income investments. The Fund caters to
aggressive investors.
• China Bank Equity Fund
A Peso-denominated UITF classified as
an equity fund, invested in a diversified
portfolio of choice equity issues listed in
the PSE. The Fund caters to aggressive
investors with its equity component not
exceeding 95% of the portfolio at any
given time.
• China Bank High Dividend Equity Fund
A Peso-denominated UITF classified as
an equity fund, invested in a diversified
portfolio of choice common and preferred
equity issues listed in the PSE which
have regular dividend payment policy
and/or dividend payment track record.
The Fund caters to aggressive investors
with its equity component not exceeding
95% of the portfolio at any given time.
• China Bank Dollar Fund
A US Dollar-denominated UITF classified
as a long-term bond fund, invested
primarily in a diversified portfolio of high-
grade marketable securities comprised
mainly of Philippine sovereign bonds and
US treasury bonds of varying tenors. The
Fund’s average duration is not more than
ten years and caters to investors with
moderate risk appetite.
• China Bank Dollar Cash Fund
A US Dollar-denominated UITF classified
as a money market fund, invested in
fixed-income securities, mostly time
deposits, special savings accounts
and government securities. The Fund’s
average duration is not more than one
year and caters to conservative investors.
• China Bank Philippine Equity Index
Tracker Fund
A Peso-denominated UITF classified as
an equity index tracker fund, invested
in a diversified portfolio of stocks
representative of the Philippine Stock
Exchange Index (PSEi) composition and
its corresponding weights. The Fund
caters to aggressive investors and aims
to mirror the returns of its benchmark,
the PSEi.
Investment Management Arrangement
China Banking Corporation-Trust and Asset
Management Group (CBC-TAMG) handles
the administration and investment of funds
and assets of an individual in order to meet
his objectives. The arrangement may be
discretionary wherein CBC-TAMG has full
authority to make investment decisions based
on pre-agreed investment guidelines, or non-
discretionary wherein investment decisions
require prior client consent.
Personal Management Trust
A living trust arrangement wherein CBC-
TAMG acts as a trustee to manage the
client’s wealth or estate, generally for the
preservation of assets/properties for future
use of the beneficiaries, which may or may
not be a third party, and/or to answer for
current needs. CBC-TAMG shall ensure
fair and equitable distribution of wealth in
accordance with the client’s wishes and
defined instructions.
Escrow Services Arrangement
An arrangement wherein CBC-TAMG acts
as an independent third party or an escrow
agent to safeguard the interest of the parties
to a transaction on assets, documents or
funds while the terms and conditions of the
contract are being fulfilled. The following
types of escrow services are available: CGT,
Buy & Sell, POEA, DHSUD, and PAGCOR.
Employee Benefit Fund Management
A cost-effective corporate arrangement where
CBC-TAMG helps the company set up and
manage its retirement fund to benefit its
employees, avoid unnecessary cash flow
disruptions brought about by payment of
retirement benefits, and avail of possible tax
savings.
Corporate Fund Management
CBC-TAMG acts as an Investment Manager
authorized to administer the funds of a
corporation in accordance with pre-agreed
investment guidelines based on the
company’s objectives, liquidity requirements,
yield expectation, and risk tolerance. The
arrangement may either be discretionary or
non-discretionary.
Facility Agency Arrangement
CBC-TAMG acts as a liaison between
a corporate borrower and a group of
lenders to primarily ensure compliance
by the parties with all the terms and
conditions in syndicated loan facilities. The
arrangement may also cover receipt from and
disbursement of loan payments to the parties,
dissemination of notices and information to
all concerned, and coordination of creditors’
meetings, among others.
Security Trusteeship Arrangement
CBC-TAMG acts as a trustee over the
properties or assets offered as collateral or
are the subject of mortgage in favor of a
syndicate of creditors. The arrangement may
include the monitoring of required collateral
value, custodianship of security documents
such as agreements, titles to properties, and
insurance policies.
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
147
Collecting and Paying Agency Arrangement
CBC-TAMG facilitates the collection of
payment and prompt disbursement of
amounts due to a syndicate of lenders.
TREASURY
Investments
• Local currency-denominated
Government and Corporate Bond Issues
and Perpetual Notes
Peso-denominated debt Instruments
issued by the National Government
or select corporate entities with fixed
interest rates paid quarterly or semi-
annually, subject to final withholding tax.
• Foreign currency denominated
Government and Corporate Bond Issues
and Perpetual Notes
Foreign currency-denominated (US
Dollar, Euro, Japanese Yen, Chinese
Renminbi) debt Instruments issued by
the Philippine National Government,
other sovereign entities, or select local
and foreign Corporate entities with fixed
interest rates paid semi-annually.
• China Bank Bond
Peso-denominated debt instruments
issued by China Banking Corporation
with fixed interest rate paid monthly,
subject to final withholding tax.
Deposits and Deposit Substitutes
• Long Term Negotiable Certificate of
Deposit (LTNCD)
LTNCD issued by the Bank with a tenor
of at least five years with quarterly
interest payments; available in Philippine
Peso.
• Treasury Certificate of Deposit (TCD)
Short term deposits (overnight to one
year) evidenced by a certificate of
deposit; available in Philippine Peso, US
Dollar or Euro.
• Promissory Note
Short term deposits substitute (overnight
to one year) evidenced by a PN
Certificate; available in Philippine Peso;
not covered by PDIC.
Foreign Exchange & Derivatives
• Foreign Exchange
Spot, Forward and FX Swaps - an
agreement to buy/sell a currency for
another currency.
• Derivatives
Interest Rate and Cross Currency Swaps
- a bilateral agreement to exchange
periodic cash flows for a specific period
of time, based on an agreed notional
amount.
148 Product and Services
PAYMENT & SETTLEMENT
China Bank Automated Teller Machine
(ATM)
Self-service terminal that provides 24/7
banking services like cash withdrawal
(including cardless – fulfillment of transactions
staged in the China Bank Mobile App), balance
inquiry, bills payment, funds transfer, and
more. Selected China Bank ATMs are also
equipped for beep™ card reloading and load
balance inquiry.
China Bank Cash Accept Machine (CAM)
Deposit-taking terminal that facilitates
cardless transaction and real-time crediting of
deposits to a China Bank account.
China Bank TellerPhone
A phone banking facility that allows customers
to perform banking transactions via landline or
mobile phone.
China Bank Online
An internet-based banking channel that
provides customers direct access to their
accounts via their personal computer, laptop,
tablet, or mobile phone to do various banking
transactions.
China Bank Mobile Banking App
A free mobile application downloadable from
the App Store and Google Play that enables
customers to securely access their China
Bank accounts and bank on the go. The
App has unique features like RFID reloading,
Emergency Cash/No card On Withdrawal
(NOW) for cardless withdrawal thru China
Bank ATMs, Pay To Mobile/Just Use your
Mobile Phone (JUMP) for fund transfers to
anyone using only the recipient’s mobile
number, Shake to Scan for easy fund transfers
via QR, and more.
Point-Of-Sale (POS)
A local PIN-based payments solution using
a POS terminal that allows ATM cardholders
to use their cards as payment for goods or
services in select stores.
CASH MANAGEMENT
China Bank Online Corporate
An internet-based banking channel for
the business banking needs of corporate
customers. China Bank Online Corporate
securely facilitates basic banking services,
self-service functionalities, and Cash
Management Solutions.
CHINA BANKING CORPORATION
Liquidity Management via China Bank
Online Corporate
• Sure Sweep
Enables faster and more efficient
consolidation or distribution of funds for
easier disbursement and better yields.
• Corporate Inter-Bank Fund Transfer
Transfer funds online and real-time from
your China Bank account to accounts in
other banks.
• Multi-Bank SOA Concentration
Access account balances, transaction
reports, and account statements of your
china bank accounts and other bank
accounts.
Receivables Management
• Automatic Debit Arrangement (ADA)
Electronically initiate collections from
customers’ or subscribers’ enrolled
deposit accounts.
• Check Depot
Enjoy the convenience of automatic
crediting of post-dated checks (PDCs) as
they fall due.
• Bills Pay Plus
Provide your customers with convenient
payment options through China Bank’s
vast network of branches nationwide and
24/7 electronic banking channels.
• Referenced Deposit Solution
Provide your customers with convenient
payment options, while making use of
a deposit reference number, through
China Bank’s vast network of branches
nationwide.
• Smart Cash Safe Solution
Deposit cash 24/7 via a cash accepting
machine installed in your premises.
Payables Management
• Direct Debit Arrangement
Manage your recurring payments to
select utility companies via direct debit
from your China Bank account.
• Auto Credit Arrangement (ACA)
Electronically remit same day or future
dated payment instructions to the china
bank accounts of your payees.
• Check Writing Services
Free your company of the tedious task
of manually preparing a large number of
checks.
o Check Write plus Software - a stand-
alone solution that automates the
preparation of checks, vouchers, and
reports.
o Check Write Plus Outsourcing -
Outsource the printing and releasing
of your corporate checks or China
Bank manager’s checks.
o Check Write Plus Self-Service - A
web-based solution that automates
the preparation of checks, vouchers,
and reports.
• Payroll Services
Reduce administrative and manual
processes involved with paying your
employee’s salaries.
o Payroll Crediting - A web-based
solution for crediting your
employees’ China Bank payroll
accounts directly.
o Payroll Processing - Outsource
your entire payroll activity, from the
calculation of gross salary based on
attendance report up to generation
of net pay, pay slips, internal and
statutory reports.
o China Pay Software - A stand-alone
payroll & timekeeping program that
automates salary computation and
pay slip and report generation.
o Payroll 2.0 – a fully digital and cloud-
based payroll processing solution
accessible via web or mobile app.
POS Solutions
• Debit POS
Equip your business with the flexibility to
accept ATM and debit card payments.
• POS Cash Out
Provide your customers with the
convenience of cash withdrawals via a
POS device, and at the same time, have
an additional income channel.
Trade and Settlement Solutions
• SCCP Broker’s Solution
Settle stock transactions with the
Securities Clearing Corporation of the
Philippines via an electronic platform.
This solution facilitates net settlement of
daily stock trade among stock brokerage
firms of the PSE.
• Electronic Invoicing & Payment Solution
(Available Soon)
Reduce the time and cost of processing
invoices. This solution automates
and streamlines the presentation,
reconciliation, and settlement of
electronic invoices/receivables.
Government Payments and Collections
• Easy Tax Filing and Payment Solution
Electronically file and pay real property
taxes.
• Tax Payment Solution
File and pay Bureau of Internal Revenue
(BIR) taxes.
• eGov Payments
File and pay monthly contributions and
loan payments to Social Security System
(SSS), Philippine Health Insurance
Corporation (PhilHealth), and Pag-IBIG.
• SSS Sickness, Maternity, and Employee
Compensation (SSS SMEC)
Receive the SSS sickness, maternity and
compensation benefit reimbursements
of your employees via direct credit to
your company’s China Bank account.

INVESTMENT BANKING
(CHINA BANK CAPITAL)
Equity Capital Markets
Originates, structures, executes, and
distributes equity and equity-linked solutions
for corporate clients, including initial public
offerings, follow on offerings, stock right
offerings, preferred shares, and convertibles.
Debt Capital Markets
Assists corporate clients, financial institutions,
and the government access various sources
of capital through debt financing products,
including corporate notes, retail bonds,
commercial papers and promissory notes.
Loans, Project Finance, and Structured
Finance
Advises and works with clients with complex
financing solutions to support a diverse range
of purposes, projects, and transaction.
Advisory
Advises clients on mergers and acquisitions,
divestitures, joint ventures, valuation,
securitizations, tender offers, share buybacks,
and other corporate transactions.
STOCK BROKERAGE
(CHINA BANK SECURITIES)
Trading Account
Trader-assisted trading of stocks listed at the
Philippine Stock Exchange (PSE), covering
peso and dollar-denominated securities.
Online Trading
• ChinaBankSecOnline
Take the lead when buying and selling
PSE-listed stocks with ChinaBankSec
Online. Easily open an online trading
account online, access your account
using multiple devices, and get access
to top-notch trading tools and services.
• ChinaBankSec Alpha
For the active and more sophisticated
stock investor, gain access to more
advanced trading tools and information,
feel the market, pick the right stocks and
do conditional trades.
Research Services
Coverage of listed companies, industry
sectors, market outlook, daily/weekly market
updates, strategy reports, among others.
Other Equity-related Services
Distribution of Initial Public/Follow-on
Offerings (IPOs/FOOs), stabilization agent,
among others.
INSURANCE
(CHINA BANK INSURANCE BROKERS AND
MANULIFE CHINA BANK LIFE)
Personal Assets
• China Bank Residential Fire Insurance
Protection against fire and lightning,
natural disasters, riot, strike, malicious
damage; provides extended cover such
as smoke, falling aircraft, vehicle impact,
and explosion.
• China Bank Motor Insurance
Protection against own damage and
theft, acts of nature (earthquake fire &
shock, typhoon, and Flood), third party
bodily injury and property damage;
provides medical expenses for driver
and passengers and offers Compulsory
Third Party Liability (CTPL) as LTO
requirement.
• China Bank Personal Accident Insurance
Protection in case of accidental death,
disablement, and dismemberment;
provides reimbursement for medical
expenses due to accident, special cover
for sickness related cases (such as
Dengue, Chikungungya, Covid-19 and
leptospirosis), and 24/7 protection on
and off work or school.
• China Bank Travel Insurance
Protection for a passenger hours before
the flight and for the whole duration of
trip (domestic or international travel)
for accidental death and disablement;
provides cashless medical cover, and
protection against travel inconveniences
such as baggage loss, trip cancellation,
trip termination, etc.
• China Bank Medical Insurance
Health coverage for individuals to
protect against financial exposure due to
medical expenses as a result of accident
or illness which includes: cashless in-
patient and outpatient coverage including
pandemic-related cases, reimbursement
of medical expenses due to accident or
sickness, and hospital income benefit.
2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT
149
Business Assets
• China Bank Commercial and Industrial
Property Insurance
Provides comprehensive protection
against fire and lightning; natural
disasters (earthquake fire & shock,
typhoon and flood); riot, strike and
malicious damage; extended cover such
as smoke, falling aircraft, vehicle impact
and explosion; bursting and overflowing
of tanks, apparatus & pipes, sprinkler
leakage, and spontaneous combustion
among others; machinery breakdown
and business interruption (as extension
cover).
• China Bank Motor Fleet Insurance
Protects the owner against loss or
damage of vehicle and trucks due to
own damage and theft, acts of Nature
(earthquake fire & shock, typhoon and
flood); provides medical expenses
for driver and passengers and Third
Party Bodily Injury and Property
Damage coverage.
• China Bank Group Personal Accident
Insurance
Provides coverage protection for your
employees and key personnel and their
beneficiaries in case of accidental death,
disablement and Dismemberment;
provides reimbursement for medical
expenses incurred due to accident
and or sickness, special cover for
sickness related cases (such as
Dengue, Chikungungya, Covid-19
and leptospirosis), burial benefit,
motorcycling cover, and 24/7 protection
on and off work or school.
• China Bank Travel Insurance
Protection for a passenger hours before
the flight and for the whole duration of
trip (domestic or international travel)
for accidental death and disablement;
provides cashless medical cover, and
protection against travel inconveniences
such as baggage loss, trip cancellation,
trip termination, etc.; insurance
as requirement for VISA purposes
(Schengen countries).
• China Bank Medical Insurance
Offers health coverage for employees of
the company against financial exposure
due to medical expenses as a result of
accident or illness which includes: in
patient and outpatient coverage including
pandemic related cases, reimbursement
of medical expenses due to accident
or sickness, hospital income benefit,
third party administration for company’s
medical fund.
150 Product and Services
• China Bank Comprehensive General
Liability Insurance
Covers payment for accidental property
damage or bodily injury to a third party
including legal fees, if necessary, that
happens in the course of business
operations, including medical expenses
and other liability caused by negligence
of the assured / company, customer
damage to property, legal expenses.
• China Bank Electronic Equipment
Insurance
Provides accident insurance on an
“all risks” basis, covering sudden and
unforeseen loss or damage to the
insured equipment such as: Electronic
data processing (EDP) and office
equipment, communication and radio
equipment, graphics industry equipment,
broadcast and television equipment,
and other miscellaneous electronic
equipment.
• China Bank Money, Securities and
Payroll Insurance
Protection against loss of money used
for business operations as a result of
robbery, burglary or brigandage.
• China Bank Fidelity Guarantee Insurance
Protection against financial loss due
to dishonest or fraudulent acts of
employee.
• China Bank Property Floater
Covers loss or damage to mobile
equipment or moveable properties such
as construction equipment or machines,
portable electronic equipment or even
paintings or other personal items among
others against all risk.
• China Bank Contractors All Risks
Insurance (CARI)
Comprehensive insurance protection
against physical loss or damage for
construction works, contract works, civil
engineering works, construction plant
and equipment; liability to third party
bodily injury or property damage.
• China Bank Erection All Risks Insurance
(EARI)
Protection for contract works involving
electro-mechanical works, installation of
machinery and equipment, and the like.
Aside from contract works, EARI may
also cover testing and commissioning
once erection or installation is
successfully completed.
CHINA BANKING CORPORATION
• China Bank Marine Cargo
Covers various hazards related to the
movement of goods or cargo via air,
land or sea. The insurance can cover all
stages of delivery - from the time the
goods leave the warehouse,
throughout the course of transit, until
its delivery to the consignee’s final
warehouse.
• China Bank Marine Hull
Provides coverage for marine vessels
and their machinery against Loss or
Damage. Coverage can range from
comprehensive “All Risks” to limited
“Total Loss” only.
• China Bank Surety Bonds
To guarantee the principal’s responsibility
towards the obligee as required by law
or contract.
• China Bank Cyber Insurance
Covers the insured for liability to third
party from losses caused by a security
breach in the insured’s system plus other
direct losses the insured may incur as a
result of the breach.
• China Bank Professional Indemnity
Insurance
Provides coverage to professionals
as a group for loss or damage to
third party as a result of negligence,
misrepresentation or wrongful advice.
• China Bank Sabotage and Terrorism
Insurance
Provides cover against financial losses
directly resulting from politically
motivated violence or terrorism and
sabotage events.
• China Bank Kidnap and Ransom
Insurance
Protection against financial loss due to
ransom and extortion expenses; covers
response consultant fees, legal liability,
personal accident Insurance.
• China Bank Directors and Officers
Liability Insurance
Covers individual directors and officers of
the company from claims made against
them while performing their duties as
officer or director. The policy covers
negligent acts or omission causing
damage or loss to third party individual
or corporation.
Health
• MCBL Healthflex
A whole life health insurance plan
that allows you to customize your
critical illness coverage according to
your health needs and your budget. It
also offers extensive health coverage
with protection from up to 112 critical
illnesses and add-on benefits.
Protection
• MCBL Enrich Starter
For as low as P15,000 per year, get
protection coverage plus an opportunity
to start saving to achieve your financial
goals.
• MCBL Legacy Secure
Protect and secure yourself and your
family until you reach 100.
• MCBL Base Protect / Base Protect Plus
Choose the insurance coverage you
need: one year (yearly renewable) or five
years.
Savings
• MCBL FutureBoost
Affordable life insurance plan with
investments, designed to hustle with
you and reward you with bonuses so you
can secure every stage of your life.
• MCBL Invest
A life insurance plan packed with
potential wealth-building value. Choose
among different funds that invest in
some of the largest and most profitable
companies in the world.
• MCBL Assure Max
Protect yourself for 20 years or up to age
65 with a life insurance benefit equal to
200% of your basic coverage.
Wealth
• MCBL WealthOne
Variable life insurance options that let
you invest in a variety of funds while
keeping you protected from life’s
uncertainties.
Group
• MCBL SecurePinoy
For about Php 1/day* or Php 500/year,
you can enjoy Php 35,000 worth of life
protection coverage or Php 200,000 for
accidental death plus Php 10,000 worth
of medical reimbursement.
• MCBL Group Life Insurance
Provide your employees’ families
monetary support in case of the demise
of the employee. Employees can enjoy
the benefits as long as they are with the
company.
• MCBL Group Health Insurance
Provide extra health coverage and
financial benefits for your employees.
• MCBL Group Credit Life
Protect your company from financial
losses from unpaid loans. This plan
ensures that loans are settles, whatever
happens.
• MCBL Group Personal Accident
Insurance
Secures employees from out-of-pocket
expense in case of accidents.
 151

Topic Boundary
3-1

OUR CAPITAL TOPIC BOUNDARY DISCLOSURE REFERENCE

Financial and Economic Performance Business Operations, GRI 3-3, 201-1
Manufactured Contribution to the SDGs Customers, GRI 3-3, 203-1, 203-2,
Capital Employees, SASB FN-CB-240A.1,
Shareholders, FN-CB-240A.4
Suppliers,
Communities,
Government and
Regulators
Human and Human Resources Employees GRI 3-3, 2-7, 2-8
Intellectual Finding the Right Talents GRI 3-3, 401-1
Capital
Promoting Diversity and Equal Opportunity GRI 405-1, 406-1
Providing Fair and Competitive Compensation GRI 201-3, 401-2, 401-3
Maintaining Strong Employee Relationship through CBA GRI 2-30
Developing Talents GRI 404-1, 404-2
Recognizing and Rewarding Hard Work GRI 404-3
Managing Employee Turnover GRI 2-25, 401-1
Health and Safety GRI 3-3, 403-1, 403-2, 403-6,
403-7, 403-8
Spreading Health and Safety Awareness GRI 403-3
Ensuring Covid-19 Protection GRI 403-6
Promoting Health And Wellness
Social and Financial Inclusion Business Operations, GRI 3-3, 413-1,
Relationship Lowering the Barriers to Account Opening Customers, SASB FN-CB-240A.1
Capital Employees,
Enabling Fast and Secure Digital Payments
Communities,
Making Stock Investing Easy Government and
Making Insurance Affordable Regulators
Developing A Culture of Saving
Investing in Our Communities GRI 3-3, 413-1
Consumer Protection GRI 3-3
Managing Customer Interactions
Measuring Customer Satisfaction
Assisting Customers
Data Privacy and Cyber Security GRI 3-3, 418-1,
Keeping Up with Data Privacy Laws SASB FN-CB-230A.2
Managing Customer Data
Reinforcing Cyber Security
Natural Capital Environmental Footprint Business Operations GRI 3-3
Managing Fuel Consumption and Employees GRI 302-1
Managing Water Consumption GRI 303-5
Managing Electricity Consumption and Indirect Emission GRI 305-1, 305-2

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

152

GRI Content Index

Statement of use China Banking Corporation has reported in accordance with the GRI Standards
for the period of January 1, 2022 to December 31, 2022.

For the Content Index - Essentials Service, GRI Services reviewed that the GRI content index is clearly presented, in a manner
consistent with the Standards, and that the references for disclosures 2-1 to 2-5, 3-1 and 3-2 are aligned with the appropriate
sections in the body of the report.

PAGE NUMBER AND/ OR

GRI STANDARD DISCLOSURE
DIRECT ANSWERS
GRI 1 USED: GRI 1 Foundation 2021 NA
General Disclosures
GRI 2: General The organization and its reporting practices
Disclosures 2021 2-1 Organizational details 4-7
2-2 Entities included in the organization’s sustainability reporting 4-7, 100-109
2-3 Reporting period, frequency and contact point 2
2-4 Restatements of information 46, 47, 60
2-5 External assurance No external assurance has been
provided for the report
Activities and workers
2-6 Activities, value chain, and other business relationships 4-7, 8-13, 14-15, 73-77, 145-150
2-7 Employees 43-48
2-8 Workers who are not employees 43
Governance
2-9 Governance structure and composition 62, 63-65, 70-71
2-10 Nomination and selection of the highest governance body 66
2-11 Chair of the highest governance body 70-71
2-12 Role of the highest governance body in overseeing the management 62, 63-65, 70-71
of impacts
2-13 Delegation of responsibility for managing impacts 70-71
2-14 Role of the highest governance body in sustainability reporting 34
2-15 Conflicts of interest 73
2-16 Communication of critical concerns 73-77
2-17 Collective knowledge of the highest governance body 68
2-18 Evaluation of the performance of the highest governance body 68
2-19 Remuneration policies 68, 76
2-20 Process to determine remuneration Confidentiality constraints.
While the bank believes that
its process for determining
remuneration is appropriate,
it is constrained to disclose
its process.
2-21 Annual total compensation ratio Confidentiality constraints.
While the bank believes that its
annual total compensation ratio
is appropriate, it is constrained
to disclose the ratio.

CHINA BANKING CORPORATION

 153

PAGE NUMBER AND/ OR

GRI STANDARD DISCLOSURE
DIRECT ANSWERS
Strategy, policies and practices
2-22 Statement on sustainable development strategy 8-13, 33
2-23 Policy commitments 4-7, 33, 73-77
2-24 Embedding policy commitments 34
2-25 Processes to remediate negative impacts 35, 48
2-26 Mechanisms for seeking advice and raising concerns 35
2-27 Compliance with laws and regulations Confidentiality constraints.
While the bank is not subject
to any significant fines or
non-monetary sanctions, it is
constrained to disclose the
number of pending discussions.
2-28 Membership associations See list on page 154
Stakeholder engagement
2-29 Approach to stakeholder engagement 35, 126-141
2-30 Collective bargaining agreements 46
Material Topics
GRI 3: Material Topics 2021 3-1 Process to determine material topics 2, 36, 151
3-2 List of material topics 36
Health and Safety
GRI 3: Material Topics 2021 3-3 Management of material topics 49-50
GRI 403: Occupational 403-1 Occupational health and safety management system 49-50
Health And Safety 2018 403-2 Hazard identification, risk assessment, and incident investigation 49-50
403-3 Worker training on occupational health and safety 50
403-6 Promotion of worker health 49-50
403-7 Prevention and mitigation of occupational health and safety impacts 49-50
directly linked by business relationships
403-8 Workers covered by an occupational health and safety 49-50
management system
Business Ethics
GRI 2: General 2-22 Statement on sustainable development strategy 8-13, 33
Disclosures 2021 2-23 Policy commitments 4-7, 33, 73-77
2-24 Embedding policy commitments 34
2-25 Processes to remediate negative impacts 35, 48
2-26 Mechanisms for seeking advice and raising concerns 35
Corporate Governance
GRI 2: General 2-9 Governance structure and composition 62, 63-65, 70-71
Disclosures 2021 2-10 Nomination and selection of the highest governance body 66
2-11 Chair of the highest governance body 70-71
2-12 Role of the highest governance body in overseeing the management 62, 63-65, 70-71
of impacts
Talent Attraction and Retention
GRI 3: Material Topics 2021 3-3 Management of material topics 43-48
GRI 401: Employment 2016 401-1 New employee hires and employee turnover 44, 48
401-2 Benefits provided to full-time employees that are not provided to 46
temporary or part-time employees
401-3 Parental leave 46

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

154 GRI Content Index

PAGE NUMBER AND/ OR

GRI STANDARD DISCLOSURE
DIRECT ANSWERS
Anti Corruption and Anti-bribery
GRI 3: Material Topics 2021 3-3 Management of material topics 73-77
GRI 205: Anti-Corruption 205-1 Operations assessed for risks related to corruption 73-77
2016
Digitalization
GRI 3: Material Topics 2021 3-3 Management of material topics 57-59

GRI 418: Customer Privacy 418-1 Substantiated complaints concerning breaches of customer privacy 57-59
2016 and losses of customer data
Labor Standards
GRI 3: Material Topics 2021 3-3 Management of material topics 45
GRI 405: Diversity and 405-1 Diversity of governance bodies and employees 45
Equal Opportunity 2016

GRI 406: 406-1 Incidents of discrimination and corrective actions taken 45

Non-discrimination 2016
Training And Education
GRI 3: Material Topics 2021 3-3 Management of material topics 46-47
GRI 404: Training and 404-1 Average hours of training per year per employee 46-47
Education 2016
404-2 Programs for upgrading employee skills and transition assistance 46-47
programs
404-3 Percentage of employees receiving regular performance 47
and career development reviews
Innovation
GRI 3: Material Topics 2021 3-3 Management of material topics 51-54
GRI 413: Local 413-1 Operations with local community engagement, impact assessments, 51-54
Communities 2016 and development programs
Economic Performance
GRI 3: Material Topics 2021 3-3 Management of material topics 8-13, 40, 42
GRI 201: Economic 201-1 Direct economic value generated and distributed 42
Performance 2016 201-3 Defined benefit plan obligations and other retirement plans 46
GRI 203 : Indirect 203-1 Infrastructure investments and services supported 40-41
Economic Impacts 2016 203-2 Significant indirect economic impacts 40-41
Energy, Water and Emissions
GRI 3: Material Topics 2021 3-3 Management of material topics 60
GRI 302: Energy 2016 302-1 Energy consumption within the organization 60
GRI 303: Water and 303-5 Water consumption 60
Effluents 2018
GRI 305: Emissions 2016 305-1 Direct (Scope 1) GHG emissions 60
305-2 Energy indirect (Scope 2) GHG emissions 60

Memberships in Associations:
Trust Officers Association of the Philippines; ACI Philippines; Association of Bank Compliance Officers, Inc.;
Association of Bank Remittance Officers, Inc.; Association of Philippine Correspondent Banking Officers, Inc.;
Bankers’ Association of the Philippines; Bankers’ Institute of the Philippines, Inc.; Bank Marketing Association of the Philippines;
Business Continuity Managers Association of the Philippines; Chamber of Thrift Banks; Credit Card Association of the Philippines;
Credit Management Association of the Philippines; Financial Executives of the Philippines;
Fund Managers Association of the Philippines; Good Governance Advocates and Practitioners of the Philippines;
Information Security Officers Group; Investment House Association of the Philippines;
Money Market Association of National Advertisers; Personnel Management Association;
Philippine Association of National Advertisers; Philippine Business for the Environment; Philippine Payments Management, Inc.;
Public Relations Society of the Philippines; UNISDR Private Sector Alliance for Disaster Resilient Societies;
Various Local Business Clubs

CHINA BANKING CORPORATION

 155

SASB Content Index

TOPIC ACOUNTING METRIC CODE PAGE NUMBERS

Data Security (1) Number of data breaches, (2) percentage involving FN-CB-230a.1 No significant data
personally identifiable information (PII), (3) number of privacy breach
account holders affected recorded
Description of approach to identifying and addressing data FN-CB-230a.2
57-59
security risks
Financial Inclusion (1) Number and (2) amount of loans outstanding qualified FN-CB-240a.1
38-39,
and Capacity Building to programs designed to promote small business and
51-54
community development
(1) Number and (2) amount of past due and nonaccrual FN-CB-240a.2
loans qualified to programs designed to promote small Not disclosed
business and community development
Number of no-cost retail checking accounts provided to FN-CB-240a.3
Not disclosed
previously unbanked or underbanked customers
Number of participants in financial literacy initiatives for FN-CB-240a.4
38
unbanked, underbanked, or underserved customers
Incorporation of Commercial and industrial credit exposure, by industry FN-CB-410a.1 Not disclosed
Environmental, Social,
Description of approach to incorporation of environmental, FN-CB-410a.2
and Governance
social, and governance (ESG) factors in credit analysis 61
Factors in Credit
Analysis
Business Ethics Total amount of monetary losses as a result of legal FN-CB-510a.1
proceedings associated with fraud, insider trading,
anti-trust, anti-competitive behavior, market manipulation, 100-109
malpractice, or other related financial industry laws or
regulations
Description of whistleblower policies and procedures FN-CB-510a.2 75
Systemic Risk Global Systemically Important Bank (G-SIB) score, by FN-CB-550a.1
Not applicable
Management category
Description of approach to incorporation of results of FN-CB-550a.2
mandatory and voluntary stress tests into capital adequacy
80
planning, long-term corporate strategy, and other business
activities

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

156

Investor Information

ANNUAL STOCKHOLDERS’ MEETING

INVESTOR INQUIRIES
April 20, 2023, Thursday, 4:00 p.m.
conducted virtually via We welcome inquiries from investors, analysts, and the financial
https://www.chinabank.ph/asm2023 community. For information about the developments
at China Bank, please contact:
China Bank cares for the health and safety of our stockholders,
employees and involved participants in the Stockholders' Meeting. The Gerald O. Florentino
Bank's 2023 Annual Stockholders' Meeting will be an online event. First Vice President and Head
Investor & Corporate Relations Group
SHAREHOLDER SERVICES China Banking Corporation
28/F BDO Equitable Tower
For inquiries or concerns regarding dividend payments, account 8751 Paseo de Roxas
status, change of address or lost or damaged stock certificates, Makati City 1226, Philippines
please get in touch with:
Tel. No.: (+632) 8885-5609
Stocks and External Relations Email: investor-relations@chinabank.ph
Office of the Corporate Secretary Website: www.chinabank.ph
China Banking Corporation
11/F China Bank Building CUSTOMER INFORMATION
8745 Paseo de Roxas cor. Villar St.
Makati City 1226, Philippines We welcome letters or all such communications on matters
pertaining to the management of the Bank, stockholders’ rights, or
Contact persons: any other bank-related issues of importance. Stockholders who wish
Atty. Wilfred Francis B. Martinez to communicate with any or all of the members of the China Bank
Atty. Steven Angelo C. Sy Board of Directors may send letters to:
Jaime G. Dela Cruz
Atty. Leilani B. Elarmo
Tel. No.: (+632) 8230-6987; 8885-6890; 8885-5135 Vice President and Corporate Secretary
Fax No.: (+632) 8403-5813 China Banking Corporation
Email: wfbmartinez@chinabank.ph 11/F China Bank Building
sacsy@chinabank.ph 8745 Paseo de Roxas cor. Villar St.
ocsstocks@chinabank.ph Makati City 1226, Philippines

Stock Transfer Service, Inc. Email: ocsstocks@chinabank.ph

Unit 34-D Rufino Pacific Tower wfbmartinez@chinabank.ph
6784 Ayala Ave. sacsy@chinabank.ph
Makati City 1226, Philippines
CUSTOMER ASSISTANCE CHANNELS
Contact persons:
Antonio M. Laviña Aside from China Bank branches nationwide, our customers and
Ricardo D. Regala, Jr. the public can reach us though the following:

Tel. Nos.: (+632) 8403-2410; 8403-2412; 5310-3671 Customer Contact Center Hotline
Fax No.: (+632) 8403-2414 Metro Manila: 888-55-888
Domestic Toll-Free: 1-800-1888-5888 (PLDT)
International Toll-free: Visit www.chinabank.ph for the list of
countries and toll-free numbers
Email
online@chinabank.ph
Viber
+639178814263
Facebook
www.facebook.com/chinabankph
Twitter
www.twitter.com/chinabankph
Mail
Customer Contact Center,
China Bank Building, 8745 Paseo de Roxas
corner Villar St., Makati City 1226 Philippines

CHINA BANKING CORPORATION

POST-CONSUMER RECOVERED FIBER
The cover of this China Bank Annual Financial & Sustainability Report is printed on
Radiance New Evolution White 280 gsm. Radiance is an uncoated felt-marked paper that
captures the extraordinary printing definition and effects of a coated paper, certified
by the Forest Stewardship Council (FSC) which promotes environmentally appropriate,
socially beneficial, and economically viable management of the world’s forest.

The inside pages are printed on Magno Plus Silk White 100 gsm, a PEFC Credit material
and FSC Mix Credit material certified product made from European mills. By optimizing
the use of natural resources, this product achieves environmental sustainability while
keeping the highest quality.
CHINA BANKING CORPORATION
China Bank Building
8745 Paseo de Roxas corner Villar Street
Makati City 1226 Philippines

www.chinabank.ph
 THE CORE OF OUR

MISSION
2022 NOTES TO
FINANCIAL STATEMENTS
 1

Notes to Financial Statements

ɯˑ CORPORATE INFORMATION

China Banking Corporation (the Parent Company) is a publicly listed universal bank incorporated in the Philippines. The Parent
Company acquired its universal banking license in 1991. It provides expanded commercial banking products and services such
HZ KLWVZP[ WYVK\J[Z SVHUZ HUK [YHKL ÄUHUJL KVTLZ[PJ HUK MVYLPNU M\UK [YHUZMLYZ [YLHZ\Y` WYVK\J[Z [Y\Z[ WYVK\J[Z MVYLPNU
L_JOHUNL JVYWVYH[L ÄUHUJL HUK V[OLY PU]LZ[TLU[ IHURPUN ZLY]PJLZ [OYV\NO H UL[^VYR VM   HUK  SVJHS IYHUJOLZ HZ VM
December 31, 2022 and 2021, respectively.

;OL 7HYLU[ *VTWHU` HJX\PYLK P[Z VYPNPUHS *LY[PÄJH[PVU VM 0UJVYWVYH[PVU PZZ\LK I` [OL :LJ\YP[PLZ HUK ,_JOHUNL *VTTPZZPVU
:,*VU1\S` )`]PY[\LVM:LJ[PVUVM9LW\ISPJ(J[5VHSZVRUV^UHZ[OL¸9L]PZLK*VYWVYH[PVU*VKLVM[OL
7OPSPWWPULZ¹^OPJO[VVRLќLJ[VU-LIY\HY` [OL7HYLU[*VTWHU`OHZHWLYWL[\HSL_PZ[LUJL

;OL7HYLU[*VTWHU`OHZ[OLMVSSV^PUNZ\IZPKPHYPLZ!

,ќLJ[P]L7LYJLU[HNLZVM *V\U[Y`VM
6^ULYZOPW Incorporation
2022 2021 HUK7SHJLVM
:\IZPKPHY` Business 7YPUJPWHS(J[P]P[PLZ
Chinabank Insurance Brokers, Inc. (CIBI) 100.00% 100.00% Philippines Insurance brokerage
CBC Properties and Computer Center, Inc. (CBC-PCCI) 100.00% 100.00% Philippines Computer services
*OPUH)HUR:H]PUNZ0UJ*):0 98.29% 98.29% Philippines 9L[HPSHUKJVUZ\TLYIHURPUN
China Bank Capital Corporation (CBCC) 100.00% 100.00% Philippines Investment house
*)*(ZZL[Z6UL:7*0UJ 100.00% 100.00% Philippines :WLJPHSW\YWVZLJVYWVYH[PVU
*OPUH)HUR:LJ\YP[PLZ*VYWVYH[PVU*)*:LJ 100.00% 100.00% Philippines :[VJRIYVRLYHNL
9LZ\YNLU[*HWP[HS-0:;(4*0UJ* 100.00% 100.00% Philippines -0:;*VYWVYH[PVU

;OL 7HYLU[ *VTWHU` OHZ UV \S[PTH[L WHYLU[ JVTWHU`  :4 0U]LZ[TLU[Z *VYWVYH[PVU P[Z ZPNUPÄJHU[ PU]LZ[VY OHZ LќLJ[P]L
V^ULYZOPWPU[OL7HYLU[*VTWHU`VM HZVM+LJLTILYHUK

;OL7HYLU[*VTWHU`»ZWYPUJPWHSWSHJLVMI\ZPULZZPZH[7HZLVKL9V_HZJVY=PSSHY:[4HRH[P*P[`

ɰˑ SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

)HZPZVM7YLWHYH[PVU
;OLHJJVTWHU`PUNJVUZVSPKH[LKÄUHUJPHSZ[H[LTLU[ZPUJS\KL[OLÄUHUJPHSZ[H[LTLU[ZVM[OL7HYLU[*VTWHU`HUKP[ZZ\IZPKPHYPLZ
JVSSLJ[P]LS`YLMLYYLK[VHZ¸[OL.YV\W¹

;OL HJJVTWHU`PUN ÄUHUJPHS Z[H[LTLU[Z OH]L ILLU WYLWHYLK VU H OPZ[VYPJHS JVZ[ IHZPZ L_JLW[ MVY ÄUHUJPHS PUZ[Y\TLU[Z H[ MHPY
]HS\L[OYV\NOWYVÄ[VYSVZZ-=;73KLYP]H[P]LJVU[YHJ[ZKLZPNUH[LKHZOLKNLZHUKÄUHUJPHSHZZL[ZH[MHPY]HS\L[OYV\NOV[OLY
JVTWYLOLUZP]LPUJVTL-=6*0;OLÄUHUJPHSZ[H[LTLU[ZHYLWYLZLU[LKPU7OPSPWWPULWLZVHUKHSS]HS\LZHYLYV\UKLK[V[OL
ULHYLZ[[OV\ZHUKL_JLW[^OLUV[OLY^PZLPUKPJH[LK

;OLÄUHUJPHSZ[H[LTLU[ZVM[OL7HYLU[*VTWHU`YLÅLJ[[OLHJJV\U[ZTHPU[HPULKPU[OL9LN\SHY)HURPUN<UP[9)<HUK-VYLPNU
*\YYLUJ`+LWVZP[<UP[-*+<;OLÄUHUJPHSZ[H[LTLU[ZVM[OLZL\UP[ZHYLJVTIPULKHM[LYLSPTPUH[PUNPU[LY\UP[HJJV\U[Z

,HJO LU[P[` PU [OL .YV\W KL[LYTPULZ P[Z V^U M\UJ[PVUHS J\YYLUJ` HUK P[LTZ PUJS\KLK PU [OL ÄUHUJPHS Z[H[LTLU[Z VM LHJO LU[P[`
HYLTLHZ\YLK\ZPUN[OH[M\UJ[PVUHSJ\YYLUJ`;OLM\UJ[PVUHSJ\YYLUJ`VM[OL7HYLU[*VTWHU`HUKLHJOVM[OLZ\IZPKPHYPLZPZ[OL
7OPSPWWPULWLZVL_JLW[MVY[OL-*+<VM[OL7HYLU[*VTWHU`HUK*):0^OVZLM\UJ[PVUHSJ\YYLUJ`PZ<:+

:[H[LTLU[VM*VTWSPHUJL
;OL ÄUHUJPHS Z[H[LTLU[Z VM [OL .YV\W HUK [OL 7HYLU[ *VTWHU` OH]L ILLU WYLWHYLK PU JVTWSPHUJL ^P[O 7OPSPWWPUL -PUHUJPHS
9LWVY[PUN:[HUKHYKZ7-9:

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

2

7YLZLU[H[PVUVM-PUHUJPHS:[H[LTLU[Z
;OLIHSHUJLZOLL[ZVM[OL.YV\WHUKVM[OL7HYLU[*VTWHU`HYLWYLZLU[LKPUVYKLYVMSPX\PKP[`(UHUHS`ZPZYLNHYKPUNYLJV]LY`
VMHZZL[ZVYZL[[SLTLU[VMSPHIPSP[PLZ^P[OPUTVU[OZHM[LY[OLYLWVY[PUNKH[LJ\YYLU[HUKTVYL[OHUTVU[OZHM[LY[OLYLWVY[PUN
KH[LUVUJ\YYLU[PZWYLZLU[LKPU5V[L

-PUHUJPHSHZZL[ZHUKÄUHUJPHSSPHIPSP[PLZHYLVќZL[HUK[OLUL[HTV\U[YLWVY[LKPU[OLIHSHUJLZOLL[ZVUS`^OLU[OLYLPZHSLNHSS`
LUMVYJLHISLYPNO[[VVќZL[[OLYLJVNUPaLKHTV\U[ZHUK[OLYLPZHUPU[LU[PVU[VZL[[SLVUHUL[IHZPZVY[VYLHSPaL[OLHZZL[HUKZL[[SL
[OLSPHIPSP[`ZPT\S[HULV\ZS`;OL.YV\WHUK[OL7HYLU[*VTWHU`HZZLZZ[OH[[OL`OH]LJ\YYLU[S`LUMVYJLHISLYPNO[VMVќZL[PM[OL
YPNO[PZUV[JVU[PUNLU[VUHM\[\YLL]LU[HUKPZSLNHSS`LUMVYJLHISLPU[OLUVYTHSJV\YZLVMI\ZPULZZL]LU[VMKLMH\S[HUKL]LU[VM
PUZVS]LUJ`VYIHURY\W[J`VM[OL.YV\W[OL7HYLU[*VTWHU`HUKHSSVM[OLJV\U[LYWHY[PLZ

0UJVTL HUK L_WLUZLZ HYL UV[ VќZL[ PU [OL Z[H[LTLU[ VM PUJVTL \USLZZ YLX\PYLK VY WLYTP[[LK I` HU` HJJV\U[PUN Z[HUKHYK VY
PU[LYWYL[H[PVUHUKHZZWLJPÄJHSS`KPZJSVZLKPU[OLHJJV\U[PUNWVSPJPLZVM[OL.YV\WHUK[OL7HYLU[*VTWHU`

)HZPZVM*VUZVSPKH[PVUHUK0U]LZ[TLU[ZPU:\IZPKPHYPLZ
;OL JVUZVSPKH[LK ÄUHUJPHS Z[H[LTLU[Z VM [OL .YV\W HYL WYLWHYLK MVY [OL ZHTL YLWVY[PUN `LHY HZ [OL 7HYLU[ *VTWHU` \ZPUN
JVUZPZ[LU[HJJV\U[PUNWVSPJPLZ(SSZPNUPÄJHU[PU[YHNYV\WIHSHUJLZ[YHUZHJ[PVUZHUKPUJVTLHUKL_WLUZLZYLZ\S[PUNMYVTPU[YH
NYV\W[YHUZHJ[PVUZHYLLSPTPUH[LKPUM\SS

:\IZPKPHYPLZHYLJVUZVSPKH[LKMYVT[OLKH[LVU^OPJOJVU[YVSPZVI[HPULKI`[OL7HYLU[*VTWHU`

;OL.YV\WJVU[YVSZHUPU]LZ[LLPMHUKVUS`PM[OL.YV\WOHZ!

• WV^LYV]LY[OLPU]LZ[LLPLL_PZ[PUNYPNO[Z[OH[NP]LP[[OLJ\YYLU[HIPSP[`[VKPYLJ[[OLYLSL]HU[HJ[P]P[PLZVM[OLPU]LZ[LL"
• L_WVZ\YLVYYPNO[Z[V]HYPHISLYL[\YUZMYVTP[ZPU]VS]LTLU[^P[O[OLPU]LZ[LLHUK
• [OLHIPSP[`[V\ZLP[ZWV^LYV]LY[OLPU]LZ[LL[VHќLJ[P[ZYL[\YUZ

>OLU[OL.YV\WOHZSLZZ[OHUHTHQVYP[`VM[OL]V[PUNVYZPTPSHYYPNO[ZVMHUPU]LZ[LL[OL.YV\WJVUZPKLYZHSSYLSL]HU[MHJ[ZHUK
JPYJ\TZ[HUJLZPUHZZLZZPUN^OL[OLYP[OHZWV^LYV]LYHUPU]LZ[LLPUJS\KPUN!

• [OLJVU[YHJ[\HSHYYHUNLTLU[^P[O[OLV[OLY]V[LOVSKLYZVM[OLPU]LZ[LL
• YPNO[ZHYPZPUNMYVTV[OLYJVU[YHJ[\HSHYYHUNLTLU[Z
• [OL.YV\W»Z]V[PUNYPNO[ZHUKWV[LU[PHS]V[PUNYPNO[Z

;OL.YV\WYLHZZLZZLZ^OL[OLYVYUV[P[JVU[YVSZHUPU]LZ[LLPMMHJ[ZHUKJPYJ\TZ[HUJLZPUKPJH[L[OH[[OLYLHYLJOHUNLZ[VVULVY
TVYLVM[OL[OYLLLSLTLU[ZVMJVU[YVS*VUZVSPKH[PVUVMHZ\IZPKPHY`ILNPUZ^OLU[OL.YV\WVI[HPUZJVU[YVSV]LY[OLZ\IZPKPHY`
HUKJLHZLZ^OLU[OL.YV\WSVZLZJVU[YVSVM[OLZ\IZPKPHY`(ZZL[ZSPHIPSP[PLZPUJVTLHUKL_WLUZLZVMHZ\IZPKPHY`HJX\PYLK
VYKPZWVZLKVMK\YPUN[OL`LHYHYLPUJS\KLKPU[OLJVUZVSPKH[LKÄUHUJPHSZ[H[LTLU[ZMYVT[OLKH[L[OL.YV\WNHPUZJVU[YVS\U[PS
[OLKH[L[OL.YV\WJLHZLZ[VJVU[YVS[OLZ\IZPKPHY`7YVÄ[VYSVZZHUKLHJOJVTWVULU[VMV[OLYJVTWYLOLUZP]LPUJVTL6*0
HYLH[[YPI\[LK[V[OLLX\P[`OVSKLYZVM[OL.YV\WHUK[V[OLUVUJVU[YVSSPUNPU[LYLZ[Z>OLUULJLZZHY`HKQ\Z[TLU[ZHYLTHKL[V
[OLÄUHUJPHSZ[H[LTLU[ZVM[OLZ\IZPKPHY`[VIYPUNP[ZHJJV\U[PUNWVSPJPLZPU[VSPUL^P[O[OL.YV\W»ZHJJV\U[PUNWVSPJPLZ(SSPU[YH
NYV\WHZZL[ZHUKSPHIPSP[PLZLX\P[`PUJVTLL_WLUZLZHUKJHZOÅV^ZYLSH[PUN[V[YHUZHJ[PVUZIL[^LLUTLTILYZVM[OL.YV\WHYL
LSPTPUH[LKPUM\SSVUJVUZVSPKH[PVU

(JOHUNLPU[OLV^ULYZOPWPU[LYLZ[VMHZ\IZPKPHY`^P[OV\[HSVZZVMJVU[YVSPZHJJV\U[LKMVYHZHULX\P[`[YHUZHJ[PVU0M[OL.YV\W
SVZLZJVU[YVSV]LYHZ\IZPKPHY`P[!

• +LYLJVNUPaLZ[OLHZZL[ZPUJS\KPUNNVVK^PSSHUKSPHIPSP[PLZVM[OLZ\IZPKPHY`
• +LYLJVNUPaLZ[OLJHYY`PUNHTV\U[VMHU`UVUJVU[YVSSPUNPU[LYLZ[
• +LYLJVNUPaLZ[OLYLSH[LK6*0YLJVYKLKPULX\P[`HUKYLJ`JSL[OLZHTL[VWYVÄ[VYSVZZVYZ\YWS\Z
• 9LJVNUPaLZ[OLMHPY]HS\LVM[OLJVUZPKLYH[PVUYLJLP]LK
• 9LJVNUPaLZ[OLMHPY]HS\LVMHU`PU]LZ[TLU[YL[HPULK
• 9LJVNUPaLZ[OLYLTHPUPUNKPќLYLUJLPUWYVÄ[VYSVZZ

CHINA BANKING CORPORATION

 3

• 9LJSHZZPÄLZ [OL WHYLU[»Z ZOHYL VM JVTWVULU[Z WYL]PV\ZS` YLJVNUPaLK PU 6*0 [V WYVÄ[ VY SVZZ VY YL[HPULK LHYUPUNZ HZ
HWWYVWYPH[LHZ^V\SKILYLJVNUPaLKPM[OL.YV\WOHKKPYLJ[S`KPZWVZLKVM[OLYLSH[LKHZZL[ZVYSPHIPSP[PLZ

5VU*VU[YVSSPUN0U[LYLZ[
5VUJVU[YVSSPUNPU[LYLZ[YLWYLZLU[Z[OLWVY[PVUVMWYVÄ[VYSVZZHUKUL[HZZL[ZUV[V^ULKKPYLJ[S`VYPUKPYLJ[S`I`[OL7HYLU[*VTWHU`

5VUJVU[YVSSPUNPU[LYLZ[PZWYLZLU[LKZLWHYH[LS`PU[OLJVUZVSPKH[LKZ[H[LTLU[VMPUJVTLJVUZVSPKH[LKZ[H[LTLU[VMJVTWYLOLUZP]L
PUJVTLHUK^P[OPULX\P[`PU[OLJVUZVSPKH[LKIHSHUJLZOLL[ZLWHYH[LS`MYVTWHYLU[ZOHYLOVSKLYZ»LX\P[`(U`SVZZLZHWWSPJHISL[V
[OLUVUJVU[YVSSPUNPU[LYLZ[HYLHSSVJH[LKHNHPUZ[[OLPU[LYLZ[ZVM[OLUVUJVU[YVSSPUNPU[LYLZ[L]LUPM[OPZYLZ\S[ZPU[OLUVUJVU[YVSSPUN
PU[LYLZ[OH]PUNHKLÄJP[IHSHUJL

Changes in Accounting Policies and Disclosures

;OLHJJV\U[PUNWVSPJPLZHKVW[LKHYLJVUZPZ[LU[^P[O[OVZLVM[OLWYL]PV\ZÄUHUJPHS`LHYL_JLW[MVY[OLMVSSV^PUNHTLUKTLU[Z[V7-9:
^OPJOILJHTLLќLJ[P]LHZVM1HU\HY`,_JLW[HZV[OLY^PZLPUKPJH[LK[OLZLJOHUNLZPU[OLHJJV\U[PUNWVSPJPLZKPKUV[OH]L
HU`ZPNUPÄJHU[PTWHJ[VU[OLÄUHUJPHSWVZP[PVUVYWLYMVYTHUJLVM[OL.YV\W!

,ќLJ[P]LILNPUUPUNVUVYHM[LY1HU\HY`

ƒ (TLUKTLU[Z[V7-9:9LMLYLUJL[V[OL*VUJLW[\HS-YHTL^VYR

;OL HTLUKTLU[Z HYL PU[LUKLK [V YLWSHJL H YLMLYLUJL [V [OL -YHTL^VYR MVY [OL 7YLWHYH[PVU HUK 7YLZLU[H[PVU VM -PUHUJPHS
:[H[LTLU[ZPZZ\LKPU  ^P[OHYLMLYLUJL[V[OL*VUJLW[\HS-YHTL^VYRMVY-PUHUJPHS9LWVY[PUNPZZ\LKPU4HYJO^P[OV\[
ZPNUPÄJHU[S`JOHUNPUNP[ZYLX\PYLTLU[Z;OLHTLUKTLU[ZHKKLKHUL_JLW[PVU[V[OLYLJVNUP[PVUWYPUJPWSLVM7-9:)\ZPULZZ
*VTIPUH[PVUZ[VH]VPK[OLPZZ\LVMWV[LU[PHSºKH`»NHPUZVYSVZZLZHYPZPUNMVYSPHIPSP[PLZHUKJVU[PUNLU[SPHIPSP[PLZ[OH[^V\SKIL^P[OPU
[OLZJVWLVM7(:7YV]PZPVUZ*VU[PUNLU[3PHIPSP[PLZHUK*VU[PUNLU[(ZZL[ZVY7OPSPWWPUL0-90*3L]PLZPMPUJ\YYLKZLWHYH[LS`

([[OLZHTL[PTL[OLHTLUKTLU[ZHKKHUL^WHYHNYHWO[V7-9:[VJSHYPM`[OH[JVU[PUNLU[HZZL[ZKVUV[X\HSPM`MVY
recognition at the acquisition date.

;OLHTLUKTLU[ZHYLLќLJ[P]LMVYHUU\HSYLWVY[PUNWLYPVKZILNPUUPUNVUVYHM[LY1HU\HY`HUKHWWS`WYVZWLJ[P]LS`

ƒ (TLUKTLU[Z[V7(:7SHU[HUK,X\PWTLU[!7YVJLLKZILMVYL0U[LUKLK<ZL

;OLHTLUKTLU[ZWYVOPIP[LU[P[PLZKLK\J[PUNMYVT[OLJVZ[VMHUP[LTVMWYVWLY[`WSHU[HUKLX\PWTLU[HU`WYVJLLKZMYVTZLSSPUN
P[LTZWYVK\JLK^OPSLIYPUNPUN[OH[HZZL[[V[OLSVJH[PVUHUKJVUKP[PVUULJLZZHY`MVYP[[VILJHWHISLVMVWLYH[PUNPU[OLTHUULY
PU[LUKLKI`THUHNLTLU[0UZ[LHKHULU[P[`YLJVNUPaLZ[OLWYVJLLKZMYVTZLSSPUNZ\JOP[LTZHUK[OLJVZ[ZVMWYVK\JPUN[OVZL
P[LTZPUWYVÄ[VYSVZZ

;OLHTLUKTLU[PZLќLJ[P]LMVYHUU\HSYLWVY[PUNWLYPVKZILNPUUPUNVUVYHM[LY1HU\HY`HUKT\Z[ILHWWSPLKYL[YVZWLJ[P]LS`
[VP[LTZVMWYVWLY[`WSHU[HUKLX\PWTLU[THKLH]HPSHISLMVY\ZLVUVYHM[LY[OLILNPUUPUNVM[OLLHYSPLZ[WLYPVKWYLZLU[LK^OLU
[OLLU[P[`ÄYZ[HWWSPLZ[OLHTLUKTLU[

ƒ (TLUKTLU[Z[V7(:6ULYV\Z*VU[YHJ[Z¶*VZ[ZVM-\SÄSSPUNH*VU[YHJ[

;OLHTLUKTLU[ZZWLJPM`^OPJOJVZ[ZHULU[P[`ULLKZ[VPUJS\KL^OLUHZZLZZPUN^OL[OLYHJVU[YHJ[PZVULYV\ZVYSVZZTHRPUN
;OLHTLUKTLU[ZHWWS`H¸KPYLJ[S`YLSH[LKJVZ[HWWYVHJO¹;OLJVZ[Z[OH[YLSH[LKPYLJ[S`[VHJVU[YHJ[[VWYV]PKLNVVKZVYZLY]PJLZ
PUJS\KLIV[OPUJYLTLU[HSJVZ[ZHUKHUHSSVJH[PVUVMJVZ[ZKPYLJ[S`YLSH[LK[VJVU[YHJ[HJ[P]P[PLZ.LULYHSHUKHKTPUPZ[YH[P]LJVZ[Z
do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

4

;OLHTLUKTLU[ZHYLLќLJ[P]LMVYHUU\HSYLWVY[PUNWLYPVKZILNPUUPUNVUVYHM[LY1HU\HY`;OL.YV\W^PSSHWWS`[OLZL
HTLUKTLU[Z[VJVU[YHJ[ZMVY^OPJOP[OHZUV[`L[M\SÄSSLKHSSP[ZVISPNH[PVUZH[[OLILNPUUPUNVM[OLHUU\HSYLWVY[PUNWLYPVKPU^OPJO
P[ÄYZ[HWWSPLZ[OLHTLUKTLU[Z

ƒ (UU\HS0TWYV]LTLU[Z[V7-9:Z2018-2020 Cycle

ƒ (TLUKTLU[Z[V7-9:-PYZ[[PTL(KVW[PVUVM7OPSPWWPULZ-PUHUJPHS9LWVY[PUN:[HUKHYKZ:\IZPKPHY`HZHÄYZ[[PTLHKVW[LY

;OLHTLUKTLU[WLYTP[ZHZ\IZPKPHY`[OH[LSLJ[Z[VHWWS`WHYHNYHWO+HVM7-9:[VTLHZ\YLJ\T\SH[P]L[YHUZSH[PVU
KPќLYLUJLZ\ZPUN[OLHTV\U[ZYLWVY[LKI`[OLWHYLU[IHZLKVU[OLWHYLU[»ZKH[LVM[YHUZP[PVU[V7-9:;OPZHTLUKTLU[PZ
HSZVHWWSPLK[VHUHZZVJPH[LVYQVPU[]LU[\YL[OH[LSLJ[Z[VHWWS`WHYHNYHWO+HVM7-9:

;OLHTLUKTLU[PZLќLJ[P]LMVYHUU\HSYLWVY[PUNWLYPVKZILNPUUPUNVUVYHM[LY1HU\HY`^P[OLHYSPLYHKVW[PVU
permitted.

ƒ (TLUKTLU[Z[V7-9: -PUHUJPHS0UZ[Y\TLU[Z, -LLZPU[OLºWLYJLU[»[LZ[MVYKLYLJVNUP[PVUVMÄUHUJPHSSPHIPSP[PLZ

;OLHTLUKTLU[JSHYPÄLZ[OLMLLZ[OH[HULU[P[`PUJS\KLZ^OLUHZZLZZPUN^OL[OLY[OL[LYTZVMHUL^VYTVKPÄLKÄUHUJPHS
SPHIPSP[` HYL Z\IZ[HU[PHSS` KPќLYLU[ MYVT [OL [LYTZ VM [OL VYPNPUHS ÄUHUJPHS SPHIPSP[`  ;OLZL MLLZ PUJS\KL VUS` [OVZL WHPK VY
YLJLP]LKIL[^LLU[OLIVYYV^LYHUK[OLSLUKLYPUJS\KPUNMLLZWHPKVYYLJLP]LKI`LP[OLY[OLIVYYV^LYVYSLUKLYVU[OLV[OLY»Z
ILOHSM(ULU[P[`HWWSPLZ[OLHTLUKTLU[[VÄUHUJPHSSPHIPSP[PLZ[OH[HYLTVKPÄLKVYL_JOHUNLKVUVYHM[LY[OLILNPUUPUNVM[OL
HUU\HSYLWVY[PUNWLYPVKPU^OPJO[OLLU[P[`ÄYZ[HWWSPLZ[OLHTLUKTLU[

;OLHTLUKTLU[PZLќLJ[P]LMVYHUU\HSYLWVY[PUNWLYPVKZILNPUUPUNVUVYHM[LY1HU\HY`^P[OLHYSPLYHKVW[PVU
WLYTP[[LK;OL.YV\W^PSSHWWS`[OLHTLUKTLU[Z[VÄUHUJPHSSPHIPSP[PLZ[OH[HYLTVKPÄLKVYL_JOHUNLKVUVYHM[LY[OL
ILNPUUPUNVM[OLHUU\HSYLWVY[PUNWLYPVKPU^OPJO[OLLU[P[`ÄYZ[HWWSPLZ[OLHTLUKTLU[

ƒ (TLUKTLU[Z[V7(:(NYPJ\S[\YL;H_H[PVUPUMHPY]HS\LTLHZ\YLTLU[Z

;OL HTLUKTLU[ YLTV]LZ [OL YLX\PYLTLU[ PU WHYHNYHWO  VM 7(:  [OH[ LU[P[PLZ L_JS\KL JHZO ÅV^Z MVY [H_H[PVU ^OLU
TLHZ\YPUN[OLMHPY]HS\LVMHZZL[Z^P[OPU[OLZJVWLVM7(:

(U LU[P[` HWWSPLZ [OL HTLUKTLU[ WYVZWLJ[P]LS` [V MHPY ]HS\L TLHZ\YLTLU[Z VU VY HM[LY [OL ILNPUUPUN VM [OL ÄYZ[ HUU\HS
YLWVY[PUNWLYPVKILNPUUPUNVUVYHM[LY1HU\HY`^P[OLHYSPLYHKVW[PVUWLYTP[[LK

6LJQLðFDQW$FFRXQWLQJ3ROLFLHV

-VYLPNU*\YYLUJ`;YHUZSH[PVU
;OLJVUZVSPKH[LKÄUHUJPHSZ[H[LTLU[ZHYLWYLZLU[LKPU7OPSPWWPULWLZV

Transactions and balances

;OL IVVRZ VM HJJV\U[Z VM [OL 9)< HYL THPU[HPULK PU 7OPSPWWPUL WLZV [OL 9)<»Z M\UJ[PVUHS J\YYLUJ` ^OPSL [OVZL VM [OL -*+< HYL
THPU[HPULKPU<UP[LK:[H[LZ<:KVSSHYZ<:+[OL-*+<»ZM\UJ[PVUHSJ\YYLUJ`

9)<
-VYÄUHUJPHSYLWVY[PUNW\YWVZLZ[OLMVYLPNUJ\YYLUJ`KLUVTPUH[LKTVUL[HY`HZZL[ZHUKSPHIPSP[PLZPU[OL9)<HYL[YHUZSH[LKPU7OPSPWWPUL
WLZVIHZLKVU[OL)HURLYZ(ZZVJPH[PVUVM[OL7OPSPWWPULZ)(7JSVZPUNYH[LH[LUKVM[OL`LHYHUKMVYLPNUJ\YYLUJ`KLUVTPUH[LK
PUJVTLHUKL_WLUZLZH[[OLL_JOHUNLYH[LZVU[YHUZHJ[PVUKH[LZ-VYLPNUL_JOHUNLKPќLYLUJLZHYPZPUNMYVTYLZ[H[LTLU[ZVMMVYLPNU
J\YYLUJ`KLUVTPUH[LK HZZL[Z HUK SPHIPSP[PLZ HYL JYLKP[LK [V VY JOHYNLK HNHPUZ[ VWLYH[PVUZ PU [OL WLYPVK PU ^OPJO [OL YH[LZ JOHUNL
5VUTVUL[HY`P[LTZ[OH[HYLTLHZ\YLKPU[LYTZVMOPZ[VYPJHSJVZ[PUHMVYLPNUJ\YYLUJ`HYL[YHUZSH[LK\ZPUN[OLL_JOHUNLYH[LZHZH[
[OLKH[LZVM[OLPUP[PHS[YHUZHJ[PVUZ5VUTVUL[HY`P[LTZTLHZ\YLKH[MHPY]HS\LPUHMVYLPNUJ\YYLUJ`HYL[YHUZSH[LK\ZPUN[OLL_JOHUNL
YH[LZH[[OLKH[L^OLU[OLMHPY]HS\L^HZKL[LYTPULK

CHINA BANKING CORPORATION

 5

FCDU
(ZH[[OLYLWVY[PUNKH[L[OLHZZL[ZHUKSPHIPSP[PLZVM[OL-*+<HYL[YHUZSH[LKPU[V[OL7HYLU[*VTWHU`»ZWYLZLU[H[PVUJ\YYLUJ`[OL
7OPSPWWPUL7LZVH[[OL)(7JSVZPUNYH[LH[[OLYLWVY[PUNKH[LHUKP[ZPUJVTLHUKL_WLUZLZHYL[YHUZSH[LKH[[OL)(7^LPNO[LKH]LYHNL
YH[L MVY [OL `LHY  ,_JOHUNL KPќLYLUJLZ HYPZPUN VU [YHUZSH[PVU HYL [HRLU KPYLJ[S` [V [OL Z[H[LTLU[ VM JVTWYLOLUZP]L PUJVTL \UKLY
º*\T\SH[P]L[YHUZSH[PVUHKQ\Z[TLU[»<WVUHJ[\HSYLTP[[HUJLVY[YHUZMLYVM[OL-*+<PUJVTL[V9)<[OLYLSH[LKL_JOHUNLKPќLYLUJL
HYPZPUNMYVT[YHUZSH[PVUSVKNLK\UKLYº*\T\SH[P]L[YHUZSH[PVUHKQ\Z[TLU[»PZYLJVNUPaLKPU[OLZ[H[LTLU[VMPUJVTLVM[OL9)<IVVRZ

-HPY=HS\L4LHZ\YLTLU[
;OL .YV\W TLHZ\YLZ ÄUHUJPHS PUZ[Y\TLU[Z Z\JO HZ ÄUHUJPHS PUZ[Y\TLU[Z H[ -=;73 KLYP]H[P]L JVU[YHJ[Z KLZPNUH[LK HZ OLKNLZ HUK
ÄUHUJPHSHZZL[ZH[-=6*0H[MHPY]HS\LH[LHJOYLWVY[PUNKH[L(SZVMHPY]HS\LZVMÄUHUJPHSPUZ[Y\TLU[ZTLHZ\YLKH[HTVY[PaLKJVZ[HYL
KPZJSVZLKPU5V[L

-HPY]HS\LPZ[OLWYPJL[OH[^V\SKILYLJLP]LK[VZLSSHUHZZL[VYWHPK[V[YHUZMLYHSPHIPSP[`PUHUVYKLYS`[YHUZHJ[PVUIL[^LLUTHYRL[
WHY[PJPWHU[ZH[[OLTLHZ\YLTLU[KH[L;OLMHPY]HS\LTLHZ\YLTLU[PZIHZLKVU[OLWYLZ\TW[PVU[OH[[OL[YHUZHJ[PVU[VZLSS[OLHZZL[
VY[YHUZMLY[OLSPHIPSP[`[HRLZWSHJLLP[OLY!

‹ PU[OLWYPUJPWHSTHYRL[MVY[OLHZZL[VYSPHIPSP[`VY
‹ PU[OLHIZLUJLVMHWYPUJPWHSTHYRL[PU[OLTVZ[HK]HU[HNLV\ZTHYRL[MVY[OLHZZL[VYSPHIPSP[`

;OLWYPUJPWHSVY[OLTVZ[HK]HU[HNLV\ZTHYRL[T\Z[ILHJJLZZPISLI`[OL.YV\W;OLMHPY]HS\LVMHUHZZL[VYHSPHIPSP[`PZTLHZ\YLK
\ZPUN[OLHZZ\TW[PVUZ[OH[THYRL[WHY[PJPWHU[Z^V\SK\ZL^OLUWYPJPUN[OLHZZL[VYSPHIPSP[`HZZ\TPUN[OH[THYRL[WHY[PJPWHU[ZHJ[PU
their economic best interest.

0M HU HZZL[ VY H SPHIPSP[` TLHZ\YLK H[ MHPY ]HS\L OHZ H IPK WYPJL HUK HU HZR WYPJL [OL WYPJL ^P[OPU [OL IPKHZR ZWYLHK [OH[ PZ TVZ[
YLWYLZLU[H[P]LVMMHPY]HS\LPU[OLJPYJ\TZ[HUJLZZOHSSIL\ZLK[VTLHZ\YLMHPY]HS\LYLNHYKSLZZVM^OLYL[OLPUW\[PZJH[LNVYPaLK^P[OPU
[OLMHPY]HS\LOPLYHYJO`

(MHPY]HS\LTLHZ\YLTLU[VMHUVUÄUHUJPHSHZZL[[HRLZPU[VHJJV\U[HTHYRL[WHY[PJPWHU[»ZHIPSP[`[VNLULYH[LLJVUVTPJILULÄ[ZI`
\ZPUN[OLHZZL[PUP[ZOPNOLZ[HUKILZ[\ZLVYI`ZLSSPUNP[[VHUV[OLYTHYRL[WHY[PJPWHU[[OH[^V\SK\ZL[OLHZZL[PUP[ZOPNOLZ[HUKILZ[
use.

;OL.YV\W\ZLZ]HS\H[PVU[LJOUPX\LZ[OH[HYLHWWYVWYPH[LPU[OLJPYJ\TZ[HUJLZHUKMVY^OPJOZ\ѝJPLU[KH[HHYLH]HPSHISL[VTLHZ\YL
MHPY]HS\LTH_PTPaPUN[OL\ZLVMYLSL]HU[VIZLY]HISLPUW\[ZHUKTPUPTPaPUN[OL\ZLVM\UVIZLY]HISLPUW\[Z

(SSHZZL[ZHUKSPHIPSP[PLZMVY^OPJOMHPY]HS\LPZTLHZ\YLKVYKPZJSVZLKPU[OLÄUHUJPHSZ[H[LTLU[ZHYLJH[LNVYPaLK^P[OPU[OLMHPY]HS\L
OPLYHYJO`KLZJYPILKHZMVSSV^ZIHZLKVU[OLSV^LZ[SL]LSPUW\[[OH[PZZPNUPÄJHU[[V[OLMHPY]HS\LTLHZ\YLTLU[HZH^OVSL!

‹ 3L]LS8\V[LK\UHKQ\Z[LKTHYRL[WYPJLZPUHJ[P]LTHYRL[ZMVYPKLU[PJHSHZZL[ZVYSPHIPSP[PLZ
‹ 3L]LS=HS\H[PVU[LJOUPX\LZMVY^OPJO[OLSV^LZ[SL]LSPUW\[[OH[PZZPNUPÄJHU[[V[OLMHPY]HS\LTLHZ\YLTLU[PZKPYLJ[S`VYPUKPYLJ[S`
observable
‹ 3L]LS=HS\H[PVU[LJOUPX\LZMVY^OPJO[OLSV^LZ[SL]LSPUW\[[OH[PZZPNUPÄJHU[[V[OLMHPY]HS\LTLHZ\YLTLU[PZ\UVIZLY]HISL

-VYHZZL[ZHUKSPHIPSP[PLZ[OH[HYLYLJVNUPaLKPU[OLÄUHUJPHSZ[H[LTLU[ZVUHYLJ\YYPUNIHZPZ[OL.YV\WKL[LYTPULZ^OL[OLY[YHUZMLYZ
OH]LVJJ\YYLKIL[^LLU3L]LSZPU[OLOPLYHYJO`I`YLHZZLZZPUNJH[LNVYPaH[PVUIHZLKVU[OLSV^LZ[SL]LSPUW\[[OH[PZZPNUPÄJHU[[V[OL
MHPY]HS\LTLHZ\YLTLU[HZH^OVSLH[[OLLUKVMLHJOYLWVY[PUNWLYPVK

*HZOHUK*HZO,X\P]HSLU[Z
-VYW\YWVZLZVMYLWVY[PUNJHZOÅV^ZJHZOHUKJHZOLX\P]HSLU[ZPUJS\KLJHZOHUKV[OLYJHZOP[LTZK\LMYVT):7HUKV[OLYIHURZ
PU[LYIHURSVHUZYLJLP]HISLZHUKZLJ\YP[PLZW\YJOHZLK\UKLYYLZHSLHNYLLTLU[Z:7<9([OH[HYLJVU]LY[PISL[VRUV^UHTV\U[ZVMJHZO
^OPJOOH]LVYPNPUHSTH[\YP[PLZVM[OYLLTVU[OZVYSLZZMYVTKH[LZVMWSHJLTLU[ZHUK[OH[HYLZ\IQLJ[[VHUPUZPNUPÄJHU[YPZRVMJOHUNLZ
PU]HS\L+\LMYVT):7PUJS\KLZ[OLZ[H[\[VY`YLZLY]LZYLX\PYLKI`[OL):7^OPJO[OL.YV\WJVUZPKLYZHZJHZOLX\P]HSLU[Z^OLYLPU
^P[OKYH^HSZJHUILTHKL[VTLL[[OL.YV\W»ZJHZOYLX\PYLTLU[ZHZHSSV^LKI`[OL):7

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

6

:7<9(
:LJ\YP[PLZW\YJOHZLK\UKLYHNYLLTLU[Z[VYLZLSSH[HZWLJPÄLKM\[\YLKH[LºYL]LYZLYLWVZ»HYLUV[YLJVNUPaLKPU[OLIHSHUJLZOLL[
(UHZZL[JVYYLZWVUKPUN[V[OLJHZOWHPKPUJS\KPUNHJJY\LKPU[LYLZ[PZYLJVNUPaLKPU[OLIHSHUJLZOLL[HZ:7<9(;OLKPќLYLUJL
IL[^LLU[OLW\YJOHZLWYPJLHUK[OLYLZHSLWYPJLPZ[YLH[LKHZPU[LYLZ[PUJVTLHUKPZHJJY\LKV]LY[OLSPMLVM[OLHNYLLTLU[\ZPUN[OL
,09TL[OVK

-PUHUJPHS0UZ[Y\TLU[Z0UP[PHS9LJVNUP[PVU

+H[LVMYLJVNUP[PVU
7\YJOHZLZVYZHSLZVMÄUHUJPHSHZZL[ZL_JLW[MVYKLYP]H[P]LPUZ[Y\TLU[Z[OH[YLX\PYLKLSP]LY`VMHZZL[Z^P[OPU[OL[PTLMYHTLLZ[HISPZOLK
I`YLN\SH[PVUVYJVU]LU[PVUPU[OLTHYRL[WSHJLHYLYLJVNUPaLKVU[OLZL[[SLTLU[KH[L:L[[SLTLU[KH[LHJJV\U[PUNYLMLYZ[VH[OL
YLJVNUP[PVUVMHUHZZL[VU[OLKH`P[PZYLJLP]LKI`[OL.YV\WHUKI[OLKLYLJVNUP[PVUVMHUHZZL[HUKYLJVNUP[PVUVMHU`NHPUVY
SVZZVUKPZWVZHSVU[OLKH`[OH[Z\JOHZZL[PZKLSP]LYLKI`[OL.YV\W(U`JOHUNLPUMHPY]HS\LVMHÄUHUJPHSHZZL[PZYLJVNUPaLKPU[OL
Z[H[LTLU[VMPUJVTLMVYHZZL[ZJSHZZPÄLKHZÄUHUJPHSHZZL[ZH[-=;73HUKPULX\P[`MVYHZZL[ZJSHZZPÄLKHZÄUHUJPHSHZZL[ZH[-=6*0
+LYP]H[P]LZHYLYLJVNUPaLKVUH[YHKLKH[LIHZPZ+LWVZP[ZHTV\U[ZK\LMYVTIHURZHUKJ\Z[VTLYZHUKSVHUZHUKYLJLP]HISLZHYL
YLJVNUPaLK^OLUJHZOPZYLJLP]LKI`[OL.YV\WVYHK]HUJLK[V[OLIVYYV^LYZ

0UP[PHSYLJVNUP[PVUVMÄUHUJPHSPUZ[Y\TLU[Z
(SS ÄUHUJPHS PUZ[Y\TLU[Z HYL PUP[PHSS` YLJVNUPaLK H[ MHPY ]HS\L  ,_JLW[ MVY ÄUHUJPHS HZZL[Z HUK ÄUHUJPHS SPHIPSP[PLZ H[ -=;73 [OL PUP[PHS
TLHZ\YLTLU[VMÄUHUJPHSPUZ[Y\TLU[ZPUJS\KLZ[YHUZHJ[PVUJVZ[Z

º+H`»KPќLYLUJL
>OLYL[OL[YHUZHJ[PVUWYPJLPUHUVUHJ[P]LTHYRL[PZKPќLYLU[^P[O[OLMHPY]HS\LMYVTV[OLYVIZLY]HISLJ\YYLU[THYRL[[YHUZHJ[PVUZ
PU [OL ZHTL PUZ[Y\TLU[ VY IHZLK VU H ]HS\H[PVU [LJOUPX\L ^OVZL ]HYPHISLZ PUJS\KL VUS` KH[H MYVT VIZLY]HISL THYRL[ [OL .YV\W
YLJVNUPaLZ[OLKPќLYLUJLIL[^LLU[OL[YHUZHJ[PVUWYPJLHUKMHPY]HS\LHº+H`»KPќLYLUJLPU[OLZ[H[LTLU[VMPUJVTL0UJHZLZ^OLYL
[OL[YHUZHJ[PVUWYPJL\ZLKPZTHKLVMKH[H^OPJOPZUV[VIZLY]HISL[OLKPќLYLUJLIL[^LLU[OL[YHUZHJ[PVUWYPJLHUKTVKLS]HS\LPZ
VUS`YLJVNUPaLKPU[OLZ[H[LTLU[VMPUJVTL^OLU[OLPUW\[ZILJVTLVIZLY]HISLVY^OLU[OLPUZ[Y\TLU[PZKLYLJVNUPaLK-VYLHJO
[YHUZHJ[PVU[OL.YV\WKL[LYTPULZ[OLHWWYVWYPH[LTL[OVKVMYLJVNUPaPUN[OLº+H`»KPќLYLUJLHTV\U[

*SHZZPÄJH[PVUHUK4LHZ\YLTLU[
<UKLY 7-9:  [OL JSHZZPÄJH[PVU HUK TLHZ\YLTLU[ VM ÄUHUJPHS HZZL[Z PZ KYP]LU I` [OL JVU[YHJ[\HS JHZO ÅV^ JOHYHJ[LYPZ[PJZ VM [OL
ÄUHUJPHSHZZL[ZHUK[OLLU[P[`»ZI\ZPULZZTVKLSMVYTHUHNPUN[OLÄUHUJPHSHZZL[Z

(ZWHY[VMP[ZJSHZZPÄJH[PVUWYVJLZZ[OL.YV\WHZZLZZLZ[OLJVU[YHJ[\HS[LYTZVMÄUHUJPHSHZZL[Z[VPKLU[PM`^OL[OLY[OL`TLL[[OL
ºZVSLS`WH`TLU[ZVMWYPUJPWHSHUKPU[LYLZ[»:770[LZ[º7YPUJPWHS»MVY[OLW\YWVZLVM[OPZ[LZ[PZKLÄULKHZ[OLMHPY]HS\LVM[OLÄUHUJPHS
HZZL[H[PUP[PHSYLJVNUP[PVUHUKTH`JOHUNLV]LY[OLSPMLVM[OLÄUHUJPHSHZZL[LNPM[OLYLHYLYLWH`TLU[ZVMWYPUJPWHSVYHTVY[PaH[PVU
VM[OLWYLTP\TVYKPZJV\U[

;OLTVZ[ZPNUPÄJHU[LSLTLU[ZVMPU[LYLZ[^P[OPUHSLUKPUNHYYHUNLTLU[HYL[`WPJHSS`[OLJVUZPKLYH[PVUMVY[OL[PTL]HS\LVMTVUL`HUK
JYLKP[YPZR;VTHRL[OL:770HZZLZZTLU[[OL.YV\WHWWSPLZQ\KNTLU[HUKJVUZPKLYZYLSL]HU[MHJ[VYZZ\JOHZ[OLJ\YYLUJ`PU^OPJO
[OLÄUHUJPHSHZZL[PZKLUVTPUH[LKHUK[OLWLYPVKMVY^OPJO[OLPU[LYLZ[YH[LPZZL[0UJVU[YHZ[JVU[YHJ[\HS[LYTZ[OH[PU[YVK\JLHTVYL
[OHUKLTPUPTPZL_WVZ\YL[VYPZRZVY]VSH[PSP[`PU[OLJVU[YHJ[\HSJHZOÅV^Z[OH[HYL\UYLSH[LK[VHIHZPJSLUKPUNHYYHUNLTLU[KVUV[NP]L
YPZL[VJVU[YHJ[\HSJHZOÅV^Z[OH[HYLZVSLS`WH`TLU[ZVMWYPUJPWHSHUKPU[LYLZ[VU[OLHTV\U[V\[Z[HUKPUN0UZ\JOJHZLZ[OLÄUHUJPHS
HZZL[PZYLX\PYLK[VILTLHZ\YLKH[-=;73

;OL .YV\W KL[LYTPULZ P[Z I\ZPULZZ TVKLS H[ [OL SL]LS [OH[ ILZ[ YLÅLJ[Z OV^ P[ THUHNLZ NYV\WZ VM ÄUHUJPHS HZZL[Z [V HJOPL]L P[Z
I\ZPULZZVIQLJ[P]L

;OL.YV\W»ZI\ZPULZZTVKLSPZUV[HZZLZZLKVUHUPUZ[Y\TLU[I`PUZ[Y\TLU[IHZPZI\[H[HOPNOLYSL]LSVMHNNYLNH[LKWVY[MVSPVZHUK
PZIHZLKVUVIZLY]HISLMHJ[VYZZ\JOHZ!

• OV^[OLWLYMVYTHUJLVM[OLI\ZPULZZTVKLSHUK[OLÄUHUJPHSHZZL[ZOLSK^P[OPU[OH[I\ZPULZZTVKLSHYLL]HS\H[LKHUKYLWVY[LK
[V[OLLU[P[`»ZRL`THUHNLTLU[WLYZVUULS"
• [OLYPZRZ[OH[ HќLJ[ [OL WLYMVYTHUJL VM [OL I\ZPULZZ TVKLS HUK [OL ÄUHUJPHS HZZL[Z OLSK ^P[OPU [OH[ I\ZPULZZ TVKLS HUKPU
WHY[PJ\SHY[OL^H`[OVZLYPZRZHYLTHUHNLK"

CHINA BANKING CORPORATION

 7

• OV^THUHNLYZVM[OLI\ZPULZZHYLJVTWLUZH[LKMVYL_HTWSL^OL[OLY[OLJVTWLUZH[PVUPZIHZLKVU[OLMHPY]HS\LVM[OLHZZL[Z
THUHNLKVYVU[OLJVU[YHJ[\HSJHZOÅV^ZJVSSLJ[LK"HUK
• [OLL_WLJ[LKMYLX\LUJ`]HS\LHUK[PTPUNVMZHSLZHYLHSZVPTWVY[HU[HZWLJ[ZVM[OL.YV\W»ZHZZLZZTLU[

;OLI\ZPULZZTVKLSHZZLZZTLU[PZIHZLKVUYLHZVUHIS`L_WLJ[LKZJLUHYPVZ^P[OV\[[HRPUNº^VYZ[JHZL»VYºZ[YLZZJHZL»ZJLUHYPVZPU[V
HJJV\U[0MJHZOÅV^ZHM[LYPUP[PHSYLJVNUP[PVUHYLYLHSPaLKPUH^H`[OH[PZKPќLYLU[MYVT[OL.YV\W»ZVYPNPUHSL_WLJ[H[PVUZ[OL.YV\W
KVLZUV[JOHUNL[OLJSHZZPÄJH[PVUVM[OLYLTHPUPUNÄUHUJPHSHZZL[ZOLSKPU[OH[I\ZPULZZTVKLSI\[PUJVYWVYH[LZZ\JOPUMVYTH[PVU
^OLUHZZLZZPUNUL^S`VYPNPUH[LKVYUL^S`W\YJOHZLKÄUHUJPHSHZZL[ZNVPUNMVY^HYK"\USLZZHJOHUNLPUI\ZPULZZTVKLSOHZ[HRLU
WSHJLPU^OPJOJHZLYLJSHZZPÄJH[PVUPZULJLZZHY`

;OL.YV\W»ZTLHZ\YLTLU[JH[LNVYPLZHYLKLZJYPILKILSV^!

-PUHUJPHSHZZL[ZH[(TVY[PaLK*VZ[
-PUHUJPHSHZZL[ZHYLTLHZ\YLKH[HTVY[PaLKJVZ[PMIV[OVM[OLMVSSV^PUNJVUKP[PVUZHYLTL[!

• [OLHZZL[PZOLSK^P[OPU[OL.YV\W»ZI\ZPULZZTVKLS^OVZLVIQLJ[P]LPZ[VOVSKÄUHUJPHSHZZL[ZPUVYKLY[VJVSSLJ[JVU[YHJ[\HSJHZO
ÅV^Z"HUK
• [OL JVU[YHJ[\HS [LYTZ VM [OL PUZ[Y\TLU[ NP]L YPZL VU ZWLJPÄLK KH[LZ [V JHZO ÅV^Z [OH[ HYL :770 VU [OL WYPUJPWHS HTV\U[
outstanding.

-PUHUJPHSHZZL[ZTLL[PUN[OLZLJYP[LYPHHYLTLHZ\YLKPUP[PHSS`H[MHPY]HS\LWS\Z[YHUZHJ[PVUJVZ[Z;OL`HYLZ\IZLX\LU[S`TLHZ\YLK
H[HTVY[PaLKJVZ[\ZPUN[OLLќLJ[P]LPU[LYLZ[TL[OVKSLZZHU`PTWHPYTLU[PU]HS\L;OLHTVY[PaH[PVUPZPUJS\KLKPUº0U[LYLZ[PUJVTL»
PU[OLZ[H[LTLU[VMPUJVTL.HPUZVYSVZZLZHYLYLJVNUPaLKPU[OLZ[H[LTLU[VMPUJVTL^OLU[OLZLPU]LZ[TLU[ZHYLKLYLJVNUPaLK
VY PTWHPYLK HZ ^LSS HZ [OYV\NO [OL HTVY[PaH[PVU WYVJLZZ  ;OL L_WLJ[LK JYLKP[ SVZZLZ ,*3 HYL YLJVNUPaLK PU [OL Z[H[LTLU[ VM
PUJVTL\UKLYº7YV]PZPVUMVYPTWHPYTLU[HUKJYLKP[SVZZLZ»;OLLќLJ[ZVMYL]HS\H[PVUVMMVYLPNUJ\YYLUJ`KLUVTPUH[LKPU]LZ[TLU[ZHYL
YLJVNUPaLKPU[OLZ[H[LTLU[VMPUJVTL.HPUZVYSVZZLZHYPZPUNMYVTKPZWVZHSZHUKYLKLTW[PVUZVM[OLZLPUZ[Y\TLU[ZHYLPUJS\KLKPU
º.HPUZSVZZLZVUKPZWVZHSHUKYLKLTW[PVUVMPU]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[»PU[OLZ[H[LTLU[VMPUJVTL

;OL.YV\W»ZÄUHUJPHSHZZL[ZH[HTVY[PaLKJVZ[HYLWYLZLU[LKPU[OLIHSHUJLZOLL[HZ+\LMYVT):7+\LMYVTV[OLYIHURZ0U[LYIHUR
SVHUZYLJLP]HISLHUK:7<9(0U]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[3VHUZHUKYLJLP]HISLZ(JJY\LKPU[LYLZ[YLJLP]HISLZHUKJLY[HPU
ÄUHUJPHSHZZL[Z\UKLY6[OLYHZZL[Z

;OL .YV\W TH` PYYL]VJHIS` LSLJ[ H[ PUP[PHS YLJVNUP[PVU [V JSHZZPM` H ÄUHUJPHS HZZL[ [OH[ TLL[Z [OL HTVY[PaLK JVZ[ JYP[LYPH HIV]L HZ
H[ -=;73 PM [OH[ KLZPNUH[PVU LSPTPUH[LZ VY ZPNUPÄJHU[S` YLK\JLZ HU HJJV\U[PUN TPZTH[JO OHK [OL ÄUHUJPHS HZZL[ ILLU TLHZ\YLK H[
HTVY[PaLKJVZ[

-PUHUJPHS(ZZL[ZH[-=;73
+LI[PUZ[Y\TLU[Z[OH[ULP[OLYTLL[[OLHTVY[PaLKJVZ[UVY[OL-=6*0JYP[LYPHVY[OH[TLL[[OLJYP[LYPHI\[[OL.YV\WOHZJOVZLU[VKLZPNUH[L
HZH[-=;73H[PUP[PHSYLJVNUP[PVUHYLJSHZZPÄLKHZÄUHUJPHSHZZL[ZH[-=;73,X\P[`PU]LZ[TLU[ZHYLJSHZZPÄLKHZÄUHUJPHSHZZL[ZH[-=;73
\USLZZ[OL.YV\WPYYL]VJHIS`KLZPNUH[LZHULX\P[`PU]LZ[TLU[[OH[PZUV[OLSKMVY[YHKPUNHZH[- =6*0H[PUP[PHSYLJVNUP[PVU;OL.YV\W»ZÄUHUJPHS
HZZL[ZH[-=;73PUJS\KLNV]LYUTLU[ZLJ\YP[PLZJVYWVYH[LIVUKZKLYP]H[P]LZHUKLX\P[`ZLJ\YP[PLZ^OPJOHYLOLSKMVY[YHKPUNW\YWVZLZ

(ÄUHUJPHSHZZL[PZJVUZPKLYLKHZOLSKMVY[YHKPUNPM!

• P[OHZILLUHJX\PYLKWYPUJPWHSS`MVY[OLW\YWVZLVMZLSSPUNP[PU[OLULHY[LYT"
• VUPUP[PHSYLJVNUP[PVUP[PZWHY[VMHWVY[MVSPVVMPKLU[PÄLKÄUHUJPHSPUZ[Y\TLU[Z[OH[[OL.YV\WTHUHNLZ[VNL[OLYHUKOHZL]PKLUJL
VMHYLJLU[HJ[\HSWH[[LYUVMZOVY[[LYTWYVÄ[[HRPUN"VY
• P[PZHKLYP]H[P]L[OH[PZUV[KLZPNUH[LKHUKLќLJ[P]LHZHOLKNPUNPUZ[Y\TLU[VYÄUHUJPHSN\HYHU[LL

.HPUZHUKSVZZLZHYPZPUNMYVTJOHUNLZPU[OLMHPY]HS\LTHYR[VTHYRL[VM[OLÄUHUJPHSHZZL[ZH[-=;73HYLPUJS\KLKPUº;YHKPUNHUK
ZLJ\YP[PLZNHPUSVZZUL[»HJJV\U[PU[OLZ[H[LTLU[VMPUJVTL

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

8

0U[LYLZ[YLJVNUPaLKIHZLKVU[OLJVU[YHJ[\HSPU[LYLZ[YH[LVM[OLZLPU]LZ[TLU[ZPZYLWVY[LKPU[OLZ[H[LTLU[VMPUJVTL\UKLYº0U[LYLZ[
PUJVTL»HJJV\U[^OPSLKP]PKLUKPUJVTLPZYLWVY[LKPU[OLZ[H[LTLU[VMPUJVTL\UKLYº4PZJLSSHULV\ZPUJVTL»HJJV\U[^OLU[OLYPNO[
VMWH`TLU[OHZILLULZ[HISPZOLK

+LYP]H[P]LPUZ[Y\TLU[Z
;OL7HYLU[*VTWHU`PZHWHY[`[VKLYP]H[P]LPUZ[Y\TLU[ZWHY[PJ\SHYS`MVY^HYKL_JOHUNLJVU[YHJ[ZPU[LYLZ[YH[LZ^HWZ09:JYVZZ
J\YYLUJ`Z^HWZ**:M\[\YLZHUK^HYYHU[Z;OLZLJVU[YHJ[ZHYLLU[LYLKPU[VHZHZLY]PJL[VJ\Z[VTLYZHZHTLHUZVMYLK\JPUNHUK
THUHNPUN[OL7HYLU[*VTWHU`»ZMVYLPNUL_JOHUNLYPZRHUKPU[LYLZ[YH[LYPZRHZ^LSSHZMVY[YHKPUNW\YWVZLZ:\JOKLYP]H[P]LÄUHUJPHS
PUZ[Y\TLU[Z^OPJOHYLUV[KLZPNUH[LKHZHJJV\U[PUNOLKNLZHYLJHYYPLKH[MHPY]HS\L[OYV\NOWYVÄ[VYSVZZ

(U` NHPUZ VY SVZZLZ HYPZPUN MYVT JOHUNLZ PU MHPY ]HS\L VM KLYP]H[P]L PUZ[Y\TLU[Z [OH[ HYL UV[ KLZPNUH[LK HZ HJJV\U[PUN OLKNLZ HYL
[HRLUKPYLJ[S`[V[OLZ[H[LTLU[VMPUJVTL\UKLYº-VYLPNUL_JOHUNLNHPUSVZZUL[»MVYMVY^HYKL_JOHUNLJVU[YHJ[ZHUKº;YHKPUNHUK
ZLJ\YP[PLZNHPUSVZZUL[»MVY09:**:M\[\YLZHUK^HYYHU[Z

(ULTILKKLKKLYP]H[P]LPZHJVTWVULU[VMHO`IYPKPUZ[Y\TLU[[OH[HSZVPUJS\KLZHUVUKLYP]H[P]LOVZ[JVU[YHJ[^P[O[OLLќLJ[[OH[
ZVTLVM[OLJHZOÅV^ZVM[OLJVTIPULKPUZ[Y\TLU[]HY`PUH^H`ZPTPSHY[VHZ[HUKHSVULKLYP]H[P]L(ULTILKKLKKLYP]H[P]LJH\ZLZ
ZVTLVYHSSVM[OLJHZOÅV^Z[OH[V[OLY^PZL^V\SKILYLX\PYLKI`[OLJVU[YHJ[[VILTVKPÄLKHJJVYKPUN[VHZWLJPÄLKPU[LYLZ[YH[L
ÄUHUJPHS PUZ[Y\TLU[ WYPJL JVTTVKP[` WYPJL MVYLPNU L_JOHUNL YH[L PUKL_ VM WYPJLZ VY YH[LZ JYLKP[ YH[PUN VY JYLKP[ PUKL_ VY V[OLY
]HYPHISLWYV]PKLK[OH[PU[OLJHZLVMHUVUÄUHUJPHS]HYPHISLP[PZUV[ZWLJPÄJ[VHWHY[`[V[OLJVU[YHJ[(KLYP]H[P]L[OH[PZH[[HJOLK
[VHÄUHUJPHSPUZ[Y\TLU[I\[PZJVU[YHJ[\HSS`[YHUZMLYHISLPUKLWLUKLU[S`VM[OH[PUZ[Y\TLU[VYOHZHKPќLYLU[JV\U[LYWHY[`MYVT[OH[
PUZ[Y\TLU[PZUV[HULTILKKLKKLYP]H[P]LI\[HZLWHYH[LÄUHUJPHSPUZ[Y\TLU[

+LYP]H[P]LZLTILKKLKPUÄUHUJPHSSPHIPSP[`VYHUVUÄUHUJPHSOVZ[HYLZLWHYH[LKMYVT[OLOVZ[HUKHJJV\U[LKMVYHZZLWHYH[LKLYP]H[P]LZ
PM! [OL LJVUVTPJ JOHYHJ[LYPZ[PJZ HUK YPZRZ HYL UV[ JSVZLS` YLSH[LK [V [OL OVZ[" H ZLWHYH[L PUZ[Y\TLU[ ^P[O [OL ZHTL [LYTZ HZ [OL
LTILKKLKKLYP]H[P]L^V\SKTLL[[OLKLÄUP[PVUVMHKLYP]H[P]L"HUK[OLO`IYPKJVU[YHJ[PZUV[TLHZ\YLKH[MHPY]HS\L[OYV\NOWYVÄ[VY
SVZZ,TILKKLKKLYP]H[P]LZHYLTLHZ\YLKH[MHPY]HS\L^P[OJOHUNLZPUMHPY]HS\LYLJVNUPaLKPUWYVÄ[VYSVZZ9LHZZLZZTLU[VUS`VJJ\YZ
PM[OLYLPZLP[OLYHJOHUNLPU[OL[LYTZVM[OLJVU[YHJ[[OH[ZPNUPÄJHU[S`TVKPÄLZ[OLJHZOÅV^Z[OH[^V\SKV[OLY^PZLILYLX\PYLKVYH
YLJSHZZPÄJH[PVUVMHÄUHUJPHSHZZL[V\[VM[OLMHPY]HS\L[OYV\NOWYVÄ[VYSVZZJH[LNVY`

-PUHUJPHS(ZZL[ZH[-=6*0,X\P[`0U]LZ[TLU[Z
([PUP[PHSYLJVNUP[PVU[OL.YV\WJHUTHRLHUPYYL]VJHISLLSLJ[PVUVUHUPUZ[Y\TLU[I`PUZ[Y\TLU[IHZPZ[VKLZPNUH[LLX\P[`PU]LZ[TLU[Z
HZH[-=6*0/V^L]LYZ\JOKLZPNUH[PVUPZUV[WLYTP[[LKPM[OLLX\P[`PU]LZ[TLU[PZOLSKI`[OL.YV\WMVY[YHKPUN;OL.YV\WOHZ
KLZPNUH[LKJLY[HPULX\P[`PUZ[Y\TLU[ZHZH[-=6*0

-PUHUJPHSHZZL[ZH[-=6*0HYLPUP[PHSS`TLHZ\YLKH[MHPY]HS\LWS\Z[YHUZHJ[PVUJVZ[Z:\IZLX\LU[S`[OL`HYLTLHZ\YLKH[MHPY]HS\L^P[O
UVKLK\J[PVUMVYHU`KPZWVZHSJVZ[Z.HPUZHUKSVZZLZHYPZPUNMYVTJOHUNLZPUMHPY]HS\LHYLYLJVNUPaLKPUV[OLYJVTWYLOLUZP]LPUJVTL
HUKHJJ\T\SH[LKPUº5L[\UYLHSPaLKNHPUSVZZVUÄUHUJPHSHZZL[ZH[-=6*0»PU[OLIHSHUJLZOLL[>OLU[OLHZZL[PZKPZWVZLKVM[OL
J\T\SH[P]LNHPUVYSVZZWYL]PV\ZS`YLJVNUPaLKPU[OLº5L[\UYLHSPaLKNHPUSVZZVUÄUHUJPHSHZZL[ZH[-=6*0»HJJV\U[PZUV[YLJSHZZPÄLK[V
WYVÄ[VYSVZZI\[PZYLJSHZZPÄLKKPYLJ[S`[V:\YWS\ZHJJV\U[(U`KP]PKLUKZLHYULKVUOVSKPUN[OLZLLX\P[`PUZ[Y\TLU[ZHYLYLJVNUPaLK
PUWYVÄ[VYSVZZ\UKLYº4PZJLSSHULV\ZPUJVTL»HJJV\U[

-PUHUJPHS(ZZL[ZH[-=6*0+LI[0U]LZ[TLU[Z
;OL.YV\WHWWSPLZ[OLJH[LNVY`VMKLI[PUZ[Y\TLU[ZTLHZ\YLKH[-=6*0^OLUIV[OVM[OLMVSSV^PUNJVUKP[PVUZHYLTL[!

• [OLPUZ[Y\TLU[PZOLSK^P[OPUHI\ZPULZZTVKLS[OLVIQLJ[P]LVM^OPJOPZHJOPL]LKI`IV[OJVSSLJ[PUNJVU[YHJ[\HSJHZOÅV^ZHUK
ZLSSPUNÄUHUJPHSHZZL[Z"HUK
• [OLJVU[YHJ[\HS[LYTZVM[OLÄUHUJPHSHZZL[TLL[[OL:770[LZ[

-=6*0 KLI[ PUZ[Y\TLU[Z HYL Z\IZLX\LU[S` TLHZ\YLK H[ MHPY ]HS\L ^P[O NHPUZ HUK SVZZLZ HYPZPUN K\L [V JOHUNLZ PU MHPY ]HS\L ILPUN
YLJVNUPaLKPU6*00U[LYLZ[PUJVTLHUKMVYLPNUL_JOHUNLNHPUZHUKSVZZLZHYLYLJVNUPaLKPUWYVÄ[VYSVZZ7YV]PZPVUMVYJYLKP[HUK
PTWHPYTLU[SVZZLZPZYLJVNUPaLKPUWYVÄ[VYSVZZ^P[O[OLJVYYLZWVUKPUNHSSV^HUJLMVY,*3YLJVNUPaLKPU6*0

CHINA BANKING CORPORATION

 9

6UKLYLJVNUP[PVUJ\T\SH[P]LNHPUZVYSVZZLZWYL]PV\ZS`YLJVNUPaLKPU6*0HYLYLJSHZZPÄLKMYVT6*0[VWYVÄ[VYSVZZ

9LJSHZZPÄJH[PVU
;OL .YV\W JHU VUS` YLJSHZZPM` ÄUHUJPHS HZZL[Z PM [OL VIQLJ[P]L VM P[Z I\ZPULZZ TVKLS MVY THUHNPUN [OVZL ÄUHUJPHS HZZL[Z JOHUNLZ
(JJVYKPUNS`[OL.YV\WPZYLX\PYLK[VYLJSHZZPM`ÄUHUJPHSHZZL[Z!

i. MYVTHTVY[PaLKJVZ[[VMHPY]HS\LPM[OLVIQLJ[P]LVM[OLI\ZPULZZTVKLSJOHUNLZZV[OH[[OLHTVY[PaLKJVZ[JYP[LYPHHYLUVSVUNLY
TL["HUK
ii. MYVTMHPY]HS\L[VHTVY[PaLKJVZ[PM[OLVIQLJ[P]LVM[OLI\ZPULZZTVKLSJOHUNLZZV[OH[[OLHTVY[PaLKJVZ[JYP[LYPHZ[HY[[VIL
TL[HUK[OLJOHYHJ[LYPZ[PJVM[OLPUZ[Y\TLU[»ZJVU[YHJ[\HSJHZOÅV^ZTLL[[OLHTVY[PaLKJVZ[JYP[LYPH

(JOHUNLPUI\ZPULZZTVKLSVJJ\YZ^OLU[OL.YV\WLP[OLYILNPUZVYJLHZLZ[VWLYMVYTHUHJ[P]P[`[OH[PZZPNUPÄJHU[[VP[ZVWLYH[PVUZ
(JOHUNLPU[OLVIQLJ[P]LVM[OL.YV\W»ZI\ZPULZZTVKLS^PSSILLќLJ[LKVUS`H[[OLILNPUUPUNVM[OLUL_[YLWVY[PUNWLYPVKMVSSV^PUN[OL
change in the business model.

0TWHPYTLU[VM-PUHUJPHSHZZL[Z
,*3YLWYLZLU[ZJYLKP[SVZZLZ[OH[YLÅLJ[HU\UIPHZLKHUKWYVIHIPSP[`^LPNO[LKTLHZ\YLVML_WLJ[LKJHZOZOVY[MHSSZKPZJV\U[LKH[
[OL,09^OPJOPZKL[LYTPULKI`L]HS\H[PUNHYHUNLVMWVZZPISLV\[JVTLZ[OL[PTL]HS\LVMTVUL`HUKYLHZVUHISLHUKZ\WWVY[HISL
PUMVYTH[PVU HIV\[ WHZ[ L]LU[Z J\YYLU[ JVUKP[PVUZ HUK MVYLJHZ[Z VM M\[\YL LJVUVTPJ JVUKP[PVUZ  ( JHZO ZOVY[MHSS PZ [OL KPќLYLUJL
IL[^LLU[OLJHZOÅV^Z[OH[HYLK\L[VHULU[P[`PUHJJVYKHUJL^P[O[OLJVU[YHJ[HUK[OLJHZOÅV^Z[OH[[OLLU[P[`L_WLJ[Z[VYLJLP]L
,*3HSSV^HUJLZHYLTLHZ\YLKH[HTV\U[ZLX\HS[VLP[OLYPTVU[O,*3VYPPSPML[PTL,*3MVY[OVZLÄUHUJPHSPUZ[Y\TLU[Z^OPJOOH]L
L_WLYPLUJLKHZPNUPÄJHU[PUJYLHZLPUJYLKP[YPZR:0*9ZPUJLPUP[PHSYLJVNUP[PVU.LULYHS(WWYVHJO;OLTVU[O,*3PZ[OLWVY[PVU
VMSPML[PTL,*3[OH[YLZ\S[ZMYVTKLMH\S[L]LU[ZVUHÄUHUJPHSPUZ[Y\TLU[[OH[HYLWVZZPISL^P[OPU[OLTVU[OZHM[LY[OLYLWVY[PUNKH[L
3PML[PTL,*3WLY[HPUZ[VJYLKP[SVZZLZ[OH[YLZ\S[MYVTHSSWVZZPISLKLMH\S[L]LU[ZV]LY[OLL_WLJ[LKSPMLVMHÄUHUJPHSPUZ[Y\TLU[

-VYUVUJYLKP[PTWHPYLKÄUHUJPHSPUZ[Y\TLU[Z!

‹ :[HNLJVUZPZ[ZVMHSSUVUPTWHPYLKÄUHUJPHSPUZ[Y\TLU[Z^OPJOOH]LUV[L_WLYPLUJLKH:0*9ZPUJLPUP[PHSYLJVNUP[PVU;OL.YV\W
HUK[OL7HYLU[*VTWHU`YLJVNUPaLHTVU[O,*3MVY:[HNLÄUHUJPHSPUZ[Y\TLU[Z
‹ :[HNLJVUZPZ[ZVMHSSUVUPTWHPYLKÄUHUJPHSPUZ[Y\TLU[Z^OPJOOH]LL_WLYPLUJLKH:0*9ZPUJLPUP[PHSYLJVNUP[PVU;OL.YV\WHUK
[OL7HYLU[*VTWHU`YLJVNUPaLHSPML[PTL,*3MVY:[HNLÄUHUJPHSPUZ[Y\TLU[Z

-VYJYLKP[PTWHPYLKÄUHUJPHSPUZ[Y\TLU[Z!

‹ -PUHUJPHSPUZ[Y\TLU[ZHYLJSHZZPÄLKHZ:[HNL^OLU[OLYLPZVIQLJ[P]LL]PKLUJLVMPTWHPYTLU[HZHYLZ\S[VMVULVYTVYLSVZZ
L]LU[Z[OH[OH]LVJJ\YYLKHM[LYPUP[PHSYLJVNUP[PVU^P[OHULNH[P]LPTWHJ[VU[OLLZ[PTH[LKM\[\YLJHZOÅV^ZVMHÄUHUJPHSHZZL[VY
HWVY[MVSPVVMÄUHUJPHSHZZL[Z;OL,*3TVKLSYLX\PYLZ[OH[SPML[PTL,*3ILYLJVNUPaLKMVYPTWHPYLKÄUHUJPHSPUZ[Y\TLU[Z

;OL.YV\W\ZLZPU[LYUHSJYLKP[HZZLZZTLU[HUKHWWYV]HSZH[]HYPV\ZSL]LSZ[VKL[LYTPUL[OLJYLKP[YPZRVML_WVZ\YLZH[PUP[PHSYLJVNUP[PVU
(ZZLZZTLU[JHUILX\HU[P[H[P]LVYX\HSP[H[P]LHUKKLWLUKZVU[OLTH[LYPHSP[`VM[OLMHJPSP[`VY[OLJVTWSL_P[`VM[OLWVY[MVSPV[VIL
assessed.

,*3PZHM\UJ[PVUVM[OLWYVIHIPSP[`VMKLMH\S[7+L_WVZ\YLH[KLMH\S[,(+HUKSVZZNP]LUKLMH\S[3.+^P[O[OL[PTPUNVM[OLSVZZ
HSZVJVUZPKLYLKHUKPZLZ[PTH[LKI`PUJVYWVYH[PUNMVY^HYKSVVRPUNLJVUVTPJPUMVYTH[PVUHUK[OYV\NO[OL\ZLVML_WLYPLUJLKJYLKP[
Q\KNTLU[

;OL7+YLWYLZLU[Z[OLSPRLSPOVVK[OH[HJYLKP[L_WVZ\YL^PSSUV[ILYLWHPKHUK^PSSNVPU[VKLMH\S[PULP[OLYHTVU[OOVYPaVUMVY:[HNL
VYSPML[PTLOVYPaVUMVY:[HNL,(+YLWYLZLU[ZHULZ[PTH[LVM[OLV\[Z[HUKPUNHTV\U[VMJYLKP[L_WVZ\YLH[[OL[PTLHKLMH\S[TH`
VJJ\Y-VYVќIHSHUJLZOLL[L_WVZ\YLZHUK\UKYH^UHTV\U[Z,(+PUJS\KLZHULZ[PTH[LVMHU`M\Y[OLYHTV\U[Z[VILKYH^U^P[OPU
[OLJVU[YHJ[\HSH]HPSHIPSP[`WLYPVKVM[OLPYYL]VJHISLJVTTP[TLU[Z3.+PZ[OLHTV\U[[OH[TH`UV[ILYLJV]LYLKPU[OLL]LU[VMKLMH\S[
3.+[HRLZPU[VJVUZPKLYH[PVU[OLHTV\U[HUKX\HSP[`VMHU`JVSSH[LYHSOLSK7SLHZLYLMLY[V5V[LMVYV[OLYPUMVYTH[PVUYLSH[LK[V[OL
.YV\W»ZTVKLSZMVY7+,(+HUK3.+

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

10

;OLJHSJ\SH[PVUVM,*3PUJS\KPUN[OLLZ[PTH[PVUVM7+,(+3.+HUKKPZJV\U[YH[LPZTHKLVUHUPUKP]PK\HSIHZPZMVYTVZ[VM[OL
.YV\W»ZÄUHUJPHSHZZL[ZHUKVUHJVSSLJ[P]LIHZPZMVYYL[HPSWYVK\J[ZZ\JOHZJYLKP[JHYKYLJLP]HISLZ;OLJVSSLJ[P]LHZZLZZTLU[ZHYL
THKLZLWHYH[LS`MVYWVY[MVSPVZVMMHJPSP[PLZ^P[OZPTPSHYJYLKP[YPZRJOHYHJ[LYPZ[PJZ

0UJLY[HPUJPYJ\TZ[HUJLZ[OL.YV\WTVKPÄLZ[OLVYPNPUHS[LYTZHUKJVUKP[PVUZVMHJYLKP[L_WVZ\YL[VMVYTHUL^SVHUHNYLLTLU[
VYWH`TLU[ZJOLK\SL;OLTVKPÄJH[PVUZJHUILNP]LUKLWLUKPUNVU[OLIVYYV^LY»ZVYJV\U[LYWHY[`»ZJ\YYLU[VYL_WLJ[LKÄUHUJPHS
KPѝJ\S[`;OLTVKPÄJH[PVUZTH`PUJS\KLI\[HYLUV[SPTP[LK[VJOHUNLPUPU[LYLZ[YH[LHUK[LYTZWYPUJPWHSHTV\U[TH[\YP[`KH[LKH[L
HUKHTV\U[VMWLYPVKPJWH`TLU[ZHUKHJJY\HSVMPU[LYLZ[HUKJOHYNLZ+PZ[YLZZLKYLZ[Y\J[\YPUN^P[OPUKPJH[PVUZVM\USPRLSPULZZ[VWH`
HYLJH[LNVYPaLKHZPTWHPYLKHJJV\U[ZHUKHYLTV]LK[V:[HNL

/LKNL(JJV\U[PUN
-VY[OLW\YWVZLVMOLKNLHJJV\U[PUNOLKNLZHYLJSHZZPÄLKHZ!

‹ -HPY]HS\LOLKNLZ^OLU[OLYPZRILPUNOLKNLKPZ[OLL_WVZ\YL[VJOHUNLZPU[OLMHPY]HS\LVMHYLJVNUPaLKHZZL[VYSPHIPSP[`VYHU
\UYLJVNUPaLKÄYTJVTTP[TLU["
‹ *HZOÅV^OLKNLZ^OLU[OLYPZRILPUNOLKNLKPZ[OLL_WVZ\YL[V]HYPHIPSP[`PUJHZOÅV^Z[OH[PZLP[OLYH[[YPI\[HISL[VHWHY[PJ\SHY
YPZR HZZVJPH[LK ^P[O H YLJVNUPaLK HZZL[ VY SPHIPSP[` VY H OPNOS` WYVIHISL MVYLJHZ[ [YHUZHJ[PVU VY [OL MVYLPNU J\YYLUJ` YPZR PU HU
\UYLJVNUPaLKÄYTJVTTP[TLU["HUK
‹ /LKNLZVMHUL[PU]LZ[TLU[PUHMVYLPNUVWLYH[PVU

([[OLPUJLW[PVUVMHOLKNLYLSH[PVUZOPW[OL7HYLU[*VTWHU`MVYTHSS`KLZPNUH[LZHUKKVJ\TLU[Z[OLOLKNLYLSH[PVUZOPW[V^OPJOP[
^PZOLZ[VHWWS`OLKNLHJJV\U[PUNHUK[OLYPZRTHUHNLTLU[VIQLJ[P]LHUKZ[YH[LN`MVY\UKLY[HRPUN[OLOLKNL

;OLKVJ\TLU[H[PVUPUJS\KLZPKLU[PÄJH[PVUVM[OLOLKNPUNPUZ[Y\TLU[[OLOLKNLKP[LT[OLUH[\YLVM[OLYPZRILPUNOLKNLKHUKOV^
[OL7HYLU[*VTWHU`^PSSHZZLZZ^OL[OLY[OLOLKNPUNYLSH[PVUZOPWTLL[Z[OLOLKNLLќLJ[P]LULZZYLX\PYLTLU[ZPUJS\KPUN[OLHUHS`ZPZ
VMZV\YJLZVMOLKNLPULќLJ[P]LULZZHUKOV^[OLOLKNLYH[PVPZKL[LYTPULK

(OLKNPUNYLSH[PVUZOPWX\HSPÄLZMVYOLKNLHJJV\U[PUNPMP[TLL[ZHSSVM[OLMVSSV^PUNLќLJ[P]LULZZYLX\PYLTLU[Z!

‹ ;OLYLPZHULJVUVTPJYLSH[PVUZOPWIL[^LLU[OLOLKNLKP[LTHUK[OLOLKNPUNPUZ[Y\TLU[
‹ ;OLLќLJ[VMJYLKP[YPZRKVLZUV[KVTPUH[L[OL]HS\LJOHUNLZ[OH[YLZ\S[MYVT[OH[LJVUVTPJYLSH[PVUZOPW
‹ ;OLOLKNLYH[PVVM[OLOLKNPUNYLSH[PVUZOPWPZ[OLZHTLHZ[OH[YLZ\S[PUNMYVT[OLX\HU[P[`VM[OLOLKNLKP[LT[OH[[OL7HYLU[
*VTWHU` HJ[\HSS` OLKNLZ HUK [OL X\HU[P[` VM [OL OLKNPUN PUZ[Y\TLU[ [OH[ [OL 7HYLU[ *VTWHU` HJ[\HSS` \ZLZ [V OLKNL [OH[
X\HU[P[`VMOLKNLKP[LT

(U LJVUVTPJ YLSH[PVUZOPW L_PZ[Z ^OLU [OL OLKNPUN PUZ[Y\TLU[ HUK [OL OLKNLK P[LT OH]L ]HS\LZ [OH[ NLULYHSS` TV]L PU VWWVZP[L
directions in response to movements in the same risk (hedged risk). The Parent Company assesses economic relationship by
WLYMVYTPUN WYVZWLJ[P]L X\HSP[H[P]L VY X\HU[P[H[P]L OLKNL LќLJ[P]LULZZ HZZLZZTLU[ H[ LHJO YLWVY[PUN KH[L  0U HKKP[PVU [OL 7HYLU[
*VTWHU`TLHZ\YLZPULќLJ[P]LULZZI`JVTWHYPUN[OLJ\T\SH[P]LJOHUNLPU[OLMHPY]HS\LVM[OLOLKNPUNPUZ[Y\TLU[^P[O[OLJ\T\SH[P]L
JOHUNLPU[OLMHPY]HS\LVM[OLOLKNLKP[LT

;OL 7HYLU[ *VTWHU` HWWSPLZ [OL 0)69 YLMVYT 7OHZL  YLSPLMZ [V OLKNPUN YLSH[PVUZOPWZ KPYLJ[S` HќLJ[LK I` 0)69 YLMVYT K\YPUN [OL
WLYPVKILMVYL[OLYLWSHJLTLU[VMHUL_PZ[PUNPU[LYLZ[YH[LILUJOTHYR^P[OHUHS[LYUH[P]LYPZRMYLLYH[L9-9(OLKNPUNYLSH[PVUZOPWPZ
HќLJ[LKPM0)69YLMVYTNP]LZYPZL[V\UJLY[HPU[PLZHIV\[[OL[PTPUNHUKVYHTV\U[VMILUJOTHYRIHZLKJHZOÅV^ZVM[OLOLKNLKP[LT
VY[OLOLKNPUNPUZ[Y\TLU[;OLYLSPLMZYLX\PYL[OH[MVY[OLW\YWVZLVMKL[LYTPUPUN^OL[OLYHMVYLJHZ[[YHUZHJ[PVUPZOPNOS`WYVIHISLP[
PZHZZ\TLK[OH[[OL0)69VU^OPJO[OLOLKNLKJHZOÅV^ZHYLIHZLKPZUV[HS[LYLKHZHYLZ\S[VM0)69YLMVYT

0)69YLMVYT7OHZLHSZVYLX\PYLZ[OH[MVYOLKNPUNYLSH[PVUZOPWZHќLJ[LKI`0)69YLMVYT[OL7HYLU[*VTWHU`T\Z[HZZ\TL[OH[MVY
[OLW\YWVZLVMHZZLZZPUNL_WLJ[LKM\[\YLOLKNLLќLJ[P]LULZZ[OLPU[LYLZ[YH[LPZUV[HS[LYLKHZHYLZ\S[VM0)69YLMVYT-\Y[OLY[OL
7HYLU[*VTWHU`PZUV[YLX\PYLK[VKPZJVU[PU\L[OLOLKNPUNYLSH[PVUZOPW;OLOLKNLPULќLJ[P]LULZZT\Z[ILYLJVNUPaLKPUWYVÄ[VY
loss, as normal.

CHINA BANKING CORPORATION

 11

;OLYLSPLMZJLHZL[VHWWS`VUJLJLY[HPUJVUKP[PVUZHYLTL[;OLZLPUJS\KL^OLU[OL\UJLY[HPU[`HYPZPUNMYVT0)69YLMVYTPZUVSVUNLY
WYLZLU[^P[OYLZWLJ[[V[OL[PTPUNHUKHTV\U[VM[OLILUJOTHYRIHZLKJHZOÅV^ZVM[OLOLKNLKP[LTPM[OLOLKNPUNYLSH[PVUZOPWPZ
KPZJVU[PU\LKVYVUJLHTV\U[ZPU[OLJHZOÅV^OLKNLYLZLY]LOH]LILLUYLSLHZLK

0)69YLMVYT7OHZLWYV]PKLZ[LTWVYHY`YLSPLMZ[OH[HSSV^[OL7HYLU[*VTWHU`»ZOLKNPUNYLSH[PVUZOPWZ[VJVU[PU\L\WVU[OLYLWSHJLTLU[
VMHUL_PZ[PUNPU[LYLZ[YH[LILUJOTHYR^P[OHU9-9;OLYLSPLMZYLX\PYL[OL7HYLU[*VTWHU`[VHTLUK[OLOLKNLKLZPNUH[PVUZHUK
hedge documentation.

*HZOÅV^OLKNLZ
;OLLќLJ[P]LWVY[PVUVM[OLNHPUVYSVZZVU[OLOLKNPUNPUZ[Y\TLU[PZYLJVNUPaLKPU6*0HZJHZOÅV^OLKNLYLZLY]L5V[LWYLZLU[LK
\UKLYº/LKNLYLSH[LKYLZLY]L»PU[OLIHSHUJLZOLL[^OPSLHU`PULќLJ[P]LWVY[PVUPZYLJVNUPaLKPTTLKPH[LS`PU[OLZ[H[LTLU[VMPUJVTL
;OLJHZOÅV^OLKNLYLZLY]LPZHKQ\Z[LK[V[OLSV^LYVM[OLJ\T\SH[P]LNHPUVYSVZZVU[OLOLKNPUNPUZ[Y\TLU[HUK[OLJ\T\SH[P]L
JOHUNLPUMHPY]HS\LVM[OLOLKNLKP[LT-VYHUK[OLYLPZUVPULќLJ[P]LWVY[PVUYLJVNUPaLKPU[OLZ[H[LTLU[VMPUJVTL

>OLUMVYLPNUL_JOHUNLMVY^HYKJVU[YHJ[ZHYL\ZLKPUOLKNPUNYLSH[PVUZOPWZ[OL7HYLU[*VTWHU`JHUKLZPNUH[L[OLPUZ[Y\TLU[PU
P[ZLU[PYL[`VYL_JS\KL[OLMVY^HYKLSLTLU[I`KLZPNUH[PUN[OLZWV[LSLTLU[VUS`;OLMVY^HYKLSLTLU[PUHMVYLPNUL_JOHUNLMVY^HYK
JVU[YHJ[PZ[OLKPќLYLUJLIL[^LLU[OLZWV[HUKMVY^HYKWYPJLZ>OLUVUS`[OLZWV[LSLTLU[PZKLZPNUH[LK[OL7HYLU[*VTWHU`OHZ
HJOVPJL[VHWWS`[OLJVZ[VMOLKNPUNHJJV\U[PUN[V[OLL_JS\KLKMVY^HYKLSLTLU[0UHWWS`PUN[OLJVZ[VMOLKNPUNHJJV\U[PUN[V[OL
MVY^HYKLSLTLU[VM[OLMVYLPNUL_JOHUNLMVY^HYKJVU[YHJ[[OLJOHUNLPU[OLMHPY]HS\LVM[OLMVY^HYKLSLTLU[PZYLJVNUPaLKPU6*0
HUKHJJ\T\SH[LKPUHZLWHYH[LJVTWVULU[VMLX\P[`0UJHZLVMH[PTLWLYPVKYLSH[LKOLKNLKP[LT[OLMVY^HYKLSLTLU[[OH[L_PZ[ZH[
PUJLW[PVUPZHTVY[PaLKMYVT[OLZLWHYH[LJVTWVULU[VMLX\P[`[VWYVÄ[VYSVZZVUHZ`Z[LTH[PJHUKYH[PVUHSIHZPZ;OL\UHTVY[PaLK
WVY[PVUVM[OLJVZ[VMOLKNPUNPZWYLZLU[LK\UKLYº/LKNLYLSH[LKYLZLY]L»PU[OLIHSHUJLZOLL[

(Z VM +LJLTILY   [OL 7HYLU[ *VTWHU` OHZ PU[LYLZ[ YH[L Z^HWZ HUK MVYLPNU L_JOHUNL MVY^HYK JVU[YHJ[Z [OH[ OH]L ILLU
KLZPNUH[LKHZOLKNPUNPUZ[Y\TLU[ZPUJHZOÅV^OLKNLZ5V[L(ZVM+LJLTILY[OL7HYLU[*VTWHU`OHZPU[LYLZ[YH[L
Z^HWZ[OH[OH]LILLUKLZPNUH[LKHZOLKNPUNPUZ[Y\TLU[ZPUJHZOÅV^OLKNLZ5V[L

-PUHUJPHS3PHIPSP[PLZ
-PUHUJPHSSPHIPSP[PLZ^OPJOPUJS\KLKLWVZP[SPHIPSP[PLZIPSSZWH`HISLIVUKZWH`HISLKLYP]H[P]LSPHIPSP[PLZHUKV[OLYSPHIPSP[PLZL_JLW[[H_
YLSH[LKWH`HISLZWYLULLKYLZLY]LZHUKWVZ[LTWSV`TLU[KLÄULKILULÄ[VISPNH[PVUHYLYLJVNUPaLK^OLU[OL.YV\WILJVTLZHWHY[`
[V[OLJVU[YHJ[\HS[LYTZVM[OLPUZ[Y\TLU[

-PUHUJPHSSPHIPSP[PLZL_JLW[KLYP]H[P]LSPHIPSP[PLZHYLYLJVNUPaLKPUP[PHSS`H[[OLPYMHPY]HS\LHUKZ\IZLX\LU[S`TLHZ\YLKH[HTVY[PaLKJVZ[
\ZPUN[OLLќLJ[P]LPU[LYLZ[TL[OVK(SSPU[LYLZ[YLSH[LKJOHYNLZPUJ\YYLKVUÄUHUJPHSSPHIPSP[PLZHYLYLJVNUPaLKHZHUL_WLUZLPU[OL
Z[H[LTLU[ZVMPUJVTL\UKLYº0U[LYLZ[L_WLUZL»

+LWVZP[SPHIPSP[PLZHYLZ[H[LKH[HTV\U[ZPU^OPJO[OL`HYL[VILWHPK0U[LYLZ[PZHJJY\LKWLYPVKPJHSS`HUKYLJVNUPaLKPUHZLWHYH[L
SPHIPSP[`HJJV\U[ILMVYLYLJVNUPaPUNHZWHY[VMKLWVZP[SPHIPSP[PLZ

º)PSSZWH`HISL»HUKº)VUKZWH`HISL»HYLYLJVNUPaLKPUP[PHSS`H[MHPY]HS\L^OPJOPZ[OLPZZ\LWYVJLLKZMHPY]HS\LVMJVUZPKLYH[PVUYLJLP]LK
SLZZHU`PZZ\HUJLJVZ[Z;OLZLHYLZ\IZLX\LU[S`TLHZ\YLKH[HTVY[PaLKJVZ[HU`KPќLYLUJLIL[^LLU[OLWYVJLLKZUL[VM[YHUZHJ[PVU
JVZ[ZHUK[OLYLKLTW[PVU]HS\LPZYLJVNUPaLKPU[OLZ[H[LTLU[VMPUJVTLV]LY[OLWLYPVKVM[OLIVYYV^PUNZ\ZPUN[OLLќLJ[P]LPU[LYLZ[
method.

:LJ\YP[PLZ ZVSK \UKLY HNYLLTLU[Z [V YLW\YJOHZL H[ H ZWLJPÄLK M\[\YL KH[L ºYLWVZ» HYL UV[ KLYLJVNUPaLK MYVT [OL Z[H[LTLU[ VM
ÄUHUJPHSWVZP[PVU;OLJVYYLZWVUKPUNJHZOYLJLP]LKPUJS\KPUNHJJY\LKPU[LYLZ[PZYLJVNUPaLKPU[OLZ[H[LTLU[VMÄUHUJPHSWVZP[PVUHZ
::<9(PUJS\KLKPUº)PSSZWH`HISL»HUKPZJVUZPKLYLKHZHSVHU[V[OL.YV\WYLÅLJ[PUN[OLLJVUVTPJZ\IZ[HUJLVMZ\JO[YHUZHJ[PVU

+LYP]H[P]LSPHIPSP[PLZHYLYLJVNUPaLKPUP[PHSS`HUKZ\IZLX\LU[S`TLHZ\YLKH[MHPY]HS\L^P[OJOHUNLZPUMHPY]HS\LYLJVNUPaLKPU[OLZ[H[LTLU[
VMPUJVTL\USLZZKLZPNUH[LKHZHUHJJV\U[PUNOLKNL

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

12

+LYLJVNUP[PVUVM-PUHUJPHS(ZZL[ZHUK3PHIPSP[PLZ

-PUHUJPHSHZZL[Z
(ÄUHUJPHSHZZL[VY^OLYLHWWSPJHISLHWHY[VMHÄUHUJPHSHZZL[VYWHY[VMHNYV\WVMÄUHUJPHSHZZL[ZPZKLYLJVNUPaLK^OLU!

‹ [OLYPNO[Z[VYLJLP]LJHZOÅV^ZMYVT[OLHZZL[OH]LL_WPYLK"VY
‹ [OL.YV\WYL[HPUZ[OLYPNO[[VYLJLP]LJHZOÅV^ZMYVT[OLHZZL[I\[OHZHZZ\TLKHUVISPNH[PVU[VWH`[OLTPUM\SS^P[OV\[TH[LYPHS
KLSH`[VH[OPYKWHY[`\UKLYH¸WHZZ[OYV\NO¹HYYHUNLTLU["VY
‹ [OL.YV\WOHZ[YHUZMLYYLKP[ZYPNO[Z[VYLJLP]LJHZOÅV^ZMYVT[OLHZZL[HUKLP[OLYHOHZ[YHUZMLYYLKZ\IZ[HU[PHSS`HSS[OLYPZRZHUK
YL^HYKZVM[OLHZZL[VYIOHZULP[OLY[YHUZMLYYLKUVYYL[HPULK[OLYPZRZHUKYL^HYKZVM[OLHZZL[I\[OHZ[YHUZMLYYLKJVU[YVSVM
the asset.

>OLYL [OL .YV\W OHZ [YHUZMLYYLK P[Z YPNO[Z [V YLJLP]L JHZO ÅV^Z MYVT HU HZZL[ VY OHZ LU[LYLK PU[V H WHZZ[OYV\NO HYYHUNLTLU[
HUKOHZULP[OLY[YHUZMLYYLKUVYYL[HPULKZ\IZ[HU[PHSS`HSS[OLYPZRZHUKYL^HYKZVM[OLHZZL[UVY[YHUZMLYYLKJVU[YVSVM[OLHZZL[[OL
HZZL[PZYLJVNUPaLK[V[OLL_[LU[VM[OL.YV\W»ZJVU[PU\PUNPU]VS]LTLU[PU[OLHZZL[*VU[PU\PUNPU]VS]LTLU[[OH[[HRLZ[OLMVYTVMH
N\HYHU[LLV]LY[OL[YHUZMLYYLKHZZL[PZTLHZ\YLKH[[OLSV^LYVM[OLVYPNPUHSJHYY`PUNHTV\U[VM[OLHZZL[HUK[OLTH_PT\THTV\U[VM
JVUZPKLYH[PVU[OH[[OL.YV\WJV\SKILYLX\PYLK[VYLWH`

4VKPÄJH[PVUVMÄUHUJPHSHZZL[Z
;OL.YV\WKLYLJVNUPaLZHÄUHUJPHSHZZL[^OLU[OL[LYTZHUKJVUKP[PVUZOH]LILLUYLULNV[PH[LK[V[OLL_[LU[[OH[Z\IZ[HU[PHSS`P[
ILJVTLZHUL^HZZL[^P[O[OLKPќLYLUJLIL[^LLUP[ZJHYY`PUNHTV\U[HUK[OLMHPY]HS\LVM[OLUL^HZZL[YLJVNUPaLKHZHKLYLJVNUP[PVU
NHPUVYSVZZPUWYVÄ[VYSVZZ[V[OLL_[LU[[OH[HUPTWHPYTLU[SVZZOHZUV[HSYLHK`ILLUYLJVYKLK

;OL.YV\WJVUZPKLYZIV[OX\HSP[H[P]LHUKX\HU[P[H[P]LMHJ[VYZPUHZZLZZPUN^OL[OLYHTVKPÄJH[PVUVMÄUHUJPHSHZZL[PZZ\IZ[HU[PHSVYUV[
>OLUHZZLZZPUN^OL[OLYHTVKPÄJH[PVUPZZ\IZ[HU[PHS[OL.YV\WJVUZPKLYZ[OLMVSSV^PUNMHJ[VYZHTVUNV[OLYZ!

‹ *OHUNLPUJ\YYLUJ`"
‹ 0U[YVK\J[PVUVMHULX\P[`MLH[\YL"
‹ *OHUNLPUJV\U[LYWHY[`"HUK
‹ 0M[OLTVKPÄJH[PVUYLZ\S[ZPU[OLHZZL[UVSVUNLYJVUZPKLYLK:770

;OL.YV\WHSZVWLYMVYTZHX\HU[P[H[P]LHZZLZZTLU[ZPTPSHY[V[OH[ILPUNWLYMVYTLKMVYTVKPÄJH[PVUVMÄUHUJPHSSPHIPSP[PLZ0UWLYMVYTPUN
[OLX\HU[P[H[P]LHZZLZZTLU[[OL.YV\WJVUZPKLYZ[OLUL^[LYTZVMHÄUHUJPHSHZZL[[VILZ\IZ[HU[PHSS`KPќLYLU[PM[OLWYLZLU[]HS\LVM
[OLJHZOÅV^Z\UKLY[OLUL^[LYTZPUJS\KPUNHU`MLLZWHPKUL[VMHU`MLLZYLJLP]LKHUKKPZJV\U[LK\ZPUN[OLVYPNPUHSLќLJ[P]LPU[LYLZ[
YH[LPZH[SLHZ[ KPќLYLU[MYVT[OLWYLZLU[]HS\LVM[OLYLTHPUPUNJHZOÅV^ZVM[OLVYPNPUHSÄUHUJPHSHZZL[

>OLU[OLJVU[YHJ[\HSJHZOÅV^ZVMHÄUHUJPHSHZZL[HYLYLULNV[PH[LKVYV[OLY^PZLTVKPÄLKHUK[OLYLULNV[PH[PVUVYTVKPÄJH[PVUKVLZ
UV[YLZ\S[PU[OLKLYLJVNUP[PVUVM[OH[ÄUHUJPHSHZZL[[OL.YV\WYLJHSJ\SH[LZ[OLNYVZZJHYY`PUNHTV\U[VM[OLÄUHUJPHSHZZL[HZ[OL
WYLZLU[]HS\LVM[OLYLULNV[PH[LKVYTVKPÄLKJVU[YHJ[\HSJHZOÅV^ZKPZJV\U[LKH[[OLVYPNPUHS,09VYJYLKP[HKQ\Z[LK,09MVYW\YJOHZLK
VYVYPNPUH[LKJYLKP[PTWHPYLKÄUHUJPHSHZZL[ZHUKYLJVNUPaLZHTVKPÄJH[PVUNHPUVYSVZZPU[OLZ[H[LTLU[VMPUJVTL

>OLU[OLTVKPÄJH[PVUVMHÄUHUJPHSHZZL[YLZ\S[ZPU[OLKLYLJVNUP[PVUVM[OLL_PZ[PUNÄUHUJPHSHZZL[HUK[OLZ\IZLX\LU[YLJVNUP[PVUVM
HUL^ÄUHUJPHSHZZL[[OLTVKPÄLKHZZL[PZJVUZPKLYLKHºUL^»ÄUHUJPHSHZZL[HUKHNHPUVYSVZZVUKLYLJVNUP[PVUVM[OL¸VSK¹ÄUHUJPHS
HZZL[PZYLJVNUPaLKPU[OLZ[H[LTLU[ZVMPUJVTLPMHU`(JJVYKPUNS`[OLKH[LVM[OLTVKPÄJH[PVUZOHSSIL[YLH[LKHZ[OLKH[LVMPUP[PHS
YLJVNUP[PVUVM[OH[ÄUHUJPHSHZZL[^OLUHWWS`PUN[OLPTWHPYTLU[YLX\PYLTLU[Z[V[OLTVKPÄLKÄUHUJPHSHZZL[;OLUL^S`YLJVNUPaLK
ÄUHUJPHSHZZL[PZJSHZZPÄLKHZ:[HNLMVY,*3TLHZ\YLTLU[W\YWVZLZ\USLZZ[OLUL^ÄUHUJPHSHZZL[PZKLLTLK[VILW\YJOHZLKVY
originated as credit impaired (POCI).

Financial liabilities
(ÄUHUJPHSSPHIPSP[`PZKLYLJVNUPaLK^OLU[OLVISPNH[PVU\UKLY[OLSPHIPSP[`PZKPZJOHYNLKJHUJLSSLKVYOHZL_WPYLK>OLYLHUL_PZ[PUN
ÄUHUJPHSSPHIPSP[`PZYLWSHJLKI`HUV[OLYMYVT[OLZHTLSLUKLYVUZ\IZ[HU[PHSS`KPќLYLU[[LYTZVY[OL[LYTZVMHUL_PZ[PUNSPHIPSP[`HYL
Z\IZ[HU[PHSS`TVKPÄLKZ\JOHUL_JOHUNLVYTVKPÄJH[PVUPZ[YLH[LKHZHKLYLJVNUP[PVUVM[OLVYPNPUHSSPHIPSP[`HUK[OLYLJVNUP[PVUVMH
UL^SPHIPSP[`HUK[OLKPќLYLUJLPU[OLYLZWLJ[P]LJHYY`PUNHTV\U[ZPZYLJVNUPaLKPU[OLZ[H[LTLU[VMPUJVTL

CHINA BANKING CORPORATION

 13

([FKDQJHRUPRGLıFDWLRQRIıQDQFLDOOLDELOLWLHV
;OL.YV\WJVUZPKLYZIV[OX\HSP[H[P]LHUKX\HU[P[H[P]LMHJ[VYZPUHZZLZZPUN^OL[OLYHTVKPÄJH[PVUVMÄUHUJPHSSPHIPSP[PLZPZZ\IZ[HU[PHS
VYUV[;OL[LYTZHYLJVUZPKLYLKZ\IZ[HU[PHSS`KPќLYLU[PM[OLWYLZLU[]HS\LVM[OLJHZOÅV^Z\UKLY[OLUL^[LYTZPUJS\KPUNHU`MLLZ
WHPKUL[VMHU`MLLZYLJLP]LKHUKKPZJV\U[LK\ZPUN[OLVYPNPUHSLќLJ[P]LPU[LYLZ[YH[LPZH[SLHZ[ KPќLYLU[MYVT[OLWYLZLU[]HS\L
VM [OL YLTHPUPUN JHZO ÅV^Z VM [OL VYPNPUHS ÄUHUJPHS SPHIPSP[`  /V^L]LY \UKLY JLY[HPU JPYJ\TZ[HUJLZ TVKPÄJH[PVU VY L_JOHUNL VM H
ÄUHUJPHSSPHIPSP[`TH`Z[PSSILJVUZPKLYLKZ\IZ[HU[PHSL]LU^OLYL[OLWYLZLU[]HS\LVM[OLJHZOÅV^Z\UKLY[OLUL^[LYTZPZSLZZ[OHU
 KPќLYLU[MYVT[OLWYLZLU[]HS\LVM[OLYLTHPUPUNJHZOÅV^ZVM[OLVYPNPUHSÄUHUJPHSSPHIPSP[`;OLYLTH`ILZP[\H[PVUZ^OLYL[OL
TVKPÄJH[PVUVM[OLÄUHUJPHSSPHIPSP[`PZZVM\UKHTLU[HS[OH[PTTLKPH[LKLYLJVNUP[PVUVM[OLVYPNPUHSÄUHUJPHSSPHIPSP[`PZHWWYVWYPH[LLN
YLZ[Y\J[\YPUNHÄUHUJPHSSPHIPSP[`[VPUJS\KLHULTILKKLKLX\P[`JVTWVULU[

>OLU HU L_PZ[PUN ÄUHUJPHS SPHIPSP[` PZ YLWSHJLK I` HUV[OLY MYVT [OL ZHTL SLUKLY VU Z\IZ[HU[PHSS` KPќLYLU[ [LYTZ VY [OL [LYTZ VM HU
L_PZ[PUNSPHIPSP[`HYLZ\IZ[HU[PHSS`TVKPÄLKZ\JOHUL_JOHUNLVYTVKPÄJH[PVUPZ[YLH[LKHZHKLYLJVNUP[PVUVM[OLVYPNPUHSSPHIPSP[`HUK
[OLYLJVNUP[PVUVMHUL^SPHIPSP[`;OLKPќLYLUJLIL[^LLU[OLJHYY`PUN]HS\LVM[OLVYPNPUHSÄUHUJPHSSPHIPSP[`HUK[OLMHPY]HS\LVM[OLUL^
SPHIPSP[`PZYLJVNUPaLKPUWYVÄ[VYSVZZ

>OLU[OLL_JOHUNLVYTVKPÄJH[PVUVM[OLL_PZ[PUNÄUHUJPHSSPHIPSP[`PZUV[JVUZPKLYLKHZZ\IZ[HU[PHS[OL.YV\WYLJHSJ\SH[LZ[OLNYVZZ
JHYY`PUNHTV\U[VM[OLÄUHUJPHSSPHIPSP[`HZ[OLWYLZLU[]HS\LVM[OLYLULNV[PH[LKVYTVKPÄLKJVU[YHJ[\HSJHZOÅV^ZKPZJV\U[LKH[[OL
VYPNPUHS,09HUKYLJVNUPaLZHTVKPÄJH[PVUNHPUVYSVZZPUWYVÄ[VYSVZZ

0MTVKPÄJH[PVUVM[LYTZPZHJJV\U[LKMVYHZHUL_[PUN\PZOTLU[HU`JVZ[ZVYMLLZPUJ\YYLKHYLYLJVNUPaLKHZWHY[VM[OLNHPUVYSVZZVU
[OLL_[PUN\PZOTLU[0M[OLTVKPÄJH[PVUPZUV[HJJV\U[LKMVYHZHUL_[PUN\PZOTLU[HU`JVZ[ZVYMLLZPUJ\YYLKHKQ\Z[[OLJHYY`PUNHTV\U[
VM[OLÄUHUJPHSPUZ[Y\TLU[HUKHYLHTVY[PaLKV]LY[OLYLTHPUPUN[LYTVM[OLTVKPÄLKÄUHUJPHSPUZ[Y\TLU[

0U [OL JVU[L_[ VM 0)69 YLMVYT [OL .YV\W»Z HZZLZZTLU[ VM ^OL[OLY H TVKPÄJH[PVU PZ Z\IZ[HU[PHS VY UV[ PZ THKL HM[LY HWWS`PUN [OL
WYHJ[PJHSL_WLKPLU[PU[YVK\JLKI`0)69YLMVYT7OHZL;OL0)69YLMVYT7OHZLHTLUKTLU[ZHSSV^HZHWYHJ[PJHSL_WLKPLU[MVY
JOHUNLZ[V[OLIHZPZMVYKL[LYTPUPUNJVU[YHJ[\HSJHZOÅV^Z[VIL[YLH[LKHZJOHUNLZ[VHÅVH[PUNYH[LVMPU[LYLZ[WYV]PKLKJLY[HPU
JVUKP[PVUZHYLTL[;OLJVUKP[PVUZPUJS\KL[OH[[OLJOHUNLPZULJLZZHY`HZHKPYLJ[JVUZLX\LUJLVM0)69YLMVYTHUK[OH[[OL[YHUZP[PVU
takes place on an economically equivalent basis.

-PUHUJPHS.\HYHU[LLZHUK<UKYH^U3VHU*VTTP[TLU[Z
;OL.YV\WPZZ\LZÄUHUJPHSN\HYHU[LLZHUKSVHUJVTTP[TLU[Z-PUHUJPHSN\HYHU[LLZHYL[OVZLPZZ\LKI`[OL.YV\W[VJYLKP[VYZHZ
HSSV^LK \UKLY L_PZ[PUN Y\SLZ HUK YLN\SH[PVUZ ^OLYLI` P[ N\HYHU[LLZ [OPYK WHY[` VISPNH[PVUZ I` ZPNUPUN HZ N\HYHU[VY PU [OL JVU[YHJ[
HNYLLTLU[<UKYH^USVHUJVTTP[TLU[ZHUKSL[[LYZVMJYLKP[HYLJVTTP[TLU[Z\UKLY^OPJO[OL.YV\WPZYLX\PYLKV]LY[OLK\YH[PVUVM
[OLJVTTP[TLU[[VWYV]PKLHSVHU^P[OWYLZWLJPÄLK[LYTZ[V[OLJ\Z[VTLY;OLUVTPUHSJVU[YHJ[\HS]HS\LVMÄUHUJPHSN\HYHU[LLZHUK
\UKYH^USVHUJVTTP[TLU[Z^OLYL[OLSVHUHNYLLK[VILWYV]PKLKPZVUTHYRL[[LYTZHYLUV[YLJVYKLKPU[OLIHSHUJLZOLL[;OLZL
JVU[YHJ[ZHYLPU[OLZJVWLVM[OL,*3YLX\PYLTLU[Z^OLYL[OL.YV\WLZ[PTH[LZ[OLL_WLJ[LKWVY[PVUVM[OL\UKYH^USVHUJVTTP[TLU[Z
[OH[^PSSILKYH^UV]LY[OLPYL_WLJ[LKSPML;OL,*3YLSH[LK[VSVHUJVTTP[TLU[ZPZYLJVNUPaLKPUº6[OLYSPHIPSP[PLZ»

>YP[LVќZ
-PUHUJPHSHZZL[ZHYL^YP[[LUVќLP[OLYWHY[PHSS`VYPU[OLPYLU[PYL[`^OLU[OL.YV\WUVSVUNLYL_WLJ[ZJVSSLJ[PVUZVYYLJV]LYPLZ^P[OPU
HMVYLZLLHISLM\[\YL0M[OLHTV\U[[VIL^YP[[LUVќPZNYLH[LY[OHU[OLHJJ\T\SH[LKSVZZHSSV^HUJL[OLKPќLYLUJLPZÄYZ[[YLH[LKHZ
HUHKKP[PVU[V[OLHSSV^HUJL[OH[PZ[OLUHWWSPLKHNHPUZ[[OLNYVZZJHYY`PUNHTV\U[(U`Z\IZLX\LU[YLJV]LYPLZHYLJYLKP[LK[V[OL
º4PZJLSSHULV\ZPUJVTL»HJJV\U[PU[OLZ[H[LTLU[VMPUJVTL

0U]LZ[TLU[PU(ZZVJPH[LZ
(ZZVJPH[LZWLY[HPU[VHSSLU[P[PLZV]LY^OPJO[OL.YV\WOHZZPNUPÄJHU[PUÅ\LUJLI\[UV[JVU[YVSNLULYHSS`HJJVTWHU`PUNHZOHYLOVSKPUN
VMIL[^LLU HUK VM[OL]V[PUNYPNO[Z0U[OLJVUZVSPKH[LKHUKWHYLU[JVTWHU`ÄUHUJPHSZ[H[LTLU[ZPU]LZ[TLU[ZPU
HZZVJPH[LZHYLHJJV\U[LKMVY\UKLY[OLLX\P[`TL[OVKVMHJJV\U[PUN

<UKLY[OLLX\P[`TL[OVKHUPU]LZ[TLU[PUHUHZZVJPH[LPZJHYYPLKPU[OLIHSHUJLZOLL[H[JVZ[WS\ZWVZ[HJX\PZP[PVUJOHUNLZPU[OL
.YV\W»ZZOHYLVM[OLUL[HZZL[ZVM[OLHZZVJPH[LZ.VVK^PSSPMHU`YLSH[PUN[VHUHZZVJPH[LPZPUJS\KLKPU[OLJHYY`PUN]HS\LVM[OL
PU]LZ[TLU[HUKPZUV[HTVY[PaLK;OLZ[H[LTLU[VMPUJVTLYLÅLJ[Z[OLZOHYLVM[OLYLZ\S[ZVMVWLYH[PVUZVM[OLHZZVJPH[L>OLYL[OLYL
OHZILLUHJOHUNLYLJVNUPaLKKPYLJ[S`PU[OLLX\P[`VM[OLHZZVJPH[L[OL.YV\WYLJVNUPaLZP[ZZOHYLVMHU`JOHUNLZHUKKPZJSVZLZ[OPZ
^OLUHWWSPJHISLPU[OLZ[H[LTLU[VMJOHUNLZPULX\P[`

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

14

>OLU [OL .YV\W»Z ZOHYL VM SVZZLZ PU HU HZZVJPH[L LX\HSZ VY L_JLLKZ P[Z PU[LYLZ[ PU [OL HZZVJPH[L PUJS\KPUN HU` V[OLY \UZLJ\YLK
YLJLP]HISLZ [OL .YV\W KVLZ UV[ YLJVNUPaL M\Y[OLY SVZZLZ \USLZZ P[ OHZ PUJ\YYLK VISPNH[PVUZ VY THKL WH`TLU[Z VU ILOHSM VM [OL
HZZVJPH[L7YVÄ[ZVYSVZZLZYLZ\S[PUNMYVT[YHUZHJ[PVUZIL[^LLU[OL.YV\WHUKHUHZZVJPH[LHYLLSPTPUH[LK[V[OLL_[LU[VM[OLPU[LYLZ[
in the associate.

+P]PKLUKZLHYULKVU[OPZPU]LZ[TLU[HYLYLJVNUPaLKHZHYLK\J[PVUMYVT[OLJHYY`PUN]HS\LVM[OLPU]LZ[TLU[

;OL ÄUHUJPHS Z[H[LTLU[Z VM [OL HZZVJPH[L HYL WYLWHYLK MVY [OL ZHTL YLWVY[PUN WLYPVK HZ [OL 7HYLU[ *VTWHU`  >OLYL ULJLZZHY`
HKQ\Z[TLU[ZHYLTHKL[VIYPUN[OLHJJV\U[PUNWVSPJPLZPUSPUL^P[O[OVZLVM[OL.YV\W

<WVUSVZZVMZPNUPÄJHU[PUÅ\LUJLV]LY[OLHZZVJPH[L[OL.YV\WTLHZ\YLZHUKYLJVNUPaLZHU`YL[HPULKPU]LZ[TLU[H[P[ZMHPY]HS\L(U`
KPќLYLUJLIL[^LLU[OLJHYY`PUNHTV\U[VM[OLHZZVJPH[L\WVUSVZZVMZPNUPÄJHU[PUÅ\LUJLHUK[OLMHPY]HS\LVM[OLYL[HPULKPU]LZ[TLU[
HUKWYVJLLKZMYVTKPZWVZHSPZYLJVNUPaLKPUWYVÄ[VYSVZZ

0U]LZ[TLU[PU:\IZPKPHYPLZ
0U[OLWHYLU[JVTWHU`ÄUHUJPHSZ[H[LTLU[ZPU]LZ[TLU[PUZ\IZPKPHYPLZPZHJJV\U[LKMVY\UKLY[OLLX\P[`TL[OVKVMHJJV\U[PUNZPTPSHY
to the investment in associates.

)\ZPULZZ*VTIPUH[PVUZHUK.VVK^PSS
)\ZPULZZJVTIPUH[PVUZHYLHJJV\U[LKMVY\ZPUN[OLHJX\PZP[PVUTL[OVK;OLJVZ[VMHUHJX\PZP[PVUPZTLHZ\YLKHZ[OLHNNYLNH[LVM[OL
JVUZPKLYH[PVU[YHUZMLYYLKTLHZ\YLKH[HJX\PZP[PVUKH[LMHPY]HS\LHUK[OLHTV\U[VMHU`UVUJVU[YVSSPUNPU[LYLZ[PU[OLHJX\PYLL-VY
LHJOI\ZPULZZJVTIPUH[PVU[OLHJX\PYLYTLHZ\YLZ[OLUVUJVU[YVSSPUNPU[LYLZ[PU[OLHJX\PYLLLP[OLYH[MHPY]HS\LVYH[[OLWYVWVY[PVUH[L
ZOHYLVM[OLHJX\PYLL»ZPKLU[PÄHISLUL[HZZL[Z(JX\PZP[PVUJVZ[ZPUJ\YYLKHYLJOHYNLK[VWYVÄ[VYSVZZ

>OLU [OL .YV\W HJX\PYLZ H I\ZPULZZ P[ HZZLZZLZ [OL ÄUHUJPHS HZZL[Z HUK SPHIPSP[PLZ HZZ\TLK MVY HWWYVWYPH[L JSHZZPÄJH[PVU HUK
KLZPNUH[PVUPUHJJVYKHUJL^P[O[OLJVU[YHJ[\HS[LYTZLJVUVTPJJPYJ\TZ[HUJLZHUKWLY[PULU[JVUKP[PVUZHZH[[OLHJX\PZP[PVUKH[L
;OPZPUJS\KLZ[OLZLWHYH[PVUVMLTILKKLKKLYP]H[P]LZPUOVZ[JVU[YHJ[ZI`[OLHJX\PYLL

0M[OLI\ZPULZZJVTIPUH[PVUPZHJOPL]LKPUZ[HNLZ[OLHJX\PZP[PVUKH[LMHPY]HS\LVM[OLHJX\PYLY»ZWYL]PV\ZS`OLSKLX\P[`PU[LYLZ[PU[OL
HJX\PYLLPZYLTLHZ\YLK[VMHPY]HS\LH[[OLHJX\PZP[PVUKH[L[OYV\NOWYVÄ[VYSVZZ

(U`JVU[PUNLU[JVUZPKLYH[PVU[VIL[YHUZMLYYLKI`[OLHJX\PYLY^PSSILYLJVNUPaLKH[MHPY]HS\LH[[OLHJX\PZP[PVUKH[L:\IZLX\LU[
JOHUNLZ[V[OLMHPY]HS\LVM[OLJVU[PUNLU[JVUZPKLYH[PVU^OPJOPZKLLTLK[VILHUHZZL[VYSPHIPSP[`^PSSILYLJVNUPaLKPUHJJVYKHUJL
^P[O 7-9:  LP[OLY PU WYVÄ[ VY SVZZ VY HZ H JOHYNL [V 6*0  0M [OL JVU[PUNLU[ JVUZPKLYH[PVU PZ JSHZZPÄLK HZ LX\P[` P[ ZOV\SK UV[ IL
YLTLHZ\YLK\U[PSP[PZÄUHSS`ZL[[SLK^P[OPULX\P[`

.VVK^PSSPZPUP[PHSS`TLHZ\YLKH[JVZ[ILPUN[OLL_JLZZVM[OLHNNYLNH[LVMMHPY]HS\LVM[OLJVUZPKLYH[PVU[YHUZMLYYLKHUK[OLHTV\U[
YLJVNUPaLKMVYUVUJVU[YVSSPUNPU[LYLZ[V]LY[OLUL[PKLU[PÄHISLHZZL[ZHJX\PYLKHUKSPHIPSP[PLZHZZ\TLK0M[OPZJVUZPKLYH[PVUPZSV^LY
[OHU[OLMHPY]HS\LVM[OLUL[HZZL[ZVM[OLZ\IZPKPHY`HJX\PYLK[OLKPќLYLUJLPZYLJVNUPaLKPUWYVÄ[VYSVZZHZNHPUVUIHYNHPUW\YJOHZL
\UKLYº4PZJLSSHULV\ZPUJVTL»

CHINA BANKING CORPORATION

 15

(M[LYPUP[PHSYLJVNUP[PVUNVVK^PSSPZTLHZ\YLKH[JVZ[SLZZHU`HJJ\T\SH[LKPTWHPYTLU[SVZZLZ

.VVK^PSSPZ[LZ[LKMVYPTWHPYTLU[HUU\HSS`VYTVYLMYLX\LU[S`PML]LU[ZVYJOHUNLZPUJPYJ\TZ[HUJLZPUKPJH[L[OLJHYY`PUN]HS\LTH`IL
PTWHPYLK-VY[OLW\YWVZLVMPTWHPYTLU[[LZ[PUNNVVK^PSSHJX\PYLKPUHI\ZPULZZJVTIPUH[PVUPZMYVT[OLKH[LVMHJX\PZP[PVUHSSVJH[LK
[VLHJOVM[OL.YV\W»Z*.<ZVYNYV\WZVM*.<Z[OH[HYLL_WLJ[LK[VILULÄ[MYVT[OLZ`ULYNPLZVM[OLJVTIPUH[PVUPYYLZWLJ[P]LVM
^OL[OLYV[OLYHZZL[ZVYSPHIPSP[PLZVM[OLHJX\PYLLHYLHZZPNULK[V[OVZL\UP[ZVYNYV\WVM\UP[Z,HJO\UP[VYNYV\WVM\UP[Z[V^OPJO[OL
NVVK^PSSPZHSSVJH[LK!

‹ YLWYLZLU[Z[OLSV^LZ[SL]LS^P[OPU[OL.YV\WH[^OPJO[OLNVVK^PSSPZTVUP[VYLKMVYPU[LYUHSTHUHNLTLU[W\YWVZLZ"HUK
‹ PZUV[SHYNLY[OHUHUVWLYH[PUNZLNTLU[PKLU[PÄLKMVYZLNTLU[YLWVY[PUNW\YWVZLZ

>OLYLNVVK^PSSMVYTZWHY[VMH*.<VYNYV\WVM*.<ZHUKWHY[VM[OLVWLYH[PVU^P[OPU[OH[\UP[PZKPZWVZLKVM[OLNVVK^PSSHZZVJPH[LK
^P[O[OLVWLYH[PVUKPZWVZLKVMPZPUJS\KLKPU[OLJHYY`PUNHTV\U[VM[OLVWLYH[PVU^OLUKL[LYTPUPUN[OLNHPUVYSVZZVUKPZWVZHSVM[OL
VWLYH[PVU.VVK^PSSKPZWVZLKVMPU[OPZJPYJ\TZ[HUJLPZTLHZ\YLKIHZLKVU[OLYLSH[P]L]HS\LZVM[OLVWLYH[PVUKPZWVZLKVMHUK[OL
WVY[PVUVM[OL*.<YL[HPULK

*HZO+P]PKLUKHUK5VUJHZO+PZ[YPI\[PVU[V,X\P[`/VSKLYZVM[OL7HYLU[*VTWHU`
;OL.YV\WYLJVNUPaLZHSPHIPSP[`[VTHRLJHZOVYUVUJHZOKPZ[YPI\[PVUZ[VLX\P[`OVSKLYZVM[OL7HYLU[*VTWHU`^OLU[OLKPZ[YPI\[PVU
PZH\[OVYPaLKHUK[OLKPZ[YPI\[PVUPZUVSVUNLYH[[OLKPZJYL[PVUVM[OL.YV\W(JVYYLZWVUKPUNHTV\U[PZYLJVNUPaLKKPYLJ[S`PULX\P[`

5VUJHZOKPZ[YPI\[PVUZHYLTLHZ\YLKH[[OLMHPY]HS\LVM[OLHZZL[Z[VILKPZ[YPI\[LK^P[OMHPY]HS\LYLTLHZ\YLTLU[YLJVNUPaLKKPYLJ[S`
in equity.

<WVUKPZ[YPI\[PVUVMUVUJHZOHZZL[ZHU`KPќLYLUJLIL[^LLU[OLJHYY`PUNHTV\U[VM[OLSPHIPSP[`HUK[OLJHYY`PUNHTV\U[VM[OLHZZL[Z
KPZ[YPI\[LKPZYLJVNUPaLKPU[OLZ[H[LTLU[VMPUJVTL

)HUR7YLTPZLZ-\YUP[\YL-P_[\YLZHUK,X\PWTLU[
3HUK PZ Z[H[LK H[ JVZ[ SLZZ HU` PTWHPYTLU[ PU ]HS\L ^OPSL KLWYLJPHISL WYVWLY[PLZ Z\JO HZ I\PSKPUNZ SLHZLOVSK PTWYV]LTLU[Z HUK
M\YUP[\YLÄ_[\YLZHUKLX\PWTLU[HYLZ[H[LKH[JVZ[SLZZHJJ\T\SH[LKKLWYLJPH[PVUHUKHTVY[PaH[PVUHUKHU`PTWHPYTLU[PU]HS\L:\JO
JVZ[PUJS\KLZ[OLJVZ[VMYLWSHJPUNWHY[VM[OLIHURWYLTPZLZM\YUP[\YLÄ_[\YLZHUKLX\PWTLU[^OLU[OH[JVZ[PZPUJ\YYLKHUKPM[OL
recognition criteria are met, but excluding repairs and maintenance costs.

Construction-in-progress is stated at cost less any impairment in value. The initial cost comprises its construction cost and any
KPYLJ[S`H[[YPI\[HISLJVZ[ZVMIYPUNPUN[OLHZZL[[VP[Z^VYRPUNJVUKP[PVUHUKSVJH[PVUMVYP[ZPU[LUKLK\ZLPUJS\KPUNIVYYV^PUNJVZ[Z
Construction-in-progress is not depreciated until such time that the relevant assets are completed and put into operational use.

+LWYLJPH[PVUHUKHTVY[PaH[PVUPZJHSJ\SH[LK\ZPUN[OLZ[YHPNO[SPULTL[OVKV]LY[OLLZ[PTH[LK\ZLM\SSPML,<3VM[OLKLWYLJPHISLHZZL[Z
HZMVSSV^Z!

,<3
Buildings `LHYZ
-\YUP[\YLÄ_[\YLZHUKLX\PWTLU[ [V`LHYZ
3LHZLOVSKPTWYV]LTLU[Z :OVY[LYVM`LHYZVY[OLYLSH[LKSLHZL[LYTZ

;OLKLWYLJPH[PVUHUKHTVY[PaH[PVUTL[OVKHUK\ZLM\SSPMLHYLYL]PL^LKWLYPVKPJHSS`[VLUZ\YL[OH[[OLTL[OVKHUKWLYPVKVMKLWYLJPH[PVU
HUKHTVY[PaH[PVUHYLJVUZPZ[LU[^P[O[OLL_WLJ[LKWH[[LYUVMLJVUVTPJILULÄ[ZMYVTP[LTZVMIHURWYLTPZLZM\YUP[\YLÄ_[\YLZHUK
equipment and leasehold improvements.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

16

(UP[LTVMIHURWYLTPZLZM\YUP[\YLÄ_[\YLZHUKLX\PWTLU[PZKLYLJVNUPaLK\WVUKPZWVZHSVY^OLUUVM\[\YLLJVUVTPJILULÄ[ZHYL
L_WLJ[LKMYVTP[Z\ZLVYKPZWVZHS(U`NHPUVYSVZZHYPZPUNVUKLYLJVNUP[PVUVM[OLHZZL[JHSJ\SH[LKHZ[OLKPќLYLUJLIL[^LLU[OLUL[
KPZWVZHSWYVJLLKZHUK[OLJHYY`PUNHTV\U[VM[OLHZZL[PZPUJS\KLKPU[OLZ[H[LTLU[VMPUJVTLPU[OL`LHY[OLHZZL[PZKLYLJVNUPaLK

Investment Properties
0U]LZ[TLU[ WYVWLY[PLZ PUJS\KL YLHS WYVWLY[PLZ HJX\PYLK PU ZL[[SLTLU[ VM SVHUZ HUK YLJLP]HISLZ ^OPJO HYL TLHZ\YLK PUP[PHSS` H[ JVZ[
including certain transaction costs. Investment properties acquired through a nonmonetary asset exchange is measured initially at
MHPY]HS\L\USLZZH[OLL_JOHUNLSHJRZJVTTLYJPHSZ\IZ[HUJLVYI[OLMHPY]HS\LVMULP[OLY[OLHZZL[YLJLP]LKUVY[OLHZZL[NP]LU
\WPZYLSPHIS`TLHZ\YHISL;OLKPќLYLUJLIL[^LLU[OLMHPY]HS\LVM[OLPU]LZ[TLU[WYVWLY[`\WVUMVYLJSVZ\YLHUK[OLJHYY`PUN]HS\L
VM[OLSVHUPZYLJVNUPaLK\UKLYº.HPUVUHZZL[MVYLJSVZ\YLHUKKHJPVU[YHUZHJ[PVUZ»PU[OLZ[H[LTLU[VMPUJVTL:\IZLX\LU[[VPUP[PHS
recognition, depreciable investment properties are stated at cost less accumulated depreciation and any accumulated impairment in
]HS\LL_JLW[MVYSHUK^OPJOPZZ[H[LKH[JVZ[SLZZPTWHPYTLU[PU]HS\L

,_WLUKP[\YLZ PUJ\YYLK HM[LY [OL PU]LZ[TLU[ WYVWLY[PLZ OH]L ILLU W\[ PU[V VWLYH[PVU Z\JO HZ YLWHPYZ HUK THPU[LUHUJL JVZ[Z HYL
UVYTHSS`JOHYNLKHNHPUZ[PUJVTLPU[OLWLYPVKPU^OPJO[OLJVZ[ZHYLPUJ\YYLK

+LWYLJPH[PVUPZJHSJ\SH[LKVUHZ[YHPNO[SPULIHZPZ\ZPUN[OLYLTHPUPUN,<3VM[OLI\PSKPUNHUKPTWYV]LTLU[JVTWVULU[ZVMPU]LZ[TLU[
WYVWLY[PLZ^OPJOYHUNLKMYVT[V`LHYZMYVT[OL[PTLVMHJX\PZP[PVUVM[OLPU]LZ[TLU[WYVWLY[PLZ

0U]LZ[TLU[WYVWLY[PLZHYLKLYLJVNUPaLK^OLU[OL`OH]LLP[OLYILLUKPZWVZLKVMVY^OLU[OLPU]LZ[TLU[WYVWLY[PLZHYLWLYTHULU[S`
^P[OKYH^UMYVT\ZLHUKUVM\[\YLILULÄ[PZL_WLJ[LKMYVT[OLPYKPZWVZHS(U`NHPUZVYSVZZLZVU[OLKLYLJVNUP[PVUVMHUPU]LZ[TLU[
WYVWLY[`HYLYLJVNUPaLKHZº.HPUVUZHSLVMPU]LZ[TLU[WYVWLY[PLZ»PU[OLZ[H[LTLU[VMPUJVTLPU[OL`LHYVMKLYLJVNUP[PVU

;YHUZMLYZHYLTHKL[VPU]LZ[TLU[WYVWLY[PLZ^OLUHUKVUS`^OLU[OLYLPZHJOHUNLPU\ZLL]PKLUJLKI`LUKPUNVMV^ULYVJJ\WH[PVU
JVTTLUJLTLU[VMHUVWLYH[PUNSLHZL[VHUV[OLYWHY[`VYLUKPUNVMJVUZ[Y\J[PVUVYKL]LSVWTLU[;YHUZMLYZHYLTHKLMYVTPU]LZ[TLU[
WYVWLY[PLZ^OLUHUKVUS`^OLU[OLYLPZHJOHUNLPU\ZLL]PKLUJLKI`JVTTLUJLTLU[VMV^ULYVJJ\WH[PVUVYJVTTLUJLTLU[VM
KL]LSVWTLU[^P[OH]PL^[VZHSL

0U[HUNPISL(ZZL[Z
0U[HUNPISLHZZL[ZPUJS\KLZVM[^HYLJVZ[HUKIYHUJOSPJLUZLZYLZ\S[PUNMYVT[OL7HYLU[*VTWHU`»ZHJX\PZP[PVUVM*):0<UP[`)HURHUK
7+)5V[LZHUK

:VM[^HYLJVZ[Z
*VZ[ZYLSH[LK[VZVM[^HYLW\YJOHZLKI`[OL.YV\WMVY\ZLPUVWLYH[PVUZHYLHTVY[PaLKVUHZ[YHPNO[SPULIHZPZV]LY[V`LHYZ;OL
HTVY[PaH[PVUTL[OVKHUK\ZLM\SSPMLHYLYL]PL^LKWLYPVKPJHSS`[VLUZ\YL[OH[[OLTL[OVKHUKWLYPVKVMHTVY[PaH[PVUHYLJVUZPZ[LU[^P[O
[OLL_WLJ[LKWH[[LYUVMLJVUVTPJILULÄ[ZLTIVKPLKPU[OLHZZL[

)YHUJOSPJLUZLZ
;OLIYHUJOSPJLUZLZHYLPUP[PHSS`TLHZ\YLKH[JVZ[HZVM[OLKH[LVMHJX\PZP[PVUH[MHPY]HS\LPMWHY[VMHZZL[ZHJX\PYLKPUHI\ZPULZZ
JVTIPUH[PVUHUKHYLKLLTLK[VOH]LHUPUKLÄUP[L\ZLM\SSPMLHZ[OLYLPZUVMVYLZLLHISLSPTP[[V[OLWLYPVKV]LY^OPJO[OL`HYLL_WLJ[LK
[VNLULYH[LUL[JHZOPUÅV^ZMVY[OL.YV\W

:\JO PU[HUNPISL HZZL[Z HYL UV[ HTVY[PaLK PUZ[LHK [OL` HYL [LZ[LK MVY PTWHPYTLU[ HUU\HSS` LP[OLY PUKP]PK\HSS` VY H[ [OL *.< SL]LS
0TWHPYTLU[PZKL[LYTPULKI`HZZLZZPUN[OLYLJV]LYHISLHTV\U[VMLHJO*.<VYNYV\WVM*.<Z[V^OPJO[OLPU[HUNPISLHZZL[YLSH[LZ
9LJV]LYHISLHTV\U[YLWYLZLU[Z[OL*.<»Z]HS\LPU\ZL>OLYL[OLYLJV]LYHISLHTV\U[VM[OL*.<PZSLZZ[OHUP[ZJHYY`PUNHTV\U[
HUPTWHPYTLU[SVZZPZYLJVNUPaLK

.HPUZHUKSVZZLZHYPZPUNMYVTKLYLJVNUP[PVUVMHUPU[HUNPISLHZZL[HYLTLHZ\YLKHZ[OLKPќLYLUJLIL[^LLU[OLUL[KPZWVZHSWYVJLLKZ
HUK[OLJHYY`PUNHTV\U[VM[OLHZZL[HUKHYLYLJVNUPaLKPULHYUPUNZ^OLU[OLHZZL[PZKLYLJVNUPaLK

CHINA BANKING CORPORATION

 17

,_JOHUNL;YHKPUN9PNO[
,_JOHUNL[YHKPUNYPNO[PZHYLZ\S[VM[OL7OPSPWWPUL:[VJR,_JOHUNL7:,JVU]LYZPVUWSHUHZKPZJ\ZZLKPU5V[L[VWYLZLY]LHJJLZZ
VM*)*:LJ[V[OL[YHKPUNMHJPSP[PLZHUKJVU[PU\L[YHUZHJ[PUNI\ZPULZZPU[OL7:,,_JOHUNL[YHKPUNYPNO[PZJHYYPLKH[VYPNPUHSJVZ[SLZZ
HU`HSSV^HUJLMVYPTWHPYTLU[SVZZ*)*:LJKVLZUV[PU[LUK[VZLSS[OLL_JOHUNL[YHKPUNYPNO[PU[OLULHYM\[\YL

;OLL_JOHUNL[YHKPUNYPNO[PZHUPU[HUNPISLHZZL[[OH[PZYLNHYKLKHZOH]PUNHUPUKLÄUP[L\ZLM\SSPMLHZ[OLYLPZUVMVYLZLLHISLSPTP[[V
[OLWLYPVKV]LY^OPJO[OPZHZZL[PZL_WLJ[LK[VNLULYH[LUL[JHZOPUÅV^ZMVY[OL.YV\WI\[PZ[LZ[LKHUU\HSS`MVYHU`PTWHPYTLU[PU
YLHSPaHISL]HS\L

0TWHPYTLU[VM5VUÄUHUJPHS(ZZL[Z
([LHJOYLWVY[PUNKH[L[OL.YV\WHZZLZZLZ^OL[OLY[OLYLPZHU`PUKPJH[PVU[OH[P[ZUVUÄUHUJPHSHZZL[ZLNPU]LZ[TLU[PUHZZVJPH[LZ
PU]LZ[TLU[WYVWLY[PLZIHURWYLTPZLZM\YUP[\YLÄ_[\YLZHUKLX\PWTLU[NVVK^PSSHUKPU[HUNPISLHZZL[ZTH`ILPTWHPYLK>OLUHU
PUKPJH[VYVMPTWHPYTLU[L_PZ[ZVY^OLUHUHUU\HSPTWHPYTLU[[LZ[PUNMVYHUHZZL[PZYLX\PYLK[OL.YV\WTHRLZHMVYTHSLZ[PTH[LVM
recoverable amount.

9LJV]LYHISLHTV\U[PZ[OLOPNOLYVMHUHZZL[»ZVY*.<»ZMHPY]HS\LSLZZJVZ[Z[VZLSSHUKP[Z]HS\LPU\ZLHUKPZKL[LYTPULKMVYHU
PUKP]PK\HSHZZL[\USLZZ[OLHZZL[KVLZUV[NLULYH[LJHZOPUÅV^Z[OH[HYLSHYNLS`PUKLWLUKLU[VM[OVZLMYVTV[OLYHZZL[ZVYNYV\WZ
VMHZZL[ZPU^OPJOJHZL[OLYLJV]LYHISLHTV\U[PZHZZLZZLKHZWHY[VM[OL*.<[V^OPJOP[ILSVUNZ>OLYL[OLJHYY`PUNHTV\U[VM
HUHZZL[VY*.<L_JLLKZP[ZYLJV]LYHISLHTV\U[[OLHZZL[VY*.<PZJVUZPKLYLKPTWHPYLKHUKPZ^YP[[LUKV^U[VP[ZYLJV]LYHISL
HTV\U[0UHZZLZZPUN]HS\LPU\ZL[OLLZ[PTH[LKM\[\YLJHZOÅV^ZHYLKPZJV\U[LK[V[OLPYWYLZLU[]HS\L\ZPUNHWYL[H_KPZJV\U[YH[L
[OH[YLÅLJ[ZJ\YYLU[THYRL[HZZLZZTLU[ZVM[OL[PTL]HS\LVMTVUL`HUK[OLYPZRZZWLJPÄJ[V[OLHZZL[VY*.<
(UPTWHPYTLU[SVZZPZJOHYNLK[VVWLYH[PVUZPU[OL`LHYPU^OPJOP[HYPZLZ

-VYUVUÄUHUJPHSHZZL[ZL_JS\KPUNNVVK^PSSHUKIYHUJOSPJLUZLZHUHZZLZZTLU[PZTHKLH[LHJOYLWVY[PUNKH[LHZ[V^OL[OLY[OLYL
PZHU`PUKPJH[PVU[OH[WYL]PV\ZS`YLJVNUPaLKPTWHPYTLU[SVZZLZTH`UVSVUNLYL_PZ[VYTH`OH]LKLJYLHZLK0MZ\JOPUKPJH[PVUL_PZ[Z
[OLYLJV]LYHISLHTV\U[PZLZ[PTH[LK(WYL]PV\ZS`YLJVNUPaLKPTWHPYTLU[SVZZPZYL]LYZLKL_JLW[MVYNVVK^PSSVUS`PM[OLYLOHZILLU
HJOHUNLPU[OLLZ[PTH[LZ\ZLK[VKL[LYTPUL[OLHZZL[»ZYLJV]LYHISLHTV\U[ZPUJL[OLSHZ[PTWHPYTLU[SVZZ^HZYLJVNUPaLK0M[OH[PZ
[OLJHZL[OLJHYY`PUNHTV\U[VM[OLHZZL[PZPUJYLHZLK[VP[ZYLJV]LYHISLHTV\U[;OH[PUJYLHZLKHTV\U[JHUUV[L_JLLK[OLJHYY`PUN
HTV\U[[OH[^V\SKOH]LILLUKL[LYTPULKUL[VMKLWYLJPH[PVUOHKUVPTWHPYTLU[SVZZILLUYLJVNUPaLKMVY[OLHZZL[PUWYPVY`LHYZ
:\JOYL]LYZHSPZYLJVNUPaLKPU[OLZ[H[LTLU[VMPUJVTL(M[LYZ\JOHYL]LYZHS[OLKLWYLJPH[PVUL_WLUZLPZHKQ\Z[LKPUM\[\YL`LHYZ[V
HSSVJH[L[OLHZZL[»ZYL]PZLKJHYY`PUNHTV\U[SLZZHU`YLZPK\HS]HS\LVUHZ`Z[LTH[PJIHZPZV]LYP[ZYLTHPUPUNSPML

(JJV\U[PUN7VSPJ`VU3LHZLZ
;OL.YV\WHZZLZZLZH[JVU[YHJ[PUJLW[PVU^OL[OLYHJVU[YHJ[PZVYJVU[HPUZHSLHZL;OH[PZPM[OLJVU[YHJ[JVU]L`Z[OLYPNO[[VJVU[YVS
[OL\ZLVMHUPKLU[PÄLKHZZL[MVYHWLYPVKVM[PTLPUL_JOHUNLMVYJVUZPKLYH[PVU

.YV\WHZHSLZZLL
;OL .YV\W HWWSPLZ H ZPUNSL YLJVNUP[PVU HUK TLHZ\YLTLU[ HWWYVHJO MVY HSS SLHZLZ L_JLW[ MVY ZOVY[[LYT SLHZLZ HUK SLHZLZ VM SV^
]HS\LHZZL[Z;OL.YV\WYLJVNUPaLZSLHZLSPHIPSP[PLZ[VTHRLSLHZLWH`TLU[ZHUKYPNO[VM\ZLHZZL[ZYLWYLZLU[PUN[OLYPNO[[V\ZL[OL
underlying assets.

P9PNO[VM\ZLHZZL[Z
;OL.YV\WYLJVNUPaLZYPNO[VM\ZLHZZL[ZH[[OLJVTTLUJLTLU[KH[LVM[OLSLHZLPL[OLKH[L[OL\UKLYS`PUNHZZL[PZH]HPSHISLMVY
\ZL  9PNO[VM\ZL HZZL[Z HYL TLHZ\YLK H[ JVZ[ SLZZ HU` HJJ\T\SH[LK KLWYLJPH[PVU HUK PTWHPYTLU[ SVZZLZ HUK HKQ\Z[LK MVY HU`
YLTLHZ\YLTLU[ VM SLHZL SPHIPSP[PLZ  ;OL JVZ[ VM YPNO[VM\ZL HZZL[Z PUJS\KLZ [OL HTV\U[ VM SLHZL SPHIPSP[PLZ YLJVNUPaLK HKQ\Z[LK I`
SLHZLWH`TLU[ZTHKLH[VYILMVYL[OLJVTTLUJLTLU[KH[LHUKSLHZLPUJLU[P]LZYLJLP]LK9PNO[VM\ZLHZZL[ZHYLKLWYLJPH[LKVUH
Z[YHPNO[SPULIHZPZV]LY[OLZOVY[LYVM[OLSLHZL[LYTHUK[OLLZ[PTH[LK\ZLM\SSP]LZVM[OLKLWYLJPHISLHZZL[Z;OLKLWYLJPH[PVUL_WLUZL
PZWYLZLU[LK\UKLYº+LWYLJPH[PVUHUK(TVY[PaH[PVU»PU[OLZ[H[LTLU[VMPUJVTL

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

18

0MV^ULYZOPWVM[OLSLHZLKHZZL[[YHUZMLYZ[V[OL.YV\WH[[OLLUKVM[OLSLHZL[LYTVY[OLJVZ[YLÅLJ[Z[OLL_LYJPZLVMHW\YJOHZLVW[PVU
KLWYLJPH[PVUPZJHSJ\SH[LK\ZPUN[OLLZ[PTH[LK\ZLM\SSPMLVM[OLHZZL[

;OLYPNO[VM\ZLHZZL[ZHYLHSZVZ\IQLJ[[VPTWHPYTLU[9LMLY[V[OLHJJV\U[PUNWVSPJPLZVU0TWHPYTLU[VM5VUÄUHUJPHS(ZZL[Z

PP3LHZLSPHIPSP[PLZ
([[OLJVTTLUJLTLU[KH[LVM[OLSLHZL[OL.YV\WYLJVNUPaLZSLHZLSPHIPSP[PLZTLHZ\YLKH[[OLWYLZLU[]HS\LVMSLHZLWH`TLU[Z[V
IL THKL V]LY [OL SLHZL [LYT  ;OL SLHZL WH`TLU[Z PUJS\KL Ä_LK WH`TLU[Z PUJS\KPUN PUZ\IZ[HUJL Ä_LK WH`TLU[Z SLZZ HU` SLHZL
incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value
N\HYHU[LLZ;OLSLHZLWH`TLU[ZHSZVPUJS\KL[OLL_LYJPZLWYPJLVMHW\YJOHZLVW[PVUYLHZVUHIS`JLY[HPU[VILL_LYJPZLKI`[OL.YV\W
HUKWH`TLU[ZVMWLUHS[PLZMVY[LYTPUH[PUN[OLSLHZLPM[OLSLHZL[LYTYLÅLJ[Z[OL.YV\WL_LYJPZPUN[OLVW[PVU[V[LYTPUH[L=HYPHISL
SLHZLWH`TLU[Z[OH[KVUV[KLWLUKVUHUPUKL_VYHYH[LHYLYLJVNUPaLKHZL_WLUZLZPU[OLWLYPVKPU^OPJO[OLL]LU[VYJVUKP[PVU[OH[
[YPNNLYZ[OLWH`TLU[VJJ\YZ0UJHSJ\SH[PUN[OLWYLZLU[]HS\LVMSLHZLWH`TLU[Z[OL.YV\W\ZLZP[ZPUJYLTLU[HSIVYYV^PUNYH[LH[[OL
SLHZLJVTTLUJLTLU[KH[LILJH\ZL[OLPU[LYLZ[YH[LPTWSPJP[PU[OLSLHZLPZUV[YLHKPS`KL[LYTPUHISL(M[LY[OLJVTTLUJLTLU[KH[L
[OLHTV\U[VMSLHZLSPHIPSP[PLZPZPUJYLHZLK[VYLÅLJ[[OLHJJYL[PVUVMPU[LYLZ[HUKYLK\JLKMVY[OLSLHZLWH`TLU[ZTHKL0UHKKP[PVU[OL
JHYY`PUNHTV\U[VMSLHZLSPHIPSP[PLZPZYLTLHZ\YLKPM[OLYLPZHTVKPÄJH[PVUHJOHUNLPU[OLSLHZL[LYTHJOHUNLPU[OLSLHZLWH`TLU[Z
LNJOHUNLZ[VM\[\YLWH`TLU[ZYLZ\S[PUNMYVTHJOHUNLPUHUPUKL_VYYH[L\ZLK[VKL[LYTPULZ\JOSLHZLWH`TLU[ZVYHJOHUNLPU
[OLHZZLZZTLU[VMHUVW[PVU[VW\YJOHZL[OL\UKLYS`PUNHZZL[

PPP:OVY[[LYTSLHZLZHUKSLHZLZVMSV^]HS\LHZZL[Z
;OL.YV\WHWWSPLZ[OLZOVY[[LYTSLHZLYLJVNUP[PVUL_LTW[PVU[VP[ZZOVY[[LYTSLHZLZVMIYHUJOZP[LZPL[OVZLSLHZLZ[OH[OH]LH
SLHZL[LYTVMTVU[OZVYSLZZMYVT[OLJVTTLUJLTLU[KH[LHUKKVUV[JVU[HPUHW\YJOHZLVW[PVU0[HSZVHWWSPLZ[OLSLHZLVMSV^
]HS\LHZZL[ZYLJVNUP[PVUL_LTW[PVU[VSLHZLZVM(;4ZP[LZ[OH[HYLJVUZPKLYLK[VILSV^]HS\L3LHZLWH`TLU[ZVUZOVY[[LYTSLHZLZ
HUKSLHZLZVMSV^]HS\LHZZL[ZHYLYLJVNUPaLKHZL_WLUZLVUHZ[YHPNO[SPULIHZPZV]LY[OLSLHZL[LYT

.YV\WHZHSLZZVY
3LHZLZPU^OPJO[OL.YV\WKVLZUV[[YHUZMLYZ\IZ[HU[PHSS`HSS[OLYPZRZHUKYL^HYKZPUJPKLU[HS[VV^ULYZOPWVMHUHZZL[HYLJSHZZPÄLK
HZVWLYH[PUNSLHZLZ9LU[HSPUJVTLHYPZPUNMYVTSLHZLKWYVWLY[PLZPZHJJV\U[LKMVYVUHZ[YHPNO[SPULIHZPZV]LY[OLSLHZL[LYTZHUKPZ
PUJS\KLKPUYL]LU\LPU[OLZ[H[LTLU[VMPUJVTLK\L[VP[ZVWLYH[PUNUH[\YL0UP[PHSKPYLJ[JVZ[ZPUJ\YYLKPUULNV[PH[PUNHUKHYYHUNPUNHU
VWLYH[PUNSLHZLHYLHKKLK[V[OLJHYY`PUNHTV\U[VM[OLSLHZLKHZZL[HUKYLJVNUPaLKV]LY[OLSLHZL[LYTVU[OLZHTLIHZPZHZYLU[HS
PUJVTL*VU[PUNLU[YLU[ZHYLYLJVNUPaLKHZYL]LU\LPU[OLWLYPVKPU^OPJO[OL`HYLLHYULK

*HWP[HS:[VJR
*HWP[HSZ[VJRZHYLYLJVYKLKH[WHY7YVJLLKZPUL_JLZZVMWHY]HS\LHYLYLJVNUPaLK\UKLYLX\P[`HZº*HWP[HSWHPKPUL_JLZZVMWHY]HS\L»
PU[OLIHSHUJLZOLL[0UJYLTLU[HSJVZ[ZPUJ\YYLK^OPJOHYLKPYLJ[S`H[[YPI\[HISL[V[OLPZZ\HUJLVMUL^ZOHYLZHYLZOV^UPULX\P[`HZ
HKLK\J[PVUMYVTWYVJLLKZUL[VM[H_

9L]LU\L9LJVNUP[PVU

9L]LU\LZ^P[OPU[OLZJVWLVM7-9:9L]LU\LMYVT*VU[YHJ[Z^P[O*\Z[VTLYZ
9L]LU\LMYVTJVU[YHJ[^P[OJ\Z[VTLYZPZYLJVNUPaLK\WVU[YHUZMLYVMWYVTPZLKNVVKZVYZLY]PJLZ[VJ\Z[VTLYZH[HUHTV\U[[OH[
YLÅLJ[Z[OLJVUZPKLYH[PVU[V^OPJOHULU[P[`L_WLJ[Z[VILLU[P[SLKPUL_JOHUNLMVY[YHUZMLYYPUNNVVKZVYZLY]PJLZ[VHJ\Z[VTLY;OL
.YV\WHUK[OL7HYLU[*VTWHU`L_LYJPZLQ\KNTLU[[HRPUNPU[VJVUZPKLYH[PVUHSSVM[OLYLSL]HU[MHJ[ZHUKJPYJ\TZ[HUJLZ^OLUHWWS`PUN
LHJOZ[LWVM[OLÄ]LZ[LWTVKLS[VJVU[YHJ[Z^P[OJ\Z[VTLYZ

CHINA BANKING CORPORATION

 19

;OLMVSSV^PUNZWLJPÄJYLJVNUP[PVUJYP[LYPHT\Z[ILTL[ILMVYLYL]LU\LPZYLJVNUPaLKMVYJVU[YHJ[Z^P[OPU[OLZJVWLVM7-9:!

-LLHUKJVTTPZZPVUPUJVTL
;OL.YV\WLHYUZMLLHUKJVTTPZZPVUPUJVTLMYVTHKP]LYZLYHUNLVMZLY]PJLZP[WYV]PKLZ[VP[ZJ\Z[VTLYZ-LLPUJVTLJHUILKP]PKLK
PU[V[OLMVSSV^PUN[^VJH[LNVYPLZ!

a. -LLPUJVTLLHYULKMYVTZLY]PJLZ[OH[HYLWYV]PKLKV]LYHJLY[HPUWLYPVKVM[PTL
-LLZ LHYULK MVY [OL WYV]PZPVU VM ZLY]PJLZ V]LY H WLYPVK VM [PTL HYL HJJY\LK V]LY [OH[ WLYPVK  ;OLZL MLLZ PUJS\KL PU]LZ[TLU[
M\UKMLLZJ\Z[VKPHUMLLZÄK\JPHY`MLLZJYLKP[YLSH[LKMLLZHZZL[THUHNLTLU[MLLZWVY[MVSPVHUKV[OLYTHUHNLTLU[MLLZHUK
HK]PZVY`MLLZ

b. -LLPUJVTLMYVTWYV]PKPUN[YHUZHJ[PVUZZLY]PJLZ
-LLZHYPZPUNMYVTULNV[PH[PUNVYWHY[PJPWH[PUNPU[OLULNV[PH[PVUVMH[YHUZHJ[PVUMVYH[OPYKWHY[`Z\JOHZJVTTPZZPVUPUJVTL
\UKLY^YP[PUNMLLZJVYWVYH[LÄUHUJLMLLZHUKIYVRLYHNLMLLZMVY[OLHYYHUNLTLU[VM[OLHJX\PZP[PVUVMZOHYLZVYV[OLYZLJ\YP[PLZ
VY[OLW\YJOHZLVYZHSLVMI\ZPULZZLZHYLYLJVNUPaLKVUJVTWSL[PVUVM[OL\UKLYS`PUN[YHUZHJ[PVU-LLZVYJVTWVULU[ZVM
MLLZ[OH[HYLSPURLK[VHJLY[HPUWLYMVYTHUJLHYLYLJVNUPaLKHM[LYM\SÄSSPUN[OLJVYYLZWVUKPUNJYP[LYPH

3VHUZ`UKPJH[PVUMLLZHYLYLJVNUPaLKPU[OLZ[H[LTLU[VMPUJVTL^OLU[OLZ`UKPJH[PVUOHZILLUJVTWSL[LKHUK[OL.YV\WYL[HPUZUV
WHY[VM[OLSVHUZMVYP[ZLSMVYYL[HPUZWHY[H[[OLZHTL,09HZMVY[OLV[OLYWHY[PJPWHU[Z

:LY]PJLJOHYNLZHUKWLUHS[PLZ
:LY]PJLJOHYNLZHUKWLUHS[PLZHYLYLJVNUPaLKVUS`\WVUJVSSLJ[PVUVYHJJY\LK^OLYL[OLYLPZHYLHZVUHISLKLNYLLVMJLY[HPU[`HZ[V
their collectability.

6[OLYPUJVTL
0UJVTLMYVTZHSLVMZLY]PJLPZYLJVNUPaLK\WVUYLUKP[PVUVM[OLZLY]PJL0UJVTLMYVTZHSLVMWYVWLY[PLZPZYLJVNUPaLK^OLUJVU[YVSOHZ
ILLU[YHUZMLYYLK[V[OLJV\U[LYWHY[`HUK^OLU[OLJVSSLJ[HIPSP[`VM[OLZHSLZWYPJLPZYLHZVUHIS`HZZ\YLK

9L]LU\LZV\[ZPKL[OLZJVWLVM7-9:

0U[LYLZ[PUJVTL
-VYHSSPU[LYLZ[ILHYPUNÄUHUJPHSHZZL[ZPU[LYLZ[PUJVTLPZYLJVYKLKLP[OLYPH[,09^OPJOPZ[OLYH[L[OH[L_HJ[S`KPZJV\U[ZLZ[PTH[LK
M\[\YLJHZOWH`TLU[ZVYYLJLPW[Z[OYV\NO[OLL_WLJ[LKSPMLVM[OLÄUHUJPHSPUZ[Y\TLU[VYHZOVY[LYWLYPVK^OLYLHWWYVWYPH[L[V[OL
UL[JHYY`PUNHTV\U[VM[OLÄUHUJPHSHZZL[VYÄUHUJPHSSPHIPSP[`VYPPH[YH[LZ[H[LKPU[OLJVU[YHJ[;OLJHSJ\SH[PVU[HRLZPU[VHJJV\U[HSS
JVU[YHJ[\HS[LYTZVM[OLÄUHUJPHSPUZ[Y\TLU[MVYL_HTWSLWYLWH`TLU[VW[PVUZPUJS\KLZHU`MLLZVYPUJYLTLU[HSJVZ[Z[OH[HYLKPYLJ[S`
H[[YPI\[HISL[V[OLPUZ[Y\TLU[HUKHYLHUPU[LNYHSWHY[VM[OL,09HZHWWSPJHISLI\[UV[M\[\YLJYLKP[SVZZLZ;OLHKQ\Z[LKJHYY`PUN
HTV\U[PZJHSJ\SH[LKIHZLKVU[OLVYPNPUHS,09;OLJOHUNLPUJHYY`PUNHTV\U[PZYLJVYKLKHZº0U[LYLZ[PUJVTL»3VHUJVTTP[TLU[
MLLZMVYSVHUZ[OH[HYLSPRLS`[VILKYH^UKV^UHYLKLMLYYLK[VNL[OLY^P[OHU`PUJYLTLU[HSJVZ[ZHUKYLJVNUPaLKHZHUHKQ\Z[TLU[
[V[OL,09VU[OLSVHU0M[OLJVTTP[TLU[L_WPYLZ^P[OV\[[OL.YV\WTHRPUN[OLSVHU[OLJVTTP[TLU[MLLZHYLYLJVNUPaLKHZV[OLY
income on expiry.

6UJL[OLYLJVYKLK]HS\LVMHÄUHUJPHSHZZL[VYNYV\WVMZPTPSHYÄUHUJPHSHZZL[ZOHZILLUYLK\JLKK\L[VHUPTWHPYTLU[SVZZPU[LYLZ[
PUJVTLJVU[PU\LZ[VILYLJVNUPaLK\ZPUN[OLVYPNPUHS,09HWWSPLK[V[OLUL^JHYY`PUNHTV\U[

+P]PKLUKPUJVTL
+P]PKLUKPUJVTLPZYLJVNUPaLK^OLU[OL.YV\W»ZYPNO[[VYLJLP]LWH`TLU[PZLZ[HISPZOLK

;YHKPUNHUKZLJ\YP[PLZNHPUSVZZUL[
;OPZYLWYLZLU[ZYLZ\S[ZHYPZPUNMYVT[YHKPUNHJ[P]P[PLZHUKZHSLVM-=6*0KLI[ÄUHUJPHSHZZL[Z

.HPUVUKPZWVZHSVMPU]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[
;OPZYLWYLZLU[ZYLZ\S[ZHYPZPUNMYVTZHSLVMPU]LZ[TLU[ZLJ\YP[PLZTLHZ\YLKH[HTVY[PaLKJVZ[

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

20

,_WLUZL9LJVNUP[PVU
,_WLUZLPZYLJVNUPaLK^OLUP[PZWYVIHISL[OH[HKLJYLHZLPUM\[\YLLJVUVTPJILULÄ[ZYLSH[LK[VHKLJYLHZLPUHUHZZL[VYHUPUJYLHZL
PUSPHIPSP[`OHZVJJ\YYLKHUK[OLKLJYLHZLPULJVUVTPJILULÄ[ZJHUILTLHZ\YLKYLSPHIS`9L]LU\LZHUKL_WLUZLZ[OH[YLSH[L[V[OL
ZHTL[YHUZHJ[PVUVYV[OLYL]LU[HYLYLJVNUPaLKZPT\S[HULV\ZS`

0U[LYLZ[L_WLUZL
0U[LYLZ[L_WLUZLMVYHSSPU[LYLZ[ILHYPUNÄUHUJPHSSPHIPSP[PLZHYLYLJVNUPaLKPUº0U[LYLZ[L_WLUZL»PU[OLZ[H[LTLU[VMPUJVTL\ZPUN[OL,09
VM[OLÄUHUJPHSSPHIPSP[PLZ[V^OPJO[OL`YLSH[L

6WLYH[PUNL_WLUZLZ
6WLYH[PUNL_WLUZLZJVUZ[P[\[LJVZ[Z^OPJOHYPZLPU[OLUVYTHSI\ZPULZZVWLYH[PVUHUKHYLYLJVNUPaLK^OLUPUJ\YYLK

;H_LZHUKSPJLUZLZ
;OPZPUJS\KLZHSSV[OLY[H_LZSVJHSHUKUH[PVUHSPUJS\KPUNNYVZZYLJLPW[Z[H_LZ.9;KVJ\TLU[HY`Z[HTW[H_LZYLHSLZ[H[L[H_LZ
SPJLUZLZHUKWLYTP[MLLZ;H_LZHUKSPJLUZLZHYLYLJVNUPaLK^OLUPUJ\YYLK

9L[PYLTLU[)LULÄ[Z

+LÄULKILULÄ[WSHU
;OLUL[KLÄULKILULÄ[SPHIPSP[`VYHZZL[PZ[OLHNNYLNH[LVM[OLWYLZLU[]HS\LVM[OLKLÄULKILULÄ[VISPNH[PVUH[[OLLUKVM[OLYLWVY[PUN
WLYPVKYLK\JLKI`[OLMHPY]HS\LVMWSHUHZZL[ZHUKHKQ\Z[LKMVYHU`LќLJ[VMSPTP[PUNHUL[KLÄULKILULÄ[HZZL[[V[OLHZZL[JLPSPUN
;OLKLÄULKILULÄ[VISPNH[PVUPZJHSJ\SH[LKHUU\HSS`I`HUPUKLWLUKLU[HJ[\HY`;OLWYLZLU[]HS\LVM[OLKLÄULKILULÄ[VISPNH[PVUPZ
KL[LYTPULKI`KPZJV\U[PUN[OLLZ[PTH[LKM\[\YLJHZOV\[ÅV^Z\ZPUNPU[LYLZ[YH[LZVUNV]LYUTLU[IVUKZ[OH[OH]L[LYTZ[VTH[\YP[`
HWWYV_PTH[PUN[OL[LYTZVM[OLYLSH[LKYL[PYLTLU[SPHIPSP[`;OLHZZL[JLPSPUNPZ[OLWYLZLU[]HS\LVMHU`LJVUVTPJILULÄ[ZH]HPSHISLPU
[OLMVYTVMYLM\UKZMYVT[OLWSHUVYYLK\J[PVUZPUM\[\YLJVU[YPI\[PVUZ[V[OLWSHU

;OLJVZ[VMWYV]PKPUNILULÄ[Z\UKLY[OLKLÄULKILULÄ[WSHUZPZHJ[\HYPHSS`KL[LYTPULK\ZPUN[OLWYVQLJ[LK\UP[JYLKP[TL[OVK

+LÄULKILULÄ[JVZ[ZHUKYLTLHZ\YLTLU[ZJVTWYPZL[OLMVSSV^PUN!

H ZLY]PJLJVZ["
I UL[PU[LYLZ[VU[OLUL[KLÄULKILULÄ[SPHIPSP[`VYHZZL["HUK
J YLTLHZ\YLTLU[ZVMUL[KLÄULKILULÄ[SPHIPSP[`VYHZZL[

:LY]PJLJVZ[Z^OPJOPUJS\KLJ\YYLU[ZLY]PJLJVZ[ZWHZ[ZLY]PJLJVZ[ZHUKNHPUZVYSVZZLZVUUVUYV\[PULZL[[SLTLU[ZHYLYLJVNUPaLK
HZL_WLUZLPUWYVÄ[VYSVZZ7HZ[ZLY]PJLJVZ[ZHYLYLJVNUPaLK^OLUWSHUHTLUKTLU[VYJ\Y[HPSTLU[VJJ\YZ

5L[PU[LYLZ[VU[OLUL[KLÄULKILULÄ[SPHIPSP[`VYHZZL[PZ[OLJOHUNLK\YPUN[OLWLYPVKPU[OLUL[KLÄULKILULÄ[SPHIPSP[`VYHZZL[[OH[
HYPZLZMYVT[OLWHZZHNLVM[PTL^OPJOPZKL[LYTPULKI`HWWS`PUN[OLKPZJV\U[YH[LIHZLKVU7OPSPWWPULNV]LYUTLU[IVUKZ[V[OLUL[
KLÄULKILULÄ[SPHIPSP[`VYHZZL[5L[PU[LYLZ[VU[OLUL[KLÄULKILULÄ[SPHIPSP[`VYHZZL[PZYLJVNUPaLKHZL_WLUZLVYPUJVTLPUWYVÄ[VY
loss.

9LTLHZ\YLTLU[Z JVTWYPZPUN HJ[\HYPHS NHPUZ HUK SVZZLZ YL[\YU VU WSHU HZZL[Z HUK HU` JOHUNL PU [OL LќLJ[ VM [OL HZZL[ JLPSPUN
L_JS\KPUNUL[PU[LYLZ[VUKLÄULKILULÄ[SPHIPSP[`HYLYLJVNUPaLKPTTLKPH[LS`PU6*0PU[OLWLYPVKPU^OPJO[OL`HYPZL9LTLHZ\YLTLU[Z
HYLUV[YLJSHZZPÄLK[VWYVÄ[VYSVZZPUZ\IZLX\LU[WLYPVKZ

7SHUHZZL[ZHYLHZZL[Z[OH[HYLOLSKI`HSVUN[LYTLTWSV`LLILULÄ[M\UK7SHUHZZL[ZHYLUV[H]HPSHISL[V[OLJYLKP[VYZVM[OL.YV\W
UVYJHU[OL`ILWHPKKPYLJ[S`[V[OL.YV\W;OLMHPY]HS\LVMWSHUHZZL[ZPZIHZLKVUTHYRL[WYPJLPUMVYTH[PVU>OLUUVTHYRL[WYPJL
PZH]HPSHISL[OLMHPY]HS\LVMWSHUHZZL[ZPZLZ[PTH[LKI`KPZJV\U[PUNL_WLJ[LKM\[\YLJHZOÅV^Z\ZPUNHKPZJV\U[YH[L[OH[YLÅLJ[ZIV[O
[OLYPZRHZZVJPH[LK^P[O[OLWSHUHZZL[ZHUK[OLTH[\YP[`VYL_WLJ[LKKPZWVZHSKH[LVM[OVZLHZZL[ZVYPM[OL`OH]LUVTH[\YP[`[OL
L_WLJ[LKWLYPVK\U[PS[OLZL[[SLTLU[VM[OLYLSH[LKVISPNH[PVUZ

CHINA BANKING CORPORATION

 21

;OL.YV\W»ZYPNO[[VILYLPTI\YZLKVMZVTLVYHSSVM[OLL_WLUKP[\YLYLX\PYLK[VZL[[SLHKLÄULKILULÄ[VISPNH[PVUPZYLJVNUPaLKHZH
ZLWHYH[LHZZL[H[MHPY]HS\L^OLUHUKVUS`^OLUYLPTI\YZLTLU[PZ]PY[\HSS`JLY[HPU0M[OLMHPY]HS\LVM[OLWSHUHZZL[ZPZOPNOLY[OHU[OL
WYLZLU[]HS\LVM[OLKLÄULKILULÄ[VISPNH[PVU[OLTLHZ\YLTLU[VM[OLYLZ\S[PUNKLÄULKILULÄ[HZZL[PZSPTP[LK[V[OLWYLZLU[]HS\LVM
LJVUVTPJILULÄ[ZH]HPSHISLPU[OLMVYTVMYLM\UKZMYVT[OLWSHUVYYLK\J[PVUZPUM\[\YLJVU[YPI\[PVUZ[V[OLWSHU

,TWSV`LLSLH]LLU[P[SLTLU[
,TWSV`LLLU[P[SLTLU[Z[VHUU\HSSLH]LHYLYLJVNUPaLKHZHSPHIPSP[`^OLU[OL`HYLHJJY\LK[V[OLLTWSV`LLZ;OL\UKPZJV\U[LKSPHIPSP[`
MVYSLH]LL_WLJ[LK[VILZL[[SLKHM[LY[OLLUKVM[OLHUU\HSYLWVY[PUNWLYPVKPZYLJVNUPaLKMVYZLY]PJLZYLUKLYLKI`LTWSV`LLZ\W[V
[OLLUKVM[OLYLWVY[PUNWLYPVK

:OHYLIHZLK7H`TLU[Z:[VJR.YHU[Z
,TWSV`LLZPUJS\KPUNZLUPVYL_LJ\[P]LZVM[OL.YV\WYLJLP]LYLT\ULYH[PVUPU[OLMVYTVMZOHYLIHZLKWH`TLU[ZZ[VJRNYHU[Z^OLYLI`
LTWSV`LLZYLUKLYZLY]PJLZHZJVUZPKLYH[PVUMVYLX\P[`PUZ[Y\TLU[ZLX\P[`ZL[[SLK[YHUZHJ[PVUZ

,X\P[`ZL[[SLK[YHUZHJ[PVUZ
;OLJVZ[VMLX\P[`ZL[[SLK[YHUZHJ[PVUZPZKL[LYTPULKI`[OLMHPY]HS\LH[[OLKH[L^OLU[OLNYHU[PZTHKL\ZPUNHUHWWYVWYPH[L]HS\H[PVU
TVKLS;OH[JVZ[PZYLJVNUPaLKPULTWSV`LLILULÄ[ZL_WLUZL[VNL[OLY^P[OHJVYYLZWVUKPUNPUJYLHZLPULX\P[`V[OLYJHWP[HSYLZLY]LZ
V]LY[OLWLYPVKPU^OPJO[OLZLY]PJLHUK^OLYLHWWSPJHISL[OLWLYMVYTHUJLJVUKP[PVUZHYLM\SÄSSLK[OL]LZ[PUNWLYPVK;OLJ\T\SH[P]L
L_WLUZLYLJVNUPaLKMVYLX\P[`ZL[[SLK[YHUZHJ[PVUZH[LHJOYLWVY[PUNKH[L\U[PS[OL]LZ[PUNKH[LYLÅLJ[Z[OLL_[LU[[V^OPJO[OL]LZ[PUN
WLYPVKOHZL_WPYLKHUK[OL.YV\W»ZILZ[LZ[PTH[LVM[OLU\TILYVMLX\P[`PUZ[Y\TLU[Z[OH[^PSS\S[PTH[LS`]LZ[;OLL_WLUZLVYJYLKP[
PU[OLZ[H[LTLU[VMPUJVTLMVYHWLYPVKYLWYLZLU[Z[OLTV]LTLU[PUJ\T\SH[P]LL_WLUZLYLJVNUPaLKHZH[[OLILNPUUPUNHUKLUKVM
that period.

:LY]PJLHUKUVUTHYRL[WLYMVYTHUJLJVUKP[PVUZHYLUV[[HRLUPU[VHJJV\U[^OLUKL[LYTPUPUN[OLNYHU[KH[LMHPY]HS\LVMH^HYKZI\[
[OLSPRLSPOVVKVM[OLJVUKP[PVUZILPUNTL[PZHZZLZZLKHZWHY[VM[OL.YV\W»ZILZ[LZ[PTH[LVM[OLU\TILYVMLX\P[`PUZ[Y\TLU[Z[OH[^PSS
\S[PTH[LS`]LZ[4HYRL[WLYMVYTHUJLJVUKP[PVUZHYLYLÅLJ[LK^P[OPU[OLNYHU[KH[LMHPY]HS\L(U`V[OLYJVUKP[PVUZH[[HJOLK[VHUH^HYK
I\[^P[OV\[HUHZZVJPH[LKZLY]PJLYLX\PYLTLU[HYLJVUZPKLYLK[VILUVU]LZ[PUNJVUKP[PVUZ5VU]LZ[PUNJVUKP[PVUZHYLYLÅLJ[LKPU
[OLMHPY]HS\LVMHUH^HYKHUKSLHK[VHUPTTLKPH[LL_WLUZPUNVMHUH^HYK\USLZZ[OLYLHYLHSZVZLY]PJLHUKVYWLYMVYTHUJLJVUKP[PVUZ
5VL_WLUZLPZYLJVNUPaLKMVYH^HYKZ[OH[KVUV[\S[PTH[LS`]LZ[ILJH\ZLUVUTHYRL[WLYMVYTHUJLHUKVYZLY]PJLJVUKP[PVUZOH]LUV[
ILLUTL[>OLYLH^HYKZPUJS\KLHTHYRL[VYUVU]LZ[PUNJVUKP[PVU[OL[YHUZHJ[PVUZHYL[YLH[LKHZ]LZ[LKPYYLZWLJ[P]LVM^OL[OLY
[OLTHYRL[VYUVU]LZ[PUNJVUKP[PVUPZZH[PZÄLKWYV]PKLK[OH[HSSV[OLYWLYMVYTHUJLHUKVYZLY]PJLJVUKP[PVUZHYLZH[PZÄLK>OLU
[OL [LYTZ VM HU LX\P[`ZL[[SLK H^HYK HYL TVKPÄLK [OL TPUPT\T L_WLUZL YLJVNUPaLK PZ [OL NYHU[ KH[L MHPY ]HS\L VM [OL \UTVKPÄLK
H^HYKWYV]PKLK[OLVYPNPUHS]LZ[PUN[LYTZVM[OLH^HYKHYLTL[(UHKKP[PVUHSL_WLUZLTLHZ\YLKHZH[[OLKH[LVMTVKPÄJH[PVUPZ
YLJVNUPaLKMVYHU`TVKPÄJH[PVU[OH[PUJYLHZLZ[OL[V[HSMHPY]HS\LVM[OLZOHYLIHZLKWH`TLU[[YHUZHJ[PVUVYPZV[OLY^PZLILULÄJPHS[V
[OLLTWSV`LL>OLYLHUH^HYKPZJHUJLSSLKI`[OL.YV\WVYI`[OLJV\U[LYWHY[`HU`YLTHPUPUNLSLTLU[VM[OLMHPY]HS\LVM[OLH^HYK
PZL_WLUZLKPTTLKPH[LS`[OYV\NOWYVÄ[VYSVZZ

>OLU[OLLX\P[`ZL[[SLK[YHUZHJ[PVUZ]LZ[PTTLKPH[LS`I\[[OLNYHU[KH[LPZUV[`L[KL[LYTPULKHZVMYLWVY[PUNKH[L[OL.YV\WYLJVNUPaLZ
[OLL_WLUZLHUK[OLJVYYLZWVUKPUNPUJYLHZLPULX\P[`\ZPUN[OLLZ[PTH[LKNYHU[KH[LMHPY]HS\LHZVMYLWVY[PUNKH[L:\IZLX\LU[S`
VUJL[OLNYHU[KH[LPZKL[LYTPULK[OL.YV\WYL]PZLZ[OLLZ[PTH[LIHZLKVU[OLHJ[\HSNYHU[KH[LMHPY]HS\L

Provisions and Contingencies

7YV]PZPVUZHYLYLJVNUPaLK^OLU[OL.YV\WOHZHWYLZLU[VISPNH[PVUSLNHSVYJVUZ[Y\J[P]LHZHYLZ\S[VMHWHZ[L]LU[HUKP[PZWYVIHISL
[OH[ HU V\[ÅV^ VM YLZV\YJLZ LTIVK`PUN LJVUVTPJ ILULÄ[Z ^PSS IL YLX\PYLK [V ZL[[SL [OL VISPNH[PVU HUK H YLSPHISL LZ[PTH[L JHU IL
THKLVM[OLHTV\U[VM[OLVISPNH[PVU>OLYL[OL.YV\WL_WLJ[ZZVTLVYHSSVMHWYV]PZPVU[VILYLPTI\YZLKMVYL_HTWSL\UKLYHU
PUZ\YHUJLJVU[YHJ[[OLYLPTI\YZLTLU[PZYLJVNUPaLKHZHZLWHYH[LHZZL[I\[VUS`^OLU[OLYLPTI\YZLTLU[PZ]PY[\HSS`JLY[HPU;OL
L_WLUZLYLSH[PUN[VHU`WYV]PZPVUPZWYLZLU[LKPU[OLZ[H[LTLU[VMPUJVTLUL[VMHU`YLPTI\YZLTLU[0M[OLLќLJ[VM[OL[PTL]HS\L
VMTVUL`PZTH[LYPHSWYV]PZPVUZHYLKL[LYTPULKI`KPZJV\U[PUN[OLL_WLJ[LKM\[\YLJHZOÅV^ZH[HWYL[H_YH[L[OH[YLÅLJ[ZJ\YYLU[
THYRL[HZZLZZTLU[ZVM[OL[PTL]HS\LVMTVUL`HUK^OLYLHWWYVWYPH[L[OLYPZRZZWLJPÄJ[V[OLSPHIPSP[`>OLYLKPZJV\U[PUNPZ\ZLK
[OLPUJYLHZLPU[OLWYV]PZPVUK\L[V[OLWHZZHNLVM[PTLPZYLJVNUPaLKHZHUPU[LYLZ[L_WLUZL

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

22

*VU[PUNLU[SPHIPSP[PLZHYLUV[YLJVNUPaLKPU[OLÄUHUJPHSZ[H[LTLU[ZI\[HYLKPZJSVZLK\USLZZ[OLWVZZPIPSP[`VMHUV\[ÅV^VMYLZV\YJLZ
LTIVK`PUNLJVUVTPJILULÄ[ZPZYLTV[L*VU[PUNLU[HZZL[ZHYLUV[YLJVNUPaLKI\[HYLKPZJSVZLKPU[OLÄUHUJPHSZ[H[LTLU[Z^OLUHU
PUÅV^VMLJVUVTPJILULÄ[ZPZWYVIHISL

Income Taxes

*\YYLU[[H_
*\YYLU[[H_HZZL[ZHUKSPHIPSP[PLZMVY[OLJ\YYLU[HUKWYPVYWLYPVKZHYLTLHZ\YLKH[[OLHTV\U[L_WLJ[LK[VILYLJV]LYLKMYVTVYWHPK[V
[OL[H_H[PVUH\[OVYP[PLZ;OL[H_YH[LZHUK[H_SH^Z\ZLK[VJVTW\[L[OLHTV\U[HYL[OVZL[OH[HYLLUHJ[LKVYZ\IZ[HU[P]LS`LUHJ[LK
HZVM[OLYLWVY[PUNKH[L,ќLJ[P]L1HU\HY` THUHNLTLU[WLYPVKPJHSS`L]HS\H[LZWVZP[PVUZ[HRLUPU[OL[H_YL[\YU^P[OYLZWLJ[[V
ZP[\H[PVUZPU^OPJOHWWSPJHISL[H_YLN\SH[PVUZHYLZ\IQLJ[[VPU[LYWYL[H[PVUZHUKLZ[HISPZOLZWYV]PZPVUZ^OLYLHWWYVWYPH[L

+LMLYYLK[H_
+LMLYYLK[H_PZWYV]PKLK\ZPUN[OLIHSHUJLZOLL[SPHIPSP[`TL[OVKVUHSS[LTWVYHY`KPќLYLUJLZH[[OLYLWVY[PUNKH[LIL[^LLU[OL[H_
IHZLZVMHZZL[ZHUKSPHIPSP[PLZHUK[OLPYJHYY`PUNHTV\U[ZMVYÄUHUJPHSYLWVY[PUNW\YWVZLZ

+LMLYYLK [H_ SPHIPSP[PLZ HYL YLJVNUPaLK MVY HSS [H_HISL [LTWVYHY` KPќLYLUJLZ  +LMLYYLK [H_ HZZL[Z HYL YLJVNUPaLK MVY HSS KLK\J[PISL
[LTWVYHY`KPќLYLUJLZJHYY`MVY^HYKVM\U\ZLK[H_JYLKP[ZMYVT[OLL_JLZZVMTPUPT\TJVYWVYH[LPUJVTL[H_4*0;V]LY[OLYLN\SHY
JVYWVYH[LPUJVTL[H_9*0;HUK\U\ZLKUL[VWLYH[PUNSVZZJHYY`V]LY563*6[V[OLL_[LU[[OH[P[PZWYVIHISL[OH[Z\ѝJPLU[[H_HISL
WYVÄ[ ^PSS IL H]HPSHISL HNHPUZ[ ^OPJO [OL KLK\J[PISL [LTWVYHY` KPќLYLUJLZ HUK JHYY` MVY^HYK VM \U\ZLK [H_ JYLKP[Z MYVT 4*0; HUK
\U\ZLK563*6JHUIL\[PSPaLK+LMLYYLK[H_OV^L]LYPZUV[YLJVNUPaLKVU[LTWVYHY`KPќLYLUJLZ[OH[HYPZLMYVT[OLPUP[PHSYLJVNUP[PVU
VM HU HZZL[ VY SPHIPSP[` PU H [YHUZHJ[PVU [OH[ PZ UV[ H I\ZPULZZ JVTIPUH[PVU HUK H[ [OL [PTL VM [OL [YHUZHJ[PVU HќLJ[Z ULP[OLY [OL
accounting income nor taxable income.

+LMLYYLK[H_SPHIPSP[PLZHYLUV[WYV]PKLKVUUVU[H_HISL[LTWVYHY`KPќLYLUJLZHZZVJPH[LK^P[OPU]LZ[TLU[ZPUKVTLZ[PJZ\IZPKPHYPLZ
and associates.

;OLJHYY`PUNHTV\U[VMKLMLYYLK[H_HZZL[ZPZYL]PL^LKH[LHJOYLWVY[PUNKH[LHUKYLK\JLK[V[OLL_[LU[[OH[P[PZUVSVUNLYWYVIHISL
[OH[Z\ѝJPLU[[H_HISLWYVÄ[^PSSILH]HPSHISL[VHSSV^HSSVYWHY[VM[OLKLMLYYLK[H_HZZL[[VIL\[PSPaLK<UYLJVNUPaLKKLMLYYLK[H_HZZL[Z
HYLYLHZZLZZLKH[LHJOYLWVY[PUNKH[LHUKHYLYLJVNUPaLK[V[OLL_[LU[[OH[P[OHZILJVTLWYVIHISL[OH[M\[\YL[H_HISLWYVÄ[^PSSHSSV^
[OLKLMLYYLK[H_HZZL[[VILYLJV]LYLK

+LMLYYLK[H_HZZL[ZHUKSPHIPSP[PLZHYLTLHZ\YLKH[[OL[H_YH[LZ[OH[HYLHWWSPJHISL[V[OLWLYPVK^OLU[OLHZZL[PZYLHSPaLKVY[OLSPHIPSP[`
PZZL[[SLKIHZLKVU[H_YH[LZHUK[H_SH^Z[OH[OH]LILLULUHJ[LKVYZ\IZ[HU[P]LS`LUHJ[LKH[[OLYLWVY[PUNKH[L

*\YYLU[[H_HUKKLMLYYLK[H_YLSH[PUN[VP[LTZYLJVNUPaLKKPYLJ[S`PULX\P[`PZHSZVYLJVNUPaLKPULX\P[`HUKUV[PU[OLZ[H[LTLU[VM
income.

+LMLYYLK[H_HZZL[ZHUKKLMLYYLK[H_SPHIPSP[PLZHYLVќZL[PMHSLNHSS`LUMVYJLHISLYPNO[L_PZ[Z[VZL[VќJ\YYLU[[H_HZZL[ZHNHPUZ[J\YYLU[
[H_SPHIPSP[PLZHUKKLMLYYLK[H_LZYLSH[L[V[OLZHTL[H_HISLLU[P[`HUK[OLZHTL[H_H[PVUH\[OVYP[`

,HYUPUNZWLY:OHYL
)HZPJLHYUPUNZWLYZOHYL,7:PZJVTW\[LKI`KP]PKPUNUL[PUJVTLMVY[OL`LHYI`[OL^LPNO[LKH]LYHNLU\TILYVMJVTTVUZOHYLZ
V\[Z[HUKPUNK\YPUN[OL`LHYHM[LYNP]PUNYL[YVHJ[P]LLќLJ[[VZ[VJRZWSP[ZZ[VJRKP]PKLUKZKLJSHYLKHUKZ[VJRYPNO[ZL_LYJPZLKK\YPUN
[OL`LHYPMHU`

;OL7HYLU[*VTWHU`JVTW\[LZKPS\[LK,7:^OLU[OLYLHYLV\[Z[HUKPUNKPS\[P]LWV[LU[PHSJVTTVUZOHYLZ+PS\[LK,7:PZJVTW\[LK
I`HKQ\Z[PUNIV[O[OLUL[PUJVTLMVY[OL`LHYHUK[OL^LPNO[LKH]LYHNLU\TILYVMJVTTVUZOHYLZV\[Z[HUKPUNK\YPUN[OL`LHY^P[O
[OLPTWHJ[VM[OLKPS\[P]LWV[LU[PHSJVTTVUZ[VJRPZZ\HUJL[YHUZHJ[PVU

+P]PKLUKZVU*VTTVU:OHYLZ
+P]PKLUKZVUJVTTVUZOHYLZHYLYLJVNUPaLKHZHSPHIPSP[`HUKKLK\J[LKMYVTLX\P[`^OLUHWWYV]LKI`[OLYLZWLJ[P]LZOHYLOVSKLYZVM
[OL7HYLU[*VTWHU`HUKP[ZZ\IZPKPHYPLZ+P]PKLUKZKLJSHYLKK\YPUN[OL`LHY[OH[HYLHWWYV]LKHM[LY[OLYLWVY[PUNKH[LHYLKLHS[^P[O
HZHUL]LU[HM[LY[OLYLWVY[PUNKH[L

CHINA BANKING CORPORATION

 23

:LNTLU[9LWVY[PUN
;OL .YV\W»Z VWLYH[PUN I\ZPULZZLZ HYL VYNHUPaLK HUK THUHNLK ZLWHYH[LS` HJJVYKPUN [V [OL UH[\YL VM [OL WYVK\J[Z HUK ZLY]PJLZ
WYV]PKLK^P[OLHJOZLNTLU[YLWYLZLU[PUNHZ[YH[LNPJI\ZPULZZ\UP[[OH[VќLYZKPќLYLU[WYVK\J[ZHUKZLY]LZKPќLYLU[THYRL[Z-PUHUJPHS
PUMVYTH[PVUVUI\ZPULZZZLNTLU[ZPZWYLZLU[LKPU5V[L;OL.YV\W»ZYL]LU\LWYVK\JPUNHZZL[ZHYLSVJH[LKPU[OL7OPSPWWPULZPL
VULNLVNYHWOPJHSSVJH[PVU;OLYLMVYLNLVNYHWOPJHSZLNTLU[PUMVYTH[PVUPZUVSVUNLYWYLZLU[LK

-PK\JPHY`(J[P]P[PLZ
(ZZL[ZHUKPUJVTLHYPZPUNMYVTÄK\JPHY`HJ[P]P[PLZ[VNL[OLY^P[OYLSH[LK\UKLY[HRPUNZ[VYL[\YUZ\JOHZZL[Z[VJ\Z[VTLYZHYLL_JS\KLK
MYVT[OLÄUHUJPHSZ[H[LTLU[Z^OLYL[OL7HYLU[*VTWHU`HJ[ZPUHÄK\JPHY`JHWHJP[`Z\JOHZUVTPULL[Y\Z[LLVYHNLU[

,]LU[ZHM[LY[OL9LWVY[PUN7LYPVK
(U` WVZ[ `LHYLUK L]LU[Z [OH[ WYV]PKL HKKP[PVUHS PUMVYTH[PVU HIV\[ [OL .YV\W»Z WVZP[PVU H[ [OL YLWVY[PUN KH[L HKQ\Z[PUN L]LU[ HYL
YLÅLJ[LKPU[OL.YV\W»ZÄUHUJPHSZ[H[LTLU[Z7VZ[`LHYLUKL]LU[Z[OH[HYLUV[HKQ\Z[PUNL]LU[ZPMHU`HYLKPZJSVZLK^OLUTH[LYPHS[V
[OLÄUHUJPHSZ[H[LTLU[Z

6WDQGDUGV,VVXHGEXW1RW<HW(σHFWLYH
;OLYL HYL UL^ 7-9:Z HTLUKTLU[Z PU[LYWYL[H[PVU HUK HUU\HS PTWYV]LTLU[Z [V L_PZ[PUN Z[HUKHYKZ ^OPJO HYL LќLJ[P]L MVY HUU\HS
WLYPVKZ Z\IZLX\LU[ [V   4HUHNLTLU[ ^PSS HKVW[ [OL MVSSV^PUN YLSL]HU[ WYVUV\UJLTLU[Z PU HJJVYKHUJL ^P[O [OLPY [YHUZP[PVUHS
WYV]PZPVUZ"HUK\USLZZV[OLY^PZLZ[H[LKUVULVM[OLZLHYLL_WLJ[LK[VOH]LZPNUPÄJHU[PTWHJ[VU[OL.YV\W»ZÄUHUJPHSZ[H[LTLU[Z!

,ќLJ[P]LILNPUUPUNVUVYHM[LY1HU\HY`

ƒ (TLUKTLU[Z[V7(:+LMLYYLK;H_YLSH[LK[V(ZZL[ZHUK3PHIPSP[PLZHYPZPUNMYVTH:PUNSL;YHUZHJ[PVU

;OLHTLUKTLU[ZUHYYV^[OLZJVWLVM[OLPUP[PHSYLJVNUP[PVUL_JLW[PVU\UKLY7(:ZV[OH[P[UVSVUNLYHWWSPLZ[V[YHUZHJ[PVUZ
[OH[NP]LYPZL[VLX\HS[H_HISLHUKKLK\J[PISL[LTWVYHY`KPќLYLUJLZ

;OLHTLUKTLU[ZHSZVJSHYPM`[OH[^OLYLWH`TLU[Z[OH[ZL[[SLHSPHIPSP[`HYLKLK\J[PISLMVY[H_W\YWVZLZP[PZHTH[[LYVMQ\KNLTLU[
OH]PUNJVUZPKLYLK[OLHWWSPJHISL[H_SH^^OL[OLYZ\JOKLK\J[PVUZHYLH[[YPI\[HISLMVY[H_W\YWVZLZ[V[OLSPHIPSP[`YLJVNUPaLKPU
[OLÄUHUJPHSZ[H[LTLU[ZHUKPU[LYLZ[L_WLUZLVY[V[OLYLSH[LKHZZL[JVTWVULU[HUKPU[LYLZ[L_WLUZL

(ULU[P[`HWWSPLZ[OLHTLUKTLU[Z[V[YHUZHJ[PVUZ[OH[VJJ\YVUVYHM[LY[OLILNPUUPUNVM[OLLHYSPLZ[JVTWHYH[P]LWLYPVK
WYLZLU[LKMVYHUU\HSYLWVY[PUNWLYPVKZVUVYHM[LY1HU\HY`

ƒ (TLUKTLU[Z[V7(:+LÄUP[PVUVM(JJV\U[PUN,Z[PTH[LZ

;OLHTLUKTLU[ZPU[YVK\JLHUL^KLÄUP[PVUVMHJJV\U[PUNLZ[PTH[LZHUKJSHYPM`[OLKPZ[PUJ[PVUIL[^LLUJOHUNLZPUHJJV\U[PUN
LZ[PTH[LZHUKJOHUNLZPUHJJV\U[PUNWVSPJPLZHUK[OLJVYYLJ[PVUVMLYYVYZ(SZV[OLHTLUKTLU[ZJSHYPM`[OH[[OLLќLJ[ZVUHU
HJJV\U[PUNLZ[PTH[LVMHJOHUNLPUHUPUW\[VYHJOHUNLPUHTLHZ\YLTLU[[LJOUPX\LHYLJOHUNLZPUHJJV\U[PUNLZ[PTH[LZPM[OL`
KVUV[YLZ\S[MYVT[OLJVYYLJ[PVUVMWYPVYWLYPVKLYYVYZ

(ULU[P[`HWWSPLZ[OLHTLUKTLU[Z[VJOHUNLZPUHJJV\U[PUNWVSPJPLZHUKJOHUNLZPUHJJV\U[PUNLZ[PTH[LZ[OH[VJJ\YVUVYHM[LY
1HU\HY`^P[OLHYSPLYHKVW[PVUWLYTP[[LK;OLHTLUKTLU[ZHYLUV[L_WLJ[LK[VOH]LHTH[LYPHSPTWHJ[VU[OL.YV\W

ƒ (TLUKTLU[Z[V7(:HUK7-9:7YHJ[PJL:[H[LTLU[+PZJSVZ\YLVM(JJV\U[PUN7VSPJPLZ
;OLHTLUKTLU[ZWYV]PKLN\PKHUJLHUKL_HTWSLZ[VOLSWLU[P[PLZHWWS`TH[LYPHSP[`Q\KNLTLU[Z[VHJJV\U[PUNWVSPJ`KPZJSVZ\YLZ
;OLHTLUKTLU[ZHPT[VOLSWLU[P[PLZWYV]PKLHJJV\U[PUNWVSPJ`KPZJSVZ\YLZ[OH[HYLTVYL\ZLM\SI`!

o 9LWSHJPUN[OLYLX\PYLTLU[MVYLU[P[PLZ[VKPZJSVZL[OLPYºZPNUPÄJHU[»HJJV\U[PUNWVSPJPLZ^P[OHYLX\PYLTLU[[VKPZJSVZL[OLPY
ºTH[LYPHS»HJJV\U[PUNWVSPJPLZHUK
o (KKPUNN\PKHUJLVUOV^LU[P[PLZHWWS`[OLJVUJLW[VMTH[LYPHSP[`PUTHRPUNKLJPZPVUZHIV\[HJJV\U[PUNWVSPJ`KPZJSVZ\YLZ

;OLHTLUKTLU[Z[V[OL7YHJ[PJL:[H[LTLU[WYV]PKLUVUTHUKH[VY`N\PKHUJL4LHU^OPSL[OLHTLUKTLU[Z[V7(:HYLLќLJ[P]L
MVYHUU\HSWLYPVKZILNPUUPUNVUVYHM[LY1HU\HY`,HYS`HWWSPJH[PVUPZWLYTP[[LKHZSVUNHZ[OPZMHJ[PZKPZJSVZLK;OL
HTLUKTLU[ZHYLUV[L_WLJ[LK[VOH]LHTH[LYPHSPTWHJ[VU[OL.YV\W

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

24

,ќLJ[P]LILNPUUPUNVUVYHM[LY1HU\HY`

ƒ (TLUKTLU[Z[V7(:*SHZZPÄJH[PVUVM3PHIPSP[PLZHZ*\YYLU[VY5VUJ\YYLU[

;OL HTLUKTLU[Z JSHYPM` WHYHNYHWOZ   [V  VM 7(:  7YLZLU[H[PVU VM -PUHUJPHS :[H[LTLU[Z [V ZWLJPM` [OL YLX\PYLTLU[Z MVY
JSHZZPM`PUNSPHIPSP[PLZHZJ\YYLU[VYUVUJ\YYLU[;OLHTLUKTLU[ZJSHYPM`!

ƒ >OH[PZTLHU[I`HYPNO[[VKLMLYZL[[SLTLU["
ƒ ;OH[HYPNO[[VKLMLYT\Z[L_PZ[H[[OLLUKVM[OLYLWVY[PUNWLYPVK"
ƒ ;OH[JSHZZPÄJH[PVUPZ\UHќLJ[LKI`[OLSPRLSPOVVK[OH[HULU[P[`^PSSL_LYJPZLP[ZKLMLYYHSYPNO["HUK
ƒ ;OH[VUS`PMHULTILKKLKKLYP]H[P]LPUHJVU]LY[PISLSPHIPSP[`PZP[ZLSMHULX\P[`PUZ[Y\TLU[^V\SK[OL[LYTZVMHSPHIPSP[`UV[
PTWHJ[P[ZJSHZZPÄJH[PVU

;OL HTLUKTLU[Z HYL LќLJ[P]L MVY HUU\HS YLWVY[PUN WLYPVKZ ILNPUUPUN VU VY HM[LY 1HU\HY`   HUK T\Z[ IL HWWSPLK
YL[YVZWLJ[P]LS`/V^L]LYPU5V]LTILY[OL0U[LYUH[PVUHS(JJV\U[PUN:[HUKHYKZ)VHYK0(:)[LU[H[P]LS`KLJPKLK[VKLMLY[OL
LќLJ[P]LKH[L[VUVLHYSPLY[OHU1HU\HY`

,ќLJ[P]LILNPUUPUNVUVYHM[LY1HU\HY`

ƒ 7-9:0UZ\YHUJL*VU[YHJ[Z

7-9:  PZ H JVTWYLOLUZP]L UL^ HJJV\U[PUN Z[HUKHYK MVY PUZ\YHUJL JVU[YHJ[Z JV]LYPUN YLJVNUP[PVU HUK TLHZ\YLTLU[
WYLZLU[H[PVUHUKKPZJSVZ\YL6UJLLќLJ[P]L7-9:^PSSYLWSHJL7-9:0UZ\YHUJL*VU[YHJ[Z;OPZUL^Z[HUKHYKVUPUZ\YHUJL
JVU[YHJ[ZHWWSPLZ[VHSS[`WLZVMPUZ\YHUJLJVU[YHJ[ZPLSPMLUVUSPMLKPYLJ[PUZ\YHUJLHUKYLPUZ\YHUJLYLNHYKSLZZVM[OL[`WL
VMLU[P[PLZ[OH[PZZ\L[OLTHZ^LSSHZ[VJLY[HPUN\HYHU[LLZHUKÄUHUJPHSPUZ[Y\TLU[Z^P[OKPZJYL[PVUHY`WHY[PJPWH[PVUMLH[\YLZ(
ML^ZJVWLL_JLW[PVUZ^PSSHWWS`

;OLV]LYHSSVIQLJ[P]LVM7-9:PZ[VWYV]PKLHUHJJV\U[PUNTVKLSMVYPUZ\YHUJLJVU[YHJ[Z[OH[PZTVYL\ZLM\SHUKJVUZPZ[LU[MVY
PUZ\YLYZ0UJVU[YHZ[[V[OLYLX\PYLTLU[ZPU7-9:^OPJOHYLSHYNLS`IHZLKVUNYHUKMH[OLYPUNWYL]PV\ZSVJHSHJJV\U[PUNWVSPJPLZ
7-9:WYV]PKLZHJVTWYLOLUZP]LTVKLSMVYPUZ\YHUJLJVU[YHJ[ZJV]LYPUNHSSYLSL]HU[HJJV\U[PUNHZWLJ[Z;OLJVYLVM7-9:
PZ[OLNLULYHSTVKLSZ\WWSLTLU[LKI`!

ƒ (ZWLJPÄJHKHW[H[PVUMVYJVU[YHJ[Z^P[OKPYLJ[WHY[PJPWH[PVUMLH[\YLZ[OL]HYPHISLMLLHWWYVHJO
ƒ (ZPTWSPÄLKHWWYVHJO[OLWYLTP\THSSVJH[PVUHWWYVHJOTHPUS`MVYZOVY[K\YH[PVUJVU[YHJ[Z

6U+LJLTILY[OL-9:*HTLUKLK[OLTHUKH[VY`LќLJ[P]LKH[LVM7-9:MYVT1HU\HY`[V1HU\HY`
;OPZPZJVUZPZ[LU[^P[O*PYJ\SHY3L[[LY5VPZZ\LKI`[OL0UZ\YHUJL*VTTPZZPVU^OPJOKLMLYYLK[OLPTWSLTLU[H[PVUVM
7-9:I`[^V`LHYZHM[LYP[ZLќLJ[P]LKH[LHZKLJPKLKI`[OL0(:)

7-9:  PZ LќLJ[P]L MVY YLWVY[PUN WLYPVKZ ILNPUUPUN VU VY HM[LY 1HU\HY`   ^P[O JVTWHYH[P]L ÄN\YLZ YLX\PYLK  ,HYS`
application is permitted.

ɱˑ SIGNIFICANT ACCOUNTING JUDGMENTS AND ESTIMATES

;OLWYLWHYH[PVUVM[OLÄUHUJPHSZ[H[LTLU[ZPUHJJVYKHUJL^P[O7-9:YLX\PYLZ[OL.YV\W[VTHRLQ\KNTLU[ZHUKLZ[PTH[LZ[OH[
HќLJ[ [OL YLWVY[LK HTV\U[Z VM HZZL[Z SPHIPSP[PLZ PUJVTL HUK L_WLUZLZ HUK KPZJSVZ\YL VM JVU[PUNLU[ HZZL[Z HUK JVU[PUNLU[
SPHIPSP[PLZH[YLWVY[PUNKH[L-\[\YLL]LU[ZTH`VJJ\Y^OPJO^PSSJH\ZL[OLQ\KNTLU[ZHUKHZZ\TW[PVUZ\ZLKPUHYYP]PUNH[[OL
LZ[PTH[LZ [V JOHUNL  ;OL LќLJ[Z VM HU` JOHUNL PU Q\KNTLU[Z HUK LZ[PTH[LZ HYL YLÅLJ[LK PU [OL ÄUHUJPHS Z[H[LTLU[Z HZ [OL`
become reasonably determinable.

CHINA BANKING CORPORATION

 25

1\KNTLU[Z HUK LZ[PTH[LZ HYL JVU[PU\HSS` L]HS\H[LK HUK HYL IHZLK VU OPZ[VYPJHS L_WLYPLUJL HUK V[OLY MHJ[VYZ PUJS\KPUN
L_WLJ[H[PVUZVMM\[\YLL]LU[Z[OH[HYLILSPL]LK[VILYLHZVUHISL\UKLY[OLJPYJ\TZ[HUJLZ

1\KNTLU[Z
H -PUHUJPHSPUZ[Y\TLU[Z
>OLYL[OLMHPY]HS\LZVMÄUHUJPHSHZZL[ZHUKÄUHUJPHSSPHIPSP[PLZYLJVYKLKVU[OLIHSHUJLZOLL[VYKPZJSVZLKPU[OLUV[LZJHUUV[
ILKLYP]LKMYVTHJ[P]LTHYRL[Z[OL`HYLKL[LYTPULK\ZPUNKPZJV\U[LKJHZOÅV^TVKLSPUJVYWVYH[PUNPUW\[ZZ\JOHZJ\YYLU[
THYRL[YH[LZVMJVTWHYHISLPUZ[Y\TLU[Z;OLJHYY`PUN]HS\LZHUKJVYYLZWVUKPUNMHPY]HS\LZVMÄUHUJPHSPUZ[Y\TLU[ZHZ^LSS
HZ[OLTHUULYPU^OPJOMHPY]HS\LZ^LYLKL[LYTPULKHYLKPZJ\ZZLKPUTVYLKL[HPSPU5V[L

I *VU[PUNLUJPLZ
;OL.YV\WPZJ\YYLU[S`PU]VS]LKPU]HYPV\ZSLNHSWYVJLLKPUNZ;OLLZ[PTH[LVM[OLWYVIHISLJVZ[ZMVY[OLYLZVS\[PVUVM[OLZL
JSHPTZOHZILLUKL]LSVWLKPUJVUZ\S[H[PVU^P[OV\[ZPKLJV\UZLSOHUKSPUN[OL.YV\W»ZKLMLUZLPU[OLZLTH[[LYZHUKPZIHZLK
\WVU HU HUHS`ZPZ VM WV[LU[PHS YLZ\S[Z  ;OL .YV\W J\YYLU[S` KVLZ UV[ ILSPL]L [OH[ [OLZL WYVJLLKPUNZ ^PSS OH]L H TH[LYPHS
HK]LYZLLќLJ[VU[OLÄUHUJPHSZ[H[LTLU[Z5V[L

J ,]HS\H[PVUVMI\ZPULZZTVKLSPUTHUHNPUNÄUHUJPHSHZZL[Z
;OL .YV\W THUHNLZ P[Z ÄUHUJPHS HZZL[Z IHZLK VU I\ZPULZZ TVKLSZ [OH[ THPU[HPU HU HKLX\H[L SL]LS VM ÄUHUJPHS HZZL[Z
[V TH[JO P[Z L_WLJ[LK JHZO V\[ÅV^Z SHYNLS` HYPZPUN MYVT J\Z[VTLYZ» ^P[OKYH^HSZ HUK JVU[PU\PUN SVHU KPZI\YZLTLU[Z [V
IVYYV^LYZ^OPSLTHPU[HPUPUNHZ[YH[LNPJWVY[MVSPVVMÄUHUJPHSHZZL[ZMVYPU]LZ[TLU[HUK[YHKPUNHJ[P]P[PLZJVUZPZ[LU[^P[OP[Z
risk appetite.

;OL .YV\W KL]LSVWLK I\ZPULZZ TVKLSZ ^OPJO YLÅLJ[ OV^ P[ THUHNLZ P[Z WVY[MVSPV VM ÄUHUJPHS PUZ[Y\TLU[Z  ;OL .YV\W»Z
I\ZPULZZTVKLSZULLKUV[ILHZZLZZLKH[[OLLU[P[`SL]LSVYHZH^OVSLI\[HWWSPLKH[[OLSL]LSVMHWVY[MVSPVVMÄUHUJPHS
PUZ[Y\TLU[Z PL NYV\W VM ÄUHUJPHS PUZ[Y\TLU[Z [OH[ HYL THUHNLK [VNL[OLY I` [OL .YV\W HUK UV[ VU HU PUZ[Y\TLU[I`
PUZ[Y\TLU[IHZPZPLUV[IHZLKVUPU[LU[PVUVYZWLJPÄJJOHYHJ[LYPZ[PJZVMPUKP]PK\HSÄUHUJPHSPUZ[Y\TLU[

0UKL[LYTPUPUN[OLJSHZZPÄJH[PVUVMHÄUHUJPHSPUZ[Y\TLU[\UKLY7-9: [OL.YV\WL]HS\H[LZ^OPJOI\ZPULZZTVKLSHÄUHUJPHS
HZZL[VYHWVY[MVSPVVMÄUHUJPHSHZZL[ZILSVUN[V[HRPUNPU[VJVUZPKLYH[PVU[OLVIQLJ[P]LZVMLHJOI\ZPULZZTVKLSLZ[HISPZOLK
I`[OL.YV\W]HYPV\ZYPZRZHUKRL`WLYMVYTHUJLPUKPJH[VYZILPUNYL]PL^LKHUKTVUP[VYLKI`YLZWVUZPISLVѝJLYZHZ^LSSHZ
[OLTHUULYVMJVTWLUZH[PVUMVY[OLT;OL.YV\WHSZVJVUZPKLYZ[OLMYLX\LUJ`]HS\LYLHZVUZHUK[PTPUNVMWHZ[ZHSLZHUK
L_WLJ[H[PVUVMM\[\YLZHSLZHJ[P]P[`PU[OPZL]HS\H[PVU

0UHKKP[PVU7-9: LTWOHZPaLZ[OH[PMTVYL[OHUHUPUMYLX\LU[HUKTVYL[OHUHUPUZPNUPÄJHU[ZHSLPZTHKLV\[VMHWVY[MVSPV
VMÄUHUJPHSHZZL[ZJHYYPLKH[HTVY[PaLKJVZ[HULU[P[`ZOV\SKHZZLZZ^OL[OLYHUKOV^Z\JOZHSLZHYLJVUZPZ[LU[^P[O[OL
VIQLJ[P]L VM JVSSLJ[PUN JVU[YHJ[\HS JHZO ÅV^Z  0U THRPUN [OPZ Q\KNTLU[ [OL .YV\W JVUZPKLYZ JLY[HPU JPYJ\TZ[HUJLZ [V
HZZLZZ[OH[HUPUJYLHZLPU[OLMYLX\LUJ`HUK]HS\LVMZHSLZVMÄUHUJPHSPUZ[Y\TLU[ZPUHWHY[PJ\SHYWLYPVKPZUV[ULJLZZHYPS`
PUJVUZPZ[LU[^P[OHOLSK[VJVSSLJ[I\ZPULZZTVKLSPM[OL.YV\WJHUL_WSHPU[OLYLHZVUZMVY[OVZLZHSLZHUK^O`[OVZLZHSLZ
KVUV[YLÅLJ[HJOHUNLPU[OL.YV\W»ZVIQLJ[P]LMVY[OLI\ZPULZZTVKLS

;OL I\ZPULZZ TVKLS HZZLZZTLU[ PZ IHZLK VU YLHZVUHIS` L_WLJ[LK ZJLUHYPVZ ^P[OV\[ [HRPUN ^VYZ[ JHZL VY Z[YLZZ JHZL
ZJLUHYPVZPU[VHJJV\U[0MJHZOÅV^ZHM[LYPUP[PHSYLJVNUP[PVUHYLYLHSPaLKPUH^H`[OH[PZKPќLYLU[MYVT[OL.YV\W»ZVYPNPUHS
L_WLJ[H[PVUZ[OL.YV\WKVLZUV[JOHUNL[OLJSHZZPÄJH[PVUVM[OLYLTHPUPUNÄUHUJPHSHZZL[ZOLSKPU[OH[I\ZPULZZTVKLSI\[
PUJVYWVYH[LZZ\JOPUMVYTH[PVU^OLUHZZLZZPUNUL^S`VYPNPUH[LKVYUL^S`W\YJOHZLKÄUHUJPHSHZZL[ZNVPUNMVY^HYK"\USLZZH
JOHUNLPUI\ZPULZZTVKLSOHZ[HRLUWSHJLPUZ\JOJHZLYLJSHZZPÄJH[PVUPZULJLZZHY`

0UHUKPU]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[OLSKI`[OL7HYLU[*VTWHU`^LYLLP[OLYYLKLLTLKVYZVSK
;OLKPZWVZHSZ^LYLHZZLZZLKI`[OL7HYLU[*VTWHU`HZUV[PUJVUZPZ[LU[^P[O[OLWVY[MVSPVZ»I\ZPULZZTVKLSZJVUZPKLYPUN
[OLJVUKP[PVUZHUKYLHZVUZMVY^OPJO[OLKPZWVZHSZ^LYLTHKL-\Y[OLY[OLKPZWVZHSZKPKUV[YLZ\S[PUHJOHUNLPUI\ZPULZZ
TVKLSHUK[OLYLTHPUPUNZLJ\YP[PLZPU[OLHќLJ[LKWVY[MVSPVZJVU[PU\L[VILHJJV\U[LKMVYH[HTVY[PaLKJVZ[;OLKL[HPSZVM
HUK[OLYLHZVUZMVY[OLKPZWVZHSZHUKYLKLTW[PVUZHYLKPZJSVZLKPU5V[L 

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

26

;LZ[PUN[OLJHZOÅV^JOHYHJ[LYPZ[PJZVMÄUHUJPHSHZZL[Z
0UKL[LYTPUPUN[OLJSHZZPÄJH[PVUVMÄUHUJPHSHZZL[Z\UKLY7-9: [OL.YV\WHZZLZZLZ^OL[OLY[OLJVU[YHJ[\HS[LYTZVM[OL
ÄUHUJPHSHZZL[ZNP]LYPZLVUZWLJPÄLKKH[LZ[VJHZOÅV^Z[OH[HYL:770VU[OLWYPUJPWHSHTV\U[V\[Z[HUKPUN^P[OPU[LYLZ[
YLWYLZLU[PUN [PTL ]HS\L VM TVUL` HUK JYLKP[ YPZR HZZVJPH[LK ^P[O [OL WYPUJPWHS HTV\U[ V\[Z[HUKPUN  ;OL HZZLZZTLU[ HZ
[V ^OL[OLY [OL JHZO ÅV^Z TLL[ [OL [LZ[ PZ THKL PU [OL J\YYLUJ` PU ^OPJO [OL ÄUHUJPHS HZZL[ PZ KLUVTPUH[LK  (U` V[OLY
JVU[YHJ[\HS[LYT[OH[JOHUNLZ[OL[PTPUNVYHTV\U[VMJHZOÅV^Z\USLZZP[PZH]HYPHISLPU[LYLZ[YH[L[OH[YLWYLZLU[Z[PTL
]HS\LVMTVUL`HUKJYLKP[YPZRPLJHZOÅV^Z[OH[HYLUVU:770KVLZUV[TLL[[OLHTVY[PaLKJVZ[HUK-=6*0JYP[LYPH0U
JHZLZ^OLYL[OLYLSH[PVUZOPWIL[^LLU[OLWHZZHNLVM[PTLHUK[OLPU[LYLZ[YH[LVM[OLÄUHUJPHSPUZ[Y\TLU[TH`ILPTWLYMLJ[
RUV^UHZTVKPÄLK[PTL]HS\LVMTVUL`[OL.YV\WHZZLZZLZ[OLTVKPÄLK[PTL]HS\LVMTVUL`MLH[\YL[VKL[LYTPUL^OL[OLY
[OL ÄUHUJPHS PUZ[Y\TLU[ Z[PSS TLL[Z [OL :770 JYP[LYPVU  ;OL VIQLJ[P]L VM [OL HZZLZZTLU[ PZ [V KL[LYTPUL OV^ KPќLYLU[ [OL
\UKPZJV\U[LKJVU[YHJ[\HSJHZOÅV^ZJV\SKILMYVT[OL\UKPZJV\U[LKJHZOÅV^Z[OH[^V\SKHYPZLPM[OL[PTL]HS\LVMTVUL`
LSLTLU[^HZUV[TVKPÄLK[OLILUJOTHYRJHZOÅV^Z0M[OLYLZ\S[PUNKPќLYLUJLPZZPNUPÄJHU[[OL:770JYP[LYPVUPZUV[TL[
0U]PL^VM[OPZ[OL.YV\WJVUZPKLYZ[OLLќLJ[VM[OLTVKPÄLK[PTL]HS\LVMTVUL`LSLTLU[PULHJOYLWVY[PUNWLYPVKHUK
J\T\SH[P]LS`V]LY[OLSPMLVM[OLÄUHUJPHSPUZ[Y\TLU[

K /LKNLHJJV\U[PUN
0U[OL7HYLU[*VTWHU`KLZPNUH[LK[OLOLKNLYLSH[PVUZOPWIL[^LLUP[ZÅVH[PUNYH[LIVUKWH`HISLZLL5V[LHUKHU
PU[LYLZ[YH[LZ^HWHZHJHZOÅV^OLKNL0U[OL7HYLU[*VTWHU`KLZPNUH[LK[OLOLKNLYLSH[PVUZOPWZIL[^LLUP[OL
PU[LYLZ[YH[LYPZRJVTWVULU[VMP[Z;YLHZ\Y`[PTLKLWVZP[ZHUK9L[HPS)HURPUN)\ZPULZZ:LNTLU[9))[PTLKLWVZP[ZHUK
PPPU[LYLZ[YH[LZ^HWZHZJHZOÅV^OLKNLZ0U[OL7HYLU[*VTWHU`KLZPNUH[LK[OLOLKNLYLSH[PVUZOPWIL[^LLUP[OL
MVYLPNUL_JOHUNLYPZRJVTWVULU[VMJLY[HPUMVYLPNUL_JOHUNLZWV[[YHUZHJ[PVUZHUKVMM\[\YLPU[LYLZ[WH`TLU[ZHUKPPHUK
[OLZWV[LSLTLU[VMJLY[HPUMVYLPNUL_JOHUNLMVY^HYKJVU[YHJ[Z

;OL7HYLU[*VTWHU`»ZOLKNLHJJV\U[PUNWVSPJPLZPUJS\KLHULSLTLU[VMQ\KNTLU[HUKLZ[PTH[PVUPUWHY[PJ\SHYPUYLZWLJ[VM
[OLL_PZ[LUJLVMOPNOS`WYVIHISLJHZOÅV^ZMVYPUJS\ZPVU^P[OPU[OLJHZOÅV^OLKNL,Z[PTH[LZVMM\[\YLPU[LYLZ[YH[LZHUK
[OLNLULYHSLJVUVTPJLU]PYVUTLU[^PSSPUÅ\LUJL[OLH]HPSHIPSP[`HUK[PTPUNVMZ\P[HISLOLKNLKP[LTZ^P[OHUPTWHJ[VU[OL
LќLJ[P]LULZZVM[OLOLKNLYLSH[PVUZOPWZ+L[HPSZVM[OL7HYLU[*VTWHU`»ZOLKNPUN[YHUZHJ[PVUZHYLKLZJYPILKPU5V[L

;OL7HYLU[*VTWHU`HWWSPLZ[OL[LTWVYHY`YLSPLMZWYV]PKLKI`[OL0)69YLMVYT7OHZLHTLUKTLU[Z^OPJOLUHISLP[Z
OLKNLHJJV\U[PUN[VJVU[PU\LK\YPUN[OLWLYPVKVM\UJLY[HPU[`ILMVYL[OLYLWSHJLTLU[VMHUL_PZ[PUNPU[LYLZ[YH[LILUJOTHYR
^P[OHUHS[LYUH[P]LULHYS`9-9-VY[OLW\YWVZLVMKL[LYTPUPUN^OL[OLYHMVYLJHZ[[YHUZHJ[PVUPZOPNOS`WYVIHISL[OLYLSPLMZ
YLX\PYLP[[VILHZZ\TLK[OH[[OL0)69VU^OPJO[OLOLKNLKJHZOÅV^ZHYLIHZLKPZUV[HS[LYLKHZHYLZ\S[VM[OL0)69
YLMVYT;OLYLSPLMZLUK^OLU[OL7HYLU[*VTWHU`Q\KNLZ[OH[[OL\UJLY[HPU[`HYPZPUNMYVT0)69YLMVYTPZUVSVUNLYWYLZLU[
MVY[OLOLKNPUNYLSH[PVUZOPWZYLMLYLUJLK[V0)69Z;OPZHWWSPLZ^OLU[OLOLKNLKP[LTOHZHSYLHK`[YHUZP[PVULKMYVT0)69
[VHU9-9HUKHSZV[VL_WVZ\YLZ[OH[OH]L[YHUZP[PVULKVY^PSS[YHUZP[PVU]PHMHSSIHJR[VHU9-9^OLU30)69JLHZLZ;OL
VUL^LLRHUK[^VTVU[O30)69JLHZLKVU1HU\HY`;OLV]LYUPNO[HUKHUKTVU[O<:+30)69^PSS
JLHZLPTTLKPH[LS`HM[LY1\UL;OLJLZZH[PVUVM[OLZL30)69ZKVLZUV[OH]LHUPTWHJ[VU[OL7HYLU[*VTWHU`»Z
existing hedge relationships.

;OL0)69YLMVYT7OHZLWYV]PKLZ[LTWVYHY`YLSPLMZ[VLUHISL[OL7HYLU[*VTWHU`»ZOLKNPUNYLSH[PVUZOPWZ[VJVU[PU\L\WVU
[OLYLWSHJLTLU[VMHUL_PZ[PUNPU[LYLZ[YH[LILUJOTHYR^P[OHU9-9

,Z[PTH[LZ

H ,_WLJ[LKJYLKP[SVZZLZVUÄUHUJPHSHZZL[ZHUKJVTTP[TLU[Z
;OL .YV\W YL]PL^Z P[Z KLI[ ÄUHUJPHS HZZL[Z HUK JVTTP[TLU[Z H[ LHJO YLWVY[PUN KH[L [V KL[LYTPUL [OL HTV\U[ VM ,*3 [V IL
YLJVNUPaLKPU[OLIHSHUJLZOLL[HUKHU`JOHUNLZ[OLYL[VPU[OLZ[H[LTLU[VMPUJVTL0UWHY[PJ\SHYQ\KNTLU[ZHUKLZ[PTH[LZI`
THUHNLTLU[HYLYLX\PYLKPUKL[LYTPUPUN!

‹ ^OL[OLYHÄUHUJPHSHZZL[OHZOHKHZPNUPÄJHU[PUJYLHZLPUJYLKP[YPZRZPUJLPUP[PHSYLJVNUP[PVU"
‹ ^OL[OLYHKLMH\S[OHZ[HRLUWSHJLHUK^OH[JVTWYPZLZHKLMH\S["
‹ THJYVLJVUVTPJ MHJ[VYZ [OH[ HYL YLSL]HU[ PU TLHZ\YPUN H ÄUHUJPHS HZZL[»Z WYVIHIPSP[` VM KLMH\S[ HZ ^LSS HZ [OL .YV\W»Z
MVYLJHZ[VM[OLZLTHJYVLJVUVTPJMHJ[VYZ"

CHINA BANKING CORPORATION

 27

‹ WYVIHIPSP[`^LPNO[ZHWWSPLKV]LYHYHUNLVMWVZZPISLV\[JVTLZ"
‹ Z\ѝJPLUJ`HUKHWWYVWYPH[LULZZVMKH[H\ZLKHUKYLSH[PVUZOPWZHZZ\TLKPUI\PSKPUN[OLJVTWVULU[ZVM[OL.YV\W»ZL_WLJ[LK
JYLKP[SVZZTVKLSZ"HUK
‹ [OLTLHZ\YLTLU[VM[OLL_WVZ\YLH[KLMH\S[MVY\U\ZLKJVTTP[TLU[ZVU^OPJOHUL_WLJ[LKJYLKP[SVZZZOV\SKILYLJVNUPaLK
and the applicable loss rate.

;OLYLSH[LKHSSV^HUJLMVYJYLKP[SVZZLZVMÄUHUJPHSHZZL[ZHUKJVTTP[TLU[ZVM[OL.YV\WHUK[OL7HYLU[*VTWHU`HYLKPZJSVZLK
PU5V[LZHUK

I 0TWHPYTLU[VMNVVK^PSSHUKIYHUJOSPJLUZLZ
;OL.YV\WWLYMVYTZPTWHPYTLU[YL]PL^VMNVVK^PSSHUKIYHUJOSPJLUZLZ^P[OPUKLÄUP[L\ZLM\SSPMLHUU\HSS`VYTVYLMYLX\LU[S`PM
L]LU[ZVYJOHUNLZPUJPYJ\TZ[HUJLZPUKPJH[L[OH[[OLJHYY`PUN]HS\LTH`ILPTWHPYLK0TWHPYTLU[PZKL[LYTPULKMVYNVVK^PSS
HUKIYHUJOSPJLUZLZI`HZZLZZPUN[OLYLJV]LYHISLHTV\U[VM[OLJHZONLULYH[PUN\UP[*.<[V^OPJO[OLNVVK^PSSHUKIYHUJO
SPJLUZLZHYLH[[YPI\[LK;OLYLJV]LYHISLHTV\U[VM[OL*.<PZKL[LYTPULKIHZLKVUH]HS\LPU\ZL=0<JHSJ\SH[PVU\ZPUNJHZO
ÅV^WYVQLJ[PVUZMYVTÄUHUJPHSI\KNL[ZHWWYV]LKI`ZLUPVYTHUHNLTLU[JV]LYPUNHÄ]L`LHYWLYPVK-VY=0<[OL.YV\WLZ[PTH[LZ
[OLKPZJV\U[YH[L\ZLKMVY[OLJVTW\[H[PVUVM[OLUL[WYLZLU[]HS\LI`YLMLYLUJL[V[OL^LPNO[LKJVZ[VMJHWP[HSVMJVTWHYHISL
IHURZ;OLPTWHPYTLU[HZZLZZTLU[WYVJLZZYLX\PYLZZPNUPÄJHU[Q\KNTLU[HUKPZIHZLKVUHZZ\TW[PVUZZWLJPÄJHSS`SVHUHUK
KLWVZP[NYV^[OYH[LZKPZJV\U[YH[LHUK[OLSVUN[LYTNYV^[OYH[LZ

>OLYL[OLYLJV]LYHISLHTV\U[PZSLZZ[OHU[OLJHYY`PUNHTV\U[VM[OL*.<[V^OPJONVVK^PSSHUKIYHUJOSPJLUZLZOH]LILLU
HSSVJH[LKHUPTWHPYTLU[SVZZPZYLJVNUPaLKPTTLKPH[LS`PU[OLZ[H[LTLU[VMPUJVTL0TWHPYTLU[SVZZLZYLSH[PUN[VNVVK^PSSJHUUV[
ILYL]LYZLKMVYZ\IZLX\LU[PUJYLHZLZPUP[ZYLJV]LYHISLHTV\U[PUM\[\YLWLYPVKZ;OLJHYY`PUN]HS\LZVM[OL.YV\W»ZNVVK^PSSHUK
IYHUJOSPJLUZLZHYLKPZJSVZLKPU5V[L

J 7YLZLU[]HS\LVMKLÄULKILULÄ[VISPNH[PVUHUKYL[PYLTLU[L_WLUZL
;OLKL[LYTPUH[PVUVM[OL.YV\W»ZUL[WYLZLU[]HS\LVMKLÄULKILULÄ[VISPNH[PVUHUKHUU\HSYL[PYLTLU[L_WLUZLPZKL[LYTPULK
\ZPUNHJ[\HYPHS]HS\H[PVUZ(UHJ[\HYPHS]HS\H[PVUPU]VS]LZTHRPUNHZZ\TW[PVUZ[OH[TH`KPќLYMYVTHJ[\HSKL]LSVWTLU[ZPU[OL
M\[\YL;OLZLHZZ\TW[PVUZPUJS\KLHTVUNV[OLYZKPZJV\U[YH[LZHUKZHSHY`YH[LZ

;OLHZZ\TLKKPZJV\U[YH[LZ^LYLKL[LYTPULK\ZPUN[OLTHYRL[`PLSKZVU7OPSPWWPULNV]LYUTLU[IVUKZ^P[O[LYTZJVUZPZ[LU[^P[O
[OLL_WLJ[LKLTWSV`LLILULÄ[WH`V\[HZVM[OLYLWVY[PUNKH[L;OLZHSHY`PUJYLHZLYH[LZ^LYLIHZLKVU[OL.YV\W»ZL_WLJ[H[PVUZ
VMM\[\YLZHSHY`PUJYLHZLZ^OPJO[HRLPU[VHJJV\U[[OLPUÅH[PVUZLUPVYP[`HUKWYVTV[PVU

;OLWYLZLU[]HS\LVM[OLKLÄULKILULÄ[VISPNH[PVUPUJS\KPUN[OLKL[HPSZVM[OLHZZ\TW[PVUZ\ZLKPU[OLJHSJ\SH[PVUHYLKPZJSVZLK
PU5V[L

K 9LJVNUP[PVUVMKLMLYYLKPUJVTL[H_LZ
+LMLYYLK[H_HZZL[ZHYLYLJVNUPaLKMVYKLK\J[PISL[LTWVYHY`KPќLYLUJLZ[V[OLL_[LU[[OH[P[PZWYVIHISL[OH[[H_HISLWYVÄ[^PSSIL
H]HPSHISLHNHPUZ[^OPJO[OLSVZZLZJHUIL\[PSPaLK4HUHNLTLU[KPZJYL[PVUPZYLX\PYLK[VKL[LYTPUL[OLHTV\U[VMKLMLYYLK[H_
HZZL[Z[OH[JHUILYLJVNUPaLKIHZLKVU[OLMVYLJHZ[LKSL]LSVMM\[\YL[H_HISLWYVÄ[ZHUK[OLYLSH[LKM\[\YL[H_WSHUUPUNZ[YH[LNPLZ
2L`HZZ\TW[PVUZ\ZLKPUMVYLJHZ[VMM\[\YL[H_HISLPUJVTLPUJS\KLSVHUWVY[MVSPVHUKKLWVZP[NYV^[OYH[LZ

;OL.YV\WILSPL]LZP[^PSSILHISL[VNLULYH[LZ\ѝJPLU[[H_HISLPUJVTLPU[OLM\[\YL[V\[PSPaLP[ZYLJVYKLKKLMLYYLK[H_HZZL[Z
;H_HISLPUJVTLPZZV\YJLKTHPUS`MYVTPU[LYLZ[PUJVTLMYVTSLUKPUNHJ[P]P[PLZHUKLHYUPUNZMYVTZLY]PJLJOHYNLMLLZJVTTPZZPVUZ
and trust activities.

;OLYLJVNUPaLKHUK\UYLJVNUPaLKKLMLYYLK[H_HZZL[ZHYLKPZJSVZLKPU5V[L

L 0TWHPYTLU[VUUVUÄUHUJPHSHZZL[Z
;OL.YV\WHZZLZZLZPTWHPYTLU[VUP[ZUVUÄUHUJPHSHZZL[ZLNPU]LZ[TLU[WYVWLY[PLZHUKIHURWYLTPZLZM\YUP[\YLÄ_[\YLZHUK
LX\PWTLU[HUKJVUZPKLYZ[OLMVSSV^PUNPTWHPYTLU[PUKPJH[VYZ!

‹ ZPNUPÄJHU[\UKLYWLYMVYTHUJLYLSH[P]L[VL_WLJ[LKOPZ[VYPJHSVYWYVQLJ[LKM\[\YLVWLYH[PUNYLZ\S[Z"
‹ ZPNUPÄJHU[JOHUNLZPU[OLTHUULYVM\ZLVM[OLHJX\PYLKHZZL[ZVY[OLZ[YH[LN`MVYV]LYHSSI\ZPULZZ"HUK
‹ ZPNUPÄJHU[ULNH[P]LPUK\Z[Y`VYLJVUVTPJ[YLUKZ

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

28

(U PTWHPYTLU[ SVZZ PZ YLJVNUPaLK ^OLUL]LY [OL JHYY`PUN HTV\U[ VM HU HZZL[ L_JLLKZ P[Z YLJV]LYHISL HTV\U[  ,_JLW[ MVY
PU]LZ[TLU[WYVWLY[PLZ^OLYLYLJV]LYHISLHTV\U[PZKL[LYTPULKIHZLKVUMHPY]HS\LSLZZJVZ[[VZLSS[OLYLJV]LYHISLHTV\U[VM
HSSV[OLYUVUÄUHUJPHSHZZL[ZPZKL[LYTPULKIHZLKVU[OLHZZL[»Z]HS\LPU\ZL^OVZLJVTW\[H[PVUJVUZPKLYZ[OLWYLZLU[]HS\L
VMLZ[PTH[LKM\[\YLJHZOÅV^ZL_WLJ[LK[VILNLULYH[LKMYVT[OLJVU[PU\LK\ZLVM[OLHZZL[;OL.YV\WPZYLX\PYLK[VTHRL
LZ[PTH[LZHUKHZZ\TW[PVUZ[OH[JHUTH[LYPHSS`HќLJ[[OLJHYY`PUNHTV\U[VM[OLHZZL[ILPUNHZZLZZLK

;OLJHYY`PUN]HS\LZVM[OL.YV\W»ZUVUÄUHUJPHSHZZL[ZHYLKPZJSVZLKPU5V[LZHUK

ɲˑ FINANCIAL INSTRUMENT CATEGORIES

;OLMVSSV^PUN[HISLWYLZLU[Z[OL[V[HSJHYY`PUNHTV\U[VM[OL.YV\W»ZHUK[OL7HYLU[*VTWHU`»ZÄUHUJPHSPUZ[Y\TLU[ZWLYJH[LNVY`!

Consolidated Parent Company

2022 2021 2022 2021
Financial assets
Cash and other cash items P13,689,421 P P10,073,767 P 
-PUHUJPHSHZZL[ZH[-=;73 4,727,580   3,514,576 
Derivative contracts designated as hedge 6,203,379 1,139,233 6,203,379 1,139,233
-PUHUJPHSHZZL[ZH[-=6*0 43,316,757  41,151,125 
-PUHUJPHSHZZL[ZH[HTVY[PaLKJVZ[
+\LMYVT):7 107,100,295  92,920,540 
+\LMYVTV[OLYIHURZ 13,614,609   12,347,169  
0U[LYIHURSVHUZYLJLP]HISLZHUK:7<9( 43,564,970   41,597,949  
0U]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[ 357,985,926   351,802,877 
3VHUZHUKYLJLP]HISLZ 699,594,789   613,197,254 
(JJY\LKPU[LYLZ[YLJLP]HISL 9,781,803   8,730,710 
6[OLYHZZL[Z5V[L 3,736,308  1,662,648 
1,235,378,700 1,033,880,139 1,122,259,147 
;V[HSÄUHUJPHSHZZL[Z P1,303,315,837 P  P1,183,201,994 P  

Consolidated Parent Company

2022 2021 2022 2021
Financial liabilities
6[OLYÄUHUJPHSSPHIPSP[PLZ!
Deposit liabilities P1,065,914,677 P   P959,418,569 P 
Bonds payable 28,312,870  28,312,870 
Bills payable 70,375,267  70,375,267 
(JJY\LKPU[LYLZ[HUKV[OLYL_WLUZLZ 5,811,342  5,224,797 
4HUHNLY»ZJOLJR 1,550,669  1,296,109  
6[OLYSPHIPSP[PLZ5V[L 15,620,840  12,988,527 
1,187,585,665    1,077,616,139   
-PUHUJPHSSPHIPSP[PLZH[-=;73!
Derivative liabilities 1,549,561  1,549,561 
Derivative contracts designated as hedge 4,156,612   4,156,612  
;V[HSÄUHUJPHSSPHIPSP[PLZ P1,193,291,838 P  P1,083,322,312 P 
(JJY\LKPU[LYLZ[HUKV[OLYL_WLUZLZL_JS\KLZHJJY\LK[H_LZHUKV[OLYSPJLUZLZ5V[L

CHINA BANKING CORPORATION

 29

ɳˑ FAIR VALUE MEASUREMENT

;OL .YV\W OHZ HZZL[Z HUK SPHIPSP[PLZ PU [OL .YV\W HUK 7HYLU[ *VTWHU` IHSHUJL ZOLL[Z [OH[ HYL TLHZ\YLK H[ MHPY ]HS\L VU H
YLJ\YYPUNHUKUVUYLJ\YYPUNIHZPZHM[LYPUP[PHSYLJVNUP[PVU9LJ\YYPUNMHPY]HS\LTLHZ\YLTLU[ZHYL[OVZL[OH[HUV[OLY7-9:YLX\PYLZ
VYWLYTP[Z[VILYLJVNUPaLKPU[OLIHSHUJLZOLL[H[[OLLUKVMLHJOÄUHUJPHSYLWVY[PUNWLYPVK;OLZLPUJS\KLÄUHUJPHSHZZL[ZHUK
SPHIPSP[PLZH[-=;73HUKÄUHUJPHSHZZL[ZH[-=6*0

(ZVM+LJLTILYHUKL_JLW[MVY[OLMVSSV^PUNÄUHUJPHSPUZ[Y\TLU[Z[OLJHYY`PUN]HS\LZVM[OL.YV\W»ZHUK[OL
7HYLU[*VTWHU`»ZÄUHUJPHSHZZL[ZHUKSPHIPSP[PLZHZYLÅLJ[LKPU[OLIHSHUJLZOLL[ZHUKYLSH[LKUV[LZHWWYV_PTH[L[OLPYYLZWLJ[P]L
MHPY]HS\LZ!

2022
Consolidated Parent Company
Carrying Value Fair Value Carrying Value Fair Value
Financial Assets
0U]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[5V[L 
.V]LYUTLU[IVUKZ P229,958,237 P221,875,352 P224,469,204 P216,648,069
Private bonds 128,027,689 118,225,116 127,333,673 117,575,907
357,985,926 340,100,468 351,802,877 334,223,976
3VHUZHUKYLJLP]HISLZ5V[L
Corporate and commercial lending 538,008,002 529,819,391 523,005,015 512,983,314
Consumer lending 144,021,855 144,355,710 73,041,104 63,792,006
Trade-related lending 17,452,061 17,500,762 17,132,202 17,148,707
Others 112,871 119,095 18,933 21,936
699,594,789 691,794,958 613,197,254 593,945,963
:HSLZJVU[YHJ[ZYLJLP]HISL5V[L 1,406,217 1,529,793 180,659 191,276
701,001,006 693,324,751 613,377,913 594,137,239

P1,058,986,932 P1,033,425,219 P965,180,790 P928,361,215

1RQðQDQFLDO$VVHWV
0U]LZ[TLU[WYVWLY[PLZ5V[L
 3HUK P2,395,362 P7,015,136 P571,111 P4,605,181
Buildings and improvements 1,519,529 2,448,238 916,147 923,011
P3,914,891 P9,463,374 P1,487,258 P5,528,192

Financial Liabilities
;PTLKLWVZP[SPHIPSP[PLZ5V[L P492,474,358 P467,484,286 P431,055,393 P410,538,638
)PSSZWH`HISL5V[L  70,375,267 68,992,828 70,375,267 68,992,828
)VUKZWH`HISL5V[L 28,312,870 27,560,343 28,312,870 27,560,343
P591,162,495 P564,037,457 P529,743,530 P507,091,809

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

30

2021
Consolidated Parent Company
 *HYY`PUN=HS\L  -HPY=HS\L  *HYY`PUN=HS\L  -HPY=HS\L
Financial Assets
0U]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[5V[L 
.V]LYUTLU[IVUKZ P P    P P
Private bonds    121,023,310  
    
3VHUZHUKYLJLP]HISLZ5V[L
Corporate and commercial lending      
Consumer lending         
Trade-related lending 12,208,008 12,382,913      
Others     
     
:HSLZJVU[YHJ[ZYLJLP]HISL5V[L 1,101,891  213,399 228,098
        

P P   P  P 

1RQðQDQFLDO$VVHWV
0U]LZ[TLU[WYVWLY[PLZ5V[L
 3HUK P P  P P 
Buildings and improvements 1,383,128     
P3,993,338 P P  P

Financial Liabilities
;PTLKLWVZP[SPHIPSP[PLZ5V[L P P P P  
)PSSZWH`HISL5V[L     
)VUKZWH`HISL5V[L      
P    P   P P 

;OLTL[OVKZHUKHZZ\TW[PVUZ\ZLKI`[OL.YV\WHUK7HYLU[*VTWHU`PULZ[PTH[PUN[OLMHPY]HS\LZVM[OLÄUHUJPHSPUZ[Y\TLU[Z
MVSSV^!

*HZOHUKV[OLYJHZOP[LTZK\LMYVT):7HUKV[OLYIHURZPU[LYIHURSVHUZYLJLP]HISLHUK:7<9(HUKHJJY\LKPU[LYLZ[YLJLP]HISL
¶;OLJHYY`PUNHTV\U[ZHWWYV_PTH[L[OLPYMHPY]HS\LZPU]PL^VM[OLYLSH[P]LS`ZOVY[[LYTTH[\YP[PLZVM[OLZLPUZ[Y\TLU[Z

+LI[ZLJ\YP[PLZ¶-HPY]HS\LZHYLNLULYHSS`IHZLKVUX\V[LKTHYRL[WYPJLZ0M[OLTHYRL[WYPJLZHYLUV[YLHKPS`H]HPSHISLMHPY]HS\LZ
HYL LZ[PTH[LK \ZPUN KPYLJ[S` VY PUKPYLJ[S` LP[OLY ]HS\LZ VI[HPULK MYVT PUKLWLUKLU[ WHY[PLZ VќLYPUN WYPJPUN ZLY]PJLZ VY HKQ\Z[LK
X\V[LKTHYRL[WYPJLZVMJVTWHYHISLPU]LZ[TLU[ZVY\ZPUN[OLKPZJV\U[LKJHZOÅV^TL[OVKVSVN`

,X\P[`ZLJ\YP[PLZ¶-VYW\ISPJS`[YHKLKLX\P[`ZLJ\YP[PLZMHPY]HS\LZHYLIHZLKVUX\V[LKWYPJLZ-VY\UX\V[LKLX\P[`ZLJ\YP[PLZ
YLTLHZ\YLTLU[[V[OLPYMHPY]HS\LZPZUV[TH[LYPHS[V[OLÄUHUJPHSZ[H[LTLU[Z

3VHUZHUKYLJLP]HISLZHUKZHSLZJVU[YHJ[ZYLJLP]HISL:*9PUJS\KLKPUV[OLYHZZL[Z¶-HPY]HS\LZVMSVHUZHUKYLJLP]HISLZHUK
:*9 HYL LZ[PTH[LK \ZPUN [OL KPZJV\U[LK JHZO ÅV^ TL[OVKVSVN` ^OLYL M\[\YL JHZO ÅV^Z HYL KPZJV\U[LK \ZPUN [OL .YV\W»Z
J\YYLU[PUJYLTLU[HSSLUKPUNYH[LZMVYZPTPSHY[`WLZVMSVHUZHUKYLJLP]HISLZ

CHINA BANKING CORPORATION

 31

(JJV\U[ZYLJLP]HISL9*6*0HUKV[OLYÄUHUJPHSHZZL[ZPUJS\KLKPUV[OLYHZZL[Z¶8\V[LKTHYRL[WYPJLZHYLUV[YLHKPS`H]HPSHISL
MVY[OLZLHZZL[Z;OLZLHYLYLWVY[LKH[JVZ[HUKHYLUV[ZPNUPÄJHU[PUYLSH[PVU[V[OL.YV\W»Z[V[HSWVY[MVSPVVMÄUHUJPHSHZZL[Z

+LYP]H[P]LPUZ[Y\TLU[ZPUJS\KLK\UKLY-=;73HUKKLZPNUH[LKHZOLKNLZ¶-HPY]HS\LZHYLLZ[PTH[LKIHZLKVUKPZJV\U[LKJHZO
ÅV^Z\ZPUNWYL]HPSPUNPU[LYLZ[YH[LKPќLYLU[PHSHUKZWV[L_JOHUNLYH[LZ

+LWVZP[SPHIPSP[PLZ[PTLKLTHUKHUKZH]PUNZKLWVZP[Z¶-HPY]HS\LZVM[PTLKLWVZP[ZHYLLZ[PTH[LK\ZPUN[OLKPZJV\U[LKJHZO
ÅV^ TL[OVKVSVN` ^OLYL M\[\YL JHZO ÅV^Z HYL KPZJV\U[LK \ZPUN [OL .YV\W»Z J\YYLU[ PUJYLTLU[HS IVYYV^PUN YH[LZ MVY ZPTPSHY
IVYYV^PUNZHUK^P[OTH[\YP[PLZJVUZPZ[LU[^P[O[OVZLYLTHPUPUNMVY[OLSPHIPSP[`ILPUN]HS\LK-VYKLTHUKHUKZH]PUNZKLWVZP[Z
JHYY`PUNHTV\U[ZHWWYV_PTH[LMHPY]HS\LZJVUZPKLYPUN[OH[[OLZLHYLJ\YYLU[S`K\LHUKKLTHUKHISL

)VUKZ WH`HISL HUK )PSSZ WH`HISL ¶ <USLZZ X\V[LK THYRL[ WYPJLZ HYL YLHKPS` H]HPSHISL MHPY ]HS\LZ HYL LZ[PTH[LK \ZPUN [OL
KPZJV\U[LKJHZOÅV^TL[OVKVSVN`^OLYLM\[\YLJHZOÅV^ZHYLKPZJV\U[LK\ZPUN[OLJ\YYLU[PUJYLTLU[HSIVYYV^PUNYH[LZMVY
ZPTPSHYIVYYV^PUNZHUK^P[OTH[\YP[PLZJVUZPZ[LU[^P[O[OVZLYLTHPUPUNMVY[OLSPHIPSP[`ILPUN]HS\LK

4HUHNLY»ZJOLJRZHUKHJJY\LKPU[LYLZ[HUKV[OLYL_WLUZLZ¶*HYY`PUNHTV\U[ZHWWYV_PTH[LMHPY]HS\LZK\L[V[OLZOVY[[LYT
UH[\YLVM[OLHJJV\U[Z

6[OLY SPHIPSP[PLZ ¶ 8\V[LK THYRL[ WYPJLZ HYL UV[ YLHKPS` H]HPSHISL MVY [OLZL SPHIPSP[PLZ  ;OLZL HYL YLWVY[LK H[ JVZ[ HUK HYL UV[
ZPNUPÄJHU[PUYLSH[PVU[V[OL.YV\W»Z[V[HSWVY[MVSPV

-HPY=HS\L/PLYHYJO`
;OL.YV\W\ZLZ[OLMVSSV^PUNOPLYHYJO`MVYKL[LYTPUPUNHUKKPZJSVZPUN[OLMHPY]HS\LVMHZZL[ZHUKSPHIPSP[PLZI`]HS\H[PVU[LJOUPX\L!

3L]LS!X\V[LKWYPJLZPUHJ[P]LTHYRL[ZMVYPKLU[PJHSHZZL[ZVYSPHIPSP[PLZ"
3L]LS!PUW\[ZV[OLY[OHUX\V[LKWYPJLZPUJS\KLKPU3L]LS[OH[HYLVIZLY]HISLMVY[OLHZZL[VYSPHIPSP[`LP[OLYKPYLJ[S`HZWYPJLZ
VYPUKPYLJ[S`KLYP]LKMYVTWYPJLZ"HUK
3L]LS! inputs that are not based on observable market data or unobservable inputs.

(ZVM+LJLTILYHUK[OLMHPY]HS\LOPLYHYJO`VM[OL.YV\W»ZHUK[OL7HYLU[*VTWHU`»ZHZZL[ZHUKSPHIPSP[PLZHYL
WYLZLU[LKILSV^!

Consolidated
2022
/HYHO /HYHO /HYHO Total
5HFXUULQJIDLUYDOXHPHDVXUHPHQWV
-PUHUJPHSHZZL[ZH[-=;73
 /LSKMVY[YHKPUN
  .V]LYUTLU[IVUKZ P202,348 P180,513 P– P382,861
Treasury notes – 563,548 – 563,548
Treasury bills – 201,779 – 201,779
Private bonds 760,600 – – 760,600
8\V[LKLX\P[`ZOHYLZ 700,112 – – 700,112
 -PUHUJPHSHZZL[ZKLZPNUH[LKH[-=;73 949,032 153,986 – 1,103,018
+LYP]H[P]LZ^P[O7VZP[P]L-HPY=HS\L/LSKMVY;YHKPUN – 1,015,662 – 1,015,662
+LYP]H[P]L*VU[YHJ[+LZPNUH[LKHZ/LKNe – 6,203,379 – 6,203,379
-=6*0ÄUHUJPHSHZZL[Z
 .V]LYUTLU[IVUKZ 9,189,227 18,258,420 – 27,447,647
 8\V[LKWYP]H[LIVUKZ 15,236,902 – – 15,236,902
 8\V[LKLX\P[`ZOHYLZ 603,898 – – 603,898
P27,642,119 P26,577,287 P– P54,219,406

-VY^HYK

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

32

Consolidated
2022
/HYHO /HYHO /HYHO Total
Derivative liabilities P– P1,549,561 P– P1,549,561
Derivative contracts designated as hedge – 4,156,612 – 4,156,612
P– P5,706,173 P– P5,706,173
)DLUYDOXHVRIðQDQFLDODVVHWVFDUULHG
at amortized cost
0U]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[
 .V]LYUTLU[IVUKZ P221,875,352 P– P– 221,875,352
Private bonds 67,100,457 – 51,124,658 118,225,116
3VHUZHUKYLJLP]HISLZ
Corporate and commercial loans – – 529,819,391 529,819,391
Consumer loans – – 144,355,710 144,355,710
Trade-related loans – – 17,500,762 17,500,762
Others – – 119,095 119,095
:HSLZJVU[YHJ[ZYLJLP]HISL – – 1,529,793 1,529,793
)DLUYDOXHVRIQRQðQDQFLDODVVHWVFDUULHGDWFRVW
Investment properties
 3HUK – – 7,015,136 7,015,136
Buildings and improvements – – 2,448,238 2,448,238
P288,975,809 P– P753,917,055 P1,042,892,864
)DLUYDOXHVRIOLDELOLWLHVFDUULHGDWDPRUWL]HGFRVW
Time deposit liabilities – – 467,484,286 467,484,286
Bills payable – – 68,992,828 68,992,828
Bonds payable – – 27,560,343 27,560,343
P– P– P564,037,457 P564,037,457

Consolidated
2021
3L]LS 3L]LS 3L]LS Total
5HFXUULQJIDLUYDOXHPHDVXUHPHQWV
-PUHUJPHSHZZL[ZH[-=;73
 /LSKMVY[YHKPUN
  .V]LYUTLU[IVUKZ P P P– P  
Treasury notes –  – 
Treasury bills –   –  
Private bonds    – 
8\V[LKLX\P[`ZOHYLZ   – –  
-PUHUJPHSHZZL[ZKLZPNUH[LKH[-=;73  – – 
Derivative assets –  – 
Derivative contract designated as hedge – 1,139,233 – 1,139,233
-=6*0ÄUHUJPHSHZZL[Z –
 .V]LYUTLU[IVUKZ   – 
 8\V[LKWYP]H[LIVUKZ  – – 
 8\V[LKLX\P[`ZOHYLZ  – – 
P   P P– P

-VY^HYK

CHINA BANKING CORPORATION

 33

Consolidated
2021
3L]LS 3L]LS 3L]LS Total
Derivative liabilities P– P  P– P 
Derivative contracts designated as hedge –  – 
P– P P– P
)DLUYDOXHVRIðQDQFLDODVVHWVFDUULHGDW
amortized cost
0U]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[
 .V]LYUTLU[IVUKZ P    P– P– P   
Private bonds   –   
3VHUZHUKYLJLP]HISLZ
Corporate and commercial loans – –    
Consumer loans – –    
Trade-related loans – – 12,382,913 12,382,913
Others – –  
:HSLZJVU[YHJ[ZYLJLP]HISL – –  
)DLUYDOXHVRIQRQðQDQFLDODVVHWVFDUULHGDWFRVW
Investment properties
 3HUK P– P– P  P 
Buildings and improvements – –  
P  P– P  P 
)DLUYDOXHVRIOLDELOLWLHVFDUULHGDWDPRUWL]HGFRVW
Time deposit liabilities P– P– P P
Bills payable – –  
Bonds payable – –    
P– P– P   P  

Parent Company
2022
/HYHO /HYHO /HYHO Total
5HFXUULQJIDLUYDOXHPHDVXUHPHQWV
-PUHUJPHSHZZL[ZH[-=;73
 /LSKMVY[YHKPUN
  .V]LYUTLU[IVUKZ P202,348 P180,513 P– P382,861
Treasury notes – 563,548 – 563,548
Treasury bills – 201,779 – 201,779
Private bonds 760,600 – – 760,600
8\V[LKLX\P[`ZOHYLZ 590,126 – – 590,126
+LYP]H[P]LZ^P[O7VZP[P]L-HPY=HS\L/LSKMVY –
Trading – 1,015,662 1,015,662
+LYP]H[P]LZ^P[O7VZP[P]L-HPY=HS\L/LSKMVY –
/LKNPUN – 6,203,379 6,203,379
-=6*0ÄUHUJPHSHZZL[Z
.V]LYUTLU[IVUKZ 7,196,313 18,258,420 – 25,454,732
8\V[LKWYP]H[LIVUKZ 15,088,429 – – 15,088,429
8\V[LKLX\P[`ZOHYLZ 588,192 – – 588,192
P24,426,008 P26,423,301 P– P50,849,308

-VY^HYK

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

34

Parent Company
2022
/HYHO /HYHO /HYHO Total
Derivative liabilities P– P1,549,561 P– P1,549,561
Derivative contracts designated as hedge – 4,156,612 – 4,156,612
P– P5,706,173 P– P5,706,173
)DLUYDOXHVRIðQDQFLDODVVHWVFDUULHGDW
amortized cost
0U]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[
 .V]LYUTLU[IVUKZ P216,648,069 P– P– P216,648,069
Private bonds 66,451,249 – 51,124,658 117,575,907
3VHUZHUKYLJLP]HISLZ
Corporate and commercial loans – – 512,983,314 512,983,314
Consumer loans – – 63,792,006 63,792,006
Trade-related loans – – 17,148,707 17,148,707
Others – – 21,936 21,936
:HSLZJVU[YHJ[ZYLJLP]HISL – – 191,276 191,276
)DLUYDOXHVRIQRQðQDQFLDODVVHWVFDUULHGDWFRVW
Investment properties
 3HUK – – 4,605,181 4,605,181
Buildings and improvements – – 923,011 923,011
P283,099,318 P– P650,790,089 P933,889,407

)DLUYDOXHVRIOLDELOLWLHVFDUULHGDWDPRUWL]HGFRVW
Time deposit liabilities – – 410,538,638 410,538,638
Bills payable – – 68,992,828 68,992,828
Bonds payable – – 27,560,343 27,560,343
P– P– P507,091,809 P507,091,809

Parent Company
2021
3L]LS 3L]LS 3L]LS Total
5HFXUULQJIDLUYDOXHPHDVXUHPHQWV
-PUHUJPHSHZZL[ZH[-=;73
 /LSKMVY[YHKPUN
  .V]LYUTLU[IVUKZ P P P– P  
Treasury notes –  – 
Treasury bills –   –  
Private bonds  – – 
8\V[LKLX\P[`ZOHYLZ  – – 
Derivative assets –   –  
Derivative contract designated as hedge – 1,139,233 – 1,139,233
-=6*0ÄUHUJPHSHZZL[Z
.V]LYUTLU[IVUKZ    – 
8\V[LKWYP]H[LIVUKZ  – – 
8\V[LKLX\P[`ZOHYLZ   – –  
P P P– P

-VY^HYK

CHINA BANKING CORPORATION

 35

Parent Company
2021
3L]LS 3L]LS 3L]LS Total
Derivative liabilities P– P  P– P 
Derivative contracts designated as hedge –  – 
P– P P– P

)DLUYDOXHVRIðQDQFLDODVVHWVFDUULHGDWDPRUWL]HG
cost
0U]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[
 .V]LYUTLU[IVUKZ P P– P– P
Private bonds  –   
3VHUZHUKYLJLP]HISLZ
Corporate and commercial loans – –  
Consumer loans – –    
Trade-related loans – –      
Others – –  
:HSLZJVU[YHJ[ZYLJLP]HISL – – 228,098 228,098
)DLUYDOXHVRIQRQðQDQFLDODVVHWVFDUULHGDWFRVW
Investment properties
 3HUK – –    
Buildings and improvements – –  
P P– P  P 

)DLUYDOXHVRIOLDELOLWLHVFDUULHGDWDPRUWL]HGFRVW
Time deposit liabilities P– P– P   P  
Bills payable – –  
Bonds payable – –    
P– P– P  P 

;OLYL^LYLUV[YHUZMLYZPU[VHUKV\[VM3L]LSMHPY]HS\LTLHZ\YLTLU[ZPUHUK

;OLPUW\[Z\ZLKPU[OLMHPY]HS\LTLHZ\YLTLU[IHZLKVU3L]LSHYLHZMVSSV^Z!

.V]LYUTLU[ZLJ\YP[PLZ¶PU[LYWVSH[LKYH[LZIHZLKVUTHYRL[YH[LZVMILUJOTHYRZLJ\YP[PLZ

+LYP]H[P]LHZZL[ZHUKSPHIPSP[PLZ¶MHPY]HS\LZHYLJHSJ\SH[LKI`YLMLYLUJL[V[OLWYL]HPSPUNPU[LYLZ[KPќLYLU[PHSHUKZWV[L_JOHUNLYH[L
HZVM[OLYLWVY[PUNKH[L[HRPUNPU[VHJJV\U[[OLYLTHPUPUN[LYT[VTH[\YP[`VM[OLKLYP]H[P]LHZZL[ZHUKSPHIPSP[PLZ

0UW\[Z\ZLKPULZ[PTH[PUNMHPY]HS\LZVMÄUHUJPHSPUZ[Y\TLU[ZJHYYPLKH[HTVY[PaLKJVZ[HUKJH[LNVYPaLK\UKLY3L]LSPUJS\KLYPZR
MYLLYH[LZHUKHWWSPJHISLYPZRWYLTP\T

;OLMHPY]HS\LZVM[OL.YV\W»ZHUK7HYLU[*VTWHU`»ZPU]LZ[TLU[WYVWLY[PLZOH]LILLUKL[LYTPULKI`[OLHWWYHPZHSTL[OVKI`
PUKLWLUKLU[L_[LYUHSHUKPUOV\ZLHWWYHPZLYZIHZLKVUOPNOLZ[HUKILZ[\ZLVM[OLWYVWLY[`ILPUNHWWYHPZLK=HS\H[PVUZ^LYL
KLYP]LKVU[OLIHZPZVMYLJLU[ZHSLZVMZPTPSHYWYVWLY[PLZPU[OLZHTLHYLHZHZ[OLPU]LZ[TLU[WYVWLY[PLZHUK[HRPUNPU[VHJJV\U[
[OLLJVUVTPJJVUKP[PVUZWYL]HPSPUNH[[OL[PTL[OL]HS\H[PVUZ^LYLTHKLHUKJVTWHYHIPSP[`VMZPTPSHYWYVWLY[PLZZVSK^P[O[OL
property being valued.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

36

;OL[HISLILSV^Z\TTHYPaLZ[OL]HS\H[PVU[LJOUPX\LZ\ZLKHUK[OLZPNUPÄJHU[\UVIZLY]HISLPUW\[Z\ZLKPU[OL]HS\H[PVUMVYLHJO[`WL
VMPU]LZ[TLU[WYVWLY[PLZOLSKI`[OL.YV\WHUK[OL7HYLU[*VTWHU`!

Valuation Techniques 6LJQLðFDQW8QREVHUYDEOH,QSXWV

3HUK 4HYRL[+H[H(WWYVHJO 7YPJLWLYZX\HYLTL[LYZPaLSVJH[PVUZOHWL[PTL
LSLTLU[HUKJVYULYPUÅ\LUJL
3HUKHUK)\PSKPUN 4HYRL[+H[H(WWYVHJOHUK*VZ[(WWYVHJO 9LWYVK\J[PVU*VZ[5L^

+LZJYPW[PVUZ VM [OL ]HS\H[PVU [LJOUPX\LZ HUK ZPNUPÄJHU[ \UVIZLY]HISL PUW\[Z \ZLK PU [OL ]HS\H[PVU VM [OL .YV\W HUK [OL 7HYLU[
*VTWHU`»ZPU]LZ[TLU[WYVWLY[PLZHYLHZMVSSV^Z!

=HS\H[PVU;LJOUPX\LZ
4HYRL[+H[H(WWYVHJO
*VZ[(WWYVHJO
(WYVJLZZVMJVTWHYPUN[OLZ\IQLJ[WYVWLY[`ILPUNHWWYHPZLK[VZPTPSHYJVTWHYHISLWYVWLY[PLZ
YLJLU[S`ZVSKVYILPUNVќLYLKMVYZHSL
0[PZHULZ[PTH[LVM[OLPU]LZ[TLU[YLX\PYLK[VK\WSPJH[L[OLWYVWLY[`PUP[ZWYLZLU[JVUKP[PVU0[PZ
YLHJOLKI`LZ[PTH[PUN[OL]HS\LVM[OLI\PSKPUN¸HZPMUL^¹HUK[OLUKLK\J[PUN[OLKLWYLJPH[LK
JVZ[-\UKHTLU[HS[V[OL*VZ[(WWYVHJOPZ[OLLZ[PTH[LVM9LWYVK\J[PVU*VZ[5L^VM[OL
improvements.

:PNUPÄJHU[\UVIZLY]HISLPUW\[Z
9LWYVK\J[PVU*VZ[5L^ ;OLJVZ[[VJYLH[LH]PY[\HSYLWSPJHVM[OLL_PZ[PUNZ[Y\J[\YLLTWSV`PUN[OLZHTLKLZPNUHUKZPTPSHY
building materials.

:PaL :PaLVMSV[PU[LYTZVMHYLH,]HS\H[LPM[OLSV[ZPaLVMWYVWLY[`VYJVTWHYHISLJVUMVYTZ[V[OL
H]LYHNLJ\[VM[OLSV[ZPU[OLHYLHHUKLZ[PTH[L[OLPTWHJ[VMSV[ZPaLKPќLYLUJLZVUSHUK]HS\L

:OHWL 7HY[PJ\SHYMVYTVYJVUÄN\YH[PVUVM[OLSV[(OPNOS`PYYLN\SHYZOHWLSPTP[Z[OL\ZHISLHYLH^OLYLHZ
HUPKLHSSV[JVUÄN\YH[PVUTH_PTPaLZ[OL\ZHISLHYLHVM[OLSV[^OPJOPZHZZVJPH[LKPUKLZPNUPUNHU
PTWYV]LTLU[^OPJOJVUMVYTZ^P[O[OLOPNOLZ[HUKILZ[\ZLVM[OLWYVWLY[`

3VJH[PVU 3VJH[PVUVMJVTWHYH[P]LWYVWLY[PLZ^OL[OLYVUH4HPU9VHKVYZLJVUKHY`YVHK9VHK^PK[OJV\SK
HSZVILHJVUZPKLYH[PVUPMKH[HPZH]HPSHISL(ZHY\SLWYVWLY[PLZSVJH[LKHSVUNH4HPU9VHKHYL
superior to properties located along a secondary road.

;PTL,SLTLU[ ¸(UHKQ\Z[TLU[MVYTHYRL[JVUKP[PVUZPZTHKLPMNLULYHSWYVWLY[`]HS\LZOH]LHWWYLJPH[LKVY
KLWYLJPH[LKZPUJL[OL[YHUZHJ[PVUKH[LZK\L[VPUÅH[PVUVYKLÅH[PVUVYHJOHUNLPUPU]LZ[VYZ»
WLYJLW[PVUZVM[OLTHYRL[V]LY[PTL¹0U^OPJOJHZL[OLJ\YYLU[KH[HPZZ\WLYPVY[VOPZ[VYPJKH[H

Discount .LULYHSS`HZRPUNWYPJLZPUHKZWVZ[LKMVYZHSLHYLULNV[PHISL+PZJV\U[PZ[OLHTV\U[[OLZLSSLY
VYKL]LSVWLYPZ^PSSPUN[VKLK\J[MYVT[OLWVZ[LKZLSSPUNWYPJLPM[OL[YHUZHJ[PVU^PSSILPUJHZOVY
equivalent.

*VYULYPUÅ\LUJL )V\UKLKI`[^VYVHKZ

CHINA BANKING CORPORATION

 37

ɴˑ FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

;OL.YV\W»ZHJ[P]P[PLZHYLWYPUJPWHSS`YLSH[LK[V[OLWYVÄ[HISL\ZLVMÄUHUJPHSPUZ[Y\TLU[Z9PZRZHYLPUOLYLU[PU[OLZLHJ[P]P[PLZ
I\[ HYL THUHNLK I` [OL .YV\W [OYV\NO H YPNVYV\Z JVTWYLOLUZP]L HUK JVU[PU\V\Z WYVJLZZ VM PKLU[PÄJH[PVU TLHZ\YLTLU[
TVUP[VYPUN HUK TP[PNH[PVU VM [OLZL YPZRZ WHY[S` [OYV\NO [OL LќLJ[P]L \ZL VM YPZR HUK H\[OVYP[` SPTP[Z HUK [OYLZOVSKZ WYVJLZZ
JVU[YVSZHUKTVUP[VYPUNHUKPUKLWLUKLU[JVU[YVSZ(ZYLÅLJ[LKPUP[ZJVYWVYH[LHJ[PVUZHUKVYNHUPaH[PVUHSPTWYV]LTLU[Z[OL
.YV\W OHZ WSHJLK K\L PTWVY[HUJL VU L_WHUKPUN HUK Z[YLUN[OLUPUN P[Z YPZR THUHNLTLU[ WYVJLZZ HUK JVUZPKLYZ P[ HZ H ]P[HS
JVTWVULU[[V[OL.YV\W»ZJVU[PU\PUNWYVÄ[HIPSP[`HUKÄUHUJPHSZ[HIPSP[`*LU[YHS[V[OL.YV\W»ZYPZRTHUHNLTLU[WYVJLZZPZP[Z
HKVW[PVUVMHYPZRTHUHNLTLU[WYVNYHTPU[LUKLK[VH]VPK\UULJLZZHY`YPZRZTHUHNLHUKTP[PNH[LPUOLYLU[YPZRZHUKTH_PTPaL
YL[\YUZMYVT[HRPUNHJJLW[HISLYPZRZULJLZZHY`[VZ\Z[HPUP[ZI\ZPULZZ]PHIPSP[`HUKNVVKÄUHUJPHSWVZP[PVUPU[OLTHYRL[

;OLRL`ÄUHUJPHSYPZRZ[OH[[OL.YV\WMHJLZHYL!JYLKP[YPZRTHYRL[YPZRHUKSPX\PKP[`YPZR;OL.YV\W»ZYPZRTHUHNLTLU[VIQLJ[P]L
PZWYPTHYPS`MVJ\ZLKVUJVU[YVSSPUNHUKTP[PNH[PUN[OLZLYPZRZ;OL7HYLU[*VTWHU`HUKP[ZZ\IZPKPHYPLZTHUHNL[OLPYYLZWLJ[P]L
ÄUHUJPHS YPZRZ ZLWHYH[LS`  ;OL Z\IZPKPHYPLZ WHY[PJ\SHYS` *):0 OH]L [OLPY V^U YPZR THUHNLTLU[ WYVJLZZLZ I\[ HYL Z[Y\J[\YLK
ZPTPSHY[V[OH[VM[OL7HYLU[*VTWHU`;VHSHYNLL_[LU[[OLYLZWLJ[P]LYPZRTHUHNLTLU[WYVNYHTZHUKVIQLJ[P]LZHYL[OLZHTL
HJYVZZ[OL.YV\W;OLZL]LYP[`VMYPZRTH[LYPHSP[`HUKYLN\SH[PVUZHYLWYPTHY`JVUZPKLYH[PVUZPUKL[LYTPUPUN[OLZJVWLHUKL_[LU[
VM[OLYPZRTHUHNLTLU[WYVJLZZLZW\[PUWSHJLMVY[OLZ\IZPKPHYPLZ

Risk Management Structure

;OL)6+VM[OL7HYLU[*VTWHU`PZ\S[PTH[LS`YLZWVUZPISLMVY[OLV]LYZPNO[VM[OL7HYLU[*VTWHU`»ZYPZRTHUHNLTLU[WYVJLZZLZ
6U[OLV[OLYOHUK[OLYPZRTHUHNLTLU[WYVJLZZLZVM[OLZ\IZPKPHYPLZHYL[OLZLWHYH[LYLZWVUZPIPSP[PLZVM[OLPYYLZWLJ[P]L)6+Z
;OL)6+VM[OL7HYLU[*VTWHU`JYLH[LKHZLWHYH[LIVHYKSL]LSPUKLWLUKLU[JVTTP[[LL^P[OL_WSPJP[H\[OVYP[`HUKYLZWVUZPIPSP[`
MVYTHUHNPUNHUKTVUP[VYPUNYPZRZ

;OL)6+OHZKLSLNH[LK[V[OL9PZR6]LYZPNO[*VTTP[[LL96*[OLMVYT\SH[PVUHUKZ\WLY]PZPVUVM[OLYPZRTHUHNLTLU[WYVJLZZ
^OPJOPUJS\KLZHTVUNV[OLYZKL[LYTPUPUN[OLHWWYVWYPH[LYPZRTP[PNH[PUNZ[YH[LNPLZHUKVWLYH[PUNWYPUJPWSLZHKVW[PVUVMPUK\Z[Y`
Z[HUKHYKZ KL]LSVWTLU[ VM YPZR TL[YPJZ TVUP[VYPUN VM RL` YPZR PUKPJH[VYZ HUK [OL PTWVZP[PVU VM YPZR WHYHTL[LYZ ;OL 96* PZ
JVTWVZLKVM[OYLLTLTILYZVM[OL)6+HSSVM^OVTHYLPUKLWLUKLU[KPYLJ[VYZ

;OL 9PZR 4HUHNLTLU[ .YV\W 94. PZ [OL VWLYH[PUN \UP[ VM [OL 96* WYPTHYPS` YLZWVUZPISL MVY [OL PTWSLTLU[H[PVU VM [OL YPZR
THUHNLTLU[ Z[YH[LNPLZ HWWYV]LK I` [OL )VHYK VM +PYLJ[VYZ  ;OL PTWSLTLU[H[PVU J\[Z HJYVZZ HSS KLWHY[TLU[Z VM [OL 7HYLU[
*VTWHU`HUKPU]VS]LZHSSVM[OL7HYLU[*VTWHU`»ZÄUHUJPHSPUZ[Y\TLU[Z^OL[OLY¸VUIVVRZ¹VY¸VќIVVRZ¹;OL94.PZSPRL^PZL
YLZWVUZPISLMVYTVUP[VYPUN[OLPTWSLTLU[H[PVUVMZWLJPÄJYPZRJVU[YVSWYVJLK\YLZHUKLUMVYJPUNJVTWSPHUJL[OLYL[V;OL94.
PZHSZVKPYLJ[S`PU]VS]LKPU[OLKH`[VKH`TVUP[VYPUNVMTH[LYPHSYPZRZLUZ\YPUN[OH[[OL7HYLU[*VTWHU`PUP[Z[YHUZHJ[PVUZHUK
KLHSPUNZLUNHNLZVUS`PUYPZR[HRPUNHJ[P]P[PLZK\S`HWWYV]LKI`[OL96*;OL94.HSZVLUZ\YLZ[OH[YLSL]HU[PUMVYTH[PVUPZ
HJJ\YH[LS`HUKJVTWSL[LS`JHW[\YLKVUH[PTLS`IHZPZPU[OLTHUHNLTLU[YLWVY[PUNZ`Z[LTVM[OL7HYLU[*VTWHU`;OL94.PZ
OLHKLKI`[OL*OPLM9PZR6ѝJLY*96^OVYLWVY[Z[OLYLZ\S[ZVMYPZRTLHZ\YLTLU[Z[V[OL96*

(WHY[MYVT94.LHJOI\ZPULZZ\UP[OHZJYLH[LKHUKW\[PUWSHJL]HYPV\ZWYVJLZZJVU[YVSZ^OPJOLUZ\YL[OH[HSS[OLL_[LYUHSHUK
PU[LYUHS[YHUZHJ[PVUZHUKKLHSPUNZVM[OL\UP[HYLPUJVTWSPHUJL^P[O[OL\UP[»ZYPZRTHUHNLTLU[VIQLJ[P]LZ

;OL0U[LYUHS(\KP[+P]PZPVUHSZVWSH`ZHJY\JPHSYVSLPUYPZRTHUHNLTLU[WYPTHYPS`ILJH\ZLP[PZPUKLWLUKLU[VM[OLI\ZPULZZ\UP[Z
HUKYLWVY[ZL_JS\ZP]LS`[V[OL(\KP[*VTTP[[LL^OPJOPU[\YUPZJVTWYPZLKVMPUKLWLUKLU[KPYLJ[VYZ;OL0U[LYUHS(\KP[+P]PZPVU
MVJ\ZLZVULUZ\YPUN[OH[HKLX\H[LJVU[YVSZHYLPUWSHJLHUKVUTVUP[VYPUNJVTWSPHUJL[VJVU[YVSZ;OLYLN\SHYH\KP[JV]LYZ
HSS WYVJLZZLZ HUK JVU[YVSZ PUJS\KPUN [OVZL \UKLY [OL YPZR THUHNLTLU[ MYHTL^VYR OHUKSLK I` [OL 94.  ;OL H\KP[ VM [OLZL
WYVJLZZLZHUKJVU[YVSZPZ\UKLY[HRLUH[SLHZ[HUU\HSS`;OLH\KP[YLZ\S[ZHUKL_JLW[PVUZPUJS\KPUNYLJVTTLUKH[PVUZMVY[OLPY
YLZVS\[PVU VY PTWYV]LTLU[ HYL KPZJ\ZZLK PUP[PHSS` ^P[O [OL I\ZPULZZ \UP[Z JVUJLYULK ILMVYL [OLZL HYL WYLZLU[LK [V [OL (\KP[
Committee.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

38

Risk Management Reporting

;OL*96YLWVY[Z[V[OL96*HUKPZHYLZV\YJLVM[OL4HUHNLTLU[*VTTP[[LL4HU*VT*YLKP[*VTTP[[LL*YL*VT(ZZL[
3PHIPSP[`*VTTP[[LL(3*66WLYH[PVUZ*VTTP[[LL6WZ*VTHUK;LJOUVSVN`:[LLYPUN*VTTP[[LL;:*;OL*96YLWVY[ZVU
RL`YPZRPUKPJH[VYZHUKZWLJPÄJYPZRTHUHNLTLU[PZZ\LZ[OH[^V\SKULLKYLZVS\[PVUMYVT[VWTHUHNLTLU[;OPZPZ\UKLY[HRLU
HM[LY [OL YPZR PZZ\LZ HUK RL` YPZR PUKPJH[VYZ OH]L ILLU KPZJ\ZZLK ^P[O [OL I\ZPULZZ \UP[Z JVUJLYULK  ;OL 94.»Z M\UJ[PVU
WHY[PJ\SHYS`[OH[VM[OL*96HZ^LSSHZ[OL)VHYK»ZYPZRV]LYZPNO[YLZWVUZPIPSP[PLZHYLHY[PJ\SH[LKPU[OLYPZRTHUHNLTLU[THU\HS
IHZLKVU[OLYLX\PYLTLU[ZVM):7*PYJ\SHY5V .\PKLSPULZVU9PZR.V]LYUHUJL

;OLRL`YPZRPUKPJH[VYZ^LYLMVYT\SH[LKVU[OLIHZPZVM[OLÄUHUJPHSYPZRZMHJLKI`[OL7HYLU[*VTWHU`;OLZLPUKPJH[VYZJVU[HPU
PUMVYTH[PVU MYVT HSS I\ZPULZZ \UP[Z [OH[ WYV]PKL TLHZ\YLTLU[Z VU [OL SL]LS VM [OL YPZRZ [HRLU I` [OL 7HYLU[ *VTWHU` PU P[Z
WYVK\J[Z[YHUZHJ[PVUZHUKÄUHUJPHSZ[Y\J[\YL(TVUNV[OLYZ[OLYLWVY[VURL`YPZRPUKPJH[VYZPUJS\KLZPUMVYTH[PVUVU[OL7HYLU[
*VTWHU`»ZHNNYLNH[LJYLKP[L_WVZ\YLJYLKP[TL[YPJMVYLJHZ[ZOVSKSPTP[L_JLW[PVUZ=HS\LH[9PZR=H94H_PT\T*\T\SH[P]L
6\[ÅV^4*6HUK,HYUPUNZH[9PZR,(9HUHS`ZPZ\[PSPaH[PVUVMTHYRL[HUKJYLKP[SPTP[ZHUK[OYLZOVSKZSPX\PKP[`YPZRSPTP[ZHUK
YH[PVZ V]LYHSS SVHU SVZZ WYV]PZPVUPUN HUK YPZR WYVÄSL JOHUNLZ  3VHU SVZZ WYV]PZPVUPUN HUK JYLKP[ SPTP[ \[PSPaH[PVU HYL OV^L]LY
KPZJ\ZZLKPUTVYLKL[HPSPU[OL*YLKP[*VTTP[[LL6UHTVU[OS`IHZPZKL[HPSLKYLWVY[PUNVMPUK\Z[Y`J\Z[VTLYHUKNLVNYHWOPJ
YPZRZPZPUJS\KLKPU[OLKPZJ\ZZPVU^P[O[OL96*(JVTWYLOLUZP]LYPZRYLWVY[PZWYLZLU[LK[V[OL)6+VUHWLYPVKPJIHZPZMVY
HUV]LYHSSHZZLZZTLU[VM[OLSL]LSVMYPZRZ[HRLUI`[OL7HYLU[*VTWHU`6U[OLV[OLYOHUK[OL*OPLM(\KP[,_LJ\[P]LYLWVY[Z
[V[OL(\KP[*VTTP[[LLVUHTVU[OS`IHZPZVU[OLYLZ\S[ZVMIYHUJOVYI\ZPULZZ\UP[H\KP[ZHUKMVY[OLYLZVS\[PVUVMWLUKPUNI\[
important internal audit issues.

Risk Mitigation
;OL7HYLU[*VTWHU`\ZLZKLYP]H[P]LZ[VTHUHNLL_WVZ\YLZ[VÄUHUJPHSPUZ[Y\TLU[ZYLZ\S[PUNMYVTJOHUNLZPUPU[LYLZ[YH[LZHUK
MVYLPNUJ\YYLUJPLZL_WVZ\YLZ/V^L]LY[OLUH[\YLHUKL_[LU[VM\ZLVM[OLZLÄUHUJPHSPUZ[Y\TLU[Z[VTP[PNH[LYPZRZHYLSPTP[LK[V
[OVZLHSSV^LKI`[OL):7MVY[OL7HYLU[*VTWHU`HUKP[ZZ\IZPKPHYPLZ

;VM\Y[OLYTP[PNH[LYPZRZ[OYV\NOV\[P[ZKPќLYLU[I\ZPULZZ\UP[Z[OL7HYLU[*VTWHU`MVYT\SH[LZYPZRTHUHNLTLU[WVSPJPLZHUK
JVU[PU\LZ[VPTWYV]LP[ZL_PZ[PUNWVSPJPLZ;OLZLWVSPJPLZM\Y[OLYZLY]LHZ[OLMYHTL^VYRHUKZL[VMN\PKLSPULZPU[OLJYLH[PVUVY
YL]PZPVUZVMVWLYH[PUNWVSPJPLZHUKTHU\HSZMVYLHJOI\ZPULZZ\UP[0U[OLWYVJLZZKLZPNUHUKPTWSLTLU[H[PVUWYL]LU[P]LJVU[YVSZ
HYLWYLMLYYLKV]LYKL[LJ[PVUJVU[YVSZ*SLHYKLSPULH[PVUVMYLZWVUZPIPSP[PLZHUKZLWHYH[PVUVMPUJVTWH[PISLK\[PLZHTVUNVѝJLYZ
HUK Z[Hќ HZ ^LSS HZ HTVUN I\ZPULZZ \UP[Z HYL YLP[LYH[LK PU [OLZL WVSPJPLZ  ;V [OL L_[LU[ WVZZPISL YLWVY[PUN HUK HJJV\U[PUN
YLZWVUZPIPSP[PLZHYLZLNYLNH[LKMYVT\UP[ZKPYLJ[S`PU]VS]LKPUVWLYH[PVUZHUKMYVU[SPULHJ[P]P[PLZPLWSH`LYZT\Z[UV[ILZJVYLYZ
;OPZPZ[VPTWYV]L[OLJYLKPIPSP[`HUKHJJ\YHJ`VMTHUHNLTLU[PUMVYTH[PVU(U`PUJVUZPZ[LUJPLZPU[OLVWLYH[PUNWVSPJPLZHUK
THU\HSZ^P[O[OLYPZRMYHTL^VYRJYLH[LKI`[OL94.HYL[HRLU\WHUKYLZVS]LKPU[OL96*HUK4HU*VT

;OL6WLYH[PVUHS9PZR(ZZLZZTLU[7YVNYHTHUK0;9PZR-YHTL^VYRZYLX\PYL[OL7HYLU[*VTWHU`[V\UKLYNVWLYPVKPJVWLYH[PVUHS
YPZR HZZLZZTLU[ HUK MVY HSS I\ZPULZZ \UP[Z  HSSPLK I\ZPULZZLZ [V JVUK\J[ YPZR HUK JVU[YVS ZLSMHZZLZZTLU[Z  ;OLZL LUHISL
KL[LYTPUH[PVU VM WYPVYP[` YPZR HYLHZ HZZLZZTLU[ VM TP[PNH[PUN JVU[YVSZ PU WSHJL HUK PUZ[P[\[PVUHSPaH[PVU VM HKKP[PVUHS TLHZ\YLZ
[VLUZ\YLIV[OHJVU[YVSSLKVWLYH[PUNLU]PYVUTLU[HUKWYVWLYOHUKSPUNVM0;YPZRL_WVZ\YLZ94.THPU[HPUZHUK\WKH[LZ[OL
7HYLU[*VTWHU`»Z*LU[YHSPaLK3VZZ+H[HIHZL^OLYLPUHSSYLWVY[LKPUJPKLU[ZVMSVZZLZZOHSSILLUJVKLK[VLUHISLHZZLZZTLU[VM
^LHRULZZLZPU[OLWYVJLZZLZHUKJVTL\W^P[O]PHISLPTWYV]LTLU[Z[VH]VPKYLJ\YYLUJL

4VUP[VYPUNHUKJVU[YVSSPUNYPZRZHYLWYPTHYPS`WLYMVYTLKIHZLKVU]HYPV\ZSPTP[ZHUK[OYLZOVSKZLZ[HISPZOLKI`[OL[VWTHUHNLTLU[
JV]LYPUN[OL.YV\W»Z[YHUZHJ[PVUZHUKKLHSPUNZ;OLZLSPTP[ZHUK[OYLZOVSKZYLÅLJ[[OL.YV\W»ZI\ZPULZZZ[YH[LNPLZHUKTHYRL[
LU]PYVUTLU[HZ^LSSHZ[OLSL]LSZVMYPZRZ[OH[[OL.YV\WPZ^PSSPUN[V[VSLYH[L^P[OHKKP[PVUHSLTWOHZPZVUZLSLJ[LKPUK\Z[YPLZ0U
HKKP[PVU[OL.YV\WTVUP[VYZHUKTLHZ\YLZ[OLV]LYHSSYPZRILHYPUNJHWHJP[`PUYLSH[PVU[V[OLHNNYLNH[LYPZRL_WVZ\YLHJYVZZHSS
risk types and activities.

3PX\PKP[`HUKPU[LYLZ[YH[LYPZRL_WVZ\YLZHYLTLHZ\YLKHUKTVUP[VYLK[OYV\NO[OL4H_PT\T*\T\SH[P]L6\[ÅV^HUK,HYUPUNZ
H[9PZRYLWVY[ZMYVT[OL(ZZL[HUK3PHIPSP[`4HUHNLTLU[(34Z`Z[LT0[^HZPTWSLTLU[LKPUHUK^HZ\WNYHKLKPU[V
HUL^]LYZPVU^OPJOPUJS\KLZTVK\SLZMVYJHSJ\SH[PUN3PX\PKP[`*V]LYHNL9H[PV3*9HUK5L[:[HISL-\UKPUN9H[PV5:-9;OL
Z`Z[LTHSZVOHZH-\UKZ;YHUZMLY7YPJPUNTVK\SL\ZLKI`[OL;YLHZ\Y`.YV\WHUK*VYWVYH[L7SHUUPUN.YV\W

CHINA BANKING CORPORATION

 39

-VY[OLTLHZ\YLTLU[VMTHYRL[YPZRL_WVZ\YLZ[OL7HYLU[*VTWHU`\ZLZ/PZ[VYPJHS:PT\SH[PVU=H9HWWYVHJOMVYHSS[YLHZ\Y`
[YHKLKPUZ[Y\TLU[ZPUJS\KPUNÄ_LKPUJVTLIVUKZMVYLPNUL_JOHUNLZ^HWZHUKMVY^HYKZ09:HUKLX\P[`ZLJ\YP[PLZ4HYRL[YPZR
L_WVZ\YLZHYLTLHZ\YLKHUKTVUP[VYLK[OYV\NOYLWVY[ZMYVT[OL4HYRL[9PZR4HUHNLTLU[:`Z[LT^OPJOOHZILLUPTWSLTLU[LK
in 2018 to enhance risk measurement and automate daily reporting.

):7 PZZ\LK *PYJ\SHY 5V   KH[LK 1HU\HY`    ^OPJO THUKH[LK [OL \ZL VM [OL 0U[LYUHS *HWP[HS (KLX\HJ` (ZZLZZTLU[
7YVJLZZ0*((7I`HSS\UP]LYZHSHUKJVTTLYJPHSZIHURZ[VKL[LYTPUL[OLPYTPUPT\TYLX\PYLKJHWP[HSYLSH[P]L[V[OLPYI\ZPULZZ
YPZRL_WVZ\YLZ0U[OPZYLNHYK[OL)VHYKHWWYV]LK[OLLUNHNLTLU[VM[OLZLY]PJLZVMHJVUZ\S[HU[[VHZZPZ[PU[OLIHUR^PKL
PTWSLTLU[H[PVUHUKLTILKKPUNVM[OL0*((7HZWYV]PKLKMVY\UKLY7PSSHYVM)HZLS00HUK):7*PYJ\SHY5V 

6U1\UL[OL)6+HWWYV]LK[OL0*((7KVJ\TLU[MVYZ\ITPZZPVU[V[OL):7;OLYL^LYLUVJOHUNLZTHKLPU[OL
7YPVYP[`9PZR(YLHZVM[OL7HYLU[*VTWHU`HUK[OLHWWYV]LK[YPNNLYL]LU[ZMVY[OLYL]PL^VM*HWP[HS9H[PVZ4(;HUK7YPVYP[`9PZRZ

;OL7HYLU[*VTWHU`Z\ITP[[LKP[ZHUU\HSS`\WKH[LK0*((7KVJ\TLU[PUJVTWSPHUJL^P[O):7YLX\PYLTLU[ZVU1\UL 

-VY[OPZZ\ITPZZPVU[OL7HYLU[*VTWHU`YL[HPULK[OL7PSSHY7S\ZHWWYVHJO\ZPUN[OL7PSSHYJHWP[HSHZ[OLIHZLSPUL;OLWYVJLZZ
VMHSSVJH[PUNJHWP[HSMVYHSS[`WLZVMYPZRZHIV]L[OL7PSSHYJHWP[HSSL]LSZPUJS\KLZX\HU[PÄJH[PVUVMJHWP[HSI\ќLYMVY7PSSHYYPZRZ
\UKLYUVYTHSI\ZPULZZJ`JSLJVUKP[PVUPUHKKP[PVU[V[OLX\HU[PÄJH[PVUIHZLKVU[OLYLZ\S[ZVM[OL0U[LNYH[LK:[YLZZ;LZ[0:;
;OLHKVW[PVUVM[OL0:;HSSV^Z[OL7HYLU[*VTWHU`[VX\HU[PM`P[ZV]LYHSS]\SULYHIPSP[`[VTHYRL[ZOVJRZHUKVWLYH[PVUHSSVZZLZPU
HJVSSLJ[P]LTHUULYKYP]LUI`L]LU[ZYH[OLY[OHUPUZPSV;OLJHWP[HSHZZLZZTLU[PU[OLKVJ\TLU[KPZJSVZLZ[OH[[OL.YV\WHUK[OL
7HYLU[*VTWHU`OHZHWWYVWYPH[LHUKZ\ѝJPLU[SL]LSVMPU[LYUHSJHWP[HS

Business Continuity Management

0U[OLHM[LYTH[OVM[OLWHUKLTPJPU[OLWHZ[[OYLL`LHYZ[OL.YV\WOHZI\PS[P[ZI\ZPULZZYLZPSPLUJLHYV\UKWVSPJPLZ[OH[^V\SK
LUZ\YL[OH[[OL.YV\WPZHISL[VZLY]PJLHUKYLZWVUK[V[OLYLX\PYLTLU[ZVMP[ZJSPLU[Z[VWLYMVYTP[ZM\UJ[PVUZHZH+VTLZ[PJ
:`Z[LTPJHSS`0TWVY[HU[)HUR+:0)HUK[VJVU[PU\L[VM\SÄSS[OL[YHUZHJ[PVUJ`JSLPUP[ZVWLYH[PVUZ

;OL.YV\WPTWSLTLU[LK¸;OL5L^5VYTHS>VYR-VYJLHUK>VYR4HUHNLTLU[7SHUMVY[OL*6=0+ 7HUKLTPJ¹[VWYV]PKLNLULYHS
KPYLJ[PVUHUKN\PKHUJLPUZ\Z[HPUPUN[OLVWLYH[PVUZVM[OL.YV\W[OYV\NO[OLWHUKLTPJ;OLWSHUW\[PUWSHJLOLHS[OHUKZHML[`
WYV[VJVSZ^OPJOHSVUN^P[O[OLPTWSLTLU[H[PVUVM[OLI\KK`IYHUJOZ`Z[LTLUZ\YLK[OL\UPU[LYY\W[LKKLSP]LY`VMZLY]PJLZ6U
(WYPS   ZLSLJ[ WLYZVUULS MYVT /LHK 6ѝJL HUK Z\IZPKPHYPLZ ^LYL [YHUZMLYYLK [V [OL :4 4LNH ;V^LY L_[LUZPVU VѝJL
WYV]PKPUN[OLKPќLYLU[I\ZPULZZ\UP[Z^P[O[OLJHWHJP[`VMZWSP[[PUN[OLPY[LHTZHUKVWLYH[LPU[^VKPќLYLU[ZP[LZ[VTHRLJLY[HPU
[OH[[OLZLY]PJLZJVU[PU\LPU[OLL]LU[VMI\ZPULZZPU[LYY\W[PVUZIYV\NO[HIV\[I`HWHUKLTPJVYZPTPSHYVJJ\YYLUJL*OHUNLZ
PU[OLWYVJLZZLZVMI\ZPULZZ\UP[ZHYPZPUNMYVT[OLPTWSLTLU[H[PVUVM[OLWSHUHUK[OLLZ[HISPZOTLU[VM[OLL_[LUZPVUVѝJLHYL
JVU[PU\V\ZS`\WKH[LKHUKPUJVYWVYH[LKPU[OLYPZRHUKJVU[YVSZLSMHZZLZZTLU[HUKI\ZPULZZPTWHJ[HUHS`ZPZ[VVSZ[VYLÅLJ[[OL
JOHUNLZPU[OLYPZRWYVÄSL(WWYVWYPH[LTLHZ\YLZHYLHSZV\WKH[LKHUKPTWSLTLU[LKPUSPNO[VM[OLZLJOHUNLZ

Credit Risk
*YLKP[YPZRPZ[OLYPZRVMÄUHUJPHSSVZZVUHJJV\U[VMHJV\U[LYWHY[`[VHÄUHUJPHSWYVK\J[MHPSPUN[VOVUVYP[ZKLI[VISPNH[PVU;OL
.YV\W MHJLZ WV[LU[PHS JYLKP[ YPZRZ L]LY` [PTL P[ L_[LUKZ M\UKZ [V IVYYV^LYZ JVTTP[Z M\UKZ [V JV\U[LYWHY[PLZ N\HYHU[LLZ [OL
WH`PUN WLYMVYTHUJL VM P[Z JSPLU[Z PU]LZ[Z M\UKZ [V PZZ\LYZ PL PU]LZ[TLU[ ZLJ\YP[PLZ PZZ\LK I` LP[OLY ZV]LYLPNU VY JVYWVYH[L
entities) or enters into either market-traded or over-the-counter derivatives, through implied or actual contractual agreements (i.e.,
VUVYVќIHSHUJLZOLL[L_WVZ\YLZ;OL.YV\WTHUHNLZP[ZJYLKP[YPZRH[]HYPV\ZSL]LSZPLZ[YH[LNPJSL]LSWVY[MVSPVSL]LSKV^U
to individual credit or transaction).

;OL .YV\W LZ[HISPZOLK YPZR SPTP[Z HUK [OYLZOVSKZ MVY W\YWVZLZ VM TVUP[VYPUN HUK THUHNPUN JYLKP[ YPZR MYVT PUKP]PK\HS
JV\U[LYWHY[PLZHUKVYNYV\WZVMJV\U[LYWHY[PLZTHQVYPUK\Z[YPLZHZ^LSSHZJV\U[YPLZ0[HSZVJVUK\J[ZWLYPVKPJHZZLZZTLU[VM
[OLJYLKP[^VY[OPULZZVMP[ZJV\U[LYWHY[PLZ0UHKKP[PVU[OL.YV\WVI[HPUZJVSSH[LYHS^OLYLHWWYVWYPH[LLU[LYZPU[VTHZ[LYUL[[PUN
HNYLLTLU[ZHUKJVSSH[LYHSHYYHUNLTLU[Z^P[OJV\U[LYWHY[PLZHUKSPTP[Z[OLK\YH[PVUVML_WVZ\YLZ

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

40

94.HSZVJVU[PU\LK[VY\UHWWYV_PTH[PVUZVM[OLPUJYLHZLPU573\UKLY)HZL4VKLYH[LHUK:L]LYLZJLUHYPVZHUKWYLZLU[LK[OL
YLZ\S[Z[V[OL9PZR6]LYZPNO[*VTTP[[LL(WHY[MYVTJVUZPKLYPUN[OLL_WLY[Q\KNTLU[VM[OLSLUKPUN\UP[Z[OLHZZ\TW[PVUZ^LYL
TVKPÄLK[V[HRLPU[VHJJV\U[[OLPTWYV]PUNLJVUVTPJJVUKP[PVUHUK[OLMHJ[[OH[[OLIVYYV^LYZ^OVOHKILLUZL]LYLS`HќLJ[LK
I`[OLWHUKLTPJOH]LHSYLHK`ILLUPKLU[PÄLKHUKIVVRLKHZUVUWLYMVYTPUN;OLJVUKP[PVUVMHJJV\U[Z[OH[^LYLYLZ[Y\J[\YLK
VY^P[O[LYTZTVKPÄJH[PVUJVU[PU\LK[VILTVUP[VYLKHUK[OVZL^P[OOPNOYPZRYH[PUN^LYLJVUZPKLYLKPU[OL573HWWYV_PTH[PVUZ
3HZ[S`[OLHJJV\U[Z[OH[JHUWV[LU[PHSS`KLMH\S[MYVT[OLPYKLI[VISPNH[PVUZIHZLKVU[OLHZZLZZTLU[VM[OLYLN\SH[VYZ^LYLHKKLK
in the assumptions.

Credit Risk Rating and Scoring Models

;OL7HYLU[*VTWHU`OHZMV\YJYLKP[YPZRYH[PUNTVKLSZPUWSHJL!MVYJVYWVYH[LIVYYV^LYZMVYYL[HPSZTHSSHUKTLKP\TLU[P[PLZ
HUKPUKP]PK\HSHJJV\U[ZUVUJVUZ\TLYMVYÄUHUJPHSPUZ[P[\[PVUZHUKMVYZV]LYLPNUJV\U[LYWHY[PLZ0UHKKP[PVUP[OHZ[^VJYLKP[
ZJVYPUNTVKLSZMVYH\[VHUKOV\ZPUNSVHUHWWSPJHU[ZHUKYLJLU[S`PTWSLTLU[LK[OLLSPNPIPSP[`ZJVYLJHYKMVY*;:^P[OV\[YLJV\YZL
IVYYV^LYZ

*YLKP[YPZRMVYJVYWVYH[LIVYYV^LYZ^P[O[V[HSHZZL[Z[V[HSMHJPSP[PLZVY[V[HSJYLKP[L_WVZ\YLZHTV\U[PUN[VTPSSPVUHUKHIV]L
PZTLHZ\YLK[OYV\NO[OL0U[LYUHS*YLKP[9PZR9H[PUN:`Z[LT0*99:;OLTVKLS^HZKLZPNULK^P[OPU[OL[LJOUPJHSYLX\PYLTLU[Z
KLÄULK\UKLY):7*PYJ\SHY5V 0[OHZ[^VJVTWVULU[ZUHTLS`!H)VYYV^LY9PZR9H[PUN^OPJOWYV]PKLZHUHZZLZZTLU[VM
[OLJYLKP[^VY[OPULZZVM[OLIVYYV^LY^P[OV\[JVUZPKLYPUN[OLWYVWVZLKMHJPSP[`HUKZLJ\YP[`HYYHUNLTLU[ZHUKI3VHU,_WVZ\YL
9H[PUN^OPJOWYV]PKLZHUHZZLZZTLU[VM[OLWYVWVZLKMHJPSP[PLZHZTP[PNH[LKVYLUOHUJLKI`ZLJ\YP[`HYYHUNLTLU[Z

-VYYL[HPSZTHSSHUKTLKP\TLU[P[PLZHUKPUKP]PK\HSUVUJVUZ\TLYSVHUHJJV\U[Z[OLJYLKP[ZJVYPUNZ`Z[LT\ZLKPZ[OL)VYYV^LY
*YLKP[:JVYL)*:;OL.YV\WHSZVOHZHYH[PUNZ`Z[LT[OH[PZKLZPNULK[VZWLJPÄJHSS`HZZLZZ7OPSPWWPUL\UP]LYZHSJVTTLYJPHS
[OYPM[ Y\YHS HUK JVVWLYH[P]L IHURZ HZ ^LSS HZ MVYLPNU ÄUHUJPHS PUZ[P[\[PVUZ -\Y[OLYTVYL [OL .YV\W OHZ H ZV]LYLPNU YPZR YH[PUN
ZJVYLJHYK ^OPJO PZ ILPUN \ZLK [V HZZLZZ [OL Z[YLUN[O VM H JV\U[Y` PU YLMLYLUJL [V P[Z LJVUVTPJ M\UKHTLU[HSZ ÄZJHS WVSPJ`
institutional strength, and vulnerability to extreme events.

-VYH\[VHUKOV\ZPUNSVHUZ[OL.YV\W\ZLZHWWSPJH[PVUZJVYLJHYKZ[VKL[LYTPUL[OLHJJLW[HIPSP[`VMHIVYYV^LY;OPZPZPTWSLTLU[LK
[OYV\NO PU[LYUHSS` KL]LSVWLK ZVM[^HYL PU[LYMHJLZ 0U HKKP[PVU [OL .YV\W PTWSLTLU[LK HU LSPNPIPSP[` ZJVYLJHYK MVY *;: ^P[OV\[
YLJV\YZLI\`LYZ[VLUZ\YL[OH[TPUPT\TZ[HUKHYKZMVY[OL\UKLY^YP[PUNVMIVYYV^LYZLUKVYZLKI`KL]LSVWLYZHYLJVTWSPLK^P[O
-VY[OL7HYLU[*VTWHU`»ZJYLKP[JHYKZ;YHUZ\UPVUZJVYLPZILPUN\ZLK[VKL[LYTPULHWWSPJH[PVUHJJLW[HUJLPUJVUQ\UJ[PVU^P[O
other credit acceptance criteria.

;OL.YV\WYLN\SHYS`TVUP[VYZ[OLWLYMVYTHUJLVMP[ZYH[PUNTVKLSZHUKZJVYLJHYKZ6]LY[OL`LHYZP[OHZWHY[ULYLK^P[O[OPYKWHY[`
JVUZ\S[HU[ZZ\JOHZ4VVK`»Z(UHS`[PJZHUK;LYHKH[HMVYTVKLS]HSPKH[PVUTVKLSYLJHSPIYH[PVUHUKRUV^SLKNL[YHUZMLYWYVQLJ[Z
0U[LYUHSS`P[JVUK\J[ZP[ZV^UYL]PL^VM[OLWLYMVYTHUJLVM[OLTVKLSZI`Z\IQLJ[PUN[OLT[VZ[H[PZ[PJHSTL[YPJZ;OPZPZ[VLUZ\YL
[OLYLSPHIPSP[`VM[OPZ[VVSPU[OL.YV\W»ZJYLKP[L]HS\H[PVUWYVJLZZ

;OL0*99:]HSPKH[PVUHUKYLJHSPIYH[PVULUNHNLTLU[^P[O4VVK`»Z(UHS`[PJZHUK[OLWHYHSSLSY\UVMJHUKPKH[LTVKLSZJ\STPUH[LKPU
[OLHWWYV]HSVM[OLYLJHSPIYH[LK0*99:TVKLSI`[OL)VHYKPU 0U[OL)HURWLYMVYTLKHM\SSX\HU[P[H[P]LTVKLS]HSPKH[PVU
MVY0*99:^OPJO[LZ[LK[OLTVKLS»ZKPZJYPTPUH[VY`WV^LYHUKZ[HIPSP[`(SVUN^P[O[OPZ[OLX\HSP[H[P]LHZZLZZTLU[VU4HUHNLTLU[
8\HSP[`JVTWVULU[^HZLUOHUJLK0UHKKP[PVU[OLÄYZ[YL]PL^VM[OLZV]LYLPNUYPZRYH[PUNZJVYLJHYK^HZJVUK\J[LKPU[OLZHTL
`LHY;OLTVKLSWLYMVYTHUJLMVYOV\ZPUNHUKH\[VSVHUZJVYLJHYKZ^HZHSZVYL]PL^LKPU[OLWHZ[`LHYZ;OL)HURHPTZ[V
JVTWSL[L[OLYLTVKLSPUNHJ[P]P[PLZMVYOV\ZPUNSVHUZHUKYLJHSPIYH[PVUVM)VYYV^LY*YLKP[:JVYL)*:PU

Concentration of Assets and Liabilities and Off-Balance Sheet Items

*VUJLU[YH[PVUZ HYPZL ^OLU H U\TILY VM JV\U[LYWHY[PLZ HYL LUNHNLK PU ZPTPSHY I\ZPULZZ HJ[P]P[PLZ VY HJ[P]P[PLZ PU [OL ZHTL
NLVNYHWOPJYLNPVUVYOH]LZPTPSHYLJVUVTPJMLH[\YLZ[OH[^V\SKJH\ZL[OLPYHIPSP[`[VTLL[JVU[YHJ[\HSVISPNH[PVUZ[VILZPTPSHYS`
HќLJ[LK I` JOHUNLZ PU LJVUVTPJ WVSP[PJHS VY V[OLY JVUKP[PVUZ   *VUJLU[YH[PVUZ PUKPJH[L [OL YLSH[P]L ZLUZP[P]P[` VM [OL 7HYLU[
*VTWHU`»ZWLYMVYTHUJL[VKL]LSVWTLU[ZHќLJ[PUNHWHY[PJ\SHYPUK\Z[Y`VYNLVNYHWOPJHSSVJH[PVU

0U VYKLY [V H]VPK L_JLZZP]L JVUJLU[YH[PVUZ VM YPZR [OL 7HYLU[ *VTWHU`»Z WVSPJPLZ HUK WYVJLK\YLZ PUJS\KL ZWLJPÄJ N\PKLSPULZ
MVJ\ZPUNVUTHPU[HPUPUNHKP]LYZPÄLKWVY[MVSPV0KLU[PÄLKJVUJLU[YH[PVUZVMJYLKP[YPZRZHYLJVU[YVSSLKHUKTHUHNLKHJJVYKPUNS`

CHINA BANKING CORPORATION

 41

;OLKPZ[YPI\[PVUVM[OL.YV\W»ZHUK7HYLU[*VTWHU`»ZHZZL[ZHUKSPHIPSP[PLZHUKJYLKP[JVTTP[TLU[P[LTZI`NLVNYHWOPJYLNPVU
HZVM+LJLTILYHUKPUTPSSPVUZMVSSV^Z!

Consolidated
2022 2021
Assets* Liabilities Commitment** (ZZL[Z* 3PHIPSP[PLZ Commitment**
.LVNYHWOPJ9LNPVU
Philippines P1,219,178 P1,122,325 P35,422 P P  P38,382
(ZPH 21,752 24,703 161  – 
,\YVWL 42,051 37,883 7,499  –  
<UP[LK:[H[LZ 20,318 8,381 1,127   
Others 17 – 3  – –
P1,303,316 P1,193,292 P44,212 P  P  P
*(TV\U[ZHYLUL[VMYLSH[LKHSSV^HUJLMVYJYLKP[SVZZLZ
***VUZPZ[ZVM*VTTP[[LKJYLKP[SPULZ<U\ZLKJVTTLYJPHSSL[[LYZVMJYLKP[*YLKP[JHYKSPULZ6\[Z[HUKPUNN\HYHU[LLZPZZ\LKHUK:[HUKI`JYLKP[
JVTTP[TLU[Z

Parent Company
2022 2021
Assets* Liabilities Commitment** (ZZL[Z* 3PHIPSP[PLZ Commitment**
.LVNYHWOPJ9LNPVU
Philippines P1,099,064 P1,012,355 P33,907 P  P  P
(ZPH 21,752 24,703 161  – 
,\YVWL 42,051 37,883 7,499  –  
<UP[LK:[H[LZ 20,318 8,381 1,127   
Others 17 – 3  – –
P1,183,202 P1,083,322 P42,697 P   P  P
(TV\U[ZHYLUL[VMYLSH[LKHSSV^HUJLMVYJYLKP[SVZZLZ
*VUZPZ[ZVM*VTTP[[LKJYLKP[SPULZ<U\ZLKJVTTLYJPHSSL[[LYZVMJYLKP[*YLKP[JHYKSPULZ6\[Z[HUKPUNN\HYHU[LLZPZZ\LKHUK:[HUKI`JYLKP[
JVTTP[TLU[Z

0UMVYTH[PVUVUJYLKP[JVUJLU[YH[PVUHZ[VPUK\Z[Y`VMÄUHUJPHSHZZL[ZNYVZZVM\ULHYULKKPZJV\U[HUKHSSV^HUJLMVYJYLKP[SVZZLZ
PZWYLZLU[LKILSV^!

Consolidated
2022
Loans and
Loans and Financial $GYDQFHV
5HFHLYDEOHV ,QYHVWPHQWV to Banks Commitments Total
Financial intermediaries P122,768,549 P268,327,309 P162,813,886 P22,663,997 P576,573,741
5HDOHVWDWHUHQWLQJDQGEXVLQHVVVHUYLFHV 185,743,662 67,532,003 – 543,466 253,819,131
Electricity, gas and water 84,314,281 28,088,810 – 3,120,478 115,523,569
Manufacturing 58,232,646 1,316,348 – 901,375 60,450,369
Wholesale and retail trade 48,849,880 – – 10,330,040 59,179,920
Transportation, storage and 44,443,178 4,224,082 – 215,879 48,883,139
communication
Arts, entertainment and recreation 38,666,435 4,241,027 – 1,922,391 44,829,853
-VY^HYK

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

42

Consolidated
2022
Loans and
Loans and Financial $GYDQFHV
5HFHLYDEOHV ,QYHVWPHQWV to Banks Commitments Total
$FFRPPRGDWLRQDQGIRRGVHUYLFH P9,613,592 P4,998,276 P– P117,278 P14,729,146
DFWLYLWLHV
Mining and quarrying 13,340,903 – – 5,299 13,346,202
Construction 10,178,863 – – 2,781,399 12,960,262
3URIHVVLRQDOVFLHQWLðFDQGWHFKQLFDO 947,422 8,398,018 – 219,699 9,565,139
DFWLYLWLHV
Agriculture 9,010,166 – – 42,818 9,052,984
Education 3,894,828 568,000 – 55,237 4,518,065
Public administration and defense 191,203 – – 163,279 354,482
Others* 87,519,627 17,859,548 227,613 1,130,178 106,736,966
P717,715,235 P405,553,421 P163,041,499 P44,212,813 P1,330,522,969
6[OLYZJVUZPZ[VMHKTPUPZ[YH[P]LHUKZ\WWVY[ZLY]PJLOLHS[OOV\ZLOVSKHUKV[OLYHJ[P]P[PLZ

Consolidated
2021
 3VHUZHUK
 3VHUZHUK  -PUHUJPHS  (K]HUJLZ
 9LJLP]HISLZ Investments to Banks Commitments Total
-PUHUJPHSPU[LYTLKPHYPLZ P  P P P P
9LHSLZ[H[LYLU[PUNHUKI\ZPULZZZLY]PJLZ   –  
,SLJ[YPJP[`NHZHUK^H[LY   –  
Transportation, storage and communication    –  
Wholesale and retail trade  – –   
4HU\MHJ[\YPUN   –   
(Y[ZLU[LY[HPUTLU[HUKYLJYLH[PVU  3,830,133 –   
(JJVTTVKH[PVUHUKMVVKZLY]PJLHJ[P]P[PLZ     –   
Construction   –  
4PUPUNHUKX\HYY`PUN   – –    
(NYPJ\S[\YL  – –   
7YVMLZZPVUHSZJPLU[PÄJHUK[LJOUPJHSHJ[P]P[PLZ   –    
,K\JH[PVU   –  
7\ISPJHKTPUPZ[YH[PVUHUKKLMLUZL  – –    
Others*       
P P P P  P 
6[OLYZJVUZPZ[VMHKTPUPZ[YH[P]LHUKZ\WWVY[ZLY]PJLOLHS[OOV\ZLOVSKHUKV[OLYHJ[P]P[PLZ

CHINA BANKING CORPORATION

 43

Parent Company
2022
Loans and
Loans and Financial  $GYDQFHV
 5HFHLYDEOHV  ,QYHVWPHQWV to Banks Commitments Total
Financial intermediaries P122,139,768 P259,789,084 P146,865,657 P22,661,497 P551,456,006
5HDOHVWDWHUHQWLQJDQGEXVLQHVVVHUYLFHV 158,474,935 67,002,809 – 309,597 225,787,341
Electricity, gas and water 82,579,587 28,085,921 – 3,120,478 113,785,986
Manufacturing 56,478,328 1,316,348 – 820,034 58,614,710
Wholesale and retail trade 46,391,648 – – 10,099,392 56,491,040
Transportation, storage and
communication 43,018,144 4,224,082 – 215,804 47,458,030
Arts, entertainment and recreation 38,648,650 4,224,987 – 1,922,391 44,796,028
$FFRPPRGDWLRQDQGIRRGVHUYLFH
DFWLYLWLHV 9,047,908 4,980,701 – 103,578 14,132,187
Mining and quarrying 13,340,695 – – 5,299 13,345,994
Construction 9,131,937 – – 2,697,673 11,829,610
3URIHVVLRQDOVFLHQWLðFDQGWHFKQLFDO
DFWLYLWLHV 881,915 8,398,018 – 219,699 9,499,632
Agriculture 7,062,774 – – 34,718 7,097,492
Education 3,503,357 450,000 – 163,279 4,116,636
Public administration and defense 191,203 – – 55,237 246,440
Others* 36,663,618 17,513,737 227,613 268,162 54,673,131
P627,554,467 P395,985,687 P147,093,270 P42,696,838 P1,213,330,263
6[OLYZJVUZPZ[VMHKTPUPZ[YH[P]LHUKZ\WWVY[ZLY]PJLOLHS[OOV\ZLOVSKHUKV[OLYHJ[P]P[PLZ

Parent Company
2021
 3VHUZHUK
 3VHUZHUK  -PUHUJPHS  (K]HUJLZ
 9LJLP]HISLZ Investments to Banks Commitments Total
-PUHUJPHSPU[LYTLKPHYPLZ P   P P  P P  
9LHSLZ[H[LYLU[PUNHUKI\ZPULZZZLY]PJLZ      –      
,SLJ[YPJP[`NHZHUK^H[LY    –  
Transportation, storage and communication      –  
Wholesale and retail trade  – –  
(Y[ZLU[LY[HPUTLU[HUKYLJYLH[PVU    3,830,133 –  
4HU\MHJ[\YPUN    – –  
(JJVTTVKH[PVUHUKMVVKZLY]PJLHJ[P]P[PLZ    –    
Construction   – –   
4PUPUNHUKX\HYY`PUN   – –   
7YVMLZZPVUHSZJPLU[PÄJHUK[LJOUPJHSHJ[P]P[PLZ   –   
(NYPJ\S[\YL   – –  
,K\JH[PVU    –   
7\ISPJHKTPUPZ[YH[PVUHUKKLMLUZL  – –    
Others*       
P P P P P 
6[OLYZJVUZPZ[VMHKTPUPZ[YH[P]LHUKZ\WWVY[ZLY]PJLOLHS[OOV\ZLOVSKHUKV[OLYHJ[P]P[PLZ

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

44

Maximum exposure to credit risk

;OL[HISLZILSV^WYV]PKL[OLHUHS`ZPZVM[OLTH_PT\TL_WVZ\YL[VJYLKP[YPZRVM[OL.YV\W»ZHUK[OL7HYLU[*VTWHU`»ZÄUHUJPHS
PUZ[Y\TLU[ZL_JS\KPUN[OVZL^OLYL[OLJHYY`PUN]HS\LZHZYLÅLJ[LKPU[OLIHSHUJLZOLL[ZHUKYLSH[LKUV[LZHSYLHK`YLWYLZLU[
[OLÄUHUJPHSPUZ[Y\TLU[»ZTH_PT\TL_WVZ\YL[VJYLKP[YPZRILMVYLHUKHM[LY[HRPUNPU[VHJJV\U[JVSSH[LYHSOLSKVYV[OLYJYLKP[
LUOHUJLTLU[Z!

Consolidated
2022
)LQDQFLDOHσHFW
of collateral or
Gross maximum credit
exposure Net exposure enhancement
Credit risk exposure relating to on-balance sheet items
HYLHZMVSSV^Z
3VHUZHUKYLJLP]HISLZ P699,594,789 P466,526,632 P233,068,157
0U[LYIHURSVHUZYLJLP]HISLHUK:7<9( 43,564,970 28,769,544 14,795,426
:HSLZJVU[YHJ[ZYLJLP]HISL 1,406,217 – 1,406,217
P744,565,976 P495,296,176 P249,269,800

Consolidated
2021
-PUHUJPHSLќLJ[
VMJVSSH[LYHSVY
.YVZZTH_PT\T credit
exposure 5L[L_WVZ\YL enhancement
Credit risk exposure relating to on-balance sheet items
HYLHZMVSSV^Z
3VHUZHUKYLJLP]HISLZ P  P P202,183,308
0U[LYIHURSVHUZYLJLP]HISLHUK:7<9(     
:HSLZJVU[YHJ[ZYLJLP]HISL 1,101,891 – 1,101,891
P P  P

Parent
2022
)LQDQFLDOHσHFW
of collateral or
Gross maximum credit
exposure Net exposure enhancement
Credit risk exposure relating to on-balance sheet items
HYLHZMVSSV^Z
3VHUZHUKYLJLP]HISLZ P613,197,254 P426,316,586 P186,880,668
0U[LYIHURSVHUZYLJLP]HISLHUK:7<9( 41,597,949 28,769,545 12,828,404
:HSLZJVU[YHJ[ZYLJLP]HISL 180,659 – 180,659
P654,975,862 P455,086,131 P199,889,731

CHINA BANKING CORPORATION

 45

Parent
2021
-PUHUJPHSLќLJ[
VMJVSSH[LYHSVY
.YVZZTH_PT\T credit
exposure 5L[L_WVZ\YL enhancement
Credit risk exposure relating to on-balance sheet items
HYLHZMVSSV^Z
3VHUZHUKYLJLP]HISLZ P P P 
0U[LYIHURSVHUZYLJLP]HISLHUK:7<9(     
:HSLZJVU[YHJ[ZYLJLP]HISL 213,399 – 213,399
P  P P

-VY [OL .YV\W [OL MHPY ]HS\LZ VM JVSSH[LYHS OLSK MVY SVHUZ HUK YLJLP]HISLZ HUK ZHSLZ JVU[YHJ[Z YLJLP]HISL HTV\U[LK [V
PIPSSPVUHUKPIPSSPVUYLZWLJ[P]LS`HZVM+LJLTILYHUKPIPSSPVUHUKPIPSSPVUYLZWLJ[P]LS`HZVM
December 31, 2021.

-VY[OL7HYLU[*VTWHU`[OLMHPY]HS\LZVMJVSSH[LYHSOLSKMVYSVHUZHUKYLJLP]HISLZHUKZHSLZJVU[YHJ[ZYLJLP]HISLHTV\U[LK[V
PIPSSPVUHUKPIPSSPVUYLZWLJ[P]LS`HZVM+LJLTILYHUKP IPSSPVUHUKPIPSSPVUYLZWLJ[P]LS`HZVM
December 31, 2021.

;OLMHPY]HS\LZVM[OLÄUHUJPHSJVSSH[LYHSZOLSKMVY:7<9(HYLKPZJSVZLKPU5V[L

*YLKP[YPZRPUYLZWLJ[VMKLYP]H[P]LÄUHUJPHSWYVK\J[ZPZSPTP[LK[V[OVZL^P[OWVZP[P]LMHPY]HS\LZ^OPJOHYLPUJS\KLK\UKLYÄUHUJPHS
HZZL[ZH[-=;735V[L (ZHYLZ\S[[OLTH_PT\TJYLKP[YPZR^P[OV\[[HRPUNPU[VHJJV\U[[OLMHPY]HS\LVMHU`JVSSH[LYHSHUK
netting agreements, is limited to the amounts on the balance sheet plus commitments to customers such as unused commercial
SL[[LYZVMJYLKP[V\[Z[HUKPUNN\HYHU[LLZHUKV[OLYZHZKPZJSVZLKPU5V[L[V[OLÄUHUJPHSZ[H[LTLU[Z

Collateral and other credit enhancements

;OL HTV\U[ HUK [`WL VM JVSSH[LYHS YLX\PYLK KLWLUKZ VU HU HZZLZZTLU[ VM [OL JYLKP[ YPZR VM [OL JV\U[LYWHY[`  .\PKLSPULZ HYL
PTWSLTLU[LK^P[OYLNHYKZ[V[OLHJJLW[HIPSP[`VM[`WLZVMJVSSH[LYHSHUK]HS\H[PVUWHYHTL[LYZ

;OLTHPU[`WLZVMJVSSH[LYHSVI[HPULKHYLHZMVSSV^Z!

‹ -VYZLJ\YP[PLZSLUKPUNHUKYL]LYZLYLW\YJOHZL[YHUZHJ[PVUZ¶JHZOVYZLJ\YP[PLZ
‹ -VYJVUZ\TLYSLUKPUN¶YLHSLZ[H[LHUKJOH[[LSV]LY]LOPJSL
‹ -VYJVYWVYH[LSLUKPUNHUKJVTTLYJPHSSLUKPUNYLHSLZ[H[LJOH[[LSV]LYWYVWLY[PLZHZZPNUTLU[VMKLWVZP[ZZOHYLZVMZ[VJRZ
bonds, and guarantees

4HUHNLTLU[YLX\LZ[ZHKKP[PVUHSJVSSH[LYHSPUHJJVYKHUJL^P[O[OL\UKLYS`PUNHNYLLTLU[HUK[HRLZPU[VJVUZPKLYH[PVU[OLTHYRL[
]HS\LVMJVSSH[LYHSK\YPUNP[ZYL]PL^VM[OLHKLX\HJ`VMHSSV^HUJLMVYJYLKP[SVZZLZ

0[PZ[OL.YV\W»ZWVSPJ`[VKPZWVZLVMYLWVZZLZZLKWYVWLY[PLZPUHUVYKLYS`MHZOPVU;OLWYVJLLKZHYL\ZLK[VYLK\JLVYYLWH`[OL
V\[Z[HUKPUNJSHPT0UTVZ[JHZLZ[OL7HYLU[*VTWHU`KVLZUV[VJJ\W`YLWVZZLZZLKWYVWLY[PLZMVYI\ZPULZZ\ZL

Collateral valuation
;VTP[PNH[LP[ZJYLKP[YPZRZVUÄUHUJPHSHZZL[Z[OL.YV\WZLLRZ[V\ZLJVSSH[LYHS^OLYLWVZZPISL;OLJVSSH[LYHSJVTLZPU]HYPV\Z
MVYTZZ\JOHZJHZOZLJ\YP[PLZSL[[LYZVMJYLKP[N\HYHU[LLZYLHSLZ[H[LYLJLP]HISLZPU]LU[VYPLZV[OLYUVUÄUHUJPHSHZZL[ZHUK
JYLKP[LUOHUJLTLU[ZZ\JOHZUL[[PUNHNYLLTLU[Z*VSSH[LYHS\USLZZYLWVZZLZZLKPZUV[YLJVYKLKVU[OL.YV\W»ZIHSHUJLZOLL[
/V^L]LY[OLMHPY]HS\LVMJVSSH[LYHSHќLJ[Z[OLJHSJ\SH[PVUVMSVZZHSSV^HUJLZ0[PZNLULYHSS`HZZLZZLKH[HTPUPT\TH[PUJLW[PVU
HUKYLHZZLZZLKVUHUHUU\HSIHZPZ;V[OLL_[LU[WVZZPISL[OL.YV\W\ZLZHJ[P]LTHYRL[KH[HMVY]HS\PUNÄUHUJPHSHZZL[ZOLSK
HZJVSSH[LYHS6[OLYÄUHUJPHSHZZL[Z^OPJOKVUV[OH]LYLHKPS`KL[LYTPUHISLTHYRL[]HS\LZHYL]HS\LK\ZPUNTVKLSZ5VUÄUHUJPHS
collateral, such as real estate, is valued based on data provided by internal or external appraisers.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

46

*YLKP[X\HSP[`WLYJSHZZVMÄUHUJPHSHZZL[Z

3VHUZHUK9LJLP]HISLZ
;OLJYLKP[X\HSP[`VMÄUHUJPHSHZZL[ZPZTHUHNLKI`[OL.YV\W\ZPUNHUPU[LYUHSJYLKP[YH[PUNZ`Z[LTMVY[OLW\YWVZLVMTLHZ\YPUN
JYLKP[YPZRPUHJVUZPZ[LU[THUULYHZHJJ\YH[LS`HZWVZZPISL;OLTVKLSVUYPZRYH[PUNZPZHZZLZZLKYLN\SHYS`ILJH\ZL[OL.YV\W
\ZLZ[OPZPUMVYTH[PVUHZH[VVSMVYI\ZPULZZHUKÄUHUJPHSKLJPZPVUTHRPUN

0[PZ[OL7HYLU[*VTWHU`»ZWVSPJ`[VHWWS`[OLHWWYVWYPH[LYPZRYH[PUNTVKLSVYZJVYLJHYKHJYVZZ[OLJYLKP[WVY[MVSPV;OPZMHJPSP[H[LZ
MVJ\ZLKTHUHNLTLU[VM[OLHWWSPJHISLYPZRZHUK[OLJVTWHYPZVUVMJYLKP[L_WVZ\YLZHJYVZZHSSSPULZVMI\ZPULZZNLVNYHWOPJ
YLNPVUZ HUK WYVK\J[Z  ;OL YH[PUN Z`Z[LT PZ Z\WWVY[LK I` H ]HYPL[` VM ÄUHUJPHS HUHS`[PJZ JVTIPULK ^P[O WYVJLZZLK THYRL[
PUMVYTH[PVU[VWYV]PKL[OLTHPUPUW\[ZMVY[OLTLHZ\YLTLU[VMJV\U[LYWHY[`YPZR(SSPU[LYUHSYPZRYH[PUNZHYL[HPSVYLK[V[OL]HYPV\Z
JH[LNVYPLZHUKHYLKLYP]LKPUHJJVYKHUJL^P[O[OL7HYLU[*VTWHU`»ZYH[PUNWVSPJ`;OLH[[YPI\[HISLYPZRYH[PUNZHYLHZZLZZLKHUK
monitored regularly.

;OLYH[PUNJH[LNVYPLZHYLM\Y[OLYKLZJYPILKILSV^

/PNO.YHKL

;OPZ PUJS\KLZ HSS IVYYV^LYZ ^OVZL YH[PUNZ HYL JVUZPKLYLK HZ 3V^ 9PZR HUKVY [OVZL ^OLYL [OL L_WVZ\YLZ HYL JV]LYLK I`
.V]LYUTLU[.\HYHU[LL;O\Z[OLZLIVYYV^LYZOH]LH]LY`SV^WYVIHIPSP[`VMNVPUNPU[VKLMH\S[PU[OLJVTPUN`LHY

0U[LYTZVMIVYYV^LYJYLKP[YH[PUNZ[OLZLPUJS\KL[OLMVSSV^PUN!

A. 0*99:*V]LYLK
‹ )VYYV^LY9PZR9H[PUN)99,_JLW[PVUHS
‹ )99,_JLSSLU[
‹ )99:[YVUN
‹ )99.VVK

B. )*:*V]LYLK
‹ :[YVUN

.LULYHSS`H3V^9PZR/PNO.YHKLYH[PUNPZPUKPJH[P]LVMHOPNOJHWHJP[`[VM\SÄSSP[ZVISPNH[PVUZZ\WWVY[LKI`YVI\Z[ÄUHUJPHSZ
PLWYVÄ[HISL^P[OYL[\YUZJVUZPKLYHIS`OPNOLY[OHU[OLPUK\Z[Y`LSL]H[LKJHWHJP[PLZ[VZLY]PJLP[ZSPHIPSP[PLZNHPUM\SWVZP[PVUPUN
PUNYV^PUNPUK\Z[YPLZPLWHY[PJPWH[PVUPUPUK\Z[YPLZ^OLYLJVUKP[PVUZHYL]LY`MH]VYHISLHUKPU^OPJO[OL`HYLHISL[VNL[HNVVK
ZOHYL VM [OL THYRL[ HUK ]LY` Z[YVUN SLHKLYZOPW WYV]PKPUN JSLHY Z[YH[LNPJ KPYLJ[PVU HUKVY L_JLSSLU[ [YHPUPUN HUK KL]LSVWTLU[
programs.

:[HUKHYK.YHKL
;OPZ PUJS\KLZ HSS IVYYV^LYZ ^OVZL YH[PUNZ HYL JVUZPKLYLK HZ 4VKLYH[L 9PZR HUK HYL ZLLU [V ^P[OZ[HUK [`WPJHS Z^PUNZ PU [OL
LJVUVTPJJ`JSL^P[OV\[NVPUNPU[VKLMH\S[/V^L]LYHU`WYVSVUNLK\UMH]VYHISLLJVUVTPJWLYPVK^V\SKJYLH[LKL[LYPVYH[PVU[OH[
may already be beyond acceptable levels.

0U[LYTZVMIVYYV^LYJYLKP[YH[PUNZ[OLZLPUJS\KL[OLMVSSV^PUN!

A. 0*99:*V]LYLK
‹ )99:H[PZMHJ[VY`
‹ )99(JJLW[HISL
‹ )99-HPY

B. )*:*V]LYLK
‹ :H[PZMHJ[VY`
‹ (JJLW[HISL

CHINA BANKING CORPORATION

 47

.LULYHSS` H 4VKLYH[L 9PZR :[HUKHYK .YHKL YH[PUN ZPNUPÄLZ H IVYYV^LY ^OVZL ÄUHUJPHS WLYMVYTHUJL PZ Z\ѝJPLU[ [V ZLY]PJL
VISPNH[PVUZHUKPZH[WHY^P[OJVTWL[P[VYZPU[OLPUK\Z[Y`0U[LYTZVMTHUHNLTLU[P[PZY\UI`L_LJ\[P]LZ^P[OHKLX\H[LWLYZVUHS
HUKWYVMLZZPVUHSX\HSPÄJH[PVUZHUKZ\ѝJPLU[L_WLYPLUJLPUZPTPSHYJVTWHUPLZ0U[LYTZVMNYV^[OWV[LU[PHSP[PZLUNHNLKPUHU
PUK\Z[Y`^P[OZ[HISLV\[SVVRZ\WWVY[P]LVMJVU[PU\PUNVWLYH[PVUZ

:\I:[HUKHYK.YHKL

0U[LYTZVMIVYYV^LYJYLKP[YH[PUNZ[OPZPUJS\KLZ[OLMVSSV^PUN!

<UJSHZZPÄLK
A. 0*99:*V]LYLK
‹ )99>H[JOSPZ[
‹ )99 :WLJ\SH[P]L
‹ )99/PNOS`:WLJ\SH[P]L

B. )*:*V]LYLK
• Watchlist

(K]LYZLS`*SHZZPÄLK0*99:HUK)*:*V]LYLK
‹ )99,ZWLJPHSS`4LU[PVULK
‹ )99:\IZ[HUKHYK
‹ )99+V\I[M\S
‹ )993VZZ

-VYHJJV\U[Z[OH[HYL<UJSHZZPÄLKH/PNO9PZR:\I:[HUKHYK.YHKLYH[PUNPZPUKPJH[P]LVMIVYYV^LYZ^OLYL[OLYLHYL\UMH]VYHISL
PUK\Z[Y`VYJVTWHU`ZWLJPÄJMHJ[VYZ;OPZTH`ILÄUHUJPHSPUUH[\YLPLTHYNPUHSVWLYH[PUNWLYMVYTHUJLYL[\YUZ[OH[HYLSV^LY
[OHU[OVZLVM[OLPUK\Z[Y`HUKVYKPTPUPZOLKJHWHJP[`[VWH`VќVISPNH[PVUZ[OH[HYLK\LYLSH[LK[VTHUHNLTLU[X\HSP[`PUJS\KPUN
ULNH[P]LPUMVYTH[PVUYLNHYKPUN[OLJVTWHU`VYZWLJPÄJL_LJ\[P]LZHUKVY\UMH]VYHISLPUK\Z[Y`JVUKP[PVUZ;OLIVYYV^LYTPNO[
ÄUKP[]LY`OHYK[VJVWL^P[OHU`ZPNUPÄJHU[LJVUVTPJKV^U[\YUHUKHKLMH\S[PUZ\JOHJHZLPZTVYL[OHUHWVZZPIPSP[`;OLZL
HJJV\U[Z YLX\PYL H JSVZLY TVUP[VYPUN MVY HU` ZPNUZ VM M\Y[OLY KL[LYPVYH[PVU [OH[ JHU [YPNNLY YL]PL^ MVY WVZZPISL KV^UNYHKL [V
HK]LYZLJSHZZPÄJH[PVU

(K]LYZLS`*SHZZPÄLKHJJV\U[ZHYLH\[VTH[PJHSS`JVUZPKLYLKHZ/PNO9PZRHUKNLULYHSS`PUJS\KLZWHZ[K\LHJJV\U[Z/V^L]LYPU
ZVTLJHZLZL]LUHJJV\U[Z[OH[HYLULP[OLYWHZ[K\LUVYPTWHPYLKX\HSPÄLZMVYHK]LYZLJSHZZPÄJH[PVU9LHZVUZMVY[OPZPUJS\KL
HTVUNV[OLYZ[OLMVSSV^PUN!JVUZLJ\[P]LUL[SVZZLZLTLYNPUN^LHRULZZLZPU[LYTZVMJHZOÅV^ULNH[P]LLX\P[`HUKVYIYLHJO
in the covenants per term loan agreement.

-VY[OL7HYLU[*VTWHU`»ZJVUZ\TLYSVHUZ[OH[HYLJV]LYLKI`HWWSPJH[PVUZJVYLJHYKZ^OPJOWYV]PKLLP[OLYHWHZZMHPSZJVYL[OL
IHZPZMVYJYLKP[X\HSP[`YH[PUNPZ[OL):7JSHZZPÄJH[PVUMVY[OVZL[OH[HYLIVVRLKHZ*\YYLU[PL:[HUKHYK.YHKLPM<UJSHZZPÄLKHUK
:\I:[HUKHYK.YHKLPM(K]LYZLS`*SHZZPÄLKHUKPTWHPYTLU[Z[H[\ZMVY[OVZL[OH[HYLIVVRLKHZ7HZ[+\L0[LTZPU3P[PNH[PVU;OL
.YV\WHSZVHWWSPLK[OPZWVSPJ`MVY*):»JVUZ\TLYSVHUZHZVM+LJLTILY)LNPUUPUN+LJLTILY[OL.YV\WOHZ
JSHZZPÄLKJVUZ\TLYSVHUZVM*):JV]LYLKI`HWWSPJH[PVUZJVYLJHYK^P[OZJVYLYHURZVMHUK^OPJOHYL*\YYLU[HUK<UJSHZZPÄLK
HZ/PNO.YHKL;OL.YV\W»ZJVTWHYH[P]L[HISLHZVM+LJLTILYMVY¸*VUZ\TLY3LUKPUN¹OHZILLU\WKH[LK[VYLÅLJ[[OPZ
JOHUNLPUJYLKP[X\HSP[`JSHZZPÄJH[PVUYLZ\S[PUNPUHKLJYLHZLHTV\U[PUN[VPIPSSPVU\UKLY:[HUKHYK.YHKLHUKHJVYYLZWVUKPUN
PUJYLHZLMVY[OLZHTLHTV\U[\UKLY/PNO.YHKL[VHJJV\U[MVY*):»JVUZ\TLYSVHUZPU[OL.YV\W»ZJYLKP[L_WVZ\YLZ

;OLÄUHUJPHSHZZL[ZHYLHSZVNYV\WLKHJJVYKPUN[VZ[HNL^OVZLKLZJYPW[PVUPZL_WSHPULKHZMVSSV^Z!

:[HNL  – those that are considered current and up to 30 days past due, and based on change in rating, delinquencies and
WH`TLU[OPZ[VY`KVUV[KLTVUZ[YH[LZPNUPÄJHU[PUJYLHZLPUJYLKP[YPZR

:[HNL¶[OVZL[OH[IHZLKVUJOHUNLPUYH[PUNKLSPUX\LUJPLZHUKWH`TLU[OPZ[VY`KLTVUZ[YH[LZPNUPÄJHU[PUJYLHZLPUJYLKP[YPZR
HUKVYHYLJVUZPKLYLKTVYL[OHUKH`ZWHZ[K\LI\[KVLZUV[KLTVUZ[YH[LVIQLJ[P]LL]PKLUJLVMPTWHPYTLU[HZVMYLWVY[PUN
date.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

48

:[HNL¶[OVZL[OH[HYLJVUZPKLYLKPUKLMH\S[VYKLTVUZ[YH[LVIQLJ[P]LL]PKLUJLVMPTWHPYTLU[HZVMYLWVY[PUNKH[L

;OLMVSSV^PUN[HISLZPSS\Z[YH[L[OL.YV\W»ZHUK[OL7HYLU[*VTWHU`»ZJYLKP[L_WVZ\YLZHTV\U[ZPUTPSSPVUZ

Consolidated 2022
ECL Staging
Stage 1 Stage 2 Stage 3
Corporate and commercial lending 12-month ECL Lifetime ECL Lifetime ECL Total
5LP[OLYWHZ[K\LUVYPTWHPYLK
/PNONYHKL P34,841 P141 P– P34,982
:[HUKHYKNYHKL 337,287 12,964 – 350,251
:\I:[HUKHYK 112,348 44,515 – 156,863
<UYH[LK 520 70 – 590
Past due but not impaired – 587 – 587
Past due and impaired – – 12,137 12,137
Gross carrying amount P484,996 P58,277 P12,137 P555,410

Consolidated 2022
ECL Staging
Stage 1 Stage 2 Stage 3
Consumer Lending 12-month ECL Lifetime ECL Lifetime ECL Total
5LP[OLYWHZ[K\LUVYPTWHPYLK
/PNONYHKL P19,511 P– P– P19,511
:[HUKHYKNYHKL 102,420 5,665 – 108,085
:\I:[HUKHYK 1,926 4,538 – 6,464
<UYH[LK 842 1,334 – 2,176
Past due but not impaired – 3,165 – 3,165
Past due and impaired – – 5,064 5,064
Gross carrying amount P124,699 P14,702 P5,064 P144,465

Consolidated 2022
ECL Staging
Stage 1 Stage 2 Stage 3
Trade-related Lending 12-month ECL Lifetime ECL Lifetime ECL Total
5LP[OLYWHZ[K\LUVYPTWHPYLK
/PNONYHKL P1,982 P– P– P1,982
:[HUKHYKNYHKL 10,065 327 – 10,392
:\I:[HUKHYK 4,713 432 – 5,145
<UYH[LK 3 – – 3
Past due but not impaired – – – –
Past due and impaired – – 203 203
Gross carrying amount P16,763 P759 P203 P17,725

CHINA BANKING CORPORATION

 49

Consolidated 2022
ECL Staging
Stage 1 Stage 2 Stage 3
Others 12-month ECL Lifetime ECL Lifetime ECL Total
5LP[OLYWHZ[K\LUVYPTWHPYLK
/PNONYHKL P68 P– P– P68
:[HUKHYKNYHKL 7 5 – 12
:\I:[HUKHYK – 5 – 5
<UYH[LK 19 – – 19
Past due but not impaired – 4 – 4
Past due and impaired – – 7 7
Gross carrying amount P94 P14 P7 P115

Consolidated 2021
,*3:[HNPUN
Corporate and commercial lending :[HNL :[HNL :[HNL
TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
5LP[OLYWHZ[K\LUVYPTWHPYLK
/PNONYHKL P32,100 P P– P
:[HUKHYKNYHKL   –  
:\I:[HUKHYK    – 
<UYH[LK  23 – 
Past due but not impaired –  – 
Past due and impaired – –  
.YVZZJHYY`PUNHTV\U[ P P P  P 

Consolidated 2021
,*3:[HNPUN
*VUZ\TLY3LUKPUN :[HNL :[HNL :[HNL
TVU[O,*3 3PML[PTL,*3 3PML[PTL,*3 Total
5LP[OLYWHZ[K\LUVYPTWHPYLK
/PNONYHKL P P11 P– P
:[HUKHYKNYHKL   – 
:\I:[HUKHYK 3,212  – 9,029
<UYH[LK    –  
Past due but not impaired – 2,890 – 2,890
Past due and impaired – –  
.YVZZJHYY`PUNHTV\U[ P P P P

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

50

Consolidated 2021
,*3:[HNPUN
;YHKLYLSH[LK3LUKPUN :[HNL :[HNL :[HNL
TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
5LP[OLYWHZ[K\LUVYPTWHPYLK
/PNONYHKL P P– P– P
:[HUKHYKNYHKL  3 – 
:\I:[HUKHYK  938 – 
<UYH[LK – – – –
Past due but not impaired –  – 
Past due and impaired – –  
.YVZZJHYY`PUNHTV\U[ P11,233 P  P P

Consolidated 2021
,*3:[HNPUN
:[HNL :[HNL :[HNL
Others TVU[O,*3 3PML[PTL,*3 3PML[PTL,*3 Total
5LP[OLYWHZ[K\LUVYPTWHPYLK
/PNONYHKL P P– P– P
:[HUKHYKNYHKL – – – –
:\I:[HUKHYK – – – –
<UYH[LK 20 – – 20
Past due but not impaired –  – 
Past due and impaired – –  
.YVZZJHYY`PUNHTV\U[ P P P P

Parent Company 2022

ECL Staging
Stage 1 Stage 2 Stage 3
Corporate and commercial lending 12-month ECL Lifetime ECL Lifetime ECL Total
5LP[OLYWHZ[K\LUVYPTWHPYLK
/PNONYHKL P33,842 P141 P– P33,983
:[HUKHYKNYHKL 330,747 9,339 – 340,086
:\I:[HUKHYK 112,348 42,540 – 154,888
<UYH[LK 520 70 – 590
Past due but not impaired – 402 – 402
Past due and impaired – – 9,206 9,206
Gross carrying amount P477,457 P52,492 P9,206 P539,155

CHINA BANKING CORPORATION

 51

Parent Company 2022

ECL Staging
Stage 1 Stage 2 Stage 3
Consumer Lending 12-month ECL Lifetime ECL Lifetime ECL Total
5LP[OLYWHZ[K\LUVYPTWHPYLK
/PNONYHKL P182 P– P– P182
:[HUKHYKNYHKL 51,977 5,665 – 57,642
:\I:[HUKHYK 1,926 4,538 – 6,464
<UYH[LK 842 1,334 – 2,176
Past due but not impaired – 1,187 – 1,187
Past due and impaired – – 3,338 3,338
Gross carrying amount P54,927 P12,724 P3,338 P70,989

Parent Company 2022

ECL Staging
Stage 1 Stage 2 Stage 3
7UDGHĚUHODWHG/HQGLQJ 12-month ECL Lifetime ECL Lifetime ECL Total
5LP[OLYWHZ[K\LUVYPTWHPYLK
/PNONYHKL P1,982 P– P– P1,982
:[HUKHYKNYHKL 10,064 – – 10,064
:\I:[HUKHYK 4,713 426 – 5,139
<UYH[LK 3 – – 3
Past due but not impaired – – – –
Past due and impaired – – 203 203
Gross carrying amount P16,762 P426 P203 P17,391

Parent Company 2022

ECL Staging
Stage 1 Stage 2 Stage 3
Others 12-month ECL Lifetime ECL Lifetime ECL Total
5LP[OLYWHZ[K\LUVYPTWHPYLK
/PNONYHKL P– P– P– P–
:[HUKHYKNYHKL – – – –
:\I:[HUKHYK – – – –
<UYH[LK 19 – – 19
Past due but not impaired – – – –
Past due and impaired – – – –
Gross carrying amount P19 P– P– P19

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

52

Parent Company 2021

,*3:[HNPUN
:[HNL :[HNL :[HNL
Corporate and commercial lending TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
5LP[OLYWHZ[K\LUVYPTWHPYLK
/PNONYHKL P P P– P
:[HUKHYKNYHKL   – 
:\I:[HUKHYK   – 
<UYH[LK  23 – 
Past due but not impaired – 91 – 91
Past due and impaired – –  
.YVZZJHYY`PUNHTV\U[ P  P P P

Parent Company 2021

,*3:[HNPUN
:[HNL :[HNL :[HNL
*VUZ\TLY3LUKPUN TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
5LP[OLYWHZ[K\LUVYPTWHPYLK
/PNONYHKL P208 P11 P– P219
:[HUKHYKNYHKL    – 
:\I:[HUKHYK 3,212  – 9,029
<UYH[LK    –  
Past due but not impaired –  – 
Past due and impaired – –    
.YVZZJHYY`PUNHTV\U[ P P P  P

Parent Company 2021

,*3:[HNPUN
:[HNL :[HNL :[HNL
;YHKLòYLSH[LK3LUKPUN TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
5LP[OLYWHZ[K\LUVYPTWHPYLK
/PNONYHKL P130 P– P– P130
:[HUKHYKNYHKL   – 
:\I:[HUKHYK  938 – 
<UYH[LK – – – –
Past due but not impaired – – – –
Past due and impaired – –  
.YVZZJHYY`PUNHTV\U[ P10,911 P  P P12,080

CHINA BANKING CORPORATION

 53

Parent Company 2021

,*3:[HNPUN
:[HNL :[HNL :[HNL
Others TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
5LP[OLYWHZ[K\LUVYPTWHPYLK
/PNONYHKL P– P– P– P–
:[HUKHYKNYHKL – – – –
:\I:[HUKHYK – – – –
<UYH[LK 20 – – 20
Past due but not impaired – – – –
Past due and impaired – – – –
.YVZZJHYY`PUNHTV\U[ P20 P– P– P20

+LWVZP[VY`HJJV\U[Z^P[O[OL):7HUKJV\U[LYWHY[`IHURZ;YHKPUNHUK0U]LZ[TLU[:LJ\YP[PLZ
-VY[OLZLÄUHUJPHSHZZL[ZV\[Z[HUKPUNL_WVZ\YLPZYH[LKWYPTHYPS`IHZLKVUJYLKP[YH[PUNZMYVTPU[LYUH[PVUHSL_[LYUHSJYLKP[YH[PUN
HNLUJPLZHJJLZZLK[OYV\NO[OL.YV\W»Z)SVVTILYN[LYTPUHS"V[OLY^PZLYH[PUNPZIHZLKVUYPZRNYHKLZI`7OPSYH[PUNZ

-VY JV\U[LYWHY[PLZ ^P[OV\[ L_[LYUHS YH[PUN [OL .YV\W YL[HPULK [OL \ZLZ PU[LYUHS YH[PUN HUK P[Z JVYYLZWVUKPUN JH[LNVY` MVY
JV\U[LYWHY[PLZ^P[OUVL_[LYUHSYH[PUN,_WVZ\YLZ^P[OULP[OLYL_[LYUHSUVYPU[LYUHSYH[PUNZHYLPUJS\KLK\UKLY¸<UYH[LK¹

;OL L_[LYUHS YPZR YH[PUN VM [OL .YV\W»Z KLWVZP[VY` HJJV\U[Z ^P[O [OL ):7 HUK JV\U[LYWHY[` IHURZ [YHKPUN HUK PU]LZ[TLU[
ZLJ\YP[PLZPZNYV\WLKHZMVSSV^Z!

Credit Quality Rating External Credit Risk Rating Credit Rating Agency
/PNO.YHKL (((((((((ò : 7
(HH(H(H(H 4VVK`»Z
(((((((((ò -P[JO
:[HUKHYK.YHKL (((ò)))))))))ò : 7
((()HH)HH)HH 4VVK`»Z
(((ò)))))))))ò -P[JO
:\IZ[HUKHYK.YHKL ))))))ò))*****9:+ + : 7
)H)H)H))9:+ + 4VVK`»Z
))))))ò))***9:+ + -P[JO

Rating Description

/PNO.YHKL

(((¶(UVISPNVYOHZL_[YLTLS`Z[YVUNJHWHJP[`[VTLL[P[ZÄUHUJPHSJVTTP[TLU[Z

((¶(UVISPNVYOHZ]LY`Z[YVUNJHWHJP[`[VTLL[P[ZÄUHUJPHSJVTTP[TLU[Z0[KPќLYZMYVT[OLOPNOLZ[YH[LKVISPNVYZH[HTPUPTHS
KLNYLL

:[HUKHYK.YHKL

(¶(UVISPNVYOHZZ[YVUNJHWHJP[`[VTLL[P[ZÄUHUJPHSJVTTP[TLU[ZI\[PZZVTL^OH[TVYLZ\ZJLW[PISL[V[OLHK]LYZLLќLJ[ZVM
changes in circumstances and economic conditions than obligors in higher-rated categories.

)))¶(UVISPNVYOHZHKLX\H[LJHWHJP[`[VTLL[P[ZÄUHUJPHSJVTTP[TLU[Z/V^L]LYHK]LYZLLJVUVTPJJVUKP[PVUZVYJOHUNPUN
JPYJ\TZ[HUJLZHYLTVYLSPRLS`[VSLHK[VH^LHRLULKJHWHJP[`VM[OLVISPNVY[VTLL[P[ZÄUHUJPHSJVTTP[TLU[Z

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

54

:\I:[HUKHYK.YHKL

))¶(UVISPNVYPZSLZZ]\SULYHISLPU[OLULHY[LYT[OHUV[OLYSV^LYòYH[LKVISPNVYZ/V^L]LYP[MHJLZTHQVYVUNVPUN\UJLY[HPU[PLZ
HUKL_WVZ\YL[VHK]LYZLI\ZPULZZÄUHUJPHSVYLJVUVTPJJVUKP[PVUZ^OPJOJV\SKSLHK[V[OLVISPNVY»ZPUHKLX\H[LJHWHJP[`[V
TLL[P[ZÄUHUJPHSJVTTP[TLU[Z

) ¶ (U VISPNVY PZ TVYL ]\SULYHISL [OHU [OL VISPNVYZ YH[LK º))» I\[ [OL VISPNVY J\YYLU[S` OHZ [OL JHWHJP[` [V TLL[ P[Z ÄUHUJPHS
JVTTP[TLU[Z(K]LYZLI\ZPULZZÄUHUJPHSVYLJVUVTPJJVUKP[PVUZ^PSSSPRLS`PTWHPY[OLVISPNVY»ZJHWHJP[`VY^PSSPUNULZZ[VTLL[
P[ZÄUHUJPHSJVTTP[TLU[Z

***¶(UVISPNVYPZJ\YYLU[S`]\SULYHISLHUKPZKLWLUKLU[\WVUMH]VYHISLI\ZPULZZÄUHUJPHSHUKLJVUVTPJJVUKP[PVUZMVY[OL
VISPNVY[VTLL[P[ZÄUHUJPHSJVTTP[TLU[Z

**¶(UVISPNVYPZJ\YYLU[S`]\SULYHISL;OLYH[PUNPZ\ZLK^OLUHKLMH\S[OHZUV[`L[VJJ\YYLKI\[L_WLJ[ZKLMH\S[[VILH]PY[\HS
JLY[HPU[`YLNHYKSLZZVM[OLHU[PJPWH[LK[PTL[VKLMH\S[

9¶(UVISPNVYPZ\UKLYYLN\SH[VY`Z\WLY]PZPVUV^PUN[VP[ZÄUHUJPHSJVUKP[PVU+\YPUN[OLWLUKLUJ`VM[OLYLN\SH[VY`Z\WLY]PZPVU
[OLYLN\SH[VYZTH`OH]L[OLWV^LY[VMH]VYVULJSHZZVMVISPNH[PVUZV]LYV[OLYZVYWH`ZVTLVISPNH[PVUZHUKUV[V[OLYZ
:+HUK+¶(UVISPNVYPZPUKLMH\S[VUVULVYTVYLVMP[ZÄUHUJPHSVISPNH[PVUZPUJS\KPUNYH[LKHUK\UYH[LKÄUHUJPHSVISPNH[PVUZI\[
L_JS\KPUNO`IYPKPUZ[Y\TLU[ZJSHZZPÄLKHZYLN\SH[VY`JHWP[HSVYPUUVUWH`TLU[HJJVYKPUN[V[LYTZ

0U[OLJHZLVM7/7KLUVTPUH[LKZLJ\YP[PLZ^OPJOHYLUV[YH[LKI`LP[OLY: 74VVK`»ZVY-P[JOI\[OH]LHUL_[LYUHSYH[PUNI`
7OPSYH[PUNZ[OLMVSSV^PUNNYV\WPUN^HZHWWSPLK

Credit Quality Rating External Credit Risk Rating

/PNONYHKL 79:(HH79:(H79:(H79:(Hò
:[HUKHYKNYHKL 79:(79:(79:(ò79:)HH79:)HH79:)HHò
:\I:[HUKHYKNYHKL 79:)H79:)H79:)Hò79:)79:)79:)ò79:*HH79:*HH79:*HHò
79:*H79:*H79:*Hò79:*79:*79:*ò

Rating Description

/PNO.YHKL

79:(HH¶;OLVISPNVY»ZJHWHJP[`[VTLL[P[ZÄUHUJPHSJVTTP[TLU[VU[OLVISPNH[PVUPZL_[YLTLS`Z[YVUN

79:(H¶;OLVISPNVY»ZJHWHJP[`[VTLL[P[ZÄUHUJPHSJVTTP[TLU[VU[OLVISPNH[PVUPZ]LY`Z[YVUN

:[HUKHYK.YHKL

79:(¶>P[OMH]VYHISLPU]LZ[TLU[H[[YPI\[LZHUKHYLJVUZPKLYLKHZ\WWLYTLKP\TNYHKLVISPNH[PVUZ(S[OV\NOVISPNH[PVUZYH[LK
º79:(»HYLZVTL^OH[TVYLZ\ZJLW[PISL[V[OLHK]LYZLLќLJ[ZVMJOHUNLZPULJVUVTPJJVUKP[PVUZ[OLVISPNVY»ZJHWHJP[`[VTLL[
P[ZÄUHUJPHSJVTTP[TLU[ZVU[OLVISPNH[PVUPZZ[PSSZ[YVUN

79:)HH¶(UVISPNH[PVUYH[LKº79:)HH»L_OPIP[ZHKLX\H[LWYV[LJ[PVUWHYHTL[LYZ/V^L]LYHK]LYZLLJVUVTPJJVUKP[PVUZHUK
JOHUNPUNJPYJ\TZ[HUJLZHYLTVYLSPRLS`[VSLHK[VH^LHRLULKJHWHJP[`VM[OLVISPNVY[VTLL[P[ZÄUHUJPHSJVTTP[TLU[VU[OL
VISPNH[PVU79:)HHYH[LKPZZ\LZTH`WVZZLZZJLY[HPUZWLJ\SH[P]LJOHYHJ[LYPZ[PJZ

:\I:[HUKHYK.YHKL

79:)H¶(UVISPNH[PVUYH[LKº79:)H»PZSLZZ]\SULYHISL[VUVUWH`TLU[[OHUV[OLYZWLJ\SH[P]LPZZ\LZ/V^L]LYP[MHJLZTHQVY
VUNVPUN\UJLY[HPU[PLZYLSH[PUN[VI\ZPULZZÄUHUJPHSVYLJVUVTPJJVUKP[PVUZ^OPJOJV\SKSLHK[V[OLVISPNVY»ZPUHKLX\H[LJHWHJP[`
[VTLL[P[ZÄUHUJPHSJVTTP[TLU[VU[OLVISPNH[PVU

CHINA BANKING CORPORATION

 55

79:)¶(UVISPNH[PVUYH[LKº79:)»PZTVYL]\SULYHISL[VUVUWH`TLU[[OHUVISPNH[PVUZYH[LKº79:)H»I\[[OLVISPNVYJ\YYLU[S`
OHZ[OLJHWHJP[`[VTLL[P[ZÄUHUJPHSJVTTP[TLU[VU[OLVISPNH[PVU(K]LYZLLJVUVTPJJVUKP[PVUZ^PSSSPRLS`PTWHPY[OLVISPNVY»Z
JHWHJP[`[VTLL[P[ZÄUHUJPHSJVTTP[TLU[VU[OLVISPNH[PVU;OLPZZ\LPZJOHYHJ[LYPaLKI`OPNOJYLKP[YPZR

79:*HH ¶ (U VISPNH[PVU YH[LK º79:*HH» PZ WYLZLU[S` ]\SULYHISL [V UVUWH`TLU[ HUK PZ KLWLUKLU[ \WVU MH]VYHISL I\ZPULZZ
ÄUHUJPHSHUKLJVUVTPJJVUKP[PVUZMVY[OLVISPNVY[VTLL[P[ZÄUHUJPHSJVTTP[TLU[ZVU[OLVISPNH[PVU0U[OLL]LU[VMHK]LYZL
LJVUVTPJJVUKP[PVUZ[OLVISPNVYPZUV[SPRLS`[VOH]L[OLJHWHJP[`[VTLL[P[ZÄUHUJPHSJVTTP[TLU[VU[OLVISPNH[PVU;OLPZZ\LPZ
JVUZPKLYLK[VILVMWVVYZ[HUKPUNHUKPZZ\IQLJ[[V]LY`OPNOJYLKP[YPZR

79:*H¶(UVISPNH[PVUYH[LK¸79:*H¹PZWYLZLU[S`OPNOS`]\SULYHISL[VUVUWH`TLU[3PRLS`HSYLHK`PUVY]LY`ULHYKLMH\S[^P[O
ZVTLWYVZWLJ[MVYWHY[PHSYLJV]LY`VMWYPUJPWHSVYPU[LYLZ[

79:*¶(UVISPNH[PVUPZHSYLHK`PUKLMH\S[^P[O]LY`SP[[SLWYVZWLJ[MVYHU`YLJV]LY`VMWYPUJPWHSVYPU[LYLZ[

-VYJV\U[LYWHY[`IHURZ^P[OUVL_[LYUHSYH[PUNI\[YH[LK\UKLY[OL)HUR»*HTLSV[9H[PUN:`Z[LT[OLMVSSV^PUNNYV\WPUN^HZ
HWWSPLK!

Credit Quality Rating Camelot Rating

/PNONYHKL ((()))
:[HUKHYKNYHKL ****
:\I:[HUKHYKNYHKL ++++,,,,

Rating Description

/PNO.YHKL

(¶,_JLW[PVUHS)HUR^P[OZ[YVUNI\ZPULZZMYHUJOPZLÄUHUJPHSZHUKWYVZWLJ[Z

)¶)HUR^P[ONVVKM\UKHTLU[HSZ"ZVTLTPUVY^LHRULZZLZTH`L_PZ[I\[ZOV\SKILYLZVS]LKPUK\LJV\YZL

:[HUKHYK.YHKL

*¶)HUR^P[OHKLX\H[LM\UKHTLU[HSZ"ZVTLHZWLJ[ZYHPZLJVUJLYUZ[OH[WYL]LU[P[MYVTHJOPL]PUNHOPNOLYYH[PUN

:\I:[HUKHYK.YHKL

+¶)HUR^P[O^LHRULZZLZ"JHWHIPSP[`HIPSP[`[VYLZVS]LZ\JO^LHRULZZLZPZW\[PU[VX\LZ[PVU

,¶)HUR^P[O]LY`ZLYPV\ZWYVISLTZULNH[P]LM\UKHTLU[HSZ

-VYJVYWVYH[LPZZ\LYZ^P[OUVL_[LYUHSYH[PUNI\[HYLYH[LK\UKLY[OL)HUR»Z0*99:[OLNYV\WPUN\ZLKMVYJVYWVYH[LIVYYV^LYZ
^PSSHWWS`

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

56

;OLZ\JJLLKPUN[HISLZZOV^[OLJYLKP[L_WVZ\YLZVM[OL.YV\WHUK[OL7HYLU[*VTWHU`YLSH[LK[V[OLZLÄUHUJPHSHZZL[ZHTV\U[Z
in millions).

Consolidated 2022 2021

ECL Staging
Stage 1 Stage 2 Stage 3 :[HNL :[HNL :[HNL
,QYHVWPHQWVHFXULWLHV 12-month Lifetime Lifetime 12-month  3PML[PTL  3PML[PTL
at amortized cost ECL ECL ECL Total ,*3  ,*3  ,*3 Total
5LP[OLYWHZ[K\LUVYPTWHPYLK
/PNONYHKL P57,060 P– P– P57,060 P P– P– P
:[HUKHYKNYHKL 280,612 1,436 – 282,048  3,033 – 
:\I:[HUKHYK 14,937 1,600 – 16,537   – 
<UYH[LK – – – – – – – –
Past due but not impaired – – – – – – – –
Impaired – – – – – –    
.YVZZJHYY`PUNHTV\U[ P352,609 P3,036 P– P355,645 P P P  P 

Consolidated 2022 2021

ECL Staging
Stage 1 Stage 2 Stage 3 :[HNL :[HNL :[HNL
Financial assets at FVOCI (debt 12-month Lifetime Lifetime 12-month  3PML[PTL  3PML[PTL
securities) ECL ECL ECL Total ,*3  ,*3  ,*3 Total
5LP[OLYWHZ[K\LUVYPTWHPYLK
/PNONYHKL P3,392 P– P– P3,392 P P– P– P
:[HUKHYKNYHKL 36,405 1,315 – 37,720    – 
:\I:[HUKHYK 1,573 – – 1,573  – – 
<UYH[LK – – – – 1 – – 1
Past due but not impaired – – – – – – – –
Impaired – – – – – – – –
.YVZZJHYY`PUNHTV\U[ P41,370 P1,315 P– P42,685 P P P– P28,019

Parent Company 2022 2021

ECL Staging
Stage 1 Stage 2 Stage 3 :[HNL :[HNL :[HNL
,QYHVWPHQWVHFXULWLHVDW 12-month Lifetime Lifetime 12-month  3PML[PTL  3PML[PTL
amortized cost ECL ECL ECL Total ,*3  ,*3  ,*3 Total
5LP[OLYWHZ[K\LUVYPTWHPYLK
/PNONYHKL P57,060 P– P– P57,060 P P– P– P
:[HUKHYKNYHKL 274,627 1,436 – 276,063  3,033 –  
:\I:[HUKHYK 14,937 1,600 – 16,537   – 
<UYH[LK – – – – – – – –
Past due but not impaired – – – – – – – –
Impaired – – – – – –  
.YVZZJHYY`PUNHTV\U[ P346,624 P3,036 P– P349,660 P  P P P 

CHINA BANKING CORPORATION

 57

Parent Company 2022 2021

ECL Staging
Stage 1 Stage 2 Stage 3 :[HNL :[HNL :[HNL
Financial assets at FVOCI 12-month Lifetime Lifetime 12-month  3PML[PTL  3PML[PTL
(debt securities) ECL ECL ECL Total ,*3  ,*3  ,*3 Total
5LP[OLYWHZ[K\LUVYPTWHPYLK
/PNONYHKL P3,280 P– P– P3,280 P– P– P– P–
:[HUKHYKNYHKL 34,376 1,315 – 35,691    – 
:\I:[HUKHYK 1,572 – – 1,572  – – 
<UYH[LK – – – – 1 – – 1
Past due but not impaired – – – – – – – –
Impaired – – – – – – – –
.YVZZJHYY`PUNHTV\U[ P39,228 P1,315 P– P40,543 P  P P– P 

Consolidated 2022
High Standard Sub-Standard
Grade Grade Grade  8QUDWHG Total
+\LMYVT):7 P– P107,100 P– P– P107,100
+\LMYVTV[OLYIHURZ 1,367 12,226 21 1 13,615
0U[LYIHURSVHUZYLJLP]HISLHUK:7<9( 15,419 28,146 – – 43,565
-PUHUJPHSHZZL[ZH[-=;73 1,558 2,393 541 236 4,728
P18,344 P149,865 P562 P237 P169,008

Parent Company 2022

High Standard Sub-Standard
Grade Grade Grade  8QUDWHG Total
+\LMYVT):7 P– P92,921 P– P– P92,921
+\LMYVTV[OLYIHURZ 927 11,399 21 – 12,347
0U[LYIHURSVHUZYLJLP]HISLHUK:7<9( 15,419 26,179 – – 41,598
-PUHUJPHSHZZL[ZH[-=;73 345 2,393 541 236 3,515
P16,691 P132,892 P562 P236 P150,381

Consolidated 2021
 /PNO  :[HUKHYK  :\I:[HUKHYK
 .YHKL  .YHKL  .YHKL  <UYH[LK Total
+\LMYVT):7 P– P P– P– P
+\LMYVTV[OLYIHURZ   19 –  
0U[LYIHURSVHUZYLJLP]HISLHUK:7<9(  21,813 – – 
-PUHUJPHSHZZL[ZH[-=;73 2,193    
P P  P P P

Parent Company 2021

 /PNO  :[HUKHYK  :\I:[HUKHYK
 .YHKL  .YHKL  .YHKL  <UYH[LK Total
+\LMYVT):7 Pò P  Pò Pò P 
+\LMYVTV[OLYIHURZ   8,829 19  ò  
0U[LYIHURSVHUZYLJLP]HISLHUK:7<9(   – – 
-PUHUJPHSHZZL[ZH[-=;73     
P P P P P 

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

58

9LZ[Y\J[\YLK3VHUZ
;OLMVSSV^PUN[HISLWYLZLU[Z[OLJHYY`PUNHTV\U[VMYLZ[Y\J[\YLKSVHUZNYVZZVMHSSV^HUJLMVYPTWHPYTLU[HUKJYLKP[SVZZLZVM[OL
.YV\WHUK7HYLU[*VTWHU`HZVM+LJLTILYHUK!

Consolidated Parent Company

2022 2021 2022 2021
3VHUZHUKHK]HUJLZ[VJ\Z[VTLYZ
Corporate and commercial lending P1,526,923 P  P1,150,752 P  
Consumer lending 1,251,472  1,223,941 
;V[HSYLZ[Y\J[\YLKÄUHUJPHSHZZL[Z P2,778,395 P  P2,374,693 P

0TWHPYTLU[(ZZLZZTLU[
;OL.YV\WYLJVNUPaLZHJYLKP[SVZZHSSV^HUJLVUHÄUHUJPHSHZZL[IHZLKVU^OL[OLYP[OHZOHKHZPNUPÄJHU[PUJYLHZLPUJYLKP[YPZR
ZPUJLPUP[PHSYLJVNUP[PVU(JJVYKPUNS`[OL.YV\WJH[LNVYPaLZP[ZÄUHUJPHSHZZL[ZPU[V[OYLLJH[LNVYPLZ!Z[HNL¶ÄUHUJPHSHZZL[
[OH[OHZUV[OHKHZPNUPÄJHU[PUJYLHZLPUJYLKP[YPZR"Z[HNL¶ÄUHUJPHSHZZL[[OH[OHZOHKHZPNUPÄJHU[PUJYLHZLPUJYLKP[YPZR"HUK
Z[HNL¶ÄUHUJPHSHZZL[PUKLMH\S[

.LULYHSS`[OL.YV\WHZZLZZLZ[OLWYLZLUJLVMHZPNUPÄJHU[PUJYLHZLPUJYLKP[YPZRIHZLKVU[OLU\TILYVMUV[JOLZ[OH[HÄUHUJPHS
HZZL[»ZJYLKP[YPZRYH[PUNOHZKLJSPULKZPUJLVYPNPUH[PVU>OLUHWWSPJHISL[OL.YV\WHSZVHWWSPLZHYLI\[[HISLWYLZ\TW[PVU[OH[
[OLJYLKP[YPZRVUHÄUHUJPHSHZZL[OHZPUJYLHZLKZPNUPÄJHU[S`ZPUJLPUP[PHSYLJVNUP[PVU^OLUJVU[YHJ[\HSWH`TLU[ZHYLTVYL[OHU
KH`ZWHZ[K\L0UZ\IZLX\LU[YLWVY[PUNWLYPVKZPM[OLJYLKP[YPZRVM[OLÄUHUJPHSPUZ[Y\TLU[PTWYV]LZZ\JO[OH[[OLYLPZUV
SVUNLYH:0*9ZPUJLPUP[PHSYLJVNUP[PVU[OL.YV\WZOHSSYL]LY[[VYLJVNUPaPUNHTVU[O,*3

;OL.YV\WKLÄULZHÄUHUJPHSPUZ[Y\TLU[HZPUKLMH\S[^OPJOPZM\SS`HSPNULK^P[O[OLKLÄUP[PVUVMJYLKP[PTWHPYLK^OLUH[OL
IVYYV^LYILJVTLZH[SLHZ[ KH`ZWHZ[K\LVUP[ZJVU[YHJ[\HSWH`TLU[Z\USLZZ[OL.YV\WOHZYLHZVUHISLHUKZ\WWVY[HISL
PUMVYTH[PVU[VKLTVUZ[YH[L[OH[HTVYLSHNNPUNKLMH\S[JYP[LYPVUPZTVYLHWWYVWYPH[LIP[PZJSHZZPÄLKHZKV\I[M\SVYSVZZ\UKLY
WY\KLU[PHSYLWVY[PUN"JP[PZPUSP[PNH[PVU"HUKVYKM\SSYLWH`TLU[VMWYPUJPWHSHUKPU[LYLZ[PZ\USPRLS`^P[OV\[MVYLJSVZ\YLVMJVSSH[LYHS
PMHU`(ZHWHY[VMHX\HSP[H[P]LHZZLZZTLU[VM^OL[OLYHJ\Z[VTLYPZPUKLMH\S[[OL.YV\WHSZVJVUZPKLYZH]HYPL[`VMPUZ[HUJLZ
VYSVZZL]LU[Z[OH[TH`PUKPJH[L\USPRLSPULZZ[VWH`>OLUZ\JOL]LU[ZVJJ\Y[OL.YV\WJHYLM\SS`JVUZPKLYZ^OL[OLY[OLL]LU[
ZOV\SKYLZ\S[PU[YLH[PUN[OLJ\Z[VTLYHZKLMH\S[LK(UPUZ[Y\TLU[PZJVUZPKLYLK[VILUVSVUNLYPUKLMH\S[PL[VOH]LJ\YLK^OLU
P[UVSVUNLYTLL[ZHU`VM[OLKLMH\S[JYP[LYPHMVYHJVUZLJ\[P]LWLYPVKVMKH`ZPLJVUZLJ\[P]LWH`TLU[ZMYVT[OLIVYYV^LYZ
MVYKH`Z

;OL.YV\W[OLUTLHZ\YLZ[OLJYLKP[SVZZHSSV^HUJLVUHÄUHUJPHSPUZ[Y\TLU[H[HUHTV\U[LX\HS[VTVU[OL_WLJ[LKJYLKP[
SVZZLZMVYP[LTZJH[LNVYPaLKHZZ[HNLHUKSPML[PTLJYLKP[SVZZLZMVYP[LTZJH[LNVYPaLKHZZ[HNLHUKZ[HNL

;OL.YV\WTVKLSLK[OLMVSSV^PUNPUW\[Z[V[OLL_WLJ[LKJYLKP[SVZZMVYT\SHZLWHYH[LS`;OLMVYT\SHPZHWWSPLK[VLHJOÄUHUJPHS
HZZL[^P[OJLY[HPUL_JLW[PVUZ^OLYLPUHJVSSLJ[P]LVYV[OLYNLULYHSHWWYVHJOPZHWWSPLK!

,_WVZ\YLH[+LMH\S[,(+
;OL.YV\WKLÄULZ,(+HZ[OLWYPUJPWHSHUKPU[LYLZ[Z[OH[^V\SKUV[ILJVSSLJ[LKHZZ\TPUN[OLIVYYV^LYKLMH\S[ZK\YPUNHM\[\YL
WVPU[PU[PTL;OL.YV\WJVTW\[LZMVYHÄUHUJPHSHZZL[»Z,(+\ZPUN[OLL_WLJ[LKJVU[YHJ[\HSJHZOÅV^ZK\YPUN[OLJVU[YHJ[\HS
SPMLVM[OLÄUHUJPHSPUZ[Y\TLU[(ÄUHUJPHSHZZL[»Z,(+PZKLÄULKHZ[OLZ\TVM,(+MYVTWYPUJPWHSHUK,(+MYVTPU[LYLZ[

7YVIHIPSP[`VMKLMH\S[7+
;OL.YV\W\ZLZMVY^HYKSVVRPUN7+LZ[PTH[LZ[OH[HYL\UIPHZLKHUKWYVIHIPSP[`^LPNO[LK\ZPUNHYHUNLVMWVZZPISLV\[JVTLZ
;OL7+MVYLHJOPUKP]PK\HSPUZ[Y\TLU[PZTVKLSSLKIHZLKVUOPZ[VYPJHSKH[HHUKPZLZ[PTH[LKIHZLKVUJ\YYLU[THYRL[JVUKP[PVUZ
HUKYLHZVUHISLHUKZ\WWVY[HISLPUMVYTH[PVUHIV\[M\[\YLLJVUVTPJJVUKP[PVUZ;OL.YV\WZLNTLU[LKP[ZJYLKP[L_WVZ\YLZIHZLK
VUOVTVNLUV\ZYPZRJOHYHJ[LYPZ[PJZHUKKL]LSVWLKHJVYYLZWVUKPUN7+TL[OVKVSVN`MVYLHJOWVY[MVSPV;OL7+TL[OVKVSVN`MVY
LHJOYLSL]HU[WVY[MVSPVPZKL[LYTPULKIHZLKVU[OL\UKLYS`PUNUH[\YLVYJOHYHJ[LYPZ[PJVM[OLWVY[MVSPVILOH]PVYVM[OLHJJV\U[Z
HUKTH[LYPHSP[`VM[OLZLNTLU[HZJVTWHYLK[V[OL[V[HSWVY[MVSPV;OL.YV\W»Z7+ZHYLTHPUS`JH[LNVYPaLKPU[V[OYLL!HJVYWVYH[L"
IZV]LYLPNU"HUKJYL[HPS

CHINA BANKING CORPORATION

 59

3VZZNP]LUKLMH\S[3.+
;OL .YV\W»Z 3.+ TVKLS JVUZPKLYZ JLY[HPU MHJ[VYZ Z\JO HZ [OL OPZ[VYPJHS JHZO ÅV^ YLJV]LY` HUK YLHZVUHISL HUK Z\WWVY[HISL
PUMVYTH[PVUHIV\[M\[\YLLJVUVTPJJVUKP[PVUZ^OLYLHWWYVWYPH[L.LULYHSS`[OLTVKLS\[PSPaLZ[OL.YV\W»ZL_PZ[PUNSVHUL_WVZ\YL
YH[PUNZ`Z[LT^OPJOPZKLZPNULK[VJHW[\YL[OLZLMHJ[VYZHZ^LSSHZ[OLJOHYHJ[LYPZ[PJZVMJVSSH[LYHSZYLSH[LK[VHUL_WVZ\YL0U
JHZLZ^OLYLPU[OPZKVLZUV[HWWS`[OL.YV\WSVVRZPU[V[OLZ[HUKHYKJOHYHJ[LYPZ[PJZVMJVSSH[LYHSZLNH\[VHUKOV\ZPUNSVHUZ
PUVYKLY[VLZ[PTH[LHU3.+MHJ[VY0U[OLJHZLVML_WVZ\YLZ^P[OV\[JVSSH[LYHSZLNZLJ\YP[PLZ[OL.YV\W\ZLZPU[LYUH[PVUHSS`
HJJLW[LKZ[HUKHYK3.+MHJ[VYZ

:[HY[PUN[OL.YV\WOHZJVUZPKLYLKJ\YYLU[HUKMVY^HYKSVVRPUNPUMVYTH[PVUYLSH[LK[V[OL*6=0+ WHUKLTPJPUHZZLZZPUN
[OLHMVYLTLU[PVULKMHJ[VYZ¶PLZPNUPÄJHU[PUJYLHZLPUJYLKP[YPZRKLMH\S[,(+7+HUK3.+;OL.YV\W^PSSJVU[PU\L[VHZZLZZ
[OLPTWHJ[VM[OLWHUKLTPJHUK[OLVUNVPUNLJVUVTPJYLJV]LY`PUTLHZ\YPUN,*3PU[OL\WJVTPUNYLWVY[PUNWLYPVKZ

Credit Review
0UHJJVYKHUJL^P[O):7*PYJ\SHYJYLKP[YL]PL^ZHYLJVUK\J[LKVUSVHUHJJV\U[Z[VL]HS\H[L^OL[OLYSVHUZHYLNYHU[LKPU
HJJVYKHUJL^P[O[OL7HYLU[*VTWHU`»ZWVSPJPLZHUK[VHZZLZZSVHUX\HSP[`HUKHWWYVWYPH[LULZZVMJSHZZPÄJH[PVU

9LZ\S[ZVMJYLKP[YL]PL^ZHYLWYVTW[S`YLWVY[LK[VTHUHNLTLU[[VHWWYPZL[OLTVMHU`ZPNUPÄJHU[ÄUKPUNZMVYWYVWLYJVYYLJ[P]L
actions.

Market Risk
4HYRL[YPZRPZ[OLYPZRVMSVZZ[OH[TH`YLZ\S[MYVTJOHUNLZPU[OL]HS\LVMHÄUHUJPHSWYVK\J[;OL7HYLU[*VTWHU`»ZTHYRL[YPZR
VYPNPUH[LZMYVTP[ZOVSKPUNZVMKVTLZ[PJHUKMVYLPNUKLUVTPUH[LKKLI[ZLJ\YP[PLZMVYLPNUL_JOHUNLPUZ[Y\TLU[ZLX\P[PLZMVYLPNU
exchange derivatives, and interest rate derivatives.

;OL94.VM[OL7HYLU[*VTWHU`PZYLZWVUZPISLMVYHZZPZ[PUN[OL96*^P[OP[ZYLZWVUZPIPSP[`MVYPKLU[PM`PUNTLHZ\YPUNTHUHNPUN
HUKJVU[YVSSPUNTHYRL[YPZR4HYRL[YPZRTHUHNLTLU[TLHZ\YLZ[OL7HYLU[*VTWHU`THYRL[YPZRL_WVZ\YLZ[OYV\NO[OL\ZLVM
=H9=H9PZHZ[H[PZ[PJHSTLHZ\YL[OH[LZ[PTH[LZ[OLTH_PT\TWV[LU[PHSSVZZMYVTHWVY[MVSPVV]LYHOVSKPUNWLYPVK^P[OPUHNP]LU
JVUÄKLUJLSL]LS

VaR assumptions
;OL7HYLU[*VTWHU`JHSJ\SH[LZ[OL=H9PU[YHKPUNHJ[P]P[PLZ;OL7HYLU[*VTWHU`\ZLZ[OL/PZ[VYPJHS:PT\SH[PVU-\SS=HS\H[PVU
HWWYVHJO[VTLHZ\YL=H9MVYHSS[YLHZ\Y`[YHKLKPUZ[Y\TLU[Z\ZPUNH  JVUÄKLUJLSL]LSHUKHòKH`OVSKPUNWLYPVK

;OL\ZLVMH  JVUÄKLUJLSL]LSTLHUZ[OH[^P[OPUHVULKH`OVYPaVUSVZZLZL_JLLKPUN[OL=H9ÄN\YLZOV\SKVJJ\YVU

H]LYHNLUV[TVYL[OHUVUJLL]LY`O\UKYLKKH`Z;OL]HSPKP[`VM[OL=H9TVKLSPZ]LYPÄLK[OYV\NOIHJR[LZ[PUN^OPJOL_HTPULZ
OV^MYLX\LU[S`HJ[\HSHUKO`WV[OL[PJHSKHPS`SVZZLZL_JLLKZKHPS`=H9;OL7HYLU[*VTWHU`TLHZ\YLZHUKTVUP[VYZ[OL=H9HUK
WYVÄ[HUKSVZZVUHKHPS`IHZPZ

:PUJL=H9PZHUPU[LNYHSWHY[VM[OL7HYLU[*VTWHU`»ZTHYRL[YPZRTHUHNLTLU[=H9SPTP[ZOH]LILLULZ[HISPZOLKMVYHSS[YHKPUN
WVZP[PVUZHUKL_WVZ\YLZHYLYL]PL^LKKHPS`HNHPUZ[[OLSPTP[ZI`THUHNLTLU[-\Y[OLYZ[YLZZ[LZ[PUNPZWLYMVYTLKMVYTVUP[VYPUN
extreme events.

Limitations of the VaR Methodology

;OL=H9TVKLSZHYLKLZPNULK[VTLHZ\YLTHYRL[YPZRPUHUVYTHSTHYRL[LU]PYVUTLU[\ZPUNLX\HSS`^LPNO[LKOPZ[VYPJHSKH[H;OL
\ZLVM=H9OHZSPTP[H[PVUZILJH\ZLP[PZIHZLKVUOPZ[VYPJHSJVYYLSH[PVUZHUK]VSH[PSP[PLZPUTHYRL[WYPJLZHUKHZZ\TLZ[OH[M\[\YL
WYPJLTV]LTLU[Z^PSSMVSSV^[OLZHTLKPZ[YPI\[PVU+\L[V[OLMHJ[[OH[=H9YLSPLZOLH]PS`VUOPZ[VYPJHSKH[H[VWYV]PKLPUMVYTH[PVU
HUKTH`UV[JSLHYS`WYLKPJ[[OLM\[\YLJOHUNLZHUKTVKPÄJH[PVUZVM[OLYPZRMHJ[VYZ[OLWYVIHIPSP[`VMSHYNLTHYRL[TV]LZTH`
IL\UKLYLZ[PTH[LKPMJOHUNLZPUYPZRMHJ[VYZMHPS[VHSPNU^P[O[OLHZZ\TW[PVUZ=H9TH`HSZVIL\UKLYVYV]LYLZ[PTH[LKK\L[V
[OLHZZ\TW[PVUZWSHJLKVUYPZRMHJ[VYZHUK[OLYLSH[PVUZOPWIL[^LLUZ\JOMHJ[VYZMVYZWLJPÄJPUZ[Y\TLU[Z,]LU[OV\NOWVZP[PVUZ
TH`JOHUNL[OYV\NOV\[[OLKH`[OL=H9VUS`YLWYLZLU[Z[OLYPZRVM[OLWVY[MVSPVZH[[OLJSVZLVMLHJOI\ZPULZZKH`HUKP[KVLZ
UV[HJJV\U[MVYHU`SVZZLZ[OH[TH`VJJ\YIL`VUK[OL  JVUÄKLUJLSL]LS

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

60

0U WYHJ[PJL [OL HJ[\HS [YHKPUN YLZ\S[Z ^PSS KPќLY MYVT [OL =H9 JHSJ\SH[PVU HUK PU WHY[PJ\SHY [OL JHSJ\SH[PVU KVLZ UV[ WYV]PKL H
TLHUPUNM\SPUKPJH[PVUVMWYVÄ[ZHUKSVZZLZPUZ[YLZZLKTHYRL[JVUKP[PVUZ;VKL[LYTPUL[OLYLSPHIPSP[`VM[OL=H9TVKLSZHJ[\HS
V\[JVTLZHYLTVUP[VYLKYLN\SHYS`[V[LZ[[OL]HSPKP[`VM[OLHZZ\TW[PVUZHUK[OLWHYHTL[LYZ\ZLKPU[OL=H9JHSJ\SH[PVU4HYRL[
YPZRWVZP[PVUZHYLHSZVZ\IQLJ[[VYLN\SHYZ[YLZZ[LZ[Z[VLUZ\YL[OH[[OL.YV\W^V\SK^P[OZ[HUKHUL_[YLTLTHYRL[L]LU[

(Z\TTHY`VM[OL=H9WVZP[PVUVM[OL[YHKPUNWVY[MVSPVVM[OL7HYLU[*VTWHU`PZHZMVSSV^Z!

-VYLPNU
0U[LYLZ[9H[L1 ,_JOHUNL2 Price3 0U[LYLZ[9H[L 0U[LYLZ[9H[L
0U4PSSPVUZ
2022
31 December P14.77 P38.66 P24.65 P6.45 P2.04
(]LYHNLKHPS` 31.96 21.83 16.72 4.27 2.16
/PNOLZ[ 60.07 83.37 24.65 9.23 3.76
3V^LZ[ 13.89 3.19 9.56 0.75 1.50

2021
31 December P P  P18.30 P3.23 P
(]LYHNLKHPS`  23.11    3.20
/PNOLZ[   31.23  
3V^LZ[     

1
0U[LYLZ[YH[L=H9MVYKLI[ZLJ\YP[PLZ0U[LYLZ[YH[L=H9MVYMVYLPNUJ\YYLUJ`KLUVTPUH[LKKLI[ZLJ\YP[PLZHYL[YHUZSH[LK[V7/7\ZPUNKHPS`
closing rate)
2
-?=H9PZ[OLIHUR^PKLMVYLPNUL_JOHUNLYPZR
3
7YPJL=H9MVYLX\P[`ZLJ\YP[PLZHUKM\[\YLZ

0U[LYLZ[YH[L=H9MVY-?Z^HWZHUK-?MVY^HYKZ

0U[LYLZ[YH[L=H9MVY09:

0U[LYLZ[9H[L9PZR
;OL.YV\W»ZPU[LYLZ[YH[LYPZRVYPNPUH[LZMYVTP[ZOVSKPUNZVMPU[LYLZ[YH[LZLUZP[P]LHZZL[ZHUKPU[LYLZ[YH[LZLUZP[P]LSPHIPSP[PLZ;OL
7HYLU[*VTWHU`MVSSV^ZWY\KLU[WVSPJPLZPUTHUHNPUNP[ZL_WVZ\YLZ[VPU[LYLZ[YH[LÅ\J[\H[PVUZHUKJVUZ[HU[S`TVUP[VYZHUK
KPZJ\ZZLZP[ZL_WVZ\YLPU(ZZL[HUK3PHIPSP[`*VTTP[[LL(3*6TLL[PUNZOLSKL]LY`^LLR

(ZVM+LJLTILYHUK HUK VM[OL.YV\W»Z[V[HSSVHUWVY[MVSPVYLZWLJ[P]LS`JVTWYPZLKVMÅVH[PUN

YH[LSVHUZ^OPJOHYLYLWYPJLKWLYPVKPJHSS`I`YLMLYLUJL[V[OL[YHUZMLYWVVSYH[L^OPJOYLÅLJ[Z[OL.YV\W»ZPU[LYUHSJVZ[VMM\UKZ
(ZVM+LJLTILYHUK HUK VM[OL7HYLU[»Z[V[HSSVHUWVY[MVSPVYLZWLJ[P]LS`^LYLZ\IQLJ[[VPU[LYLZ[
YLWYPJPUN0URLLWPUN^P[OIHURPUNPUK\Z[Y`WYHJ[PJL[OL.YV\WHPTZ[VHJOPL]LZ[HIPSP[`HUKSLUN[OLU[OL[LYTZ[Y\J[\YLVMP[Z
KLWVZP[IHZL^OPSLWYV]PKPUNHKLX\H[LSPX\PKP[`[VJV]LY[YHUZHJ[PVUHSIHURPUNYLX\PYLTLU[ZVMJ\Z[VTLYZ

0U[LYLZ[PZWHPKVUKLTHUKHJJV\U[Z^OPJOJVUZ[P[\[LK HUK  VM[OL[V[HSKLWVZP[ZHZVM+LJLTILYHUK

YLZWLJ[P]LS`MVY[OL.YV\WHUK  HUK  VM[OL[V[HSKLWVZP[ZHZVM+LJLTILYHUKYLZWLJ[P]LS`
MVY[OL7HYLU[*VTWHU`

0U[LYLZ[ PZ WHPK VU ZH]PUNZ HJJV\U[Z HUK [PTL KLWVZP[Z HJJV\U[Z ^OPJO JVUZ[P[\[L   HUK   YLZWLJ[P]LS` VM [OL
.YV\W»Z[V[HSKLWVZP[ZHUK  HUK  YLZWLJ[P]LS`VM[OL7HYLU[*VTWHU`»Z[V[HSKLWVZP[ZYLZWLJ[P]LS`HZVM+LJLTILY
HUK HUK YLZWLJ[P]LS`VM[OL.YV\W»Z[V[HSKLWVZP[ZHUK HUK YLZWLJ[P]LS`VM[OL7HYLU[
*VTWHU`»Z[V[HSKLWVZP[ZYLZWLJ[P]LS`HZVM+LJLTILY

CHINA BANKING CORPORATION

 61

:H]PUNZHJJV\U[PU[LYLZ[YH[LZHYLZL[I`YLMLYLUJL[VWYL]HPSPUNTHYRL[YH[LZ^OPSLPU[LYLZ[YH[LZVU[PTLKLWVZP[ZHUKZWLJPHS
ZH]PUNZHJJV\U[ZHYL\Z\HSS`WYPJLKI`YLMLYLUJL[VWYL]HPSPUNYH[LZVMZOVY[[LYTNV]LYUTLU[IVUKZHUKV[OLYTVUL`THYRL[
PUZ[Y\TLU[ZVYPU[OLJHZLVMMVYLPNUJ\YYLUJ`KLWVZP[ZPU[LYIHURKLWVZP[YH[LZHUKV[OLYILUJOTHYRKLWVZP[YH[LZPUPU[LYUH[PVUHS
TVUL`THYRL[Z^P[OZPTPSHYTH[\YP[PLZ

;OL .YV\W PZ SPRL^PZL L_WVZLK [V MHPY ]HS\L PU[LYLZ[ YH[L YPZRK\L [V P[Z OVSKPUNZ VM Ä_LK YH[L NV]LYUTLU[ IVUKZ HZ WHY[ VM P[Z
ÄUHUJPHSHZZL[ZH[-=6*0HUK-=;73WVY[MVSPVZ4HYRL[]HS\LZVM[OLZLPU]LZ[TLU[ZHYLZLUZP[P]L[VÅ\J[\H[PVUZPUPU[LYLZ[YH[LZ
;OLMVSSV^PUN[HISLWYV]PKLZMVY[OLH]LYHNLLќLJ[P]LPU[LYLZ[YH[LZVM[OL.YV\WHUKVM[OL7HYLU[*VTWHU`HZVM+LJLTILY
HUK!

Consolidated Parent Company

2022 2021 2022 2021
Peso
Assets
+\LMYVT):7 0.80%  0.58% 
+\LMYVTIHURZ 0.10%  0.05% 
0U[LYIHUR3VHUZ9LJLP]HISLHUK:7<9( 3.17% 1.91% 3.17% 1.91%
Investment securities* 4.71%  4.74% 
3VHUZHUKYLJLP]HISLZ 6.27%  5.76% 

Liabilities
Deposit liabilities 1.03%  0.96% 
Bills payable 2.63%  2.63% 
Bonds payable 2.97% 3.02% 2.97% 3.02%

86'
Assets
0.65% 0.65%
+\LMYVTIHURZ 0.02% 0.02%
0U[LYIHUR3VHUZ9LJLP]HISLHUK
1.62%  1.62% 
:7<9(
Investment securities* 3.75%  3.77% 3.81%
3VHUZHUKYLJLP]HISLZ 3.90%  3.90% 

Liabilities
Deposit liabilities 0.52% 0.31% 0.52% 0.31%
Bills payable 2.26% 3.10% 2.26% 3.10%
Bonds payable 3.32%  3.32% 
*VUZPZ[PUNVMÄUHUJPHSHZZL[ZH[-=;73-PUHUJPHSHZZL[ZH[-=6*0HUK0U]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[

;OL YLWYPJPUN NHW HUHS`ZPZ TL[OVK PZ \ZLK I` [OL .YV\W [V TLHZ\YL [OL ZLUZP[P]P[` VM P[Z HZZL[Z HUK SPHIPSP[PLZ [V PU[LYLZ[ YH[L
Å\J[\H[PVUZ;OPZHUHS`ZPZTLHZ\YLZ[OL.YV\W»ZZ\ZJLW[PIPSP[`[VJOHUNLZPUPU[LYLZ[YH[LZ;OLYLWYPJPUNNHWPZJHSJ\SH[LKI`ÄYZ[
KPZ[YPI\[PUN[OLHZZL[ZHUKSPHIPSP[PLZJVU[HPULKPU[OL.YV\W»ZIHSHUJLZOLL[PU[V[LUVYI\JRL[ZHJJVYKPUN[V[OL[PTLYLTHPUPUN
[V[OLUL_[YLWYPJPUNKH[LVY[OL[PTLYLTHPUPUN[VTH[\YP[`PM[OLYLPZUVYLWYPJPUNHUK[OLUVI[HPUPUN[OLKPќLYLUJLIL[^LLU[OL
[V[HSVM[OLYLWYPJPUNPU[LYLZ[YH[LZLUZP[P]LHZZL[ZHUK[OL[V[HSVMYLWYPJPUNPU[LYLZ[YH[LZLUZP[P]LSPHIPSP[PLZ

(NHWPZJVUZPKLYLKULNH[P]L^OLU[OLHTV\U[VMPU[LYLZ[YH[LZLUZP[P]LSPHIPSP[PLZL_JLLKZ[OLHTV\U[VMPU[LYLZ[YH[LZLUZP[P]L
HZZL[Z  ( NHW PZ JVUZPKLYLK WVZP[P]L ^OLU [OL HTV\U[ VM PU[LYLZ[ YH[L ZLUZP[P]L HZZL[Z L_JLLKZ [OL HTV\U[ VM PU[LYLZ[ YH[L
sensitive liabilities.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

62

(JJVYKPUNS`K\YPUNHWLYPVKVMYPZPUNPU[LYLZ[YH[LZHIHUR^P[OHWVZP[P]LNHW^V\SKILPUHWVZP[PVU[VPU]LZ[PUOPNOLY`PLSKPUN
HZZL[ZLHYSPLY[OHUP[^V\SKULLK[VYLÄUHUJLP[ZPU[LYLZ[YH[LZLUZP[P]LSPHIPSP[PLZ+\YPUNHWLYPVKVMMHSSPUNPU[LYLZ[YH[LZHIHUR^P[O
HWVZP[P]LNHW^V\SK[LUK[VZLLP[ZPU[LYLZ[YH[LZLUZP[P]LHZZL[ZYLWYPJPUNLHYSPLY[OHUP[ZPU[LYLZ[YH[LZLUZP[P]LSPHIPSP[PLZYLZ[YHPUPUN
[OLNYV^[OVMP[ZUL[PUJVTLVYYLZ\S[PUNPUHKLJSPULPUUL[PU[LYLZ[PUJVTL

;OLMVSSV^PUN[HISLZZL[MVY[O[OLYLWYPJPUNNHWWVZP[PVUVM[OL.YV\WHUK7HYLU[*VTWHU`HZVM+LJLTILYHUK
PUTPSSPVUZ!

Consolidated
2022 2021
8SWR >3 to 12 >12 <W[V >3 to 12 >12
Months Months Months Total  4VU[OZ  4VU[OZ  4VU[OZ Total
Financial Assets
+\LMYVT):7 P103,609 P– P3,491 P107,100 P P– P P
+\LMYVTV[OLYIHURZ 13,615 – – 13,615   – –  
0U[LYIHUR3VHUZ9LJLP]HISL
HUK:7<9( 43,565 – – 43,565  – – 
Investment securities 16,606 20,776 368,648 406,030    
3VHUZHUKYLJLP]HISLZ 251,017 159,098 289,480 699,595      
7RWDOðQDQFLDODVVHWV 428,412 179,874 661,619 1,269,905     
Financial Liabilities
Deposit liabilities 398,760 72,009 595,146 1,065,915     
Bills payable 31,101 15,194 24,080 70,375    
Bonds payable – 8,313 20,000 28,313 –  20,000 
7RWDOðQDQFLDOOLDELOLWLHV 429,861 95,516 639,226 1,164,603     
09:/LKNL9LJLP]L 61,331 8,363 – 69,694   – 
09:/LKNL7H` – – 69,694 69,694 – –  
Repricing gap P59,882 P92,721 (P47,301) P105,302 P  P (P  P

Parent Company
2022 2021
8SWR >3 to 12 >12 <W[V >3 to 12 >12
Months Months Months Total  4VU[OZ  4VU[OZ  4VU[OZ Total
Financial Assets
+\LMYVT):7 P92,921 P– P– P92,921 P P– P– P
+\LMYVTV[OLYIHURZ 12,347 – – 12,347   – –  
0U[LYIHUR3VHUZ9LJLP]HISL
HUK:7<9( 41,598 – – 41,598  – – 
Investment securities 14,912 19,767 361,790 396,469    
3VHUZHUKYLJLP]HISLZ 246,513 123,243 243,441 613,197  92,282  
7RWDOðQDQFLDODVVHWV 408,291 143,010 605,231 1,156,532   108,131    
Financial Liabilities
Deposit liabilities 370,272 50,527 538,620 959,419    
Bills payable 31,101 15,194 24,080 70,375    
Bonds payable – 8,313 20,000 28,313 –  20,000 
7RWDOðQDQFLDOOLDELOLWLHV 401,373 74,034 582,700 1,058,107  83,133    
09:/LKNL9LJLP]L 61,331 8,363 – 69,694   – 
09:/LKNL7H` – – 69,694 69,694 – –  
Repricing gap P68,249 P77,339 (P47,163) P98,425 P   P (P  P

CHINA BANKING CORPORATION

 63

;OL.YV\WTVUP[VYZP[ZL_WVZ\YL[VÅ\J[\H[PVUZPUPU[LYLZ[YH[LZI`\ZPUNZJLUHYPVHUHS`ZPZ[VLZ[PTH[L[OLPTWHJ[VMPU[LYLZ[YH[L
TV]LTLU[ZVUP[ZPU[LYLZ[PUJVTL;OPZPZKVULI`TVKLSPUN[OLPTWHJ[[V[OL.YV\W»ZPU[LYLZ[PUJVTLHUKPU[LYLZ[L_WLUZLZ[V
parallel changes in the interest rate curve in a given 12-month period. Interest rate risk exposure is managed through approved
limits.

;OLMVSSV^PUN[HISLZZL[MVY[O[OLLZ[PTH[LKJOHUNLPU[OL.YV\W»ZHUK7HYLU[*VTWHU`»ZHUU\HSPaLKUL[PU[LYLZ[PUJVTLK\L[V
HWHYHSSLSJOHUNLPU[OLPU[LYLZ[YH[LJ\Y]LHZVM+LJLTILYHUK!

Consolidated
2022
Change in interest rates (in basis points)
100bp rise 50bp rise 50bp fall 100bp fall
*OHUNLPUHUU\HSPaLKUL[PU[LYLZ[PUJVTL P1,294 P647 (P647) (P1,294)
(ZHWLYJLU[HNLVM[OL.YV\W»ZUL[PU[LYLZ[
PUJVTLMVY[OL`LHYLUKLK+LJLTILY
2022 2.84% 1.42% (1.42%) (2.84%)

Consolidated
2021
Change in interest rates (in basis points)
100bp rise IWYPZL IWMHSS IWMHSS
*OHUNLPUHUU\HSPaLKUL[PU[LYLZ[PUJVTL P P (P (P
(ZHWLYJLU[HNLVM[OL.YV\W»ZUL[PU[LYLZ[
PUJVTLMVY[OL`LHYLUKLK+LJLTILY
2021      

Parent Company
2022
Change in interest rates (in basis points)
100bp rise 50bp rise 50bp fall 100bp fall

*OHUNLPUHUU\HSPaLKUL[PU[LYLZ[PUJVTL P1,263 P631 (P631) (P1,263)

(ZHWLYJLU[HNLVM[OL7HYLU[*VTWHU`»ZUL[
PU[LYLZ[PUJVTLMVY[OL`LHYLUKLK
December 31, 2022 3.25% 1.63% (1.63%) (3.25%)

Parent Company
2021
Change in interest rates (in basis points)
100bp rise IWYPZL IWMHSS IWMHSS
*OHUNLPUHUU\HSPaLKUL[PU[LYLZ[PUJVTL P P1,120 (P1,120) (P
(ZHWLYJLU[HNLVM[OL7HYLU[*VTWHU`»ZUL[
PU[LYLZ[PUJVTLMVY[OL`LHYLUKLK
December 31, 2021  2.92% (2.92%)  

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

64

;OLMVSSV^PUN[HISLZZL[MVY[O[OLLZ[PTH[LKJOHUNLPU[OL.YV\W»ZHUK7HYLU[*VTWHU`»ZPUJVTLILMVYL[H_HUKLX\P[`K\L[VH
YLHZVUHIS`WVZZPISLJOHUNLPU[OLTHYRL[WYPJLZVMX\V[LKIVUKZJSHZZPÄLK\UKLYÄUHUJPHSHZZL[ZH[-=;73HUKÄUHUJPHSHZZL[Z
H[-=6*0IYV\NO[HIV\[I`TV]LTLU[PU[OLPU[LYLZ[YH[LJ\Y]LHZVM+LJLTILYHUKPUTPSSPVUZ!

Consolidated
2022
Change in interest rates (in basis points)
25bp rise 10bp rise 10bp fall 25bp fall
Change in income before tax (P15) (P6) P6 P15
Change in equity (411) (164) 164 411

Consolidated
2021
Change in interest rates (in basis points)
IWYPZL 10bp rise IWMHSS IWMHSS
*OHUNLPUPUJVTLILMVYL[H_ (P (P10) P10 P
Change in equity    

Parent Company
2022
Change in interest rates (in basis points)
25bp rise 10bp rise 10bp fall 25bp fall
Change in income before tax (P15) (P6) P6 P15
Change in equity (395) (158) 158 395

Parent Company
2021
Change in interest rates (in basis points)
IWYPZL 10bp rise IWMHSS IWMHSS
*OHUNLPUPUJVTLILMVYL[H_ (P (P10) P10 P
Change in equity    

0UYLSH[PVU[V[OL0)69YLMVYT[OL[HISLILSV^ZOV^Z[OL7HYLU[*VTWHU`»ZL_WVZ\YLZ[VZPNUPÄJHU[0)69YLSH[LK09:[OH[OH]L
`L[ [V [YHUZP[PVU [V H YPZRMYLL YH[L 9-9 HZ VM +LJLTILY   ;OL [HISL L_JS\KLZ L_WVZ\YLZ [OH[ ^PSS TH[\YL ILMVYL [OL
THUKH[VY`[YHUZP[PVUKH[LVU1\ULMVY[OLV]LYUPNO[HUKHUKTVU[O<:+30)69

2022 2021
Nominal Amount Carrying Value 5VTPUHS(TV\U[ *HYY`PUN=HS\L
Derivative assets $175,464 P9,508   P 
Derivative liabilities 666,000 12,072  
Derivative contracts designated
as hedges 1,250,000 6,185,749  

CHINA BANKING CORPORATION

 65

-VYLPNU*\YYLUJ`9PZR
;OL.YV\W»ZMVYLPNUL_JOHUNLYPZRVYPNPUH[LZMYVTP[ZOVSKPUNZVMMVYLPNUJ\YYLUJ`KLUVTPUH[LKHZZL[ZMVYLPNUL_JOHUNLHZZL[ZHUK
MVYLPNUJ\YYLUJ`KLUVTPUH[LKSPHIPSP[PLZMVYLPNUL_JOHUNLSPHIPSP[PLZ

-VYLPNUL_JOHUNLSPHIPSP[PLZNLULYHSS`JVUZPZ[VMMVYLPNUJ\YYLUJ`KLUVTPUH[LKKLWVZP[ZPU[OL.YV\W»Z-*+<HJJV\U[THKLPU[OL
7OPSPWWPULZVYNLULYH[LKMYVTYLTP[[HUJLZ[V[OL7OPSPWWPULZI`WLYZVUZV]LYZLHZ^OVYL[HPUMVY[OLPYV^UILULÄ[VYMVY[OLILULÄ[VM
H[OPYKWHY[`MVYLPNUJ\YYLUJ`KLWVZP[HJJV\U[Z^P[O[OL.YV\W

-VYLPNUJ\YYLUJ`SPHIPSP[PLZHYLNLULYHSS`\ZLK[VM\UK[OL.YV\W»ZMVYLPNUL_JOHUNLHZZL[Z^OPJONLULYHSS`JVUZPZ[VMMVYLPNUJ\YYLUJ`
KLUVTPUH[LK SVHUZ HUK PU]LZ[TLU[Z PU [OL -*+<  )HURZ HYL YLX\PYLK I` [OL ):7 [V TH[JO [OL MVYLPNU J\YYLUJ`KLUVTPUH[LK
SPHIPSP[PLZ^P[OHZZL[ZOLSKPU[OL-*+<[OH[HYLKLUVTPUH[LKPU[OLZHTLMVYLPNUJ\YYLUJ`

;OL.YV\W»ZWVSPJ`PZ[VTHPU[HPUMVYLPNUJ\YYLUJ`L_WVZ\YL^P[OPUL_PZ[PUNYLN\SH[PVUZHUK^P[OPUHJJLW[HISLYPZRSPTP[Z;OL.YV\W
ILSPL]LZPULUZ\YPUNP[ZMVYLPNUJ\YYLUJ`PZH[HSS[PTLZ^P[OPUSPTP[ZWYLZJYPILKMVYÄUHUJPHSPUZ[P[\[PVUZ^OVHYLLUNHNLKPU[OLZHTL
[`WLZVMI\ZPULZZLZPU^OPJO[OL.YV\WHUKP[ZZ\IZPKPHYPLZHYLLUNHNLK

;OL [HISL ILSV^ Z\TTHYPaLZ [OL .YV\W»Z HUK 7HYLU[ *VTWHU`»Z L_WVZ\YL [V MVYLPNU L_JOHUNL YPZR L_JS\KPUN [OL <: +VSSHY
KLUVTPUH[LKHZZL[ZHUKSPHIPSP[PLZ\UKLY-*+<^P[OM\UJ[PVUHSJ\YYLUJ`HSZVPU<:+VSSHYZ0UJS\KLKPU[OL[HISLHYL[OL.YV\W»ZHUK
7HYLU[*VTWHU`»ZHZZL[ZHUKSPHIPSP[PLZH[JHYY`PUNHTV\U[ZZ[H[LKPU<:+VSSHYZJH[LNVYPaLKI`J\YYLUJ`^P[OP[Z7/7LX\P]HSLU[!

Consolidated
2022 2021
Other Other
 86' Currencies* 7RWDOLQ86' PHP <:+ Currencies* ;V[HSPU<:+ 7/7
Assets
Cash and other cash items $27 $2,462 $2,489 P138,809    P 
+\LMYVTV[OLYIHURZ 65,090 5,621 70,711 3,942,531       
-PUHUJPHSHZZL[ZH[-=;73 150 2,065 2,215 123,504 109 1 110  
-PUHUJPHSHZZL[ZH[-=6*0 – – – –     
Investment securities at
HTVY[PaLKJVZ[ – 25,953 25,953 1,447,018       
3VHUZHUKYLJLP]HISLZ 92,025 29,991 122,016 6,803,000      
(JJY\LKPU[LYLZ[YLJLP]HISL 250 335 585 32,618      
Other assets – 1,203 1,203 67,115  3  
157,542 67,630 225,172 12,554,595       
Liabilities
Deposit liabilities – 71,552 71,552 3,989,416       
Bills payables 241,462 – 241,462 13,462,731   –   
(JJY\LKPU[LYLZ[HUKV[OLY
expenses 446 1 447 24,890  1   
Other liabilities 54,710 1,258 55,968 3,120,472 30,213 1,289  
296,618 72,811 369,429 20,597,509      
Currency spot 11,321 (324) 10,997 613,143    
*\YYLUJ`MVY^HYKZ 1,793,782 4,406 1,798,188 100,257,988   299,928  
5L[,_WVZ\YL $1,666,027 ($1,099) $1,664,928 P92,828,217       (P
*6[OLYJ\YYLUJPLZPUJS\KL,<9*5@17@.)7(<+:.+*/-*(+5A+(,+/2+

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

66

Parent Company
2022 2021
Other Other
 86' Currencies* 7RWDOLQ86' PHP  <:+ Currencies*  ;V[HSPU<:+  7/7
Assets
Cash and other cash items $27 $2,462 $2,489 P138,809    P 
+\LMYVTV[OLYIHURZ 63,046 5,621 68,667 3,828,545     
-PUHUJPHSHZZL[ZH[-=;73 150 2,065 2,215 123,404 109 1 110  
-PUHUJPHSHZZL[ZH[-=6*0 – – – – –   
0U]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLK –
cost – 25,953 25,953 1,447,018      
3VHUZHUKYLJLP]HISLZ 92,025 29,991 122,016 6,803,000    
(JJY\LKPU[LYLZ[YLJLP]HISL 250 335 585 32,618    
Other assets – 1,203 1,203 67,115  3  
155,498 67,630 223,128 12,440,609      
Liabilities
Deposit liabilities – 71,552 71,552 3,989,416 12     
Bills payables 241,462 – 241,462 13,462,731   –   
(JJY\LKPU[LYLZ[HUKV[OLY
expenses 446 1 447 24,890  1  
Other liabilities 52,666 1,258 53,924 3,006,508   1,289   
294,574 72,811 367,385 20,483,545     
Currency spot 11,321 (324) 10,997 613,143    
*\YYLUJ`MVY^HYKZ 1,793,782 4,406 1,798,188 100,257,988   299,928  
5L[,_WVZ\YL $1,666,027 ($1,099) $1,664,928 P92,828,195       (P
*6[OLYJ\YYLUJPLZPUJS\KL,<9*5@17@.)7(<+:.+*/-*(+5A+(,+/2+

;OL MVSSV^PUN [HISL ZL[Z MVY[O MVY [OL WLYPVK PUKPJH[LK [OL PTWHJ[ VM [OL YHUNL VM YLHZVUHIS` WVZZPISL JOHUNLZ PU [OL <: 
exchange rate and other currencies per Philippine peso on the pre-tax income and equity (in millions).

Consolidated
2022 2021
Change in
Foreign  6HQVLWLYLW\RI  6HQVLWLYLW\RI  :LUZP[P]P[`VM  :LUZP[P]P[`VM
Exchange Rate Pretax Income Equity Pretax Income  ,X\P[`
86' 1% P4 P208 P13 P
Other 1% – – – 1
86' (1%) (4) (208) (13) 
Other (1%) – – – (1)

CHINA BANKING CORPORATION

 67

Parent Company
2022 2021
Change in
Foreign  6HQVLWLYLW\RI  6HQVLWLYLW\RI  :LUZP[P]P[`VM  :LUZP[P]P[`VM
Exchange Rate Pretax Income Equity Pretax Incom e  ,X\P[`
86' 1% P4 P201 P13 P
Other 1% – – – 1
86' (1%) (4) (201) (13) 
Other (1%) – – – (1)
;OLPTWHJ[PUWYL[H_PUJVTLHUKLX\P[`PZK\L[V[OLLќLJ[VMMVYLPNUJ\YYLUJ`ILOH]PV\Y[V7OPSPWWPULWLZV

,X\P[`7YPJL9PZR
,X\P[`WYPJLYPZRPZ[OLYPZR[OH[[OLMHPY]HS\LZVMLX\P[PLZJOHUNLHZHYLZ\S[VMTV]LTLU[ZPUIV[O[OLSL]LSVMLX\P[`PUKPJLZHUK
[OL]HS\LVMPUKP]PK\HSZ[VJRZ;OLUVU[YHKPUNLX\P[`WYPJLYPZRL_WVZ\YLHYPZLZMYVT[OL.YV\W»ZPU]LZ[TLU[WVY[MVSPV

;OLLќLJ[VU[OL.YV\WHUK7HYLU[*VTWHU`»ZLX\P[`HZHYLZ\S[VMHJOHUNLPU[OLMHPY]HS\LVMLX\P[`PUZ[Y\TLU[ZOLSKHZH[
-=6*0K\L[VHYLHZVUHIS`WVZZPISLJOHUNLPULX\P[`PUKPJLZ^P[OHSSV[OLY]HYPHISLZOLSKJVUZ[HU[PZHZMVSSV^ZPUTPSSPVUZ!

Consolidated Parent Company

Change in  ,ќLJ[VU Change in ,ќLJ[VU
equity index  ,X\P[` equity index ,X\P[`
2022 +10% P17.9 +10% P17.9
Ě 7.2 Ě 7.2

2021  3.9  

ò (20.3) ò (19.2)

Liquidity Risk and Funding Management

3PX\PKP[`YPZRPZNLULYHSS`KLÄULKHZ[OLJ\YYLU[HUKWYVZWLJ[P]LYPZR[VLHYUPUNZVYJHWP[HSHYPZPUNMYVT[OL.YV\W»ZPUHIPSP[`[VTLL[
P[ZVISPNH[PVUZ^OLU[OL`ILJVTLK\L^P[OV\[PUJ\YYPUN\UHJJLW[HISLSVZZLZVYJVZ[Z

;OL.YV\W»ZSPX\PKP[`THUHNLTLU[PU]VS]LZTHPU[HPUPUNM\UKPUNJHWHJP[`[VHJJVTTVKH[LÅ\J[\H[PVUZPUHZZL[HUKSPHIPSP[`SL]LSZ
K\L [V JOHUNLZ PU [OL .YV\W»Z I\ZPULZZ VWLYH[PVUZ VY \UHU[PJPWH[LK L]LU[Z JYLH[LK I` J\Z[VTLY ILOH]PVY VY JHWP[HS THYRL[
JVUKP[PVUZ;OL.YV\WZLLRZ[VLUZ\YLSPX\PKP[`[OYV\NOHJVTIPUH[PVUVMHJ[P]LTHUHNLTLU[VMSPHIPSP[PLZHSPX\PKHZZL[WVY[MVSPV
JVTWVZLKVMKLWVZP[ZYLZLY]LZHUKOPNOX\HSP[`ZLJ\YP[PLZ[OLZLJ\YPUNVMTVUL`THYRL[SPULZHUK[OLTHPU[LUHUJLVMYLW\YJOHZL
MHJPSP[PLZ[VHKKYLZZHU`\UL_WLJ[LKSPX\PKP[`ZP[\H[PVUZ

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

68

;OL[HISLZILSV^ZOV^[OLTH[\YP[`WYVÄSLVM[OL.YV\W»ZHUK[OL7HYLU[*VTWHU`»ZHZZL[ZHUKSPHIPSP[PLZIHZLKVUJVU[YHJ[\HS
\UKPZJV\U[LKJHZOÅV^ZPUTPSSPVUZ!

Consolidated
December 31, 2022
Less than
On demand 1 year 1 to 2 years 2 to 3 years 3 to 5 years Total
Financial Assets
Cash and other cash items P13,689 P– P– P– P– P13,689
+\LMYVT):7 107,100 – – – – 107,100
+\LMYVTV[OLYIHURZ 13,615 – – – – 13,615
0U[LYIHURSVHUZYLJLP]HISLHUK:7<9( 1,967 41,598 – – – 43,565
Derivative contracts designated as hedges – 69 3,506 2,765 – 6,340
-PUHUJPHSHZZL[ZH[-=;73 1,213 650 88 295 1,254 3,500
-PUHUJPHSHZZL[ZH[-=6*0 – 3,520 3,359 7,284 41,776 55,939
-PUHUJPHSHZZL[ZH[(* – 35,249 35,289 26,955 260,974 358,467
3VHUZHUKYLJLP]HISLZ – 184,428 53,992 65,147 414,149 717,716
137,584 265,514 96,234 102,446 718,153 1,319,931
Financial Liabilities
Deposit liabilities
Demand 272,110 – – – – 272,110
 :H]PUNZ 301,331 – – – – 301,331
Time – 482,104 4,638 2,410 3,321 492,473
Bills payable 5,472 40,823 21,284 2,796 70,375
4HUHNLY»ZJOLJRZ – 1,551 – – – 1,551
(JJY\LKPU[LYLZ[HUKV[OLYL_WLUZLZ – 6,116 – – – 6,116
Derivative contracts designated as hedges – 70 15 4,176 – 4,261
Derivative liabilities – 1,550 – – – 1,550
Bonds payable – 8,381 19,932 – – 28,313
6[OLYSPHIPSP[PLZ!
3LHZLWH`HISL – 203 556 799 1,413 2,971
 (JJV\U[ZWH`HISL – 6,557 – – – 6,557
 (JJLW[HUJLZWH`HISL – 2,912 – – – 2,912
Due to PDIC – 901 – – – 901
 4HYNPUKLWVZP[Z – – – – – –
Other credits – dormant – 351 – – 47 398
 +\L[V[OL;YLHZ\YLYVM[OL7OPSPWWPULZ – 535 – – – 535
 4PZJLSSHULV\Z – 611 – – – 611
Total liabilities 578,913 552,665 46,425 10,181 4,781 1,186,849
Net Position (P441,329) (P287,151) P49,809 P92,265 P713,372 P126,966

CHINA BANKING CORPORATION

 69

Consolidated
December 31, 2021
3LZZ[OHU
On demand 1 year 1 to 2 years 2 to 3 years [V`LHYZ Total
Financial Assets
Cash and other cash items P P– P– P– P– P
+\LMYVT):7  – – – – 
+\LMYVTV[OLYIHURZ   – – – –  
0U[LYIHURSVHUZYLJLP]HISLHUK:7<9(   – – – 
Derivative contracts designated as hedges –  31   
-PUHUJPHSHZZL[ZH[-=;73  2,233 92    
-PUHUJPHSHZZL[ZH[-=6*0 11         
-PUHUJPHSHZZL[ZH[(*      
3VHUZHUKYLJLP]HISLZ –      
        
Financial Liabilities
Deposit liabilities
Demand  – – – – 
 :H]PUNZ  – – – – 
Time –      
-VY^HYK
Bills payable 13     – – 
4HUHNLY»ZJOLJRZ –  – – – 
(JJY\LKPU[LYLZ[HUKV[OLYL_WLUZLZ –  – – – 
Derivative contracts designated as hedges –     
Derivative liabilities – 999 – – – 999
Bonds payable –      – 
6[OLYSPHIPSP[PLZ!
3LHZLWH`HISL – 289    
 (JJV\U[ZWH`HISL –   – – –  
 (JJLW[HUJLZWH`HISL –  – – – 
Due to PDIC –  – – – 
 4HYNPUKLWVZP[Z – 1 – – – 1
Other credits – dormant –  – –  
 +\L[V[OL;YLHZ\YLYVM[OL7OPSPWWPULZ –  – – – 
 4PZJLSSHULV\Z –  – – – 
Total liabilities    13,898    
5L[7VZP[PVU (P  P P  P P  (P 

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

70

Parent Company
December 31, 2022
Less than
On demand 1 year 1 to 2 years 2 to 3 years 3 to 5 years Total
Financial Assets
Cash and other cash items P10,074 P– P– P– P– P10,074
+\LMYVT):7 92,921 – – – – 92,921
+\LMYVTV[OLYIHURZ 12,347 – – – – 12,347
0U[LYIHURSVHUZYLJLP]HISLHUK:7<9( – 41,598 – – – 41,598
Derivative contracts designated as hedges – 69 3,506 2,765 – 6,340
-PUHUJPHSHZZL[ZH[-=;73 – 650 88 295 1,254 2,287
-PUHUJPHSHZZL[ZH[-=6*0 – 3,071 2,719 7,097 40,886 53,773
-PUHUJPHSHZZL[ZH[(* 34,689 34,743 24,218 258,635 352,285
3VHUZHUKYLJLP]HISLZ – 156,001 38,515 52,315 380,724 627,555
115,342 236,078 79,571 86,690 681,499 1,199,180
Financial Liabilities
Deposit liabilities
Demand 248,861 – – – – 248,861
 :H]PUNZ 279,502 – – – – 279,502
Time – 430,436 548 56 16 431,056
Bills payable 5,472 40,823 21,284 2,796 – 70,375
4HUHNLY»ZJOLJRZ – 1,296 – – – 1,296
(JJY\LKPU[LYLZ[HUKV[OLYL_WLUZLZ – 5,400 – – – 5,400
Derivative contracts designated as hedges – 70 15 4,176 – 4,261
Derivative liabilities – 1,550 – – – 1,550
Bonds payable – 8,381 19,932 – – 28,313
6[OLYSPHIPSP[PLZ! – – – – – –
3LHZLWH`HISL – 41 329 799 1,224 2,393
 (JJV\U[ZWH`HISL – 4,694 – – – 4,694
 (JJLW[HUJLZWH`HISL – 2,912 – – – 2,912
Due to PDIC – 901 – – – 901
 4HYNPUKLWVZP[Z – – – – – –
Other credits – dormant – 351 – – – 351
 +\L[V[OL;YLHZ\YLYVM[OL7OPSPWWPULZ – 503 – – – 503
 4PZJLSSHULV\Z – 461 – – – 461
Total liabilities 533,835 497,819 42,108 7,827 1,240 1,082,829
Net Position (P418,493) (P261,741) P37,463 P78,863 P680,259 P116,351

CHINA BANKING CORPORATION

 71

Parent Company
December 31, 2021
3LZZ[OHU
On demand 1 year 1 to 2 years 2 to 3 years [V`LHYZ Total
Financial Assets
Cash and other cash items P P– P– P– P– P
+\LMYVT):7  – – – – 
+\LMYVTV[OLYIHURZ   – – – –  
0U[LYIHURSVHUZYLJLP]HISLHUK:7<9( –  – – – 
Derivative contracts designated as hedges –  31   
-PUHUJPHSHZZL[ZH[-=;73 –  92    
-PUHUJPHSHZZL[ZH[-=6*0 –  1,920   
-PUHUJPHSHZZL[ZH[(* 13,091      
3VHUZHUKYLJLP]HISLZ – 133,008  39,913  
         
Financial Liabilities
Deposit liabilities
Demand   – – – –  
 :H]PUNZ   – – – –  
Time –     
Bills payable 13     – – 
4HUHNLY»ZJOLJRZ –  – – – 
(JJY\LKPU[LYLZ[HUKV[OLYL_WLUZLZ –  – – – 
Derivative contracts designated as hedges –     
Derivative liabilities – 999 – – – 999
Bonds payable –      – 
6[OLYSPHIPSP[PLZ!
3LHZLWH`HISL –     2,189
 (JJV\U[ZWH`HISL –  – – – 
 (JJLW[HUJLZWH`HISL –  – – – 
Due to PDIC –  – – – 
 4HYNPUKLWVZP[Z – 1 – – – 1
Other credits – dormant –  – – – 
 +\L[V[OL;YLHZ\YLYVM[OL7OPSPWWPULZ –  – – – 
 4PZJLSSHULV\Z –  – – – 
Total liabilities     28,221  
5L[7VZP[PVU (P (P  P P P (P

3PX\PKP[`YPZRPZTVUP[VYLKHUKJVU[YVSSLKWYPTHYPS`I`HNHWHUHS`ZPZVMTH[\YP[PLZVMYLSL]HU[HZZL[ZHUKSPHIPSP[PLZYLÅLJ[LKPU[OL
4*6YLWVY[HZ^LSSHZHUHUHS`ZPZVMH]HPSHISLSPX\PKHZZL[Z0UZ[LHKVMYLS`PUNZVSLS`VUJVU[YHJ[\HSTH[\YP[PLZWYVÄSL[OL7HYLU[
*VTWHU`\ZLZ)LOH]PVYHS4*6[VJHW[\YLHNVPUNJVUJLYU]PL^-\Y[OLYTVYLPU[LYUHSSPX\PKP[`YH[PVZHUKTVUP[VYPUNVMSHYNL
M\UKWYV]PKLYZOH]LILLUZL[[VKL[LYTPULZ\ѝJPLUJ`VMSPX\PKHZZL[ZV]LYKLWVZP[SPHIPSP[PLZ3PX\PKP[`PZTHUHNLKI`[OL7HYLU[
*VTWHU`HUKP[ZZ\IZPKPHYPLZVUHKHPS`IHZPZ^OPSLZJLUHYPVZ[YLZZ[LZ[ZHUKZLUZP[P]P[`HUHS`ZPZHYLJVUK\J[LKWLYPVKPJHSS`

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

72

ɵˑ DUE FROM BSP AND OTHER BANKS

+\LMYVT):7
;OPZHJJV\U[JVUZPZ[ZVM!

Consolidated Parent Company

2022 2021 2022 2021
+LTHUKKLWVZP[HJJV\U[5V[L P77,550,280 P P73,920,525 P
:WLJPHSKLWVZP[HJJV\U[ 29,550,000  19,000,000 
Others 15  15 
P107,100,295 P P92,920,540 P

+\LMYVT6[OLY)HURZ
;OPZJVUZPZ[ZVMKLWVZP[HJJV\U[Z^P[O!

Consolidated Parent Company

2022 2021 2022 2021
3VJHSIHURZ P7,284,505 P P7,284,505 P
-VYLPNUIHURZ 6,330,104   5,062,664  
P13,614,609 P  P12,347,169 P  

0U[LYLZ[0UJVTLVU+\LMYVT):7HUK6[OLY)HURZ
;OPZHJJV\U[JVUZPZ[ZVM!

Consolidated Parent Company

2022 2021 2020 2022 2021 2020
+\LMYVT):7 P218,951 P P  P136,287 P  P 
+\LMYVTV[OLYIHURZ 948,607   656,515  
P1,167,558 P P  P792,802 P P

;OLH]LYHNLPU[LYLZ[YH[LZVU+\LMYVT):7HUK6[OLY)HURZHYLKPZJSVZLKPU5V[L

ɶˑ INTERBANK LOANS RECEIVABLE AND SECURITIES PURCHASED UNDER RESALE AGREEMENTS

;OPZHJJV\U[JVUZPZ[ZVM!

Consolidated Parent Company

2022 2021 2022 2021
Interbank loans receivable P28,769,544 P  P28,769,545 P 
:7<9( 14,795,426  12,828,404 
P43,564,970 P  P41,597,949 P 

CHINA BANKING CORPORATION

 73

0U[LYIHUR3VHUZ9LJLP]HISL
(ZVM+LJLTILYHUKPU[LYIHURSVHUZYLJLP]HISLPUJS\KLZZOVY[[LYTMVYLPNUJ\YYLUJ`KLUVTPUH[LKSVHUZNYHU[LK
to other banks.

0U   HUK  [OL PU[LYLZ[ YH[LZ VM MVYLPNU J\YYLUJ`KLUVTPUH[LK PU[LYIHUR SVHUZ YLJLP]HISL YHUNL MYVT   [V
 MYVT [V HUKMYVT [V YLZWLJ[P]LS`

0U[OLPU[LYLZ[YH[LZVMWLZVKLUVTPUH[LKPU[LYIHURSVHUZYLJLP]HISLYHUNLMYVT [V 

:LJ\YP[PLZ7\YJOHZLK<UKLY9LZHSL(NYLLTLU[
;OPZ HJJV\U[ YLWYLZLU[Z V]LYUPNO[ WSHJLTLU[Z ^P[O [OL ):7 ^OLYL [OL \UKLYS`PUN ZLJ\YP[PLZ JHUUV[ IL ZVSK VY YLWSLKNLK [V
WHY[PLZV[OLY[OHU[OL):7

0UHUK[OLPU[LYLZ[YH[LVM:7<9(PZ  HUKMYVT [V YLZWLJ[P]LS`MVY[OL.YV\WHUK

Parent Company.

ɷˑ TRADING AND INVESTMENT SECURITIES

-PUHUJPHS(ZZL[ZH[-=;73
;OPZHJJV\U[JVUZPZ[ZVM!

Consolidated Parent Company

2022 2021 2022 2021
/LSKMVY[YHKPUN
 .V]LYUTLU[IVUKZ P382,861 P   P382,861 P  
Treasury notes 563,548  563,548 
Treasury bills 201,779   201,779  
Private bonds 760,600  760,600 
 8\V[LKLX\P[`ZOHYLZ 700,112   590,126 
2,608,900   2,498,914 
-PUHUJPHSHZZL[ZKLZPNUH[LKH[-=;73 1,103,018  – –
+LYP]H[P]LHZZL[Z5V[L 1,015,662  1,015,662  
Total P4,727,580 P  P3,514,576 P

(ZVM+LJLTILYHUK/-;ZLJ\YP[PLZPUJS\KLMHPY]HS\LSVZZVMP  TPSSPVUHUKMHPY]HS\LNHPUVMPTPSSPVU

YLZWLJ[P]LS`MVY[OL.YV\W(ZVM+LJLTILYHUK/-;ZLJ\YP[PLZPUJS\KLMHPY]HS\LSVZZVMP TPSSPVUHUKMHPY
]HS\LSVZZVMPTPSSPVUYLZWLJ[P]LS`MVY[OL7HYLU[*VTWHU`

,ќLJ[P]LPU[LYLZ[YH[LZMVYWLZVKLUVTPUH[LKÄUHUJPHSHZZL[ZH[-=;73MVYIV[O[OL.YV\WHUK[OL7HYLU[*VTWHU`YHUNLMYVT
 [V  PUMYVT [V PUHUKMYVT [V PU,ќLJ[P]LPU[LYLZ[YH[LZMVYMVYLPNU
J\YYLUJ`KLUVTPUH[LKÄUHUJPHSHZZL[ZH[-=;73MVY[OL.YV\WHUK7HYLU[*VTWHU`YHUNLMYVT [V PU 
[V PUHUKMYVT [V PU

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

74

-PUHUJPHS(ZZL[ZH[-=6*0
;OPZHJJV\U[JVUZPZ[ZVM!

Consolidated Parent Company

2022 2021 2022 2021
+LI[:LJ\YP[PLZ
 .V]LYUTLU[IVUKZ5V[L  P27,447,647 P P25,454,732 P
Private bonds 15,236,902  15,088,429 
42,684,549  40,543,161  
,X\P[`:LJ\YP[PLZ
8\V[LKLX\P[`ZOHYLZ 603,898  588,192  
 <UX\V[LKLX\P[`ZOHYLZ 28,310  19,772 
632,208  607,964 
Total P43,316,757 P P41,151,125 P

<UX\V[LKLX\P[`ZLJ\YP[PLZ
;OPZ HJJV\U[ JVUZPZ[Z VM ZOHYLZ VM Z[VJRZ VM ]HYPV\Z \USPZ[LK WYP]H[L JVYWVYH[PVUZ  ;OL .YV\W OHZ KLZPNUH[LK [OLZL LX\P[`
ZLJ\YP[PLZHZH[-=6*0HZ[OLZL^PSSUV[ILZVSKPU[OLMVYLZLLHISLM\[\YL

5L[\UYLHSPaLKNHPUZSVZZLZ
(Z VM +LJLTILY   ÄUHUJPHS HZZL[Z H[ -=6*0 PUJS\KL MHPY ]HS\L SVZZLZ VM P IPSSPVU MVY [OL .YV\W HUK [OL 7HYLU[
*VTWHU`^OPSLHZVM+LJLTILYP[PUJS\KLZMHPY]HS\LNHPUZVMP TPSSPVUHUKPTPSSPVUMVY[OL.YV\WHUK[OL
7HYLU[*VTWHU`YLZWLJ[P]LS`;OLMHPY]HS\LNHPUZHYLYLJVNUPaLK\UKLY6*0(ZVM+LJLTILYHJJ\T\SH[LKJYLKP[
SVZZLZVUKLI[ÄUHUJPHSHZZL[ZH[-=6*0HTV\U[LK[VPTPSSPVUHUKPTPSSPVUMVY[OL.YV\WHUK[OL7HYLU[*VTWHU`
YLZWLJ[P]LS` ^OPSL HZ VM +LJLTILY   P[ HTV\U[LK [V P TPSSPVU HUK P TPSSPVU MVY [OL .YV\W HUK [OL 7HYLU[
Company, respectively.

,ќLJ[P]LPU[LYLZ[YH[LZMVYWLZVKLUVTPUH[LKÄUHUJPHSHZZL[ZH[-=6*0MVYIV[O[OL.YV\WHUK7HYLU[*VTWHU`YHUNLMYVT 
[V PUMYVT [V PUHUKMYVT [V PU

,ќLJ[P]LPU[LYLZ[YH[LZMVYMVYLPNUJ\YYLUJ`KLUVTPUH[LKÄUHUJPHSHZZL[ZH[-=6*0MVYIV[O[OL.YV\WHUK7HYLU[*VTWHU`YHUNL
MYVT [V  PUMYVT [V PUHUKMYVT [V PU

0U]LZ[TLU[:LJ\YP[PLZH[(TVY[PaLK*VZ[
;OPZHJJV\U[JVUZPZ[ZVM!

Consolidated Parent Company

2022 2021 2022 2021
.V]LYUTLU[IVUKZ5V[L  P226,517,019 P P221,225,162 P
Private bonds 129,128,451  128,434,431   
355,645,470   349,659,593  
<UHTVY[PaLKWYLTP\T¶UL[ 2,879,276  2,676,055   
(SSV^HUJLMVYJYLKP[SVZZLZ5V[L (538,820)   (532,771) 
P357,985,926 P P351,802,877 P

CHINA BANKING CORPORATION

 75

,ќLJ[P]L PU[LYLZ[ YH[LZ MVY WLZVKLUVTPUH[LK PU]LZ[TLU[ ZLJ\YP[PLZ H[ HTVY[PaLK JVZ[ MVY [OL .YV\W HUK [OL 7HYLU[ *VTWHU`
YHUNLMYVT [V PUMYVT [V PUHUKMYVT [V  PU,ќLJ[P]LPU[LYLZ[YH[LZMVY
MVYLPNUJ\YYLUJ`KLUVTPUH[LKPU]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[MVY[OL.YV\WHUK[OL7HYLU[*VTWHU`YHUNLMYVT 
[V PUMYVT [V PUHUKMYVT [V PU

:HSLVM0U]LZ[TLU[:LJ\YP[PLZH[(TVY[PaLK*VZ[
0UHUPU]LZ[TLU[ZLJ\YP[`H[HTVY[PaLKJVZ[OLSKI`[OL7HYLU[*VTWHU`^P[OHJHYY`PUN]HS\LWYPVY[VZHSLVMP TPSSPVU
^HZYLKLLTLKI`[OLJV\U[LYWHY[`PZZ\LYPUHJJVYKHUJL^P[O[OL[LYTZHUKJVUKP[PVUZPU[OLIVUKPUKLU[\YL^OPJOYLZ\S[LKPUH
NHPUVMP TPSSPVU0UHUK[OL7HYLU[*VTWHU`ZVSKPU]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[^OVZLJHYY`PUN]HS\LZ
prior to the sale amounted to PIPSSPVUHUKPIPSSPVUYLZWLJ[P]LS`+L[HPSZVM[OLZLZHSLZPUJS\KPUN[OLYLHZVUMVYZLSSPUN
are presented in the succeeding tables.

0U[OL7HYLU[*VTWHU`ZVSK[OLMVSSV^PUNPU]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[HTV\U[ZPUTPSSPVUZ!

Parent Company
Reason for selling Carrying amount .HPUVUZHSL
(KKP[PVUHSSPX\PKP[`[VZ\WWVY[WSHUULKSVHUNYV^[O P P
9LKLTW[PVUI`PZZ\LY[VLќLJ[P[ZKLI[YLÄUHUJPUNVYPU]PL^VMTPUPTHS
outstanding amounts  

(KKP[PVUHSSPX\PKP[`[V[HRLHK]HU[HNLVMHJOHUNLPUHYLN\SH[VY`SVHUSPTP[
 
(JOHUNLPU[OLM\UKPUNWYVÄSLVM[OL7HYLU[*VTWHU`  
Total P P
;OLZHSLZHYLIHZLKVU[OLHZZLZZTLU[ZTHKLPU
;OLZHSLZHYLIHZLKVU[OLHZZLZZTLU[ZTHKLPU 

0U[OL7HYLU[*VTWHU`ZVSK[OLMVSSV^PUNPU]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[HTV\U[ZPUTPSSPVUZ!

Parent Company
Reason for selling Carrying amount .HPUVUZHSL
(KKP[PVUHSSPX\PKP[`[V[HRLHK]HU[HNLVMHJOHUNLPUHYLN\SH[VY`SVHUSPTP[ P P
9LKLTW[PVUI`PZZ\LY[VLќLJ[P[ZKLI[YLÄUHUJPUN  
(JOHUNLPU[OLM\UKPUNWYVÄSLVM[OL7HYLU[*VTWHU`   
;VHKKYLZZYLX\PYLTLU[ZVUYLN\SH[VY`HUKPU[LYUHSSPTP[VM[OL7HYLU[*VTWHU`  
(OPNOS`WYVIHISLJOHUNLPUYLN\SH[PVUZ^P[OHWV[LU[PHSS`HK]LYZLPTWHJ[[V[OL
ÄUHUJPHSHZZL[Z»JVU[YHJ[\HSJHZOÅV^Z  12
Total P P
;OLZHSLZHYLIHZLKVU[OLHZZLZZTLU[ZTHKLPU 

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

76

;OLZL YLKLTW[PVUZ HUK KPZWVZHSZ VM PU]LZ[TLU[ ZLJ\YP[PLZ H[ HTVY[PaLK JVZ[ ^LYL HZZLZZLK I` [OL 7HYLU[ *VTWHU` HZ UV[
PUJVUZPZ[LU[^P[O[OLWVY[MVSPVZ»I\ZPULZZTVKLSZJVUZPKLYPUN[OLJVUKP[PVUZHUKYLHZVUZMVY^OPJO[OLYLKLTW[PVUZHUKKPZWVZHSZ
^LYLTHKLZLL5V[L

0U[LYLZ[0UJVTLVU0U]LZ[TLU[:LJ\YP[PLZH[(TVY[PaLK*VZ[HUKH[-=6*0
;OPZHJJV\U[JVUZPZ[ZVM!

Consolidated Parent Company

2022 2021 2020 2022 2021 2020
-PUHUJPHSHZZL[ZH[-=6*0 P1,479,250 P  P  P1,423,113 P P
Investment securities at
HTVY[PaLKJVZ[ 13,580,803 8,292,920   13,353,283  
P15,060,053 P   P P14,776,396 P  P 

ɯɮˑ LOANS AND RECEIVABLES

;OPZHJJV\U[JVUZPZ[ZVM!

Consolidated Parent Company

2022 2021 2022 2021
3VHUZHUKKPZJV\U[Z
Corporate and commercial lending P555,410,114 P  P539,155,413 P
Consumer lending 144,464,852  70,988,726 
Trade-related lending 17,725,069  17,391,202  
Others* 115,200   19,126 20,292
717,715,235  627,554,467 
<ULHYULKKPZJV\U[Z (1,177,922)  (182,760) 
716,537,313  627,371,707 
(SSV^HUJLMVYPTWHPYTLU[HUKJYLKP[SVZZLZ
5V[L (16,942,524)   (14,174,453)  
P699,594,789 P  P613,197,254 P
6[OLYZPUJS\KLLTWSV`LLSVHUZHUKMVYLPNUIPSSZW\YJOHZLK

CHINA BANKING CORPORATION

 77

0UMVYTH[PVUVU[OLHTV\U[ZVMZLJ\YLKHUK\UZLJ\YLKSVHUZHUKYLJLP]HISLZNYVZZVM\ULHYULKKPZJV\U[ZHUKHSSV^HUJLMVY
PTWHPYTLU[HUKJYLKP[SVZZLZVM[OL.YV\WHUK7HYLU[*VTWHU`HYLHZMVSSV^Z!

Consolidated Parent Company

2022 2021 2022 2021
Amounts % (TV\U[Z % Amounts % (TV\U[Z %
3VHUZZLJ\YLKI`
 9LHSLZ[H[L P94,305,837 13.14 P  P63,717,907 10.15 P 
Chattel mortgage 21,083,673 2.94    4,708,259 0.75   
 .\HYHU[LLI`
the
9LW\ISPJVM[OL
Philippines 80,362 0.01  0.00 80,362 0.01  0.00
Deposit hold out 6,034,139 0.84   5,765,877 0.92  
 :OHYLZVMZ[VJRVM
other banks 8,332,250 1.16   8,332,250 1.33  
Others 104,383,376 14.54 82,803,122  104,276,013 16.62  
234,219,637 32.63   186,880,668 29.78   
<UZLJ\YLKSVHUZ 483,495,598 67.37   440,673,799 70.22   
P717,715,235 100.00 P 100.00 P627,554,467 100.00 P 100.00

4VKPÄJH[PVUVM3VHUZHUK9LJLP]HISLZ
6U4HYJO9LW\ISPJ(J[5V V[OLY^PZLRUV^UHZ[OL)H`HUPOHU[V/LHSHZ6UL(J[¸)H`HUPOHU(J[¹^HZ
LUHJ[LK)H`HUPOHU(J[WYV]PKLZ[OH[HSSJV]LYLKPUZ[P[\[PVUZZOHSSPTWSLTLU[HKH`NYHJLWLYPVKMVYHSSSVHUZ^P[OWYPUJPWHS
HUKVY PU[LYLZ[ HUK SLHZL HTVY[PaH[PVU MHSSPUN K\L ^P[OPU [OL LUOHUJLK JVTT\UP[` X\HYHU[PUL ,*8 WLYPVK ^P[OV\[ PUJ\YYPUN
PU[LYLZ[VUPU[LYLZ[WLUHS[PLZMLLZHUKV[OLYJOHYNLZ:\IZLX\LU[S`VU:LW[LTILY9LW\ISPJ(J[5V V[OLY^PZL
RUV^UHZ[OL)H`HUPOHU[V9LJV]LYHZ6UL(J[¸)H`HUPOHU(J[¹^HZLUHJ[LK<UKLY)H`HUPOHU(J[HVUL[PTLKH`
NYHJLWLYPVKPZNYHU[LKMVY[OLWH`TLU[VMHSSL_PZ[PUNJ\YYLU[HUKV\[Z[HUKPUNSVHUZMHSSPUNK\LVYHU`WHY[[OLYLVMVUVYILMVYL
+LJLTILY^P[OV\[PUJ\YYPUNPU[LYLZ[VUPU[LYLZ[ZWLUHS[PLZMLLZVYV[OLYJOHYNLZHUK[OLYLI`L_[LUKPUN[OLTH[\YP[`
VM[OLZHPKSVHUZ-\Y[OLYTVYLHTPUPT\TKH`NYHJLWLYPVKZOHSSHSZVILNYHU[LKI`JV]LYLKPUZ[P[\[PVUZ[VHSSWH`TLU[ZK\L
^P[OPU[OLWLYPVKVMJVTT\UP[`X\HYHU[PULVUYLU[HUK\[PSP[`YLSH[LKL_WLUKP[\YLZ^P[OV\[PUJ\YYPUNWLUHS[PLZPU[LYLZ[HUKV[OLY

0U[OL.YV\WHUK[OL7HYLU[*VTWHU`PUHKKP[PVU[V[OLYLSPLMZWYV]PKLK\UKLY)H`HUPOHU(J[HUK)H`HUPOHU(J[
VќLYLKÄUHUJPHSYLSPLMZ[V[OLPYIVYYV^LYZVYJV\U[LYWHY[PLZHZHYLZWVUZL[V[OLLќLJ[VM[OL*6=0+ WHUKLTPJWHY[PJ\SHYS`[OL
TVKPÄJH[PVUVML_PZ[PUNSVHUZHUKYLJLP]HISLZ^OPJOPUJS\KLZL_[LUZPVUVMWH`TLU[[LYTZ

)HZLKVU[OL.YV\W»ZHUK[OL7HYLU[*VTWHU`»ZHZZLZZTLU[Z[OLTVKPÄJH[PVUZPU[OLJVU[YHJ[\HSJHZOÅV^ZHZHYLZ\S[VM[OL
HIV]LYLSPLMZHYLUV[Z\IZ[HU[PHSHUK[OLYLMVYLKVUV[YLZ\S[PU[OLKLYLJVNUP[PVUVM[OLHќLJ[LKÄUHUJPHSHZZL[ZI\[^V\SKYLX\PYL
[OLYLJVNUP[PVUVMTVKPÄJH[PVUSVZZLZ;OL[V[HSTVKPÄJH[PVUSVZZLZYLZ\S[PUNMYVT)H`HUPOHU(J[HUK)H`HUPOHU(J[HYL
UV[TH[LYPHSMVY[OL7HYLU[*VTWHU`-VY*):[OL[V[HSTVKPÄJH[PVUSVZZHTV\U[LK[VPTPSSPVU;OLUL[PTWHJ[VM[OL
SVHUTVKPÄJH[PVUHM[LYZ\IZLX\LU[HJJYL[PVUPUVM[OLTVKPÄLKSVHUZHTV\U[LK[VP TPSSPVU0UHUK[OL
HJJYL[PVUVU[OLTVKPÄLKSVHUZHTV\U[LK[VP TPSSPVUHUKP TPSSPVUYLZWLJ[P]LS`

;OL.YV\W»ZSVHUZHUKYLJLP]HISLZ[OH[OHKSVZZHSSV^HUJLZTLHZ\YLKH[HUHTV\U[LX\HS[VSPML[PTL,*3HUK^OVZLJHZOÅV^Z
^LYLTVKPÄLKPUI\[OH]LUV[YLZ\S[LKPUKLYLJVNUP[PVUOHKHUHTVY[PaLKJVZ[ILMVYLTVKPÄJH[PVUHTV\U[PUN[VP IPSSPVU
and PIPSSPVUMVY[OL.YV\WHUK[OL7HYLU[*VTWHU`YLZWLJ[P]LS`;OLTVKPÄJH[PVUSVZZMVY[OLZLSVHUZHUKYLJLP]HISLZPZ
UV[TH[LYPHS[V[OL7HYLU[*VTWHU`-VY*):[OLTVKPÄJH[PVUSVZZVU[OLZLSVHUZHUKYLJLP]HISLZHTV\U[LK[VP TPSSPVU
in 2020.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

78

;OL.YV\W»ZSVHUZHUKYLJLP]HISLZOH]PUNSVZZHSSV^HUJLTLHZ\YLKH[HUHTV\U[LX\HS[VSPML[PTL,*3H[[OL[PTLVMTVKPÄJH[PVU
I\[^LYLUV[KLYLJVNUPaLKPUHUKMVY^OPJOJYLKP[YPZROHZZPNUPÄJHU[S`PTWYV]LKHZH[[OLLUKVMYLWVY[PUNWLYPVKYLZ\S[PUN
PUHJOHUNLPUSVZZHSSV^HUJL[VTVU[O,*3OHKHUHTVY[PaLKJVZ[HZMVSSV^ZÄN\YLZPUIPSSPVUZ!

Consolidated Parent Company

2022 2021 2022 2021
(ZVMLUKVMYLWVY[PUNWLYPVK P1.66 P P1.36 P0.98
 7YPVY[VSVHUTVKPÄJH[PVU 2.01 1.32 1.57 

0U[LYLZ[0UJVTLVU3VHUZHUK9LJLP]HISLZ
(Z VM +LJLTILY   HUK    HUK   YLZWLJ[P]LS` VM [OL [V[HS YLJLP]HISLZ MYVT J\Z[VTLYZ VM [OL .YV\W
HUK HUK YLZWLJ[P]LS`VM[OL[V[HSYLJLP]HISLZMYVTJ\Z[VTLYZVM[OL7HYLU[*VTWHU`^LYLZ\IQLJ[[VPU[LYLZ[
repricing.

9LTHPUPUNYLJLP]HISLZVM[OL.YV\WJHYY`HUU\HSÄ_LKPU[LYLZ[YH[LZYHUNPUNMYVT [V PUMYVT [V 

PUHUKMYVT [V PUMVYMVYLPNUJ\YYLUJ`KLUVTPUH[LKYLJLP]HISLZHUKMYVT [V  PUMYVT
 [V  PUHUKMYVT  [V  PUMVYWLZVKLUVTPUH[LKYLJLP]HISLZ

9LTHPUPUNYLJLP]HISLZVM[OL7HYLU[*VTWHU`JHYY`HUU\HSÄ_LKPU[LYLZ[YH[LZYHUNPUNMYVT [V PUMYVT 

[V PUHUKMYVT [V PUMVYMVYLPNUJ\YYLUJ`KLUVTPUH[LKYLJLP]HISLZHUKMYVT [V PU
MYVT [V PUHUKMYVT  [V PUMVYWLZVKLUVTPUH[LKYLJLP]HISLZ

0U[OL.YV\WJOHUNLK[OLWYLZLU[H[PVUVM*):0»Z\WMYVU[MLLZ[OH[HYLPU[LNYHSWHY[VM[OLLќLJ[P]LPU[LYLZ[YH[LVMSVHUZ
MYVT¸:LY]PJLJOHYNLZMLLZHUKJVTTPZZPVUZ¹[V¸0U[LYLZ[PUJVTLVUSVHUZHUKYLJLP]HISLZ¹;OL.YV\WLќLJ[LK[OLJOHUNL
PU[OLJVTWHYH[P]LÄUHUJPHSPUMVYTH[PVU[VILJVUZPZ[LU[^P[O[OLWYLZLU[H[PVUPUJYLHZPUN¸0U[LYLZ[PUJVTLVUSVHUZHUK
YLJLP]HISLZ¹HUKKLJYLHZPUN¸:LY]PJLJOHYNLZMLLZHUKJVTTPZZPVUZ¹I`PTPSSPVUPUHUKPTPSSPVUPU

ɯɯˑ EQUITY INVESTMENTS

;OPZHJJV\U[JVUZPZ[ZVMPU]LZ[TLU[ZPU!

( :\IZPKPHYPLZ

2022 2021
)HSHUJLH[ILNPUUPUNVM[OL`LHY
 *):0 P14,059,458 P
CBCC 2,694,46 
CBC-PCCI 80,625 
CIBI 356,796 
17,191,345  
:OHYLPUUL[PUJVTL
 *):0 1,624,613  
CBCC 318,085  
CBC-PCCI (3,440) 
CIBI 105,428 92,313
2,044,686 

CHINA BANKING CORPORATION

 79

2022 2021
:OHYLPU6[OLY*VTWYLOLUZP]L0UJVTL
0[LTZ[OH[YLJ`JSL[VWYVÄ[VYSVZZPUZ\IZLX\LU[WLYPVKZ!
5L[\UYLHSPaLKNHPUSVZZVU-=6*0
 *):0 (P120,193) (P 
CBCC 13,172 
CBC-PCCI – 
(107,021) 
*\T\SH[P]L[YHUZSH[PVUHKQ\Z[TLU[Z
 *):0 34,911 
34,911 
6[OLY,X\P[`Z[VJRNYHU[Z
*):0 – (1,009)
CBCC – (11)
CBC-PCCI – 
CIBI – 
– (1,199)
0[LTZ[OH[KVUV[YLJ`JSL[VWYVÄ[VYSVZZPUZ\IZLX\LU[WLYPVKZ!
5L[\UYLHSPaLKNHPUSVZZVULX\P[`ÄUHUJPHSHZZL[ZH[-=6*0
 *):0 (3,789) 
CBCC (10,585) (2,809)
(14,374) 

9LTLHZ\YLTLU[NHPUZSVZZLZVUKLÄULKILULÄ[HZZL[ZVISPNH[PVUZ
 *):0 (3,588) 
CBCC 2,053 193
CBC-PCCI (7,232) 
CIBI (1,984) 
(10,751) 
Cash Dividends
PCCI (25,000) –
CIBI (50,000) –
(75,000) –
)HSHUJLH[LUKVM[OL`LHY
 *):0 15,591,412  
CBCC 3,017,191  
CBC-PCCI 44,953 
CIBI 410,240  
P19,063,796 P 

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

80

) (ZZVJPH[LZ!

2022 2021
)HSHUJLH[ILNPUUPUNVM[OL`LHY P796,519 P 
:OHYLPUUL[PUJVTL 285,059  
:OHYLPU6*0!
0[LTZ[OH[KVUV[YLJ`JSL[VWYVÄ[VYSVZZPUZ\IZLX\LU[WLYPVKZ
 9LTLHZ\YLTLU[NHPUZVUSPMLPUZ\YHUJLYLZLY]LZ 110,416 
 9LTLHZ\YLTLU[VUKLÄULKILULÄ[WSHU 4,693 
0[LT[OH[YLJ`JSL[VWYVÄ[VYSVZZPUZ\IZLX\LU[WLYPVKZ!
 5L[\UYLHSPaLKNHPUVU-=6*0 (213,444) 
Cash dividends – 
)HSHUJLH[LUKVM[OL`LHY P983,243 P  

*):0
*VZ[VMPU]LZ[TLU[PUJS\KLZ[OLVYPNPUHSHTV\U[PUJ\YYLKI`[OL7HYLU[*VTWHU`MYVTP[ZHJX\PZP[PVUVM*):0PUHTV\U[PUN
to PIPSSPVU

4LYNLYVM*):0^P[O7+)
;OL)6+VMIV[O*):0HUK7+)PU[OLPYTLL[PUNOLSKVU1\ULHWWYV]LK[OLWYVWVZLKTLYNLYVM7+)^P[O*):0^P[O
[OLSH[[LYHZ[OLZ\Y]P]PUNIHUR6U5V]LTILY[OL):7PZZ\LK[OL*LY[PÄJH[LVM(\[OVYP[`VU[OL(Y[PJSLZVM4LYNLYHUK
[OL7SHUVM4LYNLYHZHTLUKLKVM*):0HUK7+)6U+LJLTILY*):0VI[HPULK:,*»ZHWWYV]HSVMP[ZTLYNLY^P[O7+)
^OLYLI`[OLLU[PYLHZZL[ZHUKSPHIPSP[PLZVM7+)ZOHSSIL[YHUZMLYYLK[VHUKHIZVYILKI`*):0

(JX\PZP[PVUVM7+)
0U[OL7HYLU[*VTWHU`THKL[LUKLYVќLYZ[VUVUòJVU[YVSSPUNZ[VJROVSKLYZVM7+)(ZVM+LJLTILY[OL7HYLU[
*VTWHU`V^UZ  HUK VM7+)»ZV\[Z[HUKPUNJVTTVUHUKWYLMLYYLKZ[VJRZYLZWLJ[P]LS`

;OLJVUZPKLYH[PVU[YHUZMLYYLKMVY[OLHJX\PZP[PVUVM7+)HTV\U[LK[V!

(JX\PZP[PVUVMTHQVYP[`VM7+)»ZJHWP[HSZ[VJR P
;LUKLYVќLYZ 
P

0UHUK[OL7HYLU[*VTWHU`THKLHKKP[PVUHSJHWP[HSPUM\ZPVU[V7+)HTV\U[PUN[VP1.30 billion and PIPSSPVU

respectively.

0U[OL4)VM[OL):7NYHU[LK[V[OL.YV\WPU]LZ[TLU[HUKTLYNLYPUJLU[P]LZPU[OLMVYTVM^HP]LYVMZWLJPHSSPJLUZPUN
MLLZMVYHKKP[PVUHSIYHUJOSPJLUZLZPUYLZ[YPJ[LKHYLHZ;OPZPZPUHKKP[PVU[V[OLPUP[PHSPU]LZ[TLU[HUKTLYNLYPUJLU[P]LZVM
UL^IYHUJOLZPUYLZ[YPJ[LKHYLHZHUKIYHUJOLZ[VIL[YHUZMLYYLKMYVT\UYLZ[YPJ[LK[VYLZ[YPJ[LKHYLHZNYHU[LK[V[OL7HYLU[
*VTWHU`I`[OL4)PU;OLZLIYHUJOSPJLUZLZ^LYLNYHU[LK\UKLY[OL:[YLUN[OLUPUN7YVNYHTMVY9\YHS)HUR:79)7S\Z
-YHTL^VYR

;OLIYHUJOSPJLUZLZOH]L[OLMVSSV^PUNMHPY]HS\LZ!

*VTTLYJPHS)HURIYHUJOSPJLUZLZ P2,280,000
;OYPM[)HURIYHUJOSPJLUZLZ 

+LMLYYLK[H_SPHIPSP[` 
P

CHINA BANKING CORPORATION

 81

6U(WYPS[OL7HYLU[*VTWHU`»Z)6+HWWYV]LK[OLHSSVJH[PVUVM[OLHKKP[PVUHSIYHUJOSPJLUZLZPUYLZ[YPJ[LKHYLHZHZ
MVSSV^Z! [V[OL7HYLU[*VTWHU`HUK[V*):07\YZ\HU[[VHTLTVYHUK\TKH[LK4HYJO[OLIYHUJOSPJLUZLZ
^LYL H^HYKLK HZ PUJLU[P]LZ I` [OL 4VUL[HY` )VHYK HZ H YLZ\S[ VM [OL 7HYLU[ *VTWHU`»Z HJX\PZP[PVU VM 7+)  .VVK^PSS MYVT
HJX\PZP[PVUVM7+)PZJVTW\[LKHZMVSSV^Z!

*VUZPKLYH[PVU[YHUZMLYYLK P
3LZZ!-HPY]HS\LVMPKLU[PÄHISLHZZL[ZHUKSPHIPSP[PLZHJX\PYLK
 5L[SPHIPSP[PLZVM7+) (P
 )YHUJOSPJLUZLZUL[VMKLMLYYLK[H_SPHIPSP[`5V[L    
P 
PUJS\ZP]LVM[OLL_PZ[PUNIYHUJOSPJLUZLZVM7+)^P[OHUHNNYLNH[LMHPY]HS\LVMP  TPSSPVU5V[L

CIBI
6U-LIY\HY`[OL)6+KLJSHYLKHUKHWWYV]LKJHZOKP]PKLUKZHTV\U[PUN[VPTPSSPVUMVYZ[VJROVSKLYZVUYLJVYKHZVM
KLJSHYH[PVUKH[LWH`HISLVU4HYJO

PCCI
6U1\UL[OL)6+KLJSHYLKHUKHWWYV]LKJHZOKP]PKLUKZHTV\U[PUN[VPTPSSPVUMVYZ[VJROVSKLYZVUYLJVYKHZVM1\S`
WH`HISLVU(\N\Z[

CBCC
6U (WYPS   [OL )6+ HWWYV]LK [OL PU]LZ[TLU[ VM [OL 7HYLU[ *VTWHU` PU HU PU]LZ[TLU[ OV\ZL Z\IZPKPHY` *)** \W [V
[OLHTV\U[VMPTPSSPVU6U(WYPS[OL):7HWWYV]LK[OL7HYLU[*VTWHU`»ZPU]LZ[TLU[VM\W[V VY\W[V
PTPSSPVUJVTTVUZOHYLZPU*)**6U5V]LTILY[OL:,*HWWYV]LK[OL(Y[PJSLZVM0UJVYWVYH[PVUHUK)`ò3H^Z
VM*)**HUKNYHU[LK*)**[OLSPJLUZL[VVWLYH[LHZHUPU]LZ[TLU[OV\ZL

*)**HJX\PZP[PVUVM*)*:LJMVYTLYS`(;*:LJ\YP[PLZ0UJ
6U4H` [OL)6+VM*)**HWWYV]LK[OLHJX\PZP[PVUVM(;*:LJ\YP[PLZ0UJ(;*

6U1\UL *)**HUK[OLZOHYLOVSKLYZVM(;*[OL6YPNPUHS:OHYLOVSKLYZLU[LYLKPU[VHU(NYLLTLU[MVY[OL7\YJOHZLVM
:OHYLZ(NYLLTLU[^OLYLI`*)**HNYLLK[VI\`HUK[OL6YPNPUHS:OHYLOVSKLYZHNYLLK[VZLSSZOHYLZYLWYLZLU[PUN
 VM[OLPZZ\LKHUKV\[Z[HUKPUNZOHYLZVM(;*

6U1\S`[OL:,*HWWYV]LK[OLJOHUNLVMUHTLMYVT(;*:LJ\YP[PLZ0UJ[V*OPUH)HUR:LJ\YP[PLZ*VYWVYH[PVU

*)*(ZZL[Z6UL:7*0UJ
*)*(ZZL[Z6UL:7*0UJ^HZPUJVYWVYH[LKVU1\ULHZH^OVSS`V^ULKZWLJPHSW\YWVZLJVTWHU`VM*)**MVYHZZL[
IHJRLKZLJ\YP[PaH[PVU0[OHZUV[`L[JVTTLUJLKJVTTLYJPHSVWLYH[PVUZ

9LZ\YNLU[*HWP[HS-0:;(4*0UJ
9LZ\YNLU[*HWP[HS-0:;(4*0UJ^HZPUJVYWVYH[LKVU:LW[LTILYHZH^OVSS`V^ULK-0:;*VYWVYH[PVUVM*)**;OL
WYPTHY`W\YWVZLPZ[VPU]LZ[PUVYHJX\PYL5VU7LYMVYTPUN(ZZL[Z¸57(Z¹VMHU`ÄUHUJPHSPUZ[P[\[PVU0[OHZUV[`L[JVTTLUJLK
commercial operations.

0U]LZ[TLU[PU(ZZVJPH[LZ
0U]LZ[TLU[ PU HZZVJPH[LZ PU [OL JVUZVSPKH[LK HUK [OL WHYLU[ JVTWHU` ÄUHUJPHS Z[H[LTLU[Z WLY[HPU [V PU]LZ[TLU[ PU 4*) 3PML
HUK*)*7**0»ZPU]LZ[TLU[PU<YIHU:OLS[LYZHJJV\U[LKMVYI`*)*ò7**0PUP[ZÄUHUJPHSZ[H[LTLU[ZHZHUPU]LZ[TLU[PUHU
HZZVJPH[L0U]LZ[TLU[PU<YIHU:OLS[LYZPZJHYYPLKH[UPSHTV\U[HZVM+LJLTILYHUK

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

82

4*)3PML
0U[OL7HYLU[*VTWHU`HUK4HU\MHJ[\YLYZ3PML0UZ\YHUJL*VTWHU`4HU\SPMLLU[LYLKPU[VHQVPU[WYVQLJ[^OLYL[OL7HYLU[
*VTWHU`^PSSPU]LZ[PUHSPMLPUZ\YHUJLJVTWHU`V^ULKI`4HU\SPMLHUKZ\JOJVTWHU`^PSSILVќLYPUNPUUV]H[P]LPUZ\YHUJLHUK
ÄUHUJPHSWYVK\J[ZMVYOLHS[O^LHS[OHUKLK\JH[PVU[OYV\NO[OL7HYLU[*VTWHU`»ZIYHUJOLZUH[PVU^PKL;OL7HYLU[*VTWHU`
HJX\PYLK PU[LYLZ[PU4HU\SPML*OPUH)HUR3PML(ZZ\YHUJL*VYWVYH[PVU4*)3PMLVU(\N\Z[;OPZPU]LZ[TLU[PZ
HJJV\U[LKMVYHZHUPU]LZ[TLU[PUHUHZZVJPH[LI`]PY[\LVM[OL)HUJHZZ\YHUJL(SSPHUJL(NYLLTLU[^OPJOWYV]PKLZ[OL7HYLU[
*VTWHU`[OLYPNO[[VILYLWYLZLU[LKPU4*)3PML»Z)6+HUK[O\ZL_LYJPZLZPNUPÄJHU[PUÅ\LUJLV]LY[OLSH[[LY

;OL):7YLX\PYLZ[OL7HYLU[*VTWHU`[VTHPU[HPUHTPUPT\TVM V^ULYZOPWV]LY4*)3PMLPUVYKLYMVY4*)3PML[VIL
HSSV^LK[VJVU[PU\LKPZ[YPI\[PUNP[ZPUZ\YHUJLWYVK\J[Z[OYV\NO[OL7HYLU[*VTWHU`»ZIYHUJOLZ

6U:LW[LTILY[OL):7HWWYV]LK[OLYLX\LZ[VM[OL7HYLU[*VTWHU`[VYHPZLP[ZJHWP[HSPU]LZ[TLU[PU4*)3PMLMYVT
 [V VMP[ZH\[OVYPaLKJHWP[HS[OYV\NOW\YJOHZLVMPTPSSPVUJVTTVUZOHYLZ

6U +LJLTILY   [OL 7HYLU[ *VTWHU`»Z )6+ HWWYV]LK [OL HKKP[PVUHS JHWP[HS PUM\ZPVU PU [OL HTV\U[ VM P TPSSPVU
PU4*)3PML;OPZYLWYLZLU[Z VM[OLPTPSSPVU[V[HSJHWP[HSPUM\ZPVUPU4*)3PML^P[O[OLIHSHUJLVMPTPSSPVU
[V IL WYV]PKLK I` 4HU\SPML 7OPSPWWPULZ  6U [VW VM JVTWS`PUN ^P[O [OL OPNOLY JHWP[HS YLX\PYLTLU[Z MVY PUZ\YHUJL JVTWHUPLZ
[OLHKKP[PVUHSJHWP[HS^PSSPTWYV]L4*)3PML»ZJHWHJP[`[V\UKLY^YP[LTVYLI\ZPULZZHUKLUOHUJLP[ZJVTWL[P[P]LWVZP[PVU6U
-LIY\HY` [OL):7HWWYV]LK[OL)HUR»ZJHWP[HSPUM\ZPVUVMPTPSSPVU[V4*)3PML[VJVTWS`^P[O[OLJHWP[HSPaH[PVU
YLX\PYLTLU[VM[OL0UZ\YHUJL*VTTPZZPVUMVYPUZ\YHUJLJVTWHUPLZ^OPJO^HZWHPKVU4HYJO 

6U1HU\HY`[OL7HYLU[*VTWHU`YLJLP]LKPTPSSPVUJHZOKP]PKLUKZMYVT4*)3PML;OLMVSSV^PUN[HISLZZOV^[OL
Z\TTHYPaLKÄUHUJPHSPUMVYTH[PVUVM4*)3PML!

2022 2021
Total assets P62,278,613 P 
Total liabilities 59,869,929 
,X\P[` 2,408,684  

2022 2021
9L]LU\LZ P13,402,185 P
)LULÄ[ZJSHPTZHUKVWLYH[PUNL_WLUZLZ 12,540,513 
0UJVTLILMVYLPUJVTL[H_ 861,672 
5L[PUJVTL 712,647 

*VTTPZZPVUPUJVTLLHYULKI`[OL.YV\WMYVTP[ZIHUJHZZ\YHUJLHNYLLTLU[PZPUJS\KLK\UKLYº4PZJLSSHULV\ZPUJVTL»PU[OL
Z[H[LTLU[ZVMPUJVTL5V[L

CHINA BANKING CORPORATION

 83

ɯɰˑ C:UXB.\\ˇ%gXC.bgXˇ%.xbgX\CWg.UBCbCX.&+b˼I%˼g\\\b\

;OLJVTWVZP[PVUVMHUKTV]LTLU[ZPU[OPZHJJV\U[MVSSV^!

Consolidated
2022
Furniture, Right-of-
Land Fixtures and Leasehold &RQVWUXFWLRQĚ Right-of-use use Assets
(Note 24) Equipment Buildings ,PSURYHPHQWV LQĚ3URJUHVV Assets Land Building Total
Cost
)HSHUJLH[ILNPUUPUNVM`LHY P3,288,630 P7,591,749 P2,135,583 P2,332,201 P164,049 P173,372 P4,083,498 P19,769,082
(KKP[PVUZ 751,044 672,624 100,908 258,753 166,042 – 591,492 2,540,863
+PZWVZHSZ[YHUZMLYZ5V[L – (396,866) 104,571 (13,306) (132,138) – (232,169) (669,908)
)HSHUJLH[LUKVM`LHY 4,039,674 7,867,507 2,341,062 2,577,648 197,953 173,372 4,442,821 21,640,037
Accumulated Depreciation
and Amortization
)HSHUJLH[ILNPUUPUNVM`LHY – 6,502,808 1,285,935 1,792,013 – 85,578 1,869,889 11,536,223
+LWYLJPH[PVUHUKHTVY[PaH[PVU – 499,943 69,362 204,736 – 15,235 662,836 1,452,112
+PZWVZHSZ[YHUZMLYZ5V[L – (297,589) 180,724 (33,310) – – (535,383) (685,558)
)HSHUJLH[LUKVM`LHY – 6,705,162 1,536,021 1,963,439 – 100,813 1,997,342 12,302,777
Net Book Value at End of Year P4,039,674 P1,162,345 P805,041 P614,209 P197,953 P72,559 P2,445,479 P9,337,260
0UJS\KLZ[YHUZMLYZMYVTPU]LZ[TLU[WYVWLY[PLZHTV\U[PUN[VPTPSSPVU

Consolidated
2021
-\YUP[\YL 9PNO[VM
3HUK -P_[\YLZHUK 3LHZLOVSK *VUZ[Y\J[PVUò 9PNO[VM\ZL \ZL(ZZL[Z
5V[L ,X\PWTLU[ Buildings Improvements PUò7YVNYLZZ (ZZL[Z3HUK Building Total
Cost
)HSHUJLH[ILNPUUPUNVM`LHY P P P P P P P  P18,818,292
(KKP[PVUZ –     92,902 –   
+PZWVZHSZ[YHUZMLYZ5V[L –     –  
)HSHUJLH[LUKVM`LHY     2,332,201       
(JJ\T\SH[LK+LWYLJPH[PVU
HUK(TVY[PaH[PVU
)HSHUJLH[ILNPUUPUNVM`LHY –    –     
+LWYLJPH[PVUHUKHTVY[PaH[PVU –    –   
+PZWVZHSZ[YHUZMLYZ5V[L –     – –   (330,132)
)HSHUJLH[LUKVM`LHY –      –    
5L[)VVR=HS\LH[,UKVM@LHY P P  P  P P P  P P
0UJS\KLZ[YHUZMLYZMYVTPU]LZ[TLU[WYVWLY[PLZHTV\U[PUN[VPTPSSPVU

Parent Company
2022
Furniture, Right-of-use
Land Fixtures and Leasehold &RQVWUXFWLRQĚ Right-of-use Assets
(Note 24) Equipment Buildings ,PSURYHPHQWV LQĚ3URJUHVV Assets Land Building. Total
Cost
)HSHUJLH[ILNPUUPUNVM`LHY P2,890,661 P6,274,945 P1,411,257 P1,641,021 P7,593 P181,451 P3,046,270 P15,453,198
(KKP[PVUZ 751,044 513,336 71,435 138,480 66,717 – 469,136 2,010,149
+PZWVZHSZ[YHUZMLYZ5V[L – (361,097) 104,571 (13,306) (5,174) – (85,160) (360,165)
)HSHUJLH[LUKVM`LHY 3,641,705 6,427,184 1,587,263 1,766,195 69,136 181,451 3,430,246 17,103,180
Accumulated Depreciation
and Amortization
)HSHUJLH[ILNPUUPUNVM`LHY – 5,380,492 765,171 1,205,028 – 85,578 1,416,790 8,853,059
+LWYLJPH[PVUHUKHTVY[PaH[PVU – 354,034 58,696 199,125 – 15,235 463,892 1,090,982
+PZWVZHSZ[YHUZMLYZ5V[L – (230,698) 192,107 (83,548) – – (389,284) (511,423)
)HSHUJLH[LUKVM`LHY – 5,503,828 1,015,974 1,320,605 – 100,813 1,491,398 9,432,618
Net Book Value at End of Year P3,641,705 P923,356 P571,289 P445,590 P69,136 P80,638 P1,938,848 P7,670,562
0UJS\KLZ[YHUZMLYZMYVTPU]LZ[TLU[WYVWLY[PLZHTV\U[PUN[VPTPSSPVU

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

84

Parent Company
2021
 -\YUP[\YL
 3HUK  -P_[\YLZHUK  3LHZLOVSK  *VUZ[Y\J[PVUò  9PNO[VM\ZL  9PNO[VM\ZL
 5V[L  ,X\PWTLU[ Buildings Improvements  PUò7YVNYLZZ  (ZZL[Z3HUK (ZZL[Z)\PSKPUN Total
Cost
)HSHUJLH[ILNPUUPUNVM`LHY P  P  P  P P  P P P
(KKP[PVUZ –   20,329  –   
+PZWVZHSZ[YHUZMLYZ5V[L –  8,818   –   
)HSHUJLH[LUKVM`LHY            
(JJ\T\SH[LK+LWYLJPH[PVU
HUK(TVY[PaH[PVU
)HSHUJLH[ILNPUUPUNVM`LHY –      –     
+LWYLJPH[PVUHUKHTVY[PaH[PVU –    –    
+PZWVZHSZ[YHUZMLYZ5V[L –    – –  
)HSHUJLH[LUKVM`LHY –     –    
5L[)VVR=HS\LH[,UKVM@LHY P  P  P P  P  P  P  P
0UJS\KLZ[YHUZMLYZMYVTPU]LZ[TLU[WYVWLY[PLZHTV\U[PUN[VPTPSSPVU

;OL.YV\WHKVW[LK[OLKLLTLKJVZ[TVKLSHZVM1HU\HY`HUKJVUZPKLYLK[OLJHYY`PUN]HS\LVM[OLSHUKKL[LYTPULK
\UKLYP[ZWYL]PV\ZHJJV\U[PUNTL[OVKYL]HS\H[PVUTL[OVKHZ[OLKLLTLKJVZ[VM[OLHZZL[HZVM1HU\HY`(JJVYKPUNS`
revaluation increment amounting to PIPSSPVU^HZJSVZLK[VZ\YWS\Z5V[LPU

(ZVM+LJLTILYHUK[OLNYVZZJHYY`PUNHTV\U[VMM\SS`KLWYLJPH[LKM\YUP[\YLÄ_[\YLZHUKLX\PWTLU[Z[PSSPU\ZL
amounted to P IPSSPVUHUKP IPSSPVUYLZWLJ[P]LS`MVY[OL.YV\WHUKP2.93 billion and PIPSSPVUYLZWLJ[P]LS`MVY[OL
Parent Company.

.HPUZ VU ZHSL VM M\YUP[\YL Ä_[\YLZ HUK LX\PWTLU[ HTV\U[PUN [V P TPSSPVU UPS HUK P TPSSPVU PU   HUK 
YLZWLJ[P]LS`MVY[OL.YV\WHUKPTPSSPVUUPSHUKPTPSSPVUPUHUKYLZWLJ[P]LS`MVY[OL7HYLU[*VTWHU`
HYLPUJS\KLKPU[OLZ[H[LTLU[ZVMPUJVTL\UKLYº4PZJLSSHULV\ZPUJVTL»HJJV\U[5V[L

0UKLWYLJPH[PVUHUKHTVY[PaH[PVUHTV\U[PUN[VPIPSSPVUHUKPIPSSPVUMVY[OL.YV\WHUK7HYLU[*VTWHU`YLZWLJ[P]LS`
HYLPUJS\KLKPU[OLZ[H[LTLU[ZVMPUJVTL\UKLYº+LWYLJPH[PVUHUKHTVY[PaH[PVU»HJJV\U[

ɯɱˑ INVESTMENT PROPERTIES

;OLJVTWVZP[PVUVMHUKTV]LTLU[ZPU[OPZHJJV\U[MVSSV^!

Consolidated
2022
Buildings and
Land  ,PSURYHPHQWV Total
Cost
)HSHUJLH[ILNPUUPUNVM`LHY P2,919,414 P2,748,948 P5,668,362
(KKP[PVUZ 382,970 406,435 789,405
+PZWVZHSZ^YP[LVќ[YHUZMLYZ (474,760) (346,990) (821,750)
)HSHUJLH[LUKVM`LHY 2,827,624 2,808,393 5,636,017
Accumulated Depreciation and Amortization
)HSHUJLH[ILNPUUPUNVM`LHY – 1,021,540 1,021,540
+LWYLJPH[PVUHUKHTVY[PaH[PVU – 145,753 145,753
+PZWVZHSZ^YP[LVќ[YHUZMLYZ – (153,138) (153,138)
)HSHUJLH[LUKVM`LHY – 1,014,155 1,014,155

-VY^HYK

CHINA BANKING CORPORATION

 85

Consolidated
2022
Buildings and
Land  ,PSURYHPHQWV Total
Allowance for Impairment Losses 5V[L
)HSHUJLH[ILNPUUPUNVM`LHY P309,204 P344,280 P653,484
Provisions (reversals) during the year 123,058 (69,571) 53,487
)HSHUJLH[LUKVM`LHY 432,262 274,709 706,971
Net Book Value at End of Year P2,395,362 P1,519,529 P3,914,891
0UJS\KLZ[YHUZMLYZ[VIHURWYLTPZLZHTV\U[PUN[VPTPSSPVU5V[L

Consolidated
2021
Buildings and
 3HUK Improvements Total
Cost
)HSHUJLH[ILNPUUPUNVM`LHY P P  P  
(KKP[PVUZ    
+PZWVZHSZ^YP[LVќ[YHUZMLYZ    
)HSHUJLH[LUKVM`LHY      
(JJ\T\SH[LK+LWYLJPH[PVUHUK(TVY[PaH[PVU
)HSHUJLH[ILNPUUPUNVM`LHY – 989,831 989,831
+LWYLJPH[PVUHUKHTVY[PaH[PVU –  
+PZWVZHSZ^YP[LVќ[YHUZMLYZ –  
)HSHUJLH[LUKVM`LHY –  
(SSV^HUJLMVY0TWHPYTLU[3VZZLZ5V[L
)HSHUJLH[ILNPUUPUNVM`LHY   303,233 
Provisions (reversals) during the year    
+PZWVZHSZ^YP[LVќYLJSHZZPÄJH[PVU      
)HSHUJLH[LUKVM`LHY    
5L[)VVR=HS\LH[,UKVM@LHY P P1,383,128 P3,993,338
0UJS\KLZ[YHUZMLYZ[VIHURWYLTPZLZHTV\U[PUN[VPTPSSPVU5V[L

Parent Company
2022
Buildings and
Land  ,PSURYHPHQWV Total
Cost
)HSHUJLH[ILNPUUPUNVM`LHY P1,067,631 P1,444,203 P2,511,834
(KKP[PVUZ 117,439 156,212 273,651
+PZWVZHSZ^YP[LVќ[YHUZMLYZ (93,718) (116,849) (210,567)
)HSHUJLH[LUKVM`LHY 1,091,352 1,483,566 2,574,918
-VY^HYK

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

86

Parent Company
2022
Buildings and
Land  ,PSURYHPHQWV Total
Accumulated Depreciation and Amortization
)HSHUJLH[ILNPUUPUNVM`LHY P– P545,792 P545,792
+LWYLJPH[PVUHUKHTVY[PaH[PVU – 89,274 89,274
+PZWVZHSZ^YP[LVќ[YHUZMLYZ – (83,492) (83,492)
)HSHUJLH[LUKVM`LHY – 551,574 551,574
Allowance for Impairment Losses 5V[L
)HSHUJLH[ILNPUUPUNVM`LHY 384,983 201,689 586,672
Provisions (reversals) during the year 135,258 (185,844) (50,586)
)HSHUJLH[LUKVM`LHY 520,241 15,845 536,086
Net Book Value at End of Year P571,111 P916,147 P1,487,258
0UJS\KLZ[YHUZMLYZ[VIHURWYLTPZLZHTV\U[PUN[VPTPSSPVU5V[L

Parent Company
2021
Buildings and
 3HUK Improvements Total
Cost
)HSHUJLH[ILNPUUPUNVM`LHY P P  P
(KKP[PVUZ   
+PZWVZHSZ^YP[LVќ[YHUZMLYZ    
)HSHUJLH[LUKVM`LHY   
Accumulated Depreciation and Amortization
)HSHUJLH[ILNPUUPUNVM`LHY –      
+LWYLJPH[PVUHUKHTVY[PaH[PVU –  
+PZWVZHSZ^YP[LVќ[YHUZMLYZ –  
)HSHUJLH[LUKVM`LHY –    
Allowance for Impairment Losses 5V[L
)HSHUJLH[ILNPUUPUNHUKLUKVM`LHY    
Provisions (reversals) during the year   –  
+PZWVZHSZ^YP[LVќYLJSHZZPÄJH[PVU  – 
)HSHUJLH[LUKVM`LHY    
5L[)VVR=HS\LH[,UKVM@LHY P P  P 
0UJS\KLZ[YHUZMLYZ[VIHURWYLTPZLZHTV\U[PUN[VPTPSSPVU5V[L

;OL.YV\W»ZPU]LZ[TLU[WYVWLY[PLZJVUZPZ[LU[PYLS`VMYLHSLZ[H[LWYVWLY[PLZHJX\PYLKPUZL[[SLTLU[VMSVHUZHUKYLJLP]HISLZ;OL
KPќLYLUJLIL[^LLU[OLMHPY]HS\LVM[OLPU]LZ[TLU[WYVWLY[`\WVUMVYLJSVZ\YLHUK[OLJHYY`PUN]HS\LVM[OLSVHUPZYLJVNUPaLK
\UKLYº.HPUSVZZVUHZZL[MVYLJSVZ\YLHUKKHJPVU[YHUZHJ[PVUZ»PU[OLZ[H[LTLU[ZVMPUJVTL

CHINA BANKING CORPORATION

 87

0U  KLWYLJPH[PVU HUK HTVY[PaH[PVU HTV\U[PUN [V P TPSSPVU HUK P  TPSSPVU MVY [OL .YV\W HUK 7HYLU[ *VTWHU`
YLZWLJ[P]LS`HYLPUJS\KLKPU[OLZ[H[LTLU[ZVMPUJVTL\UKLYº+LWYLJPH[PVUHUKHTVY[PaH[PVU»HJJV\U[

+L[HPSZVMYLU[HSPUJVTLLHYULKHUKKPYLJ[VWLYH[PUNL_WLUZLZPUJ\YYLKVUPU]LZ[TLU[WYVWLY[PLZMVSSV^!

Consolidated
2022 2021 2020
9LU[PUJVTLVUPU]LZ[TLU[WYVWLY[PLZ P89,903 P  P 
Direct operating expenses on investment properties generating
rent income 1,277  
Direct operating expenses on investment properties not
generating rent income 91,414    

Parent Company
2022 2021 2020
9LU[PUJVTLVUPU]LZ[TLU[WYVWLY[PLZ P44,640 P P
Direct operating expenses on investment properties
generating rent income 371  
Direct operating expenses on investment properties not
generating rent income 21,843  

9LU[PUJVTLLHYULKMYVTSLHZPUNV\[PU]LZ[TLU[WYVWLY[PLZPZPUJS\KLK\UKLYº4PZJLSSHULV\ZPUJVTL»PU[OLZ[H[LTLU[ZVMPUJVTL
5V[L

Direct operating expenses include occupancy cost, repairs and maintenance, and taxes and licenses related to the investment
properties.

6U(\N\Z[[OL7HYLU[*VTWHU`^HZYLNPZ[LYLKHZHU,JVUVTPJAVUL0UMVYTH[PVU;LJOUVSVN`0;-HJPSP[PLZ,U[LYWYPZL
^P[O[OL7OPSPWWPUL,JVUVTPJAVUL(\[OVYP[`7,A([VVWLYH[LHUKTHPU[HPUHWYVWVZLKZ[VYL`I\PSKPUNSVJH[LKPUZPKL[OL*)7
0;7HYRPU)HYHUNH`Z4HIVSV3\a/PWVKYVTV*HYYL[HHUK2HTW\[OH^*LI\*P[`MVYSLHZL[V7,A(YLNPZ[LYLK0;LU[LYWYPZLZ
HUK[VILRUV^UHZ*OPUHIHUR*VYWVYH[L*LU[LY;OPZYLNPZ[YH[PVUPZ\UKLY7,A(9LNPZ[YH[PVU*LY[PÄJH[L5V-

<UKLY[OPZYLNPZ[YH[PVU[OL7HYLU[*VTWHU`PZLU[P[SLK[VÄ]LWLYJLU[ ÄUHS[H_VUNYVZZPUJVTLLHYULKMYVTSVJH[VY0;
LU[LYWYPZLZHUKYLSH[LKVWLYH[PVUZPUHJJVYKHUJL^P[OL_PZ[PUN7,A(Y\SLZ;OL7HYLU[*VTWHU`ZOHSSHSZVILL_LTW[LKMYVT[OL
WH`TLU[VMHSSUH[PVUHSHUKSVJHS[H_LZPUYLSH[PVU[V[OPZYLNPZ[LYLKHJ[P]P[`

ɯɲˑ GOODWILL AND INTANGIBLE ASSETS

.VVK^PSS
.VVK^PSSYLWYLZLU[Z[OLL_JLZZVM[OLHJX\PZP[PVUJVZ[ZV]LY[OLMHPY]HS\LVM[OLPKLU[PÄHISLHZZL[ZHUKSPHIPSP[PLZVMJVTWHUPLZ
HJX\PYLKI`[OL.YV\W

;OL.YV\WH[[YPI\[LK[OLNVVK^PSSHYPZPUNMYVTP[ZHJX\PZP[PVUVM*):0HUK7+)[VMHJ[VYZZ\JOHZHUPUJYLHZLPUNLVNYHWOPJHS
WYLZLUJL HUK J\Z[VTLY IHZL K\L [V [OL IYHUJOLZ HJX\PYLK  5VUL VM [OL NVVK^PSS YLJVNUPaLK PZ L_WLJ[LK [V IL KLK\J[PISL
MVYPUJVTL[H_W\YWVZLZ*):0HZ[OLZ\Y]P]PUNLU[P[`MYVT[OLTLYNLY^P[O7+)PZ[OLPKLU[PÄLK*.<MVY[OPZNVVK^PSS;OL
7HYLU[*VTWHU`»Z9L[HPS)HURPUN)\ZPULZZ9))OHZILLUPKLU[PÄLKHZ[OL*.<MVYPTWHPYTLU[[LZ[PUNVM[OLNVVK^PSSMYVTP[Z
HJX\PZP[PVUVM*):0

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

88

(ZVM+LJLTILYHUK[OLHTV\U[VMNVVK^PSSWLY*.<MVSSV^Z!

Consolidated Parent Company

9)) P P
*):0   –
Total P  P

;OLYLJV]LYHISLHTV\U[VM[OL*.<ZOHZILLUKL[LYTPULKIHZLKVUH]HS\LPU\ZLJHSJ\SH[PVU\ZPUNJHZOÅV^WYVQLJ[PVUZMYVT
ÄUHUJPHSI\KNL[ZHWWYV]LKI`ZLUPVYTHUHNLTLU[JV]LYPUNHÄ]L`LHYWLYPVK^OPJOKVUV[PUJS\KLYLZ[Y\J[\YPUNHJ[P]P[PLZ[OH[[OL
.YV\WPZUV[`L[JVTTP[[LK[VVYZPNUPÄJHU[M\[\YLPU]LZ[TLU[Z[OH[^PSSLUOHUJL[OLHZZL[IHZLVM[OL*.<ILPUN[LZ[LK6[OLY
[OHUSVHUZHUKKLWVZP[ZNYV^[OYH[LZ[OLZPNUPÄJHU[HUKTVZ[ZLUZP[P]LHZZ\TW[PVUZ\ZLKPUJVTW\[PUNMVY[OLYLJV]LYHISL]HS\LZ
VM[OL*.<ZMVSSV^!

2022 2021
RBB CBSI 9)) *):0
Discount rate 9.62% 10.66% 9.08% 
3VUN[LYTNYV^[OYH[L 1.00% 1.00% 1.00% 1.00%

>P[O YLNHYK [V [OL HZZLZZTLU[ VM ]HS\LPU\ZL VM [OL *.< THUHNLTLU[ ILSPL]LZ [OH[ UV YLHZVUHIS` WVZZPISL JOHUNL PU HU`
VM[OLHIV]LRL`HZZ\TW[PVUZ^V\SKJH\ZL[OLJHYY`PUN]HS\LVM[OLNVVK^PSS[VTH[LYPHSS`L_JLLKP[ZYLJV]LYHISLHTV\U[HZVM
December 31, 2022 and 2021.

)YHUJO3PJLUZLZ
)YHUJOSPJLUZLZVM[OL.YV\WHYVZLMYVT[OLHJX\PZP[PVUZVM*):0<UP[`)HURHUK7+)(ZVM+LJLTILYHUK
KL[HPSZVMIYHUJOSPJLUZLZPU[OL.YV\W»ZHUK[OL7HYLU[*VTWHU`»ZÄUHUJPHSZ[H[LTLU[ZMVSSV^!

Consolidated Parent Company

)YHUJOSPJLUZLMYVT*):0HJX\PZP[PVU P P
)YHUJOSPJLUZLMYVT<UP[`)HURHJX\PZP[PVU  –
)YHUJOSPJLUZLMYVT7+)HJX\PZP[PVU   –
 
(SSV^HUJLMVYWYVIHISLSVZZLZ   
P  P398,000
TVZ[S`H[[YPI\[HISL[V[OL7HYLU[*VTWHU`

,HJOIYHUJO[V^OPJO[OLIYHUJOSPJLUZLPZH[[YPI\[LKPZ[OL*.<[OH[PZ[LZ[LKPUKLWLUKLU[S`MVYPTWHPYTLU[HZZLZZTLU[(ZVM
+LJLTILYV[OLY[OHUSVHUZHUKKLWVZP[ZNYV^[OYH[LZ[OL7HYLU[*VTWHU`HUK*):0\ZL[OLKPZJV\U[YH[LVM  
HUK YLZWLJ[P]LS`HUKSVUN[LYTNYV^[OYH[LVM MVYJVTW\[PUNMVY[OLYLJV]LYHISL]HS\LZVM[OL*.<Z;OL.YV\W
\ZLZ[OLKPZJV\U[YH[LVM  HUKSVUN[LYTNYV^[OYH[LVM MVYJVTW\[PUN[OLYLJV]LYHISLHTV\U[ZVM[OL*.<ZHZVM
December 31, 2021.

CHINA BANKING CORPORATION

 89

*HWP[HSPaLK:VM[^HYL*VZ[Z

;OLTV]LTLU[ZPU[OLHJJV\U[MVSSV^!

Consolidated Parent Company

2022 2021 2022 2021
Cost
)HSHUJLH[ILNPUUPUNVM`LHY P1,989,078 P   P1,935,527 P
(KKP[PVUZ 135,198  97,442 
+PZWVZHSZ>YP[LVќ9LJSHZZPÄJH[PVUZ5V[L (22,834)  (6,579) 
)HSHUJLH[LUKVM`LHY 2,101,442    2,026,390  
Accumulated Depreciation and Amortization
)HSHUJLH[ILNPUUPUNVM`LHY 1,577,287  1,565,087 
+LWYLJPH[PVUHUKHTVY[PaH[PVU 139,279  136,903  
+PZWVZHSZ>YP[LVќ9LJSHZZPÄJH[PVUZ5V[L (2,669)  1,086 
)HSHUJLH[LUKVM`LHY 1,713,897  1,703,076 
Net Book Value at End of Year P387,545 P  P323,314 P

,_JOHUNL;YHKPUN9PNO[

(ZVM+LJLTILYHUK[OL.YV\WOHZHUL_JOHUNL[YHKPUNYPNO[^P[O[OLMVSSV^PUNJHYY`PUN]HS\L!

Cost P12,000
3LZZ!(SSV^HUJLMVYPTWHPYTLU[SVZZLZ 
P

;OL[YHKPUNYPNO[OHZHUPUKLÄUP[L\ZLM\SSPMLHUK[O\ZPZUV[HTVY[PaLKI\[PZZ\IQLJ[MVYPTWHPYTLU[H[L]LY`YLWVY[PUNKH[L;OL
L_JOHUNL[YHKPUNYPNO[HZVM+LJLTILYHUKYLTHPUZ[VIL\UPTWHPYLK

<UKLY[OL7:,Y\SLZHSSL_JOHUNLTLTILYZOPWZLH[ZHYLWSLKNLKH[P[ZM\SS]HS\L[V[OL7:,[VZLJ\YL[OLWH`TLU[VMHSSKLI[Z[V
V[OLYTLTILYZVM[OLL_JOHUNLHYPZPUNV\[VMVYPUJVUULJ[PVU^P[O[OLWYLZLU[VYM\[\YLTLTILYZ»JVU[YHJ[Z

ɯɳˑ OTHER ASSETS

;OPZHJJV\U[JVUZPZ[ZVM!

Consolidated Parent Company

2022 2021 2022 2021
Financial assets
(JJV\U[ZYLJLP]HISL P2,785,372  P1,654,697  
:*9 1,470,031  218,909 
9*6*0 162,048   110,051 
Others 30,687  8,704 
P4,448,138   P1,992,361 2,108,031
-VY^HYK
1RQðQDQFLDODVVHWV

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

90

Consolidated Parent Company

2022 2021 2022 2021
5L[WSHUHZZL[Z5V[L P400,416 P P287,120 P300,391
Prepaid expenses 484,093   413,011 
*YLKP[HISL^P[OOVSKPUN[H_LZ 412,316  383,928 
:LJ\YP[`KLWVZP[ 372,088  319,586  
Documentary stamps 227,704   152,759 
:\UKY`KLIP[Z 224,659  160,077 
4PZJLSSHULV\Z 880,876  454,796 
3,002,152   2,171,277  
7,450,290   4,163,638  
(SSV^HUJLMVYPTWHPYTLU[SVZZLZ5V[L (711,830)  (329,713)   
P6,738,460 P P3,833,925 P

(JJV\U[ZYLJLP]HISL
(JJV\U[ZYLJLP]HISLPUJS\KLZUVUPU[LYLZ[ILHYPUNHK]HUJLZ[VVѝJLYZHUKLTWSV`LLZ^P[O[LYTZYHUNPUNMYVT[VKH`ZHUK
YLJLP]HISLZVM[OL7HYLU[*VTWHU`MYVTH\[VTH[LK[LSSLYTHJOPUL(;4[YHUZHJ[PVUZVMJSPLU[ZVMV[OLYIHURZ[OH[[YHUZHJ[LK
[OYV\NOHU`VM[OL7HYLU[*VTWHU`»Z(;4[LYTPUHSZ

:HSLZJVU[YHJ[YLJLP]HISL
;OPZYLMLYZ[V[OLHTVY[PaLKJVZ[VMYLJLP]HISLZHYPZPUNMYVT[OLZ\IZLX\LU[ZHSLVMHZZL[ZHJX\PYLKPUZL[[SLTLU[VMSVHUZ[OYV\NO
MVYLJSVZ\YLVYKH[PVUPUWH`TLU[^OLYL[OLZHSLPZVUPUZ[HSSTLU[IHZPZHUK[OL[P[SL[V[OLZHPKWYVWLY[`PZ[YHUZMLYYLK[V[OLI\`LYZ
VUS`\WVUM\SSWH`TLU[VM[OLHNYLLKZLSSPUNWYPJL

0UHUK:*9ILHYZÄ_LKPU[LYLZ[YH[LZWLYHUU\TYHUNPUNMYVT [V ^OPSL [V PU

4PZJLSSHULV\Z
4PZJLSSHULV\ZJVUZPZ[ZTHPUS`VM\UPZZ\LKZ[H[PVULY`HUKZ\WWSPLZPU[LYVѝJLÅVH[P[LTZHUKKLWVZP[ZMVY]HYPV\ZZLY]PJLZ

ɯɴˑ ALLOWANCE FOR IMPAIRMENT AND CREDIT LOSSES

*OHUNLZPU[OLHSSV^HUJLMVYPTWHPYTLU[HUKJYLKP[SVZZLZHYLHZMVSSV^Z!

Consolidated Parent Company

2022 2021 2022 2021
)HSHUJLZH[ILNPUUPUNVM`LHY
 3VHUZHUKYLJLP]HISLZ P15,057,609 P   P12,489,884 P
 0U]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[ 3,093,747   2,886,272 2,383,800
 -PUHUJPHSHZZL[ZH[-=6*0 61,495  60,998 
Investment properties 653,484  586,672 
 (JJY\LKPU[LYLZ[YLJLP]HISL 478,814  182,375 
Intangible assets 293,002 293,002 57,000 
Investment in subsidiaries – – 59,902   
Other assets 685,057   379,619 
 6ќIHSHUJLZOLL[L_WVZ\YLZ 740,877  730,859 
21,064,085    17,433,581 
Provisions charged to operations 9,012,633  7,427,202  
(JJV\U[ZJOHYNLKVќHUKV[OLYZ (8,980,575)  (7,613,406)  
32,058  (186,204)  
-VY^HYK

CHINA BANKING CORPORATION

 91

Consolidated Parent Company

2022 2021 2022 2021
)HSHUJLZH[LUKVM`LHY
 3VHUZHUKYLJLP]HISLZ5V[L P16,942,524 P P14,174,453 P 
 0U]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[5V[L  538,820   532,771 
 -PUHUJPHSHZZL[ZH[-=6*05V[L  124,309   124,378  
 0U]LZ[TLU[WYVWLY[PLZ5V[L 706,971  536,086 
 (JJY\LKPU[LYLZ[YLJLP]HISL 996,346  660,751 
Intangible assets 293,002 293,002 57,000 
Investment in subsidiaries – – 59,902   
 6[OLYHZZL[Z5V[L 711,830  329,713  
 6ќIHSHUJLZOLL[L_WVZ\YLZ5V[L 782,341  772,323 
P21,096,143 P P17,247,377 P
;OLHSSV^HUJLMVYJYLKP[HUKPTWHPYTLU[SVZZLZPU[OLHIV]L[HISLHYLWYLZLU[LKHZJVU[YHHZZL[PUKL[LYTPUPUN[OLJHYY`PUNHTV\U[VM[OLYLSH[LK
HZZL[HJJV\U[ZL_JLW[MVY[OLL_WLJ[LKJYLKP[SVZZLZVU¸-PUHUJPHSHZZL[ZH[-=6*0¹HUK¸6ќIHSHUJLZOLL[L_WVZ\YLZ¹^OPJOHYLWYLZLU[LK\UKLY
¸5L[\UYLHSPaLKNHPUSVZZVUÄUHUJPHSHZZL[ZH[-=6*0¹,X\P[`HUK¸6[OLY3PHIPSP[PLZ¹3PHIPSP[`YLZWLJ[P]LS`

([[OLJ\YYLU[SL]LSVMHSSV^HUJLMVYPTWHPYTLU[HUKJYLKP[SVZZLZTHUHNLTLU[ILSPL]LZ[OH[[OL.YV\WOHZZ\ѝJPLU[HSSV^HUJL[V
JV]LYHU`SVZZLZ[OH[TH`ILPUJ\YYLKMYVT[OLUVUJVSSLJ[PVUVYUVUYLHSPaH[PVUVMP[ZSVHUZHUKYLJLP]HISLZHUKV[OLYYPZRHZZL[Z

;OLZLWHYH[L]HS\H[PVUHSSV^HUJLVMHJX\PYLKSVHUZHUKYLJLP]HISLZMYVT7+)HTV\U[PUN[VP IPSSPVU^HZUV[YLJVNUPaLK
I` [OL .YV\W VU [OL LќLJ[P]P[` KH[L VM HJX\PZP[PVU HZ [OLZL YLJLP]HISLZ ^LYL TLHZ\YLK H[ MHPY ]HS\L H[ HJX\PZP[PVU KH[L  (U`
\UJLY[HPU[PLZ HIV\[ M\[\YL JHZO ÅV^Z VM [OLZL YLJLP]HISLZ ^LYL PUJS\KLK PU [OLPY MHPY ]HS\L TLHZ\YLTLU[ 5V[L   (SZV [OL
ZLWHYH[L]HS\H[PVUHSSV^HUJLVMHJX\PYLKPU]LZ[TLU[WYVWLY[PLZMYVT7+)HTV\U[PUN[VP TPSSPVU^HZUV[YLJVNUPaLKI`[OL
.YV\WVU[OLLќLJ[P]P[`KH[LVMHJX\PZP[PVUHZ[OLZLWYVWLY[PLZ^LYLTLHZ\YLKH[MHPY]HS\LVUHJX\PZP[PVUKH[L

)LSV^PZ[OLIYLHRKV^UVMWYV]PZPVUMVYJYLKP[SVZZLZPUHUK

Consolidated Parent Company

2022 2021 2020 2022 2021 2020
/RDQVDQGUHFHLYDEOHV
Corporate and commercial lending P6,851,108 P P P6,064,157 P P 
Consumer lending (33,430)   (500,018)  
Trade-related lending (232,200)   (241,718)  
Others (519)  2,889 (328) 328 –
,QYHVWPHQWV
0U]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLK
cost 1,365,391    1,251,442    
-PUHUJPHSHZZL[ZH[-=6*0
(debt securities) 58,111  21,208 58,677  20,930
8,008,461 P  6,632,212   
0TWHJ[[VWYVÄ[VYSVZZVMTV]LTLU[ZPU
,*3MVYVќIVVRZL_WVZ\YLZ 26,637   26,637  
Other assets 977,535     768,353    
3URYLVLRQVFKDUJHGWRRSHUDWLRQV P9,012,633 P P  P7,427,202 P  P 

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

92

;OL[HISLZILSV^PSS\Z[YH[L[OLTV]LTLU[ZVM[OLHSSV^HUJLMVYPTWHPYTLU[HUKJYLKP[SVZZLZK\YPUNLќLJ[VMTV]LTLU[ZPU
,*3K\L[V[YHUZMLYZIL[^LLUZ[HNLZHYLZOV^UPU[OL[V[HSJVS\TU!

Consolidated
ECL Staging
Stage 1 Stage 2 Stage 3
Corporate and commercial lending 12-month ECL Lifetime ECL Lifetime ECL Total
Loss allowance at January 1, 2022 P3,015,176 P3,204,874 P5,814,240 P12,034,290
0RYHPHQWVZLWK3 /LPSDFW
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL (190,176) 823,884 – 633,708
;YHUZMLYMYVT:[HNL[V:[HNL (730) – 113,269 112,539
;YHUZMLYMYVT:[HNL[V:[HNL 32,783 (232,131) – (199,348)
;YHUZMLYMYVT:[HNL[V:[HNL – (1,400,135) 5,627,387 4,227,252
;YHUZMLYMYVT:[HNL[V:[HNL 140 – (5,396) (5,256)
;YHUZMLYMYVT:[HNL[V:[HNL – 1,124 (119,364) (118,240)
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK 2,718,295 622,610 532,548 3,873,453
*OHUNLZPU7+Z3.+Z,(+Z 58,593 (225,633) 677,027 509,987
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (748,143) (708,608) (715,580) (2,172,331)
-?HUKV[OLYTV]LTLU[Z (7,926) (2,469) (261) (10,656)
3URYLVLRQIRUFUHGLWORVVHVGXULQJWKHSHULRG 1,862,836 (1,121,358) 6,109,630 6,851,108
2WKHUPRYHPHQWV
Write-VќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z 7,926 2,469 (4,306,402) (4,296,007)
7RWDORWKHUPRYHPHQWV 7,926 2,469 (4,306,402) (4,296,007)

Loss allowance at December 31, 2022 P4,885,938 P2,085,985 P7,617,468 P14,589,391

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Consolidated
ECL Staging
Stage 1 Stage 2 Stage 3
Consumer lending 12-month ECL Lifetime ECL Lifetime ECL Total
Loss allowance at January 1, 2022 P570,316 P175,111 P2,043,684 P2,789,111
0RYHPHQWVZLWK3 /LPSDFW
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL (29,074) 55,808 – 26,734
;YHUZMLYMYVT:[HNL[V:[HNL (3,995) – 219,387 215,392
;YHUZMLYMYVT:[HNL[V:[HNL 1,626 (67,053) – (65,427)
;YHUZMLYMYVT:[HNL[V:[HNL – (18,507) 185,771 167,264
;YHUZMLYMYVT:[HNL[V:[HNL 237 – (126,143) (125,906)
;YHUZMLYMYVT:[HNL[V:[HNL – 757 (139,229) (138,472)
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK 771,609 76,340 50,798 898,747
*OHUNLZPU7+Z3.+Z,(+Z (441,222) 150,142 (184,945) (476,025)
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (67,251) (28,149) (440,337) (535,737)
-?HUKV[OLYTV]LTLU[Z – – – –
-VY^HYK

CHINA BANKING CORPORATION

 93

Consolidated
ECL Staging
Stage 1 Stage 2 Stage 3
Consumer lending 12-month ECL Lifetime ECL Lifetime ECL Total
3URYLVLRQIRUFUHGLWORVVHVGXULQJWKHSHULRG 231,930 169,338 (434,698) (33,430)
2WKHUPRYHPHQWV
Write-VќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – – (534,528) (534,528)
7RWDORWKHUPRYHPHQWV – – (534,528) (534,528)

Loss allowance at December 31, 2022 P802,246 P344,449 P1,074,458 P2,221,153

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Consolidated
ECL Staging
Stage 1 Stage 2 Stage 3
Trade-related lending 12-month ECL Lifetime ECL Lifetime ECL Total
Loss allowance at January 1, 2022 P123,568 P14,772 P92,124 P230,464
0RYHPHQWVZLWK3 /LPSDFW
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK 57,512 16,127 – 73,639
*OHUNLZPU7+Z3.+Z,(+Z 149 66 (10,491) (10,276)
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (123,508) (14,721) (1,357) (139,586)
-?HUKV[OLYTV]LTLU[Z (154,923) (1,054) – (155,977)
3URYLVLRQIRUFUHGLWORVVHVGXULQJWKHSHULRG (220,770) 418 (11,848) (232,200)
2WKHUPRYHPHQWV
Write-VќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z 154,923 1,054 (24,701) 131,276
7RWDORWKHUPRYHPHQWV 154,923 1,054 (24,701) 131,276

Loss allowance at December 31, 2022 P57,721 P16,244 P55,575 P129,540

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

94

Consolidated
ECL Staging
Stage 1 Stage 2 Stage 3
Others 12-month ECL Lifetime ECL Lifetime ECL Total
Loss allowance at January 1, 2022 P3 P– P3,741 P3,744
0RYHPHQWVZLWK3 /LPSDFW
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL 1 – 162 163
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – 1 330 331
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK 73 153 482 708
*OHUNLZPU7+Z3.+Z,(+Z (7) (14) (644) (665)
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (3) (1) (1,052) (1,056)
-?HUKV[OLYTV]LTLU[Z – – – –
3URYLVLRQIRUFUHGLWORVVHVGXULQJWKHSHULRG 64 139 (722) (519)
2WKHUPRYHPHQWV
Write-VќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – – (785) (785)
7RWDORWKHUPRYHPHQWV – – (785) (785)

Loss allowance at December 31, 2022 P67 P139 P2,234 P2,440

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Consolidated
ECL Staging
Stage 1 Stage 2 Stage 3
/RDQVDQGUHFHLYDEOHVòWRWDl 12-month ECL Lifetime ECL Lifetime ECL Total
Loss allowance at January 1, 2022 P3,709,063 P3,394,757 P7,953,789 P15,057,609
0RYHPHQWVZLWK3 /LPSDFW
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL (219,250) 879,692 – 660,442
;YHUZMLYMYVT:[HNL[V:[HNL (4,724) – 332,818 328,094
;YHUZMLYMYVT:[HNL[V:[HNL 34,409 (299,184) – (264,775)
;YHUZMLYMYVT:[HNL[V:[HNL – (1,418,641) 5,813,488 4,394,847
;YHUZMLYMYVT:[HNL[V:[HNL 377 – (131,539) (131,162)
;YHUZMLYMYVT:[HNL[V:[HNL – 1,881 (258,593) (256,712)
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK 3,547,489 715,230 583,828 4,846,547
*OHUNLZPU7+Z3.+Z,(+Z (382,487) (75,439) 480,947 23,021
-VY^HYK

CHINA BANKING CORPORATION

 95

Consolidated
ECL Staging
Stage 1 Stage 2 Stage 3
/RDQVDQGUHFHLYDEOHVòWRWDl 12-month ECL Lifetime ECL Lifetime ECL Total
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (938,905) (751,479) (1,158,326) (2,848,710)
-?HUKV[OLYTV]LTLU[Z (162,849) (3,523) (261) (166,633)
3URYLVLRQIRUFUHGLWORVVHVGXULQJWKHSHULRG 1,874,060 (951,463) 5,662,362 6,584,959
2WKHUPRYHPHQWV
Write-VќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z 162,849 3,523 (4,866,416) (4,700,044)
7RWDORWKHUPRYHPHQWV 162,849 3,523 (4,866,416) (4,700,044)

Loss allowance at December 31, 2022 P5,745,972 P2,446,817 P8,749,735 P16,942,524

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Consolidated
ECL Staging
Stage 1 Stage 2 Stage 3
,QYHVWPHQWVHFXULWLHVDWDPRUWL]HGFRVt 12-month ECL Lifetime ECL Lifetime ECL Total
Loss allowance at January 1, 2022 P447,645 P38,388 P2,607,714 P3,093,747
0RYHPHQWVZLWK3 /LPSDFW
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL (6,794) 26,811 – 20,017
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL 743 (27,696) – (26,953)
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLK 37,525 2,557 – 40,082
*OHUNLZPU7+Z3.+Z,(+Z 34,827 5,146 1,339,286 1,379,259
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (16,908) (162) – (17,070)
-?HUKV[OLYTV]LTLU[Z (29,675) (269) – (29,944)
3URYLVLRQIRUFUHGLWORVVHVGXULQJWKHSHULRG 19,718 6,387 1,339,286 1,365,391
2WKHUPRYHPHQWV
Write-VќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z 26,413 269 (3,947,000) (3,920,318)
7RWDORWKHUPRYHPHQWV 26,413 269 (3,947,000) (3,920,318)

Loss allowance at December 31, 2022 P493,776 P45,044 P– P538,820

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

96

Consolidated
ECL Staging
Stage 1 Stage 2 Stage 3
Financial assets at FVOCI (debt securities) 12-month ECL Lifetime ECL Lifetime ECL Total
Loss allowance at January 1, 2022 P59,958 P1,537 P– P61,495
0RYHPHQWVZLWK3 /LPSDFW
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL (1) 1 – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL 71 (1,537) – (1,466)
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLK 30,552 25,375 – 55,927
*OHUNLZPU7+Z3.+Z,(+Z 8,851 – – 8,851
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (498) – – (498)
-?HUKV[OLYTV]LTLU[Z (4,422) (281) – (4,703)
3URYLVLRQIRUFUHGLWORVVHVGXULQJWKHSHULRG 34,553 23,558 – 58,111
2WKHUPRYHPHQWV
Write-VќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z 4,422 281 – 4,703
7RWDORWKHUPRYHPHQWV 4,422 281 – 4,703

Loss allowance at December 31, 2022 P98,933 P25,376 P– P124,309

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Parent Company
ECL Staging
Stage 1 Stage 2 Stage 3
Corporate and commercial lending 12-month ECL Lifetime ECL Lifetime ECL Total
Loss allowance at January 1, 2022 P2,957,844 P3,152,298 P4,839,259 P10,949,401
0RYHPHQWVZLWK3 /LPSDFW
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL (161,104) 795,711 – 634,607
;YHUZMLYMYVT:[HNL[V:[HNL (458) – 102,778 102,320
;YHUZMLYMYVT:[HNL[V:[HNL 31,662 (231,045) – (199,383)
;YHUZMLYMYVT:[HNL[V:[HNL – (1,394,846) 4,974,946 3,580,100
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – 1,007 (114,702) (113,695)
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK 2,622,787 544,328 315,151 3,482,266
*OHUNLZPU7+Z3.+Z,(+Z 81,114 (175,806) 698,682 603,990
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (729,903) (690,844) (594,645) (2,015,392)
-?HUKV[OLYTV]LTLU[Z (7,926) (2,469) (261) (10,656)
3URYLVLRQIRUFUHGLWORVVHVGXULQJWKHSHULRG 1,836,172 (1,153,964) 5,381,949 6,064,157
2WKHUPRYHPHQWV
Write-VќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z 7,926 2,469 (3,683,270) (3,672,875)
7RWDORWKHUPRYHPHQWV 7,926 2,469 (3,683,270) (3,672,875)

Loss allowance at December 31, 2022 P4,801,942 P2,000,803 P6,537,938 P13,340,683

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

CHINA BANKING CORPORATION

 97

Parent Company
ECL Staging
Stage 1 Stage 2 Stage 3
Consumer lending 12-month ECL Lifetime ECL Lifetime ECL Total
Loss allowance at January 1, 2022 P478,079 P154,386 P681,717 P1,314,182
0RYHPHQWVZLWK3 /LPSDFW
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL (27,951) 49,778 – 21,827
;YHUZMLYMYVT:[HNL[V:[HNL (3,455) – 42,563 39,108
;YHUZMLYMYVT:[HNL[V:[HNL 253 (59,680) – (59,427)
;YHUZMLYMYVT:[HNL[V:[HNL – (15,882) 25,477 9,595
;YHUZMLYMYVT:[HNL[V:[HNL – – (6,600) (6,600)
;YHUZMLYMYVT:[HNL[V:[HNL – 301 (96,279) (95,978)
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK 49,912 1,253 1,597 52,762
*OHUNLZPU7+Z3.+Z,(+Z (371,369) 160,340 (146,175) (357,204)
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (44,978) (23,040) (36,083) (104,101)
-?HUKV[OLYTV]LTLU[Z – – – –
3URYLVLRQIRUFUHGLWORVVHVGXULQJWKHSHULRG (397,588) 113,070 (215,500) (500,018)
2WKHUPRYHPHQWV
Write-VќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – – (95,925) (95,925)
7RWDORWKHUPRYHPHQWV – – (95,925) (95,925)

Loss allowance at December 31, 2022 P80,491 P267,456 P370,292 P718,239

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Parent Company
ECL Staging
Stage 1 Stage 2 Stage 3
Trade-related lending 12-month ECL Lifetime ECL Lifetime ECL Total
Loss allowance at January 1, 2022 P120,643 P14,702 P90,628 P225,973
0RYHPHQWVZLWK3 /LPSDFW
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK 57,511 2,037 – 59,548
*OHUNLZPU7+Z3.+Z,(+Z 149 147 (10,352) (10,056)
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (120,583) (14,650) – (135,233)
-?HUKV[OLYTV]LTLU[Z (154,923) (1,054) – (155,977)
3URYLVLRQIRUFUHGLWORVVHVGXULQJWKHSHULRG (217,846) (13,520) (10,352) (241,718)
2WKHUPRYHPHQWV
Write-VќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z 154,923 1,054 (24,701) 131,276
7RWDORWKHUPRYHPHQWV 154,923 1,054 (24,701) 131,276

Loss allowance at December 31, 2022 P57,720 P2,236 P55,575 P115,531

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

98

Parent Company
ECL Staging
Stage 1 Stage 2 Stage 3
Others 12-month ECL Lifetime ECL Lifetime ECL Total
Loss allowance at January 1, 2022 P– P– P328 P328
0RYHPHQWVZLWK3 /LPSDFW
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK – – – –
*OHUNLZPU7+Z3.+Z,(+Z – – – –
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK – – (328) (328)
-?HUKV[OLYTV]LTLU[Z – – – –
3URYLVLRQIRUFUHGLWORVVHVGXULQJWKHSHULRG – – (328) (328)
2WKHUPRYHPHQWV
Write-VќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – – – –
7RWDORWKHUPRYHPHQWV – – – –

Loss allowance at December 31, 2022 P– P– P– P–

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Parent Company
ECL Staging
Stage 1 Stage 2 Stage 3
/RDQVDQGUHFHLYDEOHVòWRWDO 12-month ECL Lifetime ECL Lifetime ECL Total
Loss allowance at January 1, 2022 P3,556,566 P3,321,386 P5,611,932 P12,489,884
0RYHPHQWVZLWK3 /LPSDFW
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL (189,055) 845,489 – 656,434
;YHUZMLYMYVT:[HNL[V:[HNL (3,913) – 145,341 141,428
;YHUZMLYMYVT:[HNL[V:[HNL 31,915 (290,725) – (258,810)
;YHUZMLYMYVT:[HNL[V:[HNL – (1,410,728) 5,000,423 3,589,695
;YHUZMLYMYVT:[HNL[V:[HNL – – (6,600) (6,600)
;YHUZMLYMYVT:[HNL[V:[HNL – 1,308 (210,981) (209,673)
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK 2,730,210 547,618 316,748 3,594,576
*OHUNLZPU7+Z3.+Z,(+Z (290,106) (15,319) 542,155 236,730
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (895,464) (728,534) (631,056) (2,255,054)
-?HUKV[OLYTV]LTLU[Z (162,849) (3,523) (261) (166,633)
3URYLVLRQIRUFUHGLWORVVHVGXULQJWKHSHULRG 1,220,738 (1,054,414) 5,155,769 5,322,093
2WKHUPRYHPHQWV
Write-VќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z 162,849 3,523 (3,803,896) (3,637,524)
7RWDORWKHUPRYHPHQWV 162,849 3,523 (3,803,896) (3,637,524)

Loss allowance at December 31, 2022 P4,940,153 P2,270,495 P6,963,805 P14,174,453

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

CHINA BANKING CORPORATION

 99

Parent Company
ECL Staging
Stage 1 Stage 2 Stage 3
,QYHVWPHQWVHFXULWLHVDWDPRUWL]HGFRVt 12-month ECL Lifetime ECL Lifetime ECL Total
Loss allowance at January 1, 2022 P436,596 P38,388 P2,411,288 P2,886,272
0RYHPHQWVZLWK3 /LPSDFW
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL (6,794) 26,811 – 20,017
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL 743 (27,696) – (26,953)
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLK 34,775 2,556 – 37,331
*OHUNLZPU7+Z3.+Z,(+Z 34,826 5,146 1,220,337 1,260,309
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (12,418) (162) – (12,580)
-?HUKV[OLYTV]LTLU[Z (26,413) (269) – (26,682)
3URYLVLRQIRUFUHGLWORVVHVGXULQJWKHSHULRG 24,719 6,386 1,220,337 1,251,442
2WKHUPRYHPHQWV
Write-VќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z 26,413 269 (3,631,625) (3,604,943)
7RWDORWKHUPRYHPHQWV 26,413 269 (3,631,625) (3,604,943)

Loss allowance at December 31, 2022 P487,728 P45,043 P– P532,771

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Parent Company
ECL Staging
Stage 1 Stage 2 Stage 3
Financial assets at FVOCI (debt securities) 12-month ECL Lifetime ECL Lifetime ECL Total
Loss allowance at January 1, 2022 P59,461 P1,537 P– P60,998
0RYHPHQWVZLWK3 /LPSDFW
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL 71 (1,537) – (1,466)
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLK 30,552 25,375 – 55,927
*OHUNLZPU7+Z3.+Z,(+Z 9,024 – – 9,024
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (105) – – (105)
-?HUKV[OLYTV]LTLU[Z (4,422) (281) – (4,703)
3URYLVLRQIRUFUHGLWORVVHVGXULQJWKHSHULRG 35,120 23,557 – 58,677
2WKHUPRYHPHQWV
Write-VќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z 4,422 281 – 4,703
7RWDORWKHUPRYHPHQWV 4,422 281 – 4,703

Loss allowance at December 31, 2022 P99,003 P25,375 P– P124,378

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

100

*VTWHYH[P]LÄN\YLZMVY[OLTV]LTLU[VMHSSV^HUJLMVYJYLKP[HUKPTWHPYTLU[SVZZLZMVYHYLZOV^UILSV^!

Consolidated
,*3:[HNPUN
:[HNL :[HNL :[HNL
Corporate and commercial lending TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
3VZZHSSV^HUJLH[1HU\HY` P P3,213,081 P P 
4V]LTLU[Z^P[O7 3PTWHJ[
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL    – 
;YHUZMLYMYVT:[HNL[V:[HNL    –  
;YHUZMLYMYVT:[HNL[V:[HNL    –  
;YHUZMLYMYVT:[HNL[V:[HNL –    
;YHUZMLYMYVT:[HNL[V:[HNL  –  
;YHUZMLYMYVT:[HNL[V:[HNL –   
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK   1,923,910   
*OHUNLZPU7+Z3.+Z,(+Z     
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK  (192,902)   
-?HUKV[OLYTV]LTLU[Z  (11,112)   
7YV]PZPVUMVYJYLKP[SVZZLZK\YPUN[OLWLYPVK   (19,319)  
Other movements
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z  11,112   
Total other movements  11,112   

3VZZHSSV^HUJLH[+LJLTILY P P P P 

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Consolidated
,*3:[HNPUN
:[HNL :[HNL :[HNL
Consumer lending TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
3VZZHSSV^HUJLH[1HU\HY` P  P P  P2,080,929
4V]LTLU[Z^P[O7 3PTWHJ[
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL   –  
;YHUZMLYMYVT:[HNL[V:[HNL  –    
;YHUZMLYMYVT:[HNL[V:[HNL 19,388   – (23,009)
;YHUZMLYMYVT:[HNL[V:[HNL –   
;YHUZMLYMYVT:[HNL[V:[HNL  –   
;YHUZMLYMYVT:[HNL[V:[HNL – 31,980     
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK     213,930 
*OHUNLZPU7+Z3.+Z,(+Z     
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK    
-?HUKV[OLYTV]LTLU[Z – – – –
7YV]PZPVUMVYJYLKP[SVZZLZK\YPUN[OLWLYPVK 238,222    
Other movements
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – –    
Total other movements – –    

3VZZHSSV^HUJLH[+LJLTILY P P P P 

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

CHINA BANKING CORPORATION

 101

Consolidated
,*3:[HNPUN
:[HNL :[HNL :[HNL
Trade-related lending TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
3VZZHSSV^HUJLH[1HU\HY` P P P121,123 P
4V]LTLU[Z^P[O7 3PTWHJ[
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL (8) 8 – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL  (99) – (39)
;YHUZMLYMYVT:[HNL[V:[HNL –    23,383
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK   – 
*OHUNLZPU7+Z3.+Z,(+Z  388    19,828
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK   – 
-?HUKV[OLYTV]LTLU[Z   – 
7YV]PZPVUMVYJYLKP[SVZZLZK\YPUN[OLWLYPVK       
Other movements
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z      
Total other movements      

3VZZHSSV^HUJLH[+LJLTILY P P P  P

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Consolidated
,*3:[HNPUN
:[HNL :[HNL :[HNL
Others TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
3VZZHSSV^HUJLH[1HU\HY` P1 P P P2,889
4V]LTLU[Z^P[O7 3PTWHJ[
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL –  – 
;YHUZMLYMYVT:[HNL[V:[HNL – –  
;YHUZMLYMYVT:[HNL[V:[HNL – (31) – (31)
;YHUZMLYMYVT:[HNL[V:[HNL – – 9 9
;YHUZMLYMYVT:[HNL[V:[HNL – – (211) (211)
;YHUZMLYMYVT:[HNL[V:[HNL – –  
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK 3 –  
*OHUNLZPU7+Z3.+Z,(+Z –  1,200 
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (1) (8)  
-?HUKV[OLYTV]LTLU[Z – – – –
7YV]PZPVUMVYJYLKP[SVZZLZK\YPUN[OLWLYPVK 2  901 
Other movements
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – – – –
Total other movements – – – –

3VZZHSSV^HUJLH[+LJLTILY P3 P– P P

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

102

Consolidated
,*3:[HNPUN
:[HNL :[HNL :[HNL
3VHUZHUKYLJLP]HISLZ¶[V[HS TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
3VZZHSSV^HUJLH[1HU\HY` P P   P P  
4V]LTLU[Z^P[O7 3PTWHJ[
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL    – 
;YHUZMLYMYVT:[HNL[V:[HNL   –   
;YHUZMLYMYVT:[HNL[V:[HNL    – 
;YHUZMLYMYVT:[HNL[V:[HNL –    
;YHUZMLYMYVT:[HNL[V:[HNL 3,129 –   
;YHUZMLYMYVT:[HNL[V:[HNL –     
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK        
*OHUNLZPU7+Z3.+Z,(+Z     
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (1,932,819)    
-?HUKV[OLYTV]LTLU[Z   (11,119)  
7YV]PZPVUMVYJYLKP[SVZZLZK\YPUN[OLWLYPVK     
Other movements
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z  11,119    
Total other movements  11,119    

3VZZHSSV^HUJLH[+LJLTILY P  P  P  P

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Consolidated
,*3:[HNPUN
:[HNL :[HNL :[HNL
0U]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[ TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
3VZZHSSV^HUJLH[1HU\HY` P P– P P 
4V]LTLU[Z^P[O7 3PTWHJ[
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL   – 
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLK    – 
*OHUNLZPU7+Z3.+Z,(+Z   –    
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK  – – 
-?HUKV[OLYTV]LTLU[Z      
7YV]PZPVUMVYJYLKP[SVZZLZK\YPUN[OLWLYPVK      
Other movements
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z      
Total other movements      

3VZZHSSV^HUJLH[+LJLTILY P P38,388 P P 

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

CHINA BANKING CORPORATION

 103

Consolidated
,*3:[HNPUN
:[HNL :[HNL :[HNL
-PUHUJPHSHZZL[ZH[-=6*0KLI[ZLJ\YP[PLZ TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
3VZZHSSV^HUJLH[1HU\HY` P P– P– P
4V]LTLU[Z^P[O7 3PTWHJ[
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLK    – 
*OHUNLZPU7+Z3.+Z,(+Z   – –  
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (3,823) – – (3,823)
-?HUKV[OLYTV]LTLU[Z   – 
7YV]PZPVUMVYJYLKP[SVZZLZK\YPUN[OLWLYPVK   1,032 – 
Other movements
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z   – 
Total other movements   – 

3VZZHSSV^HUJLH[+LJLTILY P   P P– P 

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Parent Company
,*3:[HNPUN
:[HNL :[HNL :[HNL
Corporate and commercial lending TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
3VZZHSSV^HUJLH[1HU\HY` P P  P P
4V]LTLU[Z^P[O7 3PTWHJ[
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL     – 
;YHUZMLYMYVT:[HNL[V:[HNL  –  
;YHUZMLYMYVT:[HNL[V:[HNL    – (83,122)
;YHUZMLYMYVT:[HNL[V:[HNL –   
;YHUZMLYMYVT:[HNL[V:[HNL  –    
;YHUZMLYMYVT:[HNL[V:[HNL –      
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK      
*OHUNLZPU7+Z3.+Z,(+Z       
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK       
-?HUKV[OLYTV]LTLU[Z  (11,112)   
7YV]PZPVUMVYJYLKP[SVZZLZK\YPUN[OLWLYPVK    
Other movements
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z  11,111  
Total other movements  11,111  

3VZZHSSV^HUJLH[+LJLTILY P  P  P  P  

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

104

Parent Company
,*3:[HNPUN
:[HNL :[HNL :[HNL
Consumer lending TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
3VZZHSSV^HUJLH[1HU\HY` P  P P P
4V]LTLU[Z^P[O7 3PTWHJ[
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL   – 
;YHUZMLYMYVT:[HNL[V:[HNL  –   
;YHUZMLYMYVT:[HNL[V:[HNL     –   
;YHUZMLYMYVT:[HNL[V:[HNL –    
;YHUZMLYMYVT:[HNL[V:[HNL  –   
;YHUZMLYMYVT:[HNL[V:[HNL –    
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK     
*OHUNLZPU7+Z3.+Z,(+Z       
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK    
-?HUKV[OLYTV]LTLU[Z – – – –
7YV]PZPVUMVYJYLKP[SVZZLZK\YPUN[OLWLYPVK     
Other movements
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – –      
Total other movements – –      

3VZZHSSV^HUJLH[+LJLTILY P P P P

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Parent
,*3:[HNPUN
:[HNL :[HNL :[HNL
Trade-related lending TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
3VZZHSSV^HUJLH[1HU\HY` P P P P  
4V]LTLU[Z^P[O7 3PTWHJ[
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL (8) 8 – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL  (99) – (39)
;YHUZMLYMYVT:[HNL[V:[HNL –    
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK   – 
*OHUNLZPU7+Z3.+Z,(+Z  388  
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK    – 
-?HUKV[OLYTV]LTLU[Z   – 
7YV]PZPVUMVYJYLKP[SVZZLZK\YPUN[OLWLYPVK  (9,119)    
Other movements
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z      
Total other movements      

3VZZHSSV^HUJLH[+LJLTILY P P P  P 

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

CHINA BANKING CORPORATION

 105

Parent Company
,*3:[HNPUN
:[HNL :[HNL :[HNL
Others TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
3VZZHSSV^HUJLH[1HU\HY` P– P– P– P–
4V]LTLU[Z^P[O7 3PTWHJ[
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK – – 328 328
*OHUNLZPU7+Z3.+Z,(+Z – – – –
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK – – – –
-?HUKV[OLYTV]LTLU[Z – – – –
7YV]PZPVUMVYJYLKP[SVZZLZK\YPUN[OLWLYPVK – – 328 328
Other movements
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – – – –
Total other movements – – – –

3VZZHSSV^HUJLH[+LJLTILY P– P– P328 P328

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Parent Company
,*3:[HNPUN
:[HNL :[HNL :[HNL
3VHUZHUKYLJLP]HISLZ¶[V[HS TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
3VZZHSSV^HUJLH[1HU\HY` P P3,293,209 P P
4V]LTLU[Z^P[O7 3PTWHJ[
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL   –   
;YHUZMLYMYVT:[HNL[V:[HNL  –   
;YHUZMLYMYVT:[HNL[V:[HNL    –  
;YHUZMLYMYVT:[HNL[V:[HNL –     
;YHUZMLYMYVT:[HNL[V:[HNL   –  
;YHUZMLYMYVT:[HNL[V:[HNL –    (383,803)
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK     
*OHUNLZPU7+Z3.+Z,(+Z      
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OL     
period
-?HUKV[OLYTV]LTLU[Z   (11,119)  
7YV]PZPVUMVYJYLKP[SVZZLZK\YPUN[OLWLYPVK     
Other movements
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z  11,118   
Total other movements  11,118   

3VZZHSSV^HUJLH[+LJLTILY P P P  P 

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

106

Parent Company
,*3:[HNPUN
:[HNL :[HNL :[HNL
0U]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[ TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
3VZZHSSV^HUJLH[1HU\HY` P P– P P2,383,800
4V]LTLU[Z^P[O7 3PTWHJ[
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL   – 
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLK    – 
*OHUNLZPU7+Z3.+Z,(+Z   –    
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK  – – 
-?HUKV[OLYTV]LTLU[Z    – (133,089)
7YV]PZPVUMVYJYLKP[SVZZLZK\YPUN[OLWLYPVK      
Other movements
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z    – 133,089
Total other movements    – 133,089

3VZZHSSV^HUJLH[+LJLTILY P  P38,388 P P

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Parent Company
,*3:[HNPUN
:[HNL :[HNL :[HNL
-PUHUJPHSHZZL[ZH[-=6*0KLI[ZLJ\YP[PLZ TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
3VZZHSSV^HUJLH[1HU\HY` P P– P– P
4V]LTLU[Z^P[O7 3PTWHJ[
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLK   – 
*OHUNLZPU7+Z3.+Z,(+Z   – –  
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK  – – 
-?HUKV[OLYTV]LTLU[Z   – 
7YV]PZPVUMVYJYLKP[SVZZLZK\YPUN[OLWLYPVK  1,032 – 
Other movements
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z   – 
Total other movements   – 

3VZZHSSV^HUJLH[+LJLTILY P  P P– P 

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

CHINA BANKING CORPORATION

 107

;OLJVYYLZWVUKPUNTV]LTLU[VM[OLNYVZZJHYY`PUNHTV\U[VM[OLÄUHUJPHSHZZL[ZK\YPUNHYLZOV^UILSV^!

Consolidated
ECL Staging
Stage 1 Stage 2 Stage 3
Corporate and commercial lending 12–month ECL Lifetime ECL Lifetime ECL Total
Gross carrying amount at January 1, 2022 P428,829,243 P50,618,381 P9,630,798 P489,078,422
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL (28,933,747) 28,933,747 – –
;YHUZMLYMYVT:[HNL[V:[HNL (210,472) – 210,472 –
;YHUZMLYMYVT:[HNL[V:[HNL 4,822,541 (4,822,541) – –
;YHUZMLYMYVT:[HNL[V:[HNL – (6,882,377) 6,882,377 –
;YHUZMLYMYVT:[HNL[V:[HNL 16,701 – (16,701) –
;YHUZMLYMYVT:[HNL[V:[HNL – 144,674 (144,674) –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK 209,925,720 16,508,948 1,112,976 227,547,644
*OHUNLZPU,(+Z (20,565,292) (6,923,647) (59,585) (27,548,524)
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (108,888,843) (19,299,892) (1,243,369) (129,432,104)
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – – (4,235,324) (4,235,324)
7RWDOPRYHPHQWVRIFDUU\LQJDPRXQW 56,166,608 7,658,912 2,506,172 66,331,692

Gross carrying amount at December 31, 2022 P484,995,851 P58,277,293 P12,136,970 P555,410,114
:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Consolidated
ECL Staging
Stage 1 Stage 2 Stage 3
Consumer lending 12–month ECL Lifetime ECL Lifetime ECL Total
Gross carrying amount at January 1, 2022 P100,240,891 P16,369,705 P6,065,253 P122,675,849
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL (6,379,023) 6,379,023 – –
;YHUZMLYMYVT:[HNL[V:[HNL (690,604) – 690,604 –
;YHUZMLYMYVT:[HNL[V:[HNL 2,718,825 (2,718,825) – –
;YHUZMLYMYVT:[HNL[V:[HNL – (773,367) 773,367 –
;YHUZMLYMYVT:[HNL[V:[HNL 191,424 – (191,424) –
;YHUZMLYMYVT:[HNL[V:[HNL – 746,478 (746,478) –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK 58,478,093 1,246,320 434,540 60,158,953
*OHUNLZPU,(+Z (11,143,173) (1,460,699) (330,038) (12,933,910)
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (18,717,706) (5,087,062) (1,019,190) (24,823,958)
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – – (612,082) (612,082)
7RWDOPRYHPHQWVRIFDUU\LQJDPRXQW 24,457,836 (1,668,132) (1,000,701) 21,789,003

Gross carrying amount at December 31, 2022 P124,698,727 P14,701,573 P5,064,552 P144,464,852
:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

108

Consolidated
ECL Staging
Stage 1 Stage 2 Stage 3
Trade-related lending 12–month ECL Lifetime ECL Lifetime ECL Total
Gross carrying amount at January 1, 2022 P11,232,490 P966,231 P254,831 P12,453,552
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK 16,754,797 754,444 – 17,509,241
*OHUNLZPU,(+Z – (1,925) (2,541) (4,466)
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (11,224,490) (959,231) (24,836) (12,208,557)
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – – (24,701) (24,701)
7RWDOPRYHPHQWVRIFDUU\LQJDPRXQW 5,530,307 (206,712) (52,078) 5,271,517

Gross carrying amount at December 31, 2022 P16,762,797 P759,519 P202,753 P17,725,069
:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Consolidated
ECL Staging
Stage 1 Stage 2 Stage 3
Others 12–month ECL Lifetime ECL Lifetime ECL Total
Gross carrying amount at January 1, 2022 P105,130 P7,030 P4,736 P116,896
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL (88) 88 – –
;YHUZMLYMYVT:[HNL[V:[HNL (471) – 471 –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – (958) 958 –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK 58,394 12,650 2,812 73,856
*OHUNLZPU,(+Z (9,052) (1,428) (644) (11,124)
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (59,129) (3,439) (1,075) (63,643)
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – – (785) (785)
7RWDOPRYHPHQWVRIFDUU\LQJDPRXQW (10,346) 6,913 1,737 (1,696)

Gross carrying amount at December 31, 2022 P94,784 P13,943 P6,473 P115,200
:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

CHINA BANKING CORPORATION

 109

Consolidated
ECL Staging
Stage 1 Stage 2 Stage 3
/RDQVDQGUHFHLYDEOHVòWRWDO 12–month ECL Lifetime ECL Lifetime ECL Total
Gross carrying amount at January 1, 2022 P540,407,754 P67,961,347 P15,955,618 P624,324,719
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL (35,312,858) 35,312,858 – –
;YHUZMLYMYVT:[HNL[V:[HNL (901,547) – 901,547 –
;YHUZMLYMYVT:[HNL[V:[HNL 7,541,366 (7,541,366) – –
;YHUZMLYMYVT:[HNL[V:[HNL – (7,656,702) 7,656,702 –
;YHUZMLYMYVT:[HNL[V:[HNL 208,125 – (208,125) –
;YHUZMLYMYVT:[HNL[V:[HNL – 891,152 (891,152) –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK 285,217,004 18,522,362 1,550,328 305,289,694
*OHUNLZPU,(+Z (31,717,517) (8,387,699) (392,808) (40,498,024)
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (138,890,168) (25,349,624) (2,288,470) (166,528,262)
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – – (4,872,892) (4,872,892)
7RWDOPRYHPHQWVRIFDUU\LQJDPRXQW 86,144,405 5,790,981 1,455,130 93,390,516

Gross carrying amount at December 31, 2022 P626,552,159 P73,752,328 P17,410,748 P717,715,235
:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Consolidated
ECL Staging
Stage 1 Stage 2 Stage 3
,QYHVWPHQWVHFXULWLHVDWDPRUWL]HGFRVW 12–month ECL Lifetime ECL Lifetime ECL Total
Gross carrying amount at January 1, 2022 P233,410,560 P3,566,516 P3,947,000 P240,924,076
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL (2,098,004) 2,098,004 – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL 2,968,142 (2,968,142) – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLK 190,261,714 324,828 – 190,586,542
*OHUNLZPU,(+Z (2,066,581) (1) – (2,066,582)
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (79,484,999) (65,000) – (79,549,999)
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z 9,619,036 79,397 (3,947,000) 5,751,433
7RWDOPRYHPHQWVRIFDUU\LQJDPRXQW 119,199,308 (530,914) (3,947,000) 114,721,394

Gross carrying amount at December 31, 2022 P352,609,868 P3,035,602 P– P355,645,470

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

110

Consolidated
ECL Staging
Stage 1 Stage 2 Stage 3
Financial assets at FVOCI (debt securities) 12–month ECL Lifetime ECL Lifetime ECL Total
Gross carrying amount at January 1, 2022 P27,611,006 P407,755 P– P28,018,761
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL 403,647 (403,647) – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLK 19,248,977 1,314,996 – 20,563,973
*OHUNLZPU,(+Z (2,561,524) – – (2,561,524)
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (3,423,435) (4,108) – (3,427,543)
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z 90,882 – – 90,882
7RWDOPRYHPHQWVRIFDUU\LQJDPRXQW 13,758,547 907,241 – 14,665,788

Gross carrying amount at December 31, 2022 P41,369,553 P1,314,996 P– P42,684,549

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Parent Company
ECL Staging
Stage 1 Stage 2 Stage 3
Corporate and commercial lending 12–month ECL Lifetime ECL Lifetime ECL Total
Gross carrying amount as at January 1, 2022 P421,975,891 P44,133,134 P6,613,097 P472,722,122
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL (25,458,513) 25,458,513 – –
;YHUZMLYMYVT:[HNL[V:[HNL (178,002) – 178,002 –
;YHUZMLYMYVT:[HNL[V:[HNL 4,688,561 (4,688,561) – –
;YHUZMLYMYVT:[HNL[V:[HNL – (6,229,937) 6,229,937 –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – 130,245 (130,245) –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK 201,681,491 14,337,374 797,455 216,816,320
*OHUNLZPU,(+Z (18,543,995) (3,539,737) (795) (22,084,527)
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (106,708,510) (17,108,742) (869,058) (124,686,310)
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – – (3,612,192) (3,612,192)
7RWDOPRYHPHQWVRIFDUU\LQJDPRXQW 55,481,032 8,359,155 2,593,104 66,433,291

Gross carrying amount as at December 31, 2022 P477,456,923 P52,492,289 P9,206,201 P539,155,413
:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

CHINA BANKING CORPORATION

 111

Parent Company
ECL Staging
Stage 1 Stage 2 Stage 3
Consumer lending 12–month ECL Lifetime ECL Lifetime ECL Total
Gross carrying amount as at January 1, 2022 P53,630,564 P14,419,615 P3,966,294 P72,016,473
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL (5,811,653) 5,811,653 – –
;YHUZMLYMYVT:[HNL[V:[HNL (418,097) – 418,097 –
;YHUZMLYMYVT:[HNL[V:[HNL 2,025,099 (2,025,099) – –
;YHUZMLYMYVT:[HNL[V:[HNL – (526,334) 526,334 –
;YHUZMLYMYVT:[HNL[V:[HNL 71,880 – (71,880) –
;YHUZMLYMYVT:[HNL[V:[HNL – 703,528 (703,528) –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK 17,282,658 144,851 7,382 17,434,891
*OHUNLZPU,(+Z (4,390,466) (1,198,623) (234,982) (5,824,071)
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (7,462,546) (4,606,358) (396,184) (12,465,088)
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – – (173,479) (173,479)
7RWDOPRYHPHQWVRIFDUU\LQJDPRXQW 1,296,875 (1,696,382) (628,240) (1,027,747)

Gross carrying amount as at December 31, 2022 P54,927,439 P12,723,233 P3,338,054 P70,988,726
:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Parent Company
ECL Staging
Stage 1 Stage 2 Stage 3
Trade-related lending 12–month ECL Lifetime ECL Lifetime ECL Total
Gross carrying amount as at January 1, 2022 P10,911,196 P941,208 P227,455 P12,079,859
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK 16,754,798 418,650 – 17,173,448
*OHUNLZ,(+Z – – – –
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (10,903,196) (934,208) – (11,837,404)
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – – (24,701) (24,701)
7RWDOPRYHPHQWVRIFDUU\LQJDPRXQW 5,851,602 (515,558) (24,701) 5,311,343

Gross carrying amount as at December 31, 2022 P16,762,798 P425,650 P202,754 P17,391,202
:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

112

Parent Company
ECL Staging
Stage 1 Stage 2 Stage 3
Others 12–month ECL Lifetime ECL Lifetime ECL Total
Gross carrying amount as at January 1, 2022 P19,939 P– P353 P20,292
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK – – – –
*OHUNLZPU,(+Z (815) – – (815)
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK – – (351) (351)
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – – – –
7RWDOPRYHPHQWVRIFDUU\LQJDPRXQW (815) – (351) (1,166)

Gross carrying amount as at December 31, 2022 P19,124 P– P2 P19,126

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Parent Company
ECL Staging
Stage 1 Stage 2 Stage 3
/RDQVDQGUHFHLYDEOHVòWRWDO 12–month ECL Lifetime ECL Lifetime ECL Total
Gross carrying amount as at January 1, 2022 P486,537,590 P59,493,957 P10,807,199 P556,838,746
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL (31,270,166) 31,270,166 – –
;YHUZMLYMYVT:[HNL[V:[HNL (596,099) – 596,099 –
;YHUZMLYMYVT:[HNL[V:[HNL 6,713,660 (6,713,660) – –
;YHUZMLYMYVT:[HNL[V:[HNL – (6,756,271) 6,756,271 –
;YHUZMLYMYVT:[HNL[V:[HNL 71,880 – (71,880) –
;YHUZMLYMYVT:[HNL[V:[HNL – 833,773 (833,773) –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK 235,718,947 14,900,875 804,837 251,424,659
*OHUNLZPU,(+Z (22,935,276) (4,738,360) (235,777) (27,909,413)
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (125,074,252) (22,649,308) (1,265,593) (148,989,153)
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – – (3,810,372) (3,810,372)
7RWDOPRYHPHQWVRIFDUU\LQJDPRXQW 62,628,694 6,147,215 1,939,812 70,715,721

Gross carrying amount as at December 31, 2022 P549,166,284 P65,641,172 P12,747,011 P627,554,467
:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

CHINA BANKING CORPORATION

 113

Parent Company
ECL Staging
Stage 1 Stage 2 Stage 3
,QYHVWPHQWVHFXULWLHVDWDPRUWL]HGFRVW 12–month ECL Lifetime ECL Lifetime ECL Total
Gross carrying amount as at January 1, 2022 P227,795,892 P3,566,515 P3,631,625 P234,994,032
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL (2,098,004) 2,098,004 – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL 2,968,142 (2,968,142) – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLK 187,487,105 324,829 – 187,811,934
*OHUNLZPU,(+Z (2,141,972) – – (2,141,972)
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (76,890,599) (65,000) – (76,955,599)
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z 9,503,427 79,396 (3,631,625) 5,951,198
7RWDOPRYHPHQWVRIFDUU\LQJDPRXQW 118,828,099 (530,913) (3,631,625) 114,665,561

Gross carrying amount as at December 31, 2022 P346,623,991 P3,035,602 P– P349,659,593

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Parent Company
ECL Staging
Stage 1 Stage 2 Stage 3
Financial assets at FVOCI (debt securities) 12–month ECL Lifetime ECL Lifetime ECL Total
Gross carrying amount as at January 1, 2022 P25,496,732 P403,647 P– P25,900,379
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL 403,647 (403,647) – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLK 19,049,256 1,314,996 – 20,364,252
*OHUNLZPU,(+Z (2,413,796) – – (2,413,796)
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (3,307,674) – – (3,307,674)
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – – – –
7RWDOPRYHPHQWVRIFDUU\LQJDPRXQW 13,731,433 911,349 – 14,642,782

Gross carrying amount as at December 31, 2022 P39,228,165 P1,314,996 P– P40,543,161

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

114

*VTWHYH[P]LÄN\YLZMVY[OLTV]LTLU[VMNYVZZJHYY`PUNHTV\U[MVYHYLZOV^UILSV^!

Consolidated
ECL Staging
Stage 1 Stage 2 Stage 3
Corporate and commercial lending 12–month ECL Lifetime ECL Lifetime ECL Total
.YVZZJHYY`PUNHTV\U[H[1HU\HY` P397,992,042 P39,717,491 P11,955,693 P449,665,226
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL (19,672,462) 19,672,462 – –
;YHUZMLYMYVT:[HNL[V:[HNL (1,393,524) – 1,393,524 –
;YHUZMLYMYVT:[HNL[V:[HNL 6,698,133 (6,698,133) – –
;YHUZMLYMYVT:[HNL[V:[HNL – (6,141,795) 6,141,795 –
;YHUZMLYMYVT:[HNL[V:[HNL 10,953 – (10,953) –
;YHUZMLYMYVT:[HNL[V:[HNL – 2,948,121 (2,948,121) –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK 192,066,995 15,979,547 755,583 208,802,125
*OHUNLZPU,(+Z (15,880,903) (620,169) 13,237 (16,487,835)
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK (130,991,991) (14,239,143) (1,542,680) (146,773,814)
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – – (6,127,280) (6,127,280)
;V[HSTV]LTLU[ZVMJHYY`PUNHTV\U[ 30,837,201 10,900,890 (2,324,895) 39,413,196

.YVZZJHYY`PUNHTV\U[H[+LJLTILY P428,829,243 P50,618,381 P9,630,798 P489,078,422

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Consolidated
,*3:[HNPUN
:[HNL :[HNL :[HNL
Consumer lending ¶TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
.YVZZJHYY`PUNHTV\U[H[1HU\HY` P   P   P P
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL     – –
;YHUZMLYMYVT:[HNL[V:[HNL  –  –
;YHUZMLYMYVT:[HNL[V:[HNL     – –
;YHUZMLYMYVT:[HNL[V:[HNL –     –
;YHUZMLYMYVT:[HNL[V:[HNL   –    –
;YHUZMLYMYVT:[HNL[V:[HNL –    –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK      
*OHUNLZPU,(+Z       
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK    (2,989,190)   
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – –    
;V[HSTV]LTLU[ZVMJHYY`PUNHTV\U[     

.YVZZJHYY`PUNHTV\U[H[+LJLTILY P  P  P P

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

CHINA BANKING CORPORATION

 115

Consolidated
,*3:[HNPUN
:[HNL :[HNL :[HNL
Trade-related lending ¶TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
.YVZZJHYY`PUNHTV\U[H[1HU\HY` P  P  P  P
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL     – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL   – –
;YHUZMLYMYVT:[HNL[V:[HNL –   –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK   –  
*OHUNLZPU,(+Z       
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK     – 
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – –    
;V[HSTV]LTLU[ZVMJHYY`PUNHTV\U[      

.YVZZJHYY`PUNHTV\U[H[+LJLTILY P  P  P P

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Consolidated
,*3:[HNPUN
:[HNL :[HNL :[HNL
Others ¶TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
.YVZZJHYY`PUNHTV\U[H[1HU\HY` P  P  P P
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL    – –
;YHUZMLYMYVT:[HNL[V:[HNL   –  –
;YHUZMLYMYVT:[HNL[V:[HNL 2,288 (2,288) – –
;YHUZMLYMYVT:[HNL[V:[HNL – (21) 21 –
;YHUZMLYMYVT:[HNL[V:[HNL  –  –
;YHUZMLYMYVT:[HNL[V:[HNL –   –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK      
*OHUNLZPU,(+Z      (21,090)
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK       
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – –
;V[HSTV]LTLU[ZVMJHYY`PUNHTV\U[    

.YVZZJHYY`PUNHTV\U[H[+LJLTILY P P P P 

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

116

Consolidated
,*3:[HNPUN
:[HNL :[HNL :[HNL
3VHUZHUKYLJLP]HISLZ¶[V[HS ¶TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
.YVZZJHYY`PUNHTV\U[H[1HU\HY` P  P P P 
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL   – –
;YHUZMLYMYVT:[HNL[V:[HNL   –  –
;YHUZMLYMYVT:[HNL[V:[HNL     – –
;YHUZMLYMYVT:[HNL[V:[HNL –     –
;YHUZMLYMYVT:[HNL[V:[HNL   –   –
;YHUZMLYMYVT:[HNL[V:[HNL –     –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK     
*OHUNLZPU,(+Z      
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK      
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – –    
;V[HSTV]LTLU[ZVMJHYY`PUNHTV\U[      

.YVZZJHYY`PUNHTV\U[H[+LJLTILY P P  P  P

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Consolidated
,*3:[HNPUN
:[HNL :[HNL :[HNL
0U]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[ ¶TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
.YVZZJHYY`PUNHTV\U[H[1HU\HY` P  P– P P 
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL   – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLK     – 
*OHUNLZPU,(+Z     –  
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK  – – 
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z   –   
;V[HSTV]LTLU[ZVMJHYY`PUNHTV\U[       

.YVZZJHYY`PUNHTV\U[H[+LJLTILY P P P  P 

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

CHINA BANKING CORPORATION

 117

Consolidated
,*3:[HNPUN
:[HNL :[HNL :[HNL
-PUHUJPHSHZZL[ZH[-=6*0KLI[ZLJ\YP[PLZ ¶TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
.YVZZJHYY`PUNHTV\U[H[1HU\HY` P  P– P– P 
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL   – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLK    – 20,110,312
*OHUNLZPU,(+Z  (23) – 
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK  – – 
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z  – – 
;V[HSTV]LTLU[ZVMJHYY`PUNHTV\U[     – 

.YVZZJHYY`PUNHTV\U[H[+LJLTILY P P P– P

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Parent Company
,*3:[HNPUN
:[HNL :[HNL :[HNL
Corporate and commercial lending ¶TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
.YVZZJHYY`PUNHTV\U[HZH[1HU\HY` P   P  P P  
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL        – –
;YHUZMLYMYVT:[HNL[V:[HNL  –  –
;YHUZMLYMYVT:[HNL[V:[HNL   – –
;YHUZMLYMYVT:[HNL[V:[HNL –   –
;YHUZMLYMYVT:[HNL[V:[HNL 10,123 – (10,123) –
;YHUZMLYMYVT:[HNL[V:[HNL –     –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK        
*OHUNLZPU,(+Z      
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK       
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – –  
;V[HSTV]LTLU[ZVMJHYY`PUNHTV\U[      

.YVZZJHYY`PUNHTV\U[HZH[+LJLTILY P   P P  P

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

118

Parent Company
,*3:[HNPUN
:[HNL :[HNL :[HNL
Consumer lending ¶TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
.YVZZJHYY`PUNHTV\U[HZH[1HU\HY` P  P P  P 
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL     – –
;YHUZMLYMYVT:[HNL[V:[HNL  –  –
;YHUZMLYMYVT:[HNL[V:[HNL   – –
;YHUZMLYMYVT:[HNL[V:[HNL –   –
;YHUZMLYMYVT:[HNL[V:[HNL  –   –
;YHUZMLYMYVT:[HNL[V:[HNL –   –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK      
*OHUNLZPU,(+Z       
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK      
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – –  
;V[HSTV]LTLU[ZVMJHYY`PUNHTV\U[     

.YVZZJHYY`PUNHTV\U[HZH[+LJLTILY P P  P   P

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Parent Company
,*3:[HNPUN
:[HNL :[HNL :[HNL
Trade-related lending ¶TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
.YVZZJHYY`PUNHTV\U[HZH[1HU\HY` P P  P P
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL     – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL   – –
;YHUZMLYMYVT:[HNL[V:[HNL –   –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK      –   
*OHUNLZ,(+Z   – (18,812)
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK     –  
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – –    
;V[HSTV]LTLU[ZVMJHYY`PUNHTV\U[       

.YVZZJHYY`PUNHTV\U[HZH[+LJLTILY P   P  P P 

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

CHINA BANKING CORPORATION

 119

Parent Company
,*3:[HNPUN
:[HNL :[HNL :[HNL
Others ¶TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
.YVZZJHYY`PUNHTV\U[HZH[1HU\HY` P28,392 P– P29 P
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK – – 328 328
*OHUNLZPU,(+Z  –  
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK – – – –
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – – – –
;V[HSTV]LTLU[ZVMJHYY`PUNHTV\U[  –  (8,129)

.YVZZJHYY`PUNHTV\U[HZH[+LJLTILY P19,939 P– P P20,292

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Parent Company
,*3:[HNPUN
:[HNL :[HNL :[HNL
3VHUZHUKYLJLP]HISLZ¶[V[HS ¶TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
.YVZZJHYY`PUNHTV\U[HZH[1HU\HY` P P P P
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL   – –
;YHUZMLYMYVT:[HNL[V:[HNL   –   –
;YHUZMLYMYVT:[HNL[V:[HNL    – –
;YHUZMLYMYVT:[HNL[V:[HNL –       –
;YHUZMLYMYVT:[HNL[V:[HNL 333,992 – (333,992) –
;YHUZMLYMYVT:[HNL[V:[HNL –   –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LK      
*OHUNLZPU,(+Z       
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK      
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – –    
;V[HSTV]LTLU[ZVMJHYY`PUNHTV\U[      

.YVZZJHYY`PUNHTV\U[HZH[+LJLTILY P  P    P P

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

120

Parent Company
,*3:[HNPUN
:[HNL :[HNL :[HNL
0U]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[ ¶TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
.YVZZJHYY`PUNHTV\U[HZH[1HU\HY` P  P– P P193,901,809
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL   – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLK    – 
*OHUNLZPU,(+Z     –  
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK  – – 
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – – – –
;V[HSTV]LTLU[ZVMJHYY`PUNHTV\U[   –  

.YVZZJHYY`PUNHTV\U[HZH[+LJLTILY P   P P P 

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

Parent Company
,*3:[HNPUN
:[HNL :[HNL :[HNL
-PUHUJPHSHZZL[ZH[-=6*0KLI[ZLJ\YP[PLZ ¶TVU[O,*3  3PML[PTL,*3  3PML[PTL,*3 Total
.YVZZJHYY`PUNHTV\U[HZH[1HU\HY` P P– P– P
;YHUZMLYZ!
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
;YHUZMLYMYVT:[HNL[V:[HNL – – – –
5L^ÄUHUJPHSHZZL[ZVYPNPUH[LKVYW\YJOHZLK    –  
*OHUNLZPU,(+Z  – – 
-PUHUJPHSHZZL[ZKLYLJVNUPaLKK\YPUN[OLWLYPVK   – –  
>YP[LVќZMVYLJSVZ\YLZHUKV[OLYTV]LTLU[Z – – – –
;V[HSTV]LTLU[ZVMJHYY`PUNHTV\U[   – 

.YVZZJHYY`PUNHTV\U[HZH[+LJLTILY P  P – P 

:[HNLJSHZZPÄJH[PVUVMUL^ÄUHUJPHSHZZL[ZVYPNPUH[LKWLY[HPUZ[V[OLZ[HNLHZVMLUKVM`LHY

CHINA BANKING CORPORATION

 121

>OPSL[OL.YV\WYLJVNUPaLZ[OYV\NO[OLZ[H[LTLU[VMPUJVTL[OLTV]LTLU[ZPU[OLL_WLJ[LKJYLKP[SVZZLZJVTW\[LK\ZPUN[OL
TVKLSZ[OL.YV\WHSZVJVTWSPLZ^P[O):7»ZYLN\SH[VY`YLX\PYLTLU[[VHWWYVWYPH[LHWVY[PVUVMP[ZYL[HPULKLHYUPUNZH[HUHTV\U[
ULJLZZHY`[VIYPUN[VH[SLHZ[ [OLHSSV^HUJLMVYJYLKP[SVZZLZVUSVHUZ5V[L

Consolidated Parent Company

2022 2021 2020 2022 2021 2020
7YV]PZPVUMVY
Impairment and Credit
3VZZLZ P9,012,633 P P  P7,427,202 P  P 
(WWYVWYPH[PVUVM
9L[HPULK,HYUPUNZ 651,536   651,536  
P9,664,169 P  P P8,078,738 P  P 

ɯɵˑ DEPOSIT LIABILITIES

(ZVM+LJLTILYHUK  HUK YLZWLJ[P]LS`VM[OL[V[HSKLWVZP[SPHIPSP[PLZVM[OL.YV\WHUK 

HUK YLZWLJ[P]LS`VM[OL7HYLU[*VTWHU`HYLZ\IQLJ[[VWLYPVKPJPU[LYLZ[YLWYPJPUN;OLYLTHPUPUNKLWVZP[SPHIPSP[PLZILHY
HUU\HSÄ_LKPU[LYLZ[YH[LZYHUNPUNMYVT [V PUMYVT [V PUHUKMYVT [V PU
MVY[OL.YV\WHUK7HYLU[*VTWHU`

0U[LYLZ[,_WLUZLVU+LWVZP[3PHIPSP[PLZ
;OPZHJJV\U[JVUZPZ[ZVM!

Consolidated Parent Company

2022 2021 2020 2022 2021 2020
Demand P325,725 P P P296,702 P P
:H]PUNZ 2,294,286   2,229,503   
Time 6,204,472   4,815,806  
P8,824,483 P P  P7,342,011 P P 

):7*PYJ\SHY5VYLX\PYLZYLZLY]LZHNHPUZ[KLWVZP[SPHIPSP[PLZ(ZVM+LJLTILYHUK+\LMYVT):7HTV\U[PUN
to PIPSSPVUHUKPIPSSPVUYLZWLJ[P]LS`MVY[OL.YV\WHUKP IPSSPVUHUKPIPSSPVUYLZWLJ[P]LS`MVY[OL7HYLU[
*VTWHU`^LYLZL[HZPKLHZYLZLY]LZMVYKLWVZP[SPHIPSP[PLZWLYSH[LZ[YLWVY[Z\ITP[[LK[V[OL):7

6U 4H`   ):7 PZZ\LK *PYJ\SHY 5V  (S[LYUH[P]L *VTWSPHUJL ^P[O [OL 9LZLY]L 9LX\PYLTLU[Z VM )HURZ HUK 5VU
)HUR-PUHUJPHS0UZ[P[\[PVUZ^P[O8\HZP)HURPUN-\UJ[PVUZ5)8)Z^OPJOWYV]PKLZ[OLMVSSV^PUNHSSV^HISLTVKLZVMHS[LYUH[P]L
JVTWSPHUJL ^P[O [OL YLX\PYLK YLZLY]LZ HNHPUZ[ KLWVZP[ HUK KLWVZP[ SPHIPSP[PLZ WYV]PKLK [OH[ [OL MVSSV^PUN SVHUZ ^LYL NYHU[LK
YLUL^LKVYYLZ[Y\J[\YLKHM[LY4HYJO!

a. 7LZVKLUVTPUH[LKSVHUZ[OH[HYLNYHU[LK[VTPJYVZTHSSHUKTLKP\TLU[LYWYPZLZ4:4,Z
b. 7LZVKLUVTPUH[LKSVHUZ[OH[HYLNYHU[LK[VSHYNLLU[LYWYPZLZL_JS\KPUNIHURZHUK5)8)Z"WYV]PKLK[OH[SHYNLLU[LYWYPZLZ
are directly and adversely impacted by the Covid-19 outbreak

:\IZLX\LU[S`VU6J[VILY):7PZZ\LK*PYJ\SHY5V(TLUKTLU[[V[OL(S[LYUH[P]L*VTWSPHUJL^P[O[OL9LZLY]L
9LX\PYLTLU[ZVM)HURZHUK5VU)HUR-PUHUJPHS0UZ[P[\[PVUZ^P[O8\HZP)HURPUN-\UJ[PVUZ5)8)Z^OPJOZ[H[LZ[OH[HIHUR
5)8)TH`JVU[PU\L[V\[PSPaLWHZ[K\LVYUVUWLYMVYTPUN4:4,HUKSHYNLLU[LYWYPZLSVHUHZHS[LYUH[P]LJVTWSPHUJL^P[O[OL
YLZLY]L YLX\PYLTLU[Z MVY HU HKKP[PVUHS [OPY[`  JHSLUKHY KH`Z MYVT [OL KH[L [OL SVHU ILJVTLZ WHZ[ K\L VY UVUWLYMVYTPUN
^OPJOL]LYJVTLZLHYSPLY

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

122

;OL \ZL VM 4:4, SVHUZ HZ HSSV^HISL HS[LYUH[P]L JVTWSPHUJL ^P[O [OL YLZLY]L YLX\PYLTLU[ ZOHSS IL H]HPSHISL [V IHURZ5)8)Z
MYVT (WYPS   [V +LJLTILY    ^OPSL [OL \ZL VM SVHUZ [V H SHYNL LU[LYWYPZL HZ HSSV^HISL HS[LYUH[P]L JVTWSPHUJL
^P[O [OL YLZLY]L YLX\PYLTLU[Z ZOHSS IL H]HPSHISL [V IHURZ5)8)Z MYVT 4H`    [V +LJLTILY     /V^L]LY [OL
Z\IZLX\LU[PZZ\HUJLVM):7*PYJ\SHY5V(TLUKTLU[Z[V[OL(S[LYUH[P]L*VTWSPHUJL^P[O[OL9LZLY]L9LX\PYLTLU[ZVM
)HURZHUK5)8)ZM\Y[OLYL_[LUKLK[OL\ZLVM4:4,SVHUZHUKSVHUZ[VHSHYNLLU[LYWYPZLHZHSSV^HISLHS[LYUH[P]LJVTWSPHUJL
MYVT+LJLTILY [V1\UL

(ZVM+LJLTILYHUK[OL.YV\WPZPUJVTWSPHUJL^P[O[OLYLZLY]LYLX\PYLTLU[

3VUN;LYT5LNV[PHISL*LY[PÄJH[LZVM+LWVZP[Z3;5*+
6U(\N\Z[[OL)6+VM[OL7HYLU[*VTWHU`HWWYV]LK[OLPZZ\HUJLVM3VUN;LYT5LNV[PHISL*LY[PÄJH[LZVM+LWVZP[Z
3;5*+VM\W[VPIPSSPVUPU[YHUJOLZVMPIPSSPVU[VPIPSSPVULHJOHUK^P[O[LUVYZYHUNPUNMYVT[V`LHYZ[V
Z\WWVY[[OL.YV\W»ZZ[YH[LNPJPUP[PH[P]LZHUKI\ZPULZZNYV^[O6U6J[VILY[OL4VUL[HY`)VHYKVM[OL):7HWWYV]LK[OL
3;5*+PZZ\HUJLZ6U5V]LTILY[OL7HYLU[*VTWHU`PZZ\LK[OLÄYZ[[YHUJOLH[WHY^P[OHNNYLNH[LWYPUJPWHSHTV\U[
VMP IPSSPVU^OPJOTH[\YLKVU4H`;OL3;5*+ZILHYHÄ_LKJV\WVUYH[LVM WLYHUU\TWH`HISLX\HY[LYS`PU
HYYLHYZ:\IQLJ[[V):7Y\SLZ[OL.YV\WOHZ[OLVW[PVU[VWYL[LYTPUH[L[OL3;5*+ZHZH^OVSLI\[UV[PUWHY[WYPVY[VTH[\YP[`
HUKVUHU`PU[LYLZ[WH`TLU[KH[LH[MHJL]HS\LWS\ZHJJY\LKPU[LYLZ[JV]LYPUN[OLHJJY\LKHUK\UWHPKPU[LYLZ[

6U1\UL[OL7HYLU[*VTWHU`PZZ\LKH[WHY3;5*+Z^P[OHNNYLNH[LWYPUJPWHSHTV\U[VMIPSSPVU^OPJOILHYHÄ_LK
JV\WVUYH[LVM WLYHUU\TWH`HISLX\HY[LYS`PUHYYLHYZHUKTH[\YLKVU+LJLTILYYLWYLZLU[PUN[OLZLJVUK
[YHUJOLVM[OLP20.00 billion.

6U4HYJO[OL)VHYKVM+PYLJ[VYZHWWYV]LK[OL)HUR»Z7LZVM\UKPUNWYVNYHTVM\W[VPIPSSPVU]PHHJVTIPUH[PVUVM
3VUN;LYT5LNV[PHISL*LY[PÄJH[LVM;PTL+LWVZP[HUKVY9L[HPS)VUKZHUKVY*VTTLYJPHS7HWLYZ

6U1\S`[OL7HYLU[*VTWHU`PZZ\LKH[WHY3;5*+Z^P[OHNNYLNH[LWYPUJPWHSHTV\U[VMPIPSSPVUK\L1HU\HY`
YLWYLZLU[PUN[OLÄYZ[[YHUJOLVM[OLIPSSPVU3;5*+HWWYV]LKI`):7VU1\UL;OL3;5*+ZILHYHÄ_LKJV\WVU
YH[LVM WLYHUU\TWH`HISLX\HY[LYS`PUHYYLHYZ;OLPIPSSPVU3;5*+WYVNYHTPZWHY[VM[OL.YV\W»ZM\UKPUNWYVNYHT
amounting to PIPSSPVU

;OL3;5*+ZHYLPUJS\KLK\UKLY[OLº;PTLKLWVZP[SPHIPSP[PLZ»HJJV\U[

ɯɶˑ BONDS PAYABLE

;OL7HYLU[*VTWHU`»ZIVUKZWH`HISLJVUZPZ[ZVM!

P)PSSPVU7LZV-P_LK9H[L)VUKZK\LPU
6U-LIY\HY`[OL7HYLU[*VTWHU`PZZ\LKPIPSSPVUWLZVÄ_LKYH[LIVUKZ^OPJOILHYZHÄ_LKJV\WVUYH[LVM 
WLYHUU\TWH`HISLTVU[OS`HUKPZK\LVU-LIY\HY`

;OPZPZZ\HUJLPZ[OLZLJVUKKYH^KV^U\UKLY[OLPIPSSPVUIVUKHUKJVTTLYJPHSWHWLYWYVNYHTLZ[HISPZOLKPU:LW[LTILY

P)PSSPVU7LZV-P_LK9H[L)VUKZK\LPU
On October 22, 2020, the Parent Company issued PIPSSPVUWLZVÄ_LKYH[LIVUKZ^OPJOILHYZHÄ_LKJV\WVUYH[LVM 
per annum, payable quarterly, and matured on October 22, 2022.

P)PSSPVU7LZV-P_LK9H[L)VUKZK\LPU
6U1\S` [OL7HYLU[*VTWHU`PZZ\LKPIPSSPVUWLZVÄ_LKYH[LIVUKZ^OPJOILHYZHÄ_LKJV\WVUYH[LVM WLY
HUU\TWH`HISLTVU[OS`HUKTH[\YLKVU1HU\HY`

CHINA BANKING CORPORATION

 123

):7*PYJ\SHY5VYLX\PYLZYLZLY]LZHNHPUZ[WLZVKLUVTPUH[LKIVUKZ(ZVM+LJLTILYHUK[OL.YV\WPZPU
JVTWSPHUJL^P[OZ\JOYLN\SH[PVU

4PSSPVU)VUKZ7H`HISL[V0-*
6U1\UL [OL7HYLU[*VTWHU`PZZ\LKH TPSSPVUZL]LU`LHYIVUK[V0U[LYUH[PVUHS-PUHUJL*VYWVYH[PVU;OLIVUK
YLWYPJLZZLTPHUU\HSS`HUKJHYYPLZHUPU[LYLZ[THYNPUVMIHZPZWVPU[ZV]LYTVU[O30)69

:OVY[S` [OLYLHM[LY [OL 7HYLU[ *VTWHU` LU[LYLK PU[V H ZL]LU`LHY WH`Ä_LK YLJLP]LÅVH[PUN 09: ZLL 5V[L  ^P[O [OL ZHTL
WYPUJPWHS[LYTZ[VOLKNL[OLL_WVZ\YL[VPU[LYLZ[YH[LYPZRH[[YPI\[HISL[V]HYPHISLJHZOÅV^WH`TLU[ZVU[OLÅVH[PUNYH[LIVUKZ
WH`HISL5V[L

;OL)VUK:\IZJYPW[PVU(NYLLTLU[JVU[HPUZJLY[HPUÄUHUJPHSJV]LUHU[Z^P[O^OPJO[OL7HYLU[*VTWHU`ZOV\SKJVTWS`K\YPUN[OL
[LYTVM[OLIVUKPUJS\KPUN[OLMVSSV^PUN!

‹ 9PZR>LPNO[LK*HWP[HS(KLX\HJ`9H[PVVMUV[SLZZ[OHU[LUWLYJLU[ "
‹ ,X\P[`[V(ZZL[Z9H[PVVMUV[SLZZ[OHUÄ]LWLYJLU[ "
‹ (NNYLNH[L3HYNL,_WVZ\YLZ9H[PVVMUV[TVYL[OHUMV\YO\UKYLKWLYJLU[ "
‹ 6WLU*YLKP[,_WVZ\YLZ9H[PVVMUV[TVYL[OHU[^LU[`Ä]LWLYJLU[ "
‹ -P_LK(ZZL[Z7S\Z,X\P[`7HY[PJPWH[PVUZ9H[PVVMUV[TVYL[OHU[OPY[`Ä]LWLYJLU[ "
‹ (NNYLNH[L-VYLPNU,_JOHUNL9PZR9H[PVVMUV[TVYL[OHU[^LU[`Ä]LWLYJLU[ "
‹ :PUNSL*\YYLUJ`-VYLPNU,_JOHUNL9PZR9H[PVVMUV[TVYL[OHU[LUWLYJLU[ "
‹ 0U[LYLZ[9H[L9PZR9H[PVVMUV[SLZZ[OHUULNH[P]L[^LU[`Ä]LWLYJLU[ HUKUV[TVYL[OHU[^LU[`Ä]LWLYJLU[ "
‹ (NNYLNH[L0U[LYLZ[9H[L9PZR9H[PVVMUV[SLZZ[OHUULNH[P]LÄM[`WLYJLU[ HUKUV[TVYL[OHU[^LU[`WLYJLU[ "
‹ 6WLU-?7VZP[PVUVM VM8\HSPM`PUN*HWP[HSHUK<:+TPSSPVU^OPJOL]LYPZSV^LY

0UHKKP[PVU[OL7HYLU[*VTWHU`ZOV\SKHSZVJVTWS`^P[O[OLYLN\SH[VY`YLX\PYLTLU[ZYLSH[LK[V,JVUVTPJ.YV\W,_WVZ\YLHUK
9LSH[LK7HY[`,_WVZ\YLZL[I`[OL):7VY[OL)VUK:\IZJYPW[PVU(NYLLTLU[^OPJOL]LYPZTVYLZ[YPUNLU[

5VUJVTWSPHUJL^P[O[OLZLVISPNH[PVUZTH`YLX\PYL[OL7HYLU[*VTWHU`[VWH`[OLIVUKPTTLKPH[LS`(ZVM+LJLTILY
HUK[OL7HYLU[*VTWHU`PZPUJVTWSPHUJL^P[O[OLZLJV]LUHU[ZHUKYLN\SH[VY`YLX\PYLTLU[Z

;OLTV]LTLU[ZPU[OL7HYLU[*VTWHU`»Z[V[HS\UHTVY[PaLKKPZJV\U[HUKKLI[PZZ\LJVZ[VM[OLHIV]LIVUKZWH`HISLMVSSV^!

2022 2021
Beginning balance P176,292 P
(KKP[PVUZ 151 
(TVY[PaH[PVU (126,063) (83,022)
,UKPUNIHSHUJL P50,380 P 

ɯɷˑ BILLS PAYABLE

;OL7HYLU[*VTWHU`»ZIPSSZWH`HISLJVUZPZ[VM!

2022 2021
Interbank loans payable and securities sold under repurchase
agreements P70,375,267 P 
7YVTPZZVY`5V[LZ – 109,000
P70,375,267 P

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

124

0U[LYIHURSVHUZWH`HISLHUKZLJ\YP[PLZZVSK\UKLYYLW\YJOHZLHNYLLTLU[Z
0U[LYIHURSVHUZWH`HISLJVUZPZ[ZVMKVSSHYKLUVTPUH[LKIVYYV^PUNZVM[OL7HYLU[*VTWHU`^P[OHUU\HSPU[LYLZ[YHUNPUNMYVT 
[V MYVT [V HUKMYVT [V PUHUKYLZWLJ[P]LS`

;OLJHYY`PUNHTV\U[VMMVYLPNUJ\YYLUJ`KLUVTPUH[LKPU]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[WSLKNLKI`[OL7HYLU[*VTWHU`HZ
JVSSH[LYHSMVYP[ZPU[LYIHURIVYYV^PUNZHTV\U[LK[VPIPSSPVUHUKPIPSSPVUHZVM+LJLTILYHUKYLZWLJ[P]LS`
;OLJHYY`PUNHTV\U[VM[OLWLZVKLUVTPUH[LKPU]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[WSLKNLKI`[OL7HYLU[*VTWHU`HZJVSSH[LYHS
MVYP[ZPU[LYIHURIVYYV^PUNZHTV\U[LK[VUPSHUKPIPSSPVUHZVM+LJLTILYHUKYLZWLJ[P]LS`

;OL HNNYLNH[L MHPY ]HS\L VM PU]LZ[TLU[ ZLJ\YP[PLZ H[ HTVY[PaLK JVZ[ WSLKNLK HZ JVSSH[LYHS HTV\U[LK [V P IPSSPVU HUK
P  IPSSPVUHZVM+LJLTILYHUKYLZWLJ[P]LS`;OLHNNYLNH[LMHPY]HS\LVMÄUHUJPHSHZZL[ZH[-=6*0WSLKNLKHZ
collateral amounted to nil and PIPSSPVUHZVM+LJLTILYHUKYLZWLJ[P]LS`

(ZVM+LJLTILYHUKTHYNPUKLWVZP[ZHTV\U[PUN[VPIPSSPVUHUKP IPSSPVUYLZWLJ[P]LS`HYLKLWVZP[LK^P[O
]HYPV\ZJV\U[LYWHY[PLZ[VTLL[[OLJVSSH[LYHSYLX\PYLTLU[ZMVYP[ZPU[LYIHURSVHUZWH`HISL

ɰɮˑ ACCRUED INTEREST AND OTHER EXPENSES

;OPZHJJV\U[JVUZPZ[ZVM!

Consolidated Parent Company

2022 2021 2022 2021
(JJY\LKWH`HISLMVYLTWSV`LLILULÄ[Z P2,412,429 P  P2,412,430 P 
(JJY\LKPU[LYLZ[WH`HISL 2,043,498  1,805,386 
(JJY\LK[H_LZHUKV[OLYSPJLUZLZ 304,547  174,828  
(JJY\LKV[OLYL_WLUZLZWH`HISL 1,355,415  1,006,981 
P6,115,889 P P5,399,625 P

ɰɯˑ OTHER LIABILITIES

;OPZHJJV\U[JVUZPZ[ZVM!

Consolidated Parent Company

2022 2021 2022 2021
Financial liabilities
(JJV\U[ZWH`HISL P6,556,555 P  P4,693,982 P
3LHZLSPHIPSP[PLZ5V[L 2,970,301  2,393,362  
Due to PDIC 901,387   901,387  
(JJLW[HUJLZWH`HISL 2,912,388  2,912,388 
,_WLJ[LKJYLKP[SVZZLZVUVќIHSHUJLZOLL[
L_WVZ\YLZ5V[L 782,341  772,323 
+\L[V[OL;YLHZ\YLYVM[OL7OPSPWWPULZ 535,029   502,686 
Other credits–dormant 351,231  351,231 
4HYNPUKLWVZP[Z 483  483 
4PZJLSSHULV\Z 611,125  460,685 329,893
15,620,840  12,988,527 
-VY^HYK

CHINA BANKING CORPORATION

 125

Consolidated Parent Company

2022 2021 2022 2021
1RQðQDQFLDOOLDELOLWLHV
Withholding taxes payable P425,435 P P372,261 P 
9L[PYLTLU[SPHIPSP[PLZ5V[L 22,689  – –
448,124  372,261  
P16,068,964 P P13,360,788 P9,898,313

(JJV\U[Z WH`HISL PUJS\KLZ WH`HISLZ [V Z\WWSPLYZ HUK ZLY]PJL WYV]PKLYZ HUK SVHU WH`TLU[Z HUK V[OLY JOHYNLZ YLJLP]LK MYVT
customers in advance.

4PZJLSSHULV\ZTHPUS`PUJS\KLZZ\UKY`JYLKP[ZPU[LYVѝJLÅVH[P[LTZHUKKVYTHU[KLWVZP[HJJV\U[Z

ɰɰˑ OTHER OPERATING INCOME AND MISCELLANEOUS EXPENSES

:LY]PJL*OHYNLZ-LLZHUK*VTTPZZPVUZ
+L[HPSZVM[OPZHJJV\U[HYLHZMVSSV^Z!

Consolidated Parent Company

2022 2021 2020 2022 2021 2020
:LY]PJLHUKJVSSLJ[PVUJOHYNLZ!
Deposits P724,365 P P  P655,020 P P 
3VHUZ 191,466   13,099  
9LTP[[HUJLZ 189,575    189,575   
Others 320,381   246,405  
1,425,787    1,104,099   
-LLZHUKJVTTPZZPVUZ 1,437,291    594,291  
P2,863,078 P P P1,698,390 P P

;YHKPUNHUK:LJ\YP[PLZ.HPU¶5L[
;OPZHJJV\U[JVUZPZ[ZVM!

Consolidated Parent Company

2022 2021 2020 2022 2021 2020
-PUHUJPHSHZZL[ZH[-=6*0 P3,465 P  P3,465   
-PUHUJPHSHZZL[ZKLZPNUH[LKH[
-=;73 5V[L  –  – – – –
/LSKòMVYò[YHKPUN5V[L  (266,127)    (279,956)   
+LYP]H[P]LZ5V[L 1,190,200      1,190,200     
P927,538 P  P913,709   

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

126

4PZJLSSHULV\Z0UJVTL
+L[HPSZVM[OPZHJJV\U[HYLHZMVSSV^Z!
Consolidated Parent Company
2022 2021 2020 2022 2021 2020
)HUJHZZ\YHUJL5V[L P452,420 P P313,988 P394,198 P P282,000
+P]PKLUKZ5V[L 100,627    98,748   
9LU[HSVUPU]LZ[TLU[
118,898 69,741
properties     
9LU[HSVMZHML[`KLWVZP[IV_LZ 30,693   30,693  
-\UK[YHUZMLYMLLZ 17,144 21,211  17,144 21,211 
4PZJLSSHULV\ZPUJVTL
5V[LZHUK 4,502,397    4,387,751   
P5,222,179 P P  P4,998,275 P P

4PZJLSSHULV\ZPUJVTLPUJS\KLZYLJV]LY`VMJOHYNLKVќHZZL[ZHUKNHPUVUZHSLVMJLY[HPUHZZL[Z

4PZJLSSHULV\Z,_WLUZLZ
+L[HPSZVM[OPZHJJV\U[HYLHZMVSSV^Z!

Consolidated Parent Company

2022 2021 2020 2022 2021 2020
0UMVYTH[PVU[LJOUVSVN` P810,466 P  P  P1,040,601 P P 
3P[PNH[PVUZ 332,029   95,482 83,308 
:LY]PJLJOHYNLZ 128,809    125,376   
-YLPNO[ 67,650   44,774  
*SLHYPUNHUKWYVJLZZPUNMLL 27,827   27,827  
4LTILYZOPWMLLZHUKK\LZ 20,648 20,290  19,589  
)YVRLY»ZMLL 19,896    19,896  
4PZJLSSHULV\ZL_WLUZL 1,612,772      1,230,723  
P3,020,097 P P   P2,604,268 P P 

ɰɱˑ MATURITY ANALYSIS OF ASSETS AND LIABILITIES

;OL MVSSV^PUN [HISLZ WYLZLU[ IV[O [OL .YV\W»Z HUK [OL 7HYLU[ *VTWHU`»Z HZZL[Z HUK SPHIPSP[PLZ HZ VM +LJLTILY   HUK
HUHS`aLKHJJVYKPUN[V^OL[OLY[OL`HYLL_WLJ[LK[VILYLJV]LYLKVYZL[[SLK^P[OPUVUL`LHYHUKIL`VUKVUL`LHYMYVT[OL
YLZWLJ[P]LYLWVY[PUNKH[L!

Consolidated
2022 2021
Within  2YHU Within Over
 7ZHOYH 7ZHOYH  ;^LS]L  ;^LS]L
Months Months Total  4VU[OZ  4VU[OZ Total
Financial assets
Cash and other cash items P13,689,421 P– P13,689,421 P P– P
+\LMYVT):7 107,100,295 – 107,100,295  – 
+\LMYVTV[OLYIHURZ 13,614,609 – 13,614,609   –  
0U[LYIHURSVHUZYLJLP]HISLHUK:7<9( 43,564,970 – 43,564,970   –  
-PUHUJPHSHZZL[ZH[-=;73 4,716,692 10,888 4,727,580      
-VY^HYK

CHINA BANKING CORPORATION

 127

Consolidated
2022 2021
Within  2YHU Within Over
 7ZHOYH 7ZHOYH  ;^LS]L  ;^LS]L
Months Months Total  4VU[OZ  4VU[OZ Total
Derivative Contracts Designated as
/LKNL P– P6,203,379 P6,203,379 P– P1,139,233 P1,139,233
-PUHUJPHSHZZL[ZH[-=6*0 1,388,456 41,928,301 43,316,757   
0U]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[ 14,517,748 344,006,998 358,524,746    
3VHUZHUKYLJLP]HISLZ¶NYVZZ 180,664,506 537,050,729 717,715,235     
(JJY\LKPU[LYLZ[YLJLP]HISL¶NYVZZ 10,778,149 – 10,778,149   –  
Other assets – gross 2,978,107 1,470,031 4,448,138    
393,012,953 930,670,326 1,323,683,279    
1RQðQDQFLDODVVHWV
)HURWYLTPZLZM\YUP[\YLÄ_[\YLZ
HUKLX\PWTLU[òUL[VMHJJ\T\SH[LK
KLWYLJPH[PVUHUKHTVY[PaH[PVU – 9,337,260 9,337,260 –  
0U]LZ[TLU[WYVWLY[PLZòUL[VM
accumulated depreciation – 4,621,862 4,621,862 –  
+LMLYYLK[H_HZZL[Z – 4,552,692 4,552,692 –    
Investments in associates – 983,243 983,243 –    
Intangible assets – 4,076,645 4,076,645 –    
.VVK^PSS – 839,748 839,748 –    
Other assets – gross 2,601,736 400,416 3,002,152    
2,601,736 24,811,866 27,413,602    
(SSV^HUJLMVYPTWHPYTLU[HUKJYLKP[
SVZZLZ5V[L (20,189,493) 
<ULHYULKKPZJV\U[Z5V[L (1,177,922) 
(21,367,415)  
1,329,729,466  

Financial liabilities
Deposit liabilities 1,055,547,844 10,366,833 1,065,914,677      
Bills payable 70,375,267 – 70,375,267     
Bonds payable – 28,312,870 28,312,870     
4HUHNLY»ZJOLJRZ 1,550,669 – 1,550,669  – 
(JJY\LKPU[LYLZ[HUKV[OLYL_WLUZLZ 5,811,342 – 5,811,342  – 
Derivative liabilities 1,549,561 – 1,549,561  – 
Derivative contracts designated as
hedges 4,156,612 – 4,156,612 –  
Other liabilities 15,620,840 – 15,620,840  – 
1,154,612,135 38,679,703 1,193,291,838     
1RQðQDQFLDOOLDELOLWLHV
(JJY\LKPU[LYLZ[HUKV[OLYL_WLUZLZ 304,547 – 304,547  – 
+LMLYYLK[H_SPHIPSP[PLZ – 794,432 794,432 –    
Income tax payable 311,915 – 311,915   –  
Other liabilities 425,435 22,689 448,124   
1,041,897 817,121 1,859,018   
P1,155,654,032 P39,496,824 P1,195,150,856 P   P P  
(JJY\LKPU[LYLZ[HUKV[OLYL_WLUZLZPUJS\KLHJJY\LKPU[LYLZ[WH`HISLHUKHJJY\LKV[OLYL_WLUZLZWH`HISL5V[L 

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

128

Parent Company
2022 2021
Within  2YHU Within Over
 7ZHOYH  7ZHOYH  ;^LS]L  ;^LS]L
Months Months Total  4VU[OZ  4VU[OZ Total
Financial assets
Cash and other cash items P10,073,767 P– P10,073,767 P  P– P 
+\LMYVT):7 92,920,540 – 92,920,540  – 
+\LMYVTV[OLYIHURZ 12,347,169 – 12,347,169   –  
0U[LYIHURSVHUZYLJLP]HISLHUK:7<9( 41,597,949 – 41,597,949   –  
-PUHUJPHSHZZL[ZH[-=;73 3,503,688 10,888 3,514,576    
Derivative Contracts Designated as
/LKNL – 6,203,379 6,203,379 – 1,139,233 1,139,233
-PUHUJPHSHZZL[ZH[-=6*0 939,856 40,211,269 41,151,125    
0U]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[ 13,957,866 338,377,782 352,335,648     
3VHUZHUKYLJLP]HISLZ¶NYVZZ 156,001,047 471,553,420 627,554,467   
(JJY\LKPU[LYLZ[YLJLP]HISLòNYVZZ 9,391,461 – 9,391,461   –  
Other assets – gross 1,773,452 218,909 1,992,361   2,108,031
342,506,795 856,575,647 1,199,082,442   
1RQðQDQFLDODVVHWV
)HURWYLTPZLZM\YUP[\YLÄ_[\YLZ
HUKLX\PWTLU[òUL[VMHJJ\T\SH[LK
KLWYLJPH[PVUHUKHTVY[PaH[PVU – 7,670,562 7,670,562 –  
0U]LZ[TLU[WYVWLY[PLZòUL[VM
accumulated depreciation – 2,023,344 2,023,344 –    
+LMLYYLK[H_HZZL[Z – 3,150,610 3,150,610 –    
Investments in subsidiaries – 19,123,698 19,123,698 –  
Investment in associates – 983,243 983,243 –    
Intangible assets – 778,314 778,314 –  
.VVK^PSS – 222,841 222,841 –  
Other assets – gross 1,884,157 287,120 2,171,277  300,391  
1,884,157 34,239,732 36,123,889    
(SSV^HUJLZMVYPTWHPYTLU[HUKJYLKP[SVZZLZ5V[L (16,350,676) 
<ULHYULKKPZJV\U[Z5V[L (182,760) 
(16,533,436) 
P1,218,672,895 P 
Financial liabilities
Deposit liabilities 958,799,325 619,244 959,418,569     
Bills payable 70,375,267 – 70,375,267     
Bonds payable – 28,312,870 28,312,870     
4HUHNLY»ZJOLJRZ 1,296,109 – 1,296,109  – 
(JJY\LKPU[LYLZ[HUKV[OLYL_WLUZLZ 5,224,797 – 5,224,797  – 
Derivative liabilities 1,549,561 – 1,549,561  – 
Derivative Contracts Designated as
/LKNL 4,156,612 4,156,612 –  
Other liabilities 12,988,527 – 12,988,527  – 
P1,054,390,198 P28,932,114 P1,083,322,312 P P  P 
-VY^HYK

CHINA BANKING CORPORATION

 129

Parent Company
2022 2021
Within  2YHU Within Over
 7ZHOYH  7ZHOYH  ;^LS]L  ;^LS]L
Months Months Total  4VU[OZ  4VU[OZ Total
1RQðQDQFLDOOLDELOLWLHV
(JJY\LKPU[LYLZ[HUKV[OLYL_WLUZLZ P174,828 P– P174,828 P  P– P 
Income tax payable 293,422 – 293,422  – 
Other liabilities 372,261 – 372,261   –  
840,511 – 840,511 ҕ – ҕ
P1,055,230,709 P28,932,114 P1,084,162,823 P P  P  
(JJY\LK PU[LYLZ[ HUK V[OLY L_WLUZLZ PUJS\KL HJJY\LK PU[LYLZ[ WH`HISL HJJY\LK WH`HISL MVY LTWSV`LL ILULÄ[Z HUK HJJY\LK V[OLY L_WLUZLZ
WH`HISL5V[L 

ɰɲˑ EQUITY

;OL7HYLU[*VTWHU`»ZJHWP[HSZ[VJRJVUZPZ[ZVMHTV\U[ZPU[OV\ZHUKZL_JLW[MVYU\TILYVMZOHYLZ!

2022 2021
Shares Amount  :OHYLZ  (TV\U[
*VTTVUZ[VJRòP10.00 par value
 (\[OVYPaLK¶ZOHYLZ P3,300,000,000 P3,300,000,000
Issued and outstanding
)HSHUJLH[ILNPUUPUNVM`LHY 2,691,288,212 P26,912,882 P  P26,858,998
Issuance through stock grant – –  53,884
)HSHUJLH[LUKVM`LHY P2,691,288,212 P26,912,882 P  P26,912,882

;OL7HYLU[*VTWHU`ZOHYLZHYLSPZ[LKPU[OL7OPSPWWPUL:[VJR,_JOHUNL

;OLZ\TTHYPaLKPUMVYTH[PVUVU[OL7HYLU[*VTWHU`»ZYLNPZ[YH[PVUVMZLJ\YP[PLZ\UKLY[OL:LJ\YP[PLZ9LN\SH[PVU*VKLMVSSV^Z!

+H[LVM:,*(WWYV]HS (\[OVYPaLK:OHYLZ
(WYPS  100,000,000
6J[VILY  
(\N\Z[  200,000,000
1\S`  
:LW[LTILY  
:LW[LTILY 1,000,000,000
:LW[LTILY 
:LW[LTILY 2,000,000,000
(\N\Z[  
:LW[LTILY  3,300,000,000
* 9LZ[H[LK[VZOV^[OLLќLJ[ZVM[OL[LUòMVYòVULZ[VJRZWSP[PU

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

130

(ZYLWVY[LKI`[OL7HYLU[*VTWHU`»Z[YHUZMLYHNLU[:[VJR;YHUZMLY:LY]PJL0UJ[OL[V[HSU\TILYVMZ[VJROVSKLYZPZHUK
HZVM+LJLTILYHUKYLZWLJ[P]LS`

*LU[LUUPHS:[VJR.YHU[
0USPNO[VM[OL7HYLU[*VTWHU`»Z[OHUUP]LYZHY`[OL)VHYKVM+PYLJ[VYZHWWYV]LKVU(\N\Z[H*LU[LUUPHS:[VJR
.YHU[7SHU[VPZZ\LJVTTVUZOHYLZ[VLSPNPISLNYHU[LLZ

;OL*LU[LUUPHS:[VJR.YHU[7SHU^HZHWWYV]LKHUKYH[PÄLKI`[OLZ[VJROVSKLYZVU6J[VILYHUK[OLHWWYV]HSZVM[OL
YLSL]HU[ YLN\SH[VY` HNLUJPLZ ^LYL JVTWSL[LK PU   5L^ ZOHYLZ ^LYL PZZ\LK MYVT [OL 7HYLU[ *VTWHU`»Z H\[OVYPaLK I\[
\UPZZ\LKZOHYLZPUMH]VYVM[OL.YV\W»ZYLN\SHYLTWSV`LLZHUKJLY[HPUV[OLYVѝJLYZHUKJVU[YHJ[\HSLTWSV`LLZHZVM(\N\Z[
U\TILYPUNHYV\UK

6U(\N\Z[ [OL7OPSPWWPUL:[VJR,_JOHUNL7:,HWWYV]LK[OL7HYLU[*VTWHU`»ZHWWSPJH[PVU[VSPZ[JVTTVU
ZOHYLZ^P[OHWHY]HS\LVMPWLYZOHYL[VJV]LY[OL.YV\W»Z*LU[LUUPHS:[VJR.YHU[7SHU;OL7HYLU[*VTWHU`PZZ\LK
H[V[HSVMP TPSSPVUZOHYLZVU:LW[LTILY;OPZYLZ\S[LKPUHUPUJYLHZLPU[OL7HYLU[*VTWHU`»Zº*HWP[HSZ[VJR»HUK
º*HWP[HSWHPKPUL_JLZZVMWHY]HS\L»[V[HSPUNPTPSSPVUHZVM[OLNYHU[KH[L;OLKPќLYLUJLPU[OLMHPY]HS\LVM[OLZ[VJRNYHU[Z
\WVUPZZ\HUJLVMZOHYLZPZYLJVNUPaLKPU[OLWYVÄ[VYSVZZ

Dividends
+L[HPSZVM[OL7HYLU[*VTWHU`»ZJHZOKP]PKLUKWH`TLU[ZMVSSV^!

Cash Dividends

+H[LVM +H[LVM +H[LVM Cash Dividend

Declaration 9LJVYK Payment 7LY:OHYL
4H` 4H` 1\UL 
4H` 4H` 1\UL 1.00
1\UL 1\S` 1\S` 1.00
4H` 4H` 4H` 0.88
4H` 4H` 1\UL 0.83
4H` 4H` 1\UL 0.80
4H` 4H` 1\UL 1.00
4H` (\N\Z[ :LW[LTILY  1.00
4H` :LW[LTILY  6J[VILY 1.00
4H` (\N\Z[
1\S`  1.20

:[VJR+P]PKLUKZ

+H[LVM +H[LVM +H[LVM :[VJR+P]PKLUK

Declaration 9LJVYK Payment 7LY:OHYL
4HYJO 6J[VILY 5V]LTILY 8%
4H` 4H` 1\UL 8%
4H` (\N\Z[ :LW[LTILY  8%
4H` :LW[LTILY  6J[VILY 8%
4H` 1\S`  (\N\Z[ 10%

CHINA BANKING CORPORATION

 131

:\YWS\Z
;OLJVTW\[H[PVUVMZ\YWS\ZH]HPSHISLMVYKP]PKLUKKLJSHYH[PVUPUHJJVYKHUJL^P[O:,*4LTVYHUK\T*PYJ\SHY5VPZZ\LKPU
+LJLTILYKPќLYZ[VHJLY[HPUL_[LU[MYVT[OLJVTW\[H[PVUMVSSV^PUN):7N\PKLSPULZ

(ZVM+LJLTILYHUKZ\YWS\ZPUJS\KLZ[OLHTV\U[VMPIPSSPVUUL[VMKLMLYYLK[H_LќLJ[VMPTPSSPVU
YLWYLZLU[PUN[YHUZMLYVMYL]HS\H[PVUPUJYLTLU[VUSHUK^OPJO^HZJHYYPLKH[KLLTLKJVZ[^OLU[OL.YV\W[YHUZP[PVULK[V7-9:PU
5V[L;OPZHTV\U[^PSSILH]HPSHISL[VILKLJSHYLKHZKP]PKLUKZ\WVUZHSLVM[OL\UKLYS`PUNSHUK

0U[OLJVUZVSPKH[LKÄUHUJPHSZ[H[LTLU[ZHWVY[PVUVM[OL.YV\W»ZZ\YWS\ZJVYYLZWVUKPUN[V[OLUL[LHYUPUNZVM[OLZ\IZPKPHYPLZ
and associates amounting to PIPSSPVUHUKPIPSSPVUHZVM+LJLTILYHUKYLZWLJ[P]LS`PZUV[H]HPSHISLMVY
KP]PKLUKKLJSHYH[PVU;OLHJJ\T\SH[LKLX\P[`PUUL[LHYUPUNZILJVTLZH]HPSHISLMVYKP]PKLUKZ\WVUKLJSHYH[PVUHUKYLJLPW[VM
JHZOKP]PKLUKZMYVT[OLPU]LZ[LLZ

9LZLY]LZ
0UJVTWSPHUJL^P[O):7YLN\SH[PVUZ VM[OL7HYLU[*VTWHU`»ZWYVÄ[MYVT[Y\Z[I\ZPULZZPZHWWYVWYPH[LK[VZ\YWS\ZYLZLY]L
;OPZHUU\HSHWWYVWYPH[PVUPZYLX\PYLK\U[PS[OLZ\YWS\ZYLZLY]LZMVY[Y\Z[I\ZPULZZLX\HSZ VM[OL7HYLU[*VTWHU`»ZH\[OVYPaLK
capital stock.

<WVUHKVW[PVUVM7-9: ):7YLX\PYLZHWWYVWYPH[PVUVMHWVY[PVUVM[OL.YV\W»Z:\YWS\ZH[HUHTV\U[ULJLZZHY`[VIYPUN[VH[SLHZ[
 [OLHSSV^HUJLMVYJYLKP[SVZZLZVUSVHUZ5V[L

Capital Management
;OL WYPTHY` VIQLJ[P]LZ VM [OL .YV\W»Z JHWP[HS THUHNLTLU[ HYL [V LUZ\YL [OH[ P[ JVTWSPLZ ^P[O L_[LYUHSS` PTWVZLK JHWP[HS
YLX\PYLTLU[ZHUK[OH[P[THPU[HPUZZ[YVUNJYLKP[YH[PUNZHUKOLHS[O`JHWP[HSYH[PVZPUVYKLY[VZ\WWVY[P[ZI\ZPULZZHUK[VTH_PTPaL
shareholders’ value.

;OL.YV\WTHUHNLZP[ZJHWP[HSZ[Y\J[\YLHUKTHRLZHKQ\Z[TLU[Z[VP[PUSPNO[VMJOHUNLZPULJVUVTPJJVUKP[PVUZHUK[OLYPZR
JOHYHJ[LYPZ[PJZVMP[ZHJ[P]P[PLZ0UVYKLY[VTHPU[HPUVYHKQ\Z[[OLJHWP[HSZ[Y\J[\YL[OL.YV\WTH`HKQ\Z[[OLHTV\U[VMKP]PKLUK
WH`TLU[[VZOHYLOVSKLYZYL[\YUJHWP[HS[VZOHYLOVSKLYZVYPZZ\LJHWP[HSZLJ\YP[PLZ5VJOHUNLZ^LYLTHKLPU[OLVIQLJ[P]LZ
WVSPJPLZHUKWYVJLZZLZHZVM+LJLTILYHUK

9LN\SH[VY`8\HSPM`PUN*HWP[HS
<UKLYL_PZ[PUN):7YLN\SH[PVUZ[OLKL[LYTPUH[PVUVM[OL7HYLU[*VTWHU`»ZJVTWSPHUJL^P[OYLN\SH[VY`YLX\PYLTLU[ZHUKYH[PVZPZ
IHZLKVU[OLHTV\U[VM[OL7HYLU[*VTWHU`»Z\UPTWHPYLKJHWP[HSYLN\SH[VY`JHWP[HSHZYLWVY[LK[V[OL):7;OPZPZKL[LYTPULK
VU[OLIHZPZVMYLN\SH[VY`HJJV\U[PUNWVSPJPLZ^OPJOKPќLYMYVT7-9:PUZVTLYLZWLJ[Z

0U HKKP[PVU [OL YPZRòIHZLK JHWP[HS YH[PV VM H IHUR L_WYLZZLK HZ H WLYJLU[HNL VM X\HSPM`PUN JHWP[HS [V YPZRò^LPNO[LK HZZL[Z
9>(ZOV\SKUV[ILSLZZ[OHU MVYIV[OZVSVIHZPZOLHKVѝJLHUKIYHUJOLZHUKJVUZVSPKH[LKIHZPZ7HYLU[*VTWHU`
HUKZ\IZPKPHYPLZLUNHNLKPUÄUHUJPHSHSSPLK\UKLY[HRPUNZI\[L_JS\KPUNPUZ\YHUJLJVTWHUPLZ8\HSPM`PUNJHWP[HSHUK9>(HYL
JVTW\[LKIHZLKVU):7YLN\SH[PVUZ9>(JVUZPZ[ZVM[V[HSHZZL[ZSLZZJHZOVUOHUKK\LMYVT):7SVHUZJV]LYLKI`OVSKòV\[
VUVYHZZPNUTLU[VMKLWVZP[ZSVHUZVYHJJLW[HUJLZ\UKLYSL[[LYZVMJYLKP[[V[OLL_[LU[JV]LYLKI`THYNPUKLWVZP[ZHUKV[OLY
UVUòYPZRP[LTZKL[LYTPULKI`[OL4VUL[HY`)VHYKVM[OL):7

6U(\N\Z[[OL):7\UKLY):7*PYJ\SHY5VPZZ\LK[OLWYLZJYPILKN\PKLSPULZPTWSLTLU[PUN[OLYL]PZLKYPZRòIHZLK
JHWP[HS HKLX\HJ` MYHTL^VYR MVY [OL 7OPSPWWPUL IHURPUN Z`Z[LT [V JVUMVYT [V )HZLS 00 JHWP[HS HKLX\HJ` MYHTL^VYR  ;OL ):7
N\PKLSPULZ[VVRLќLJ[VU1\S`;OLYLHM[LYIHURZ^LYLYLX\PYLK[VJVTW\[L[OLPY*(9\ZPUN[OLZLN\PKLSPULZ

:[HUKHYKPaLKJYLKP[YPZR^LPNO[Z^LYL\ZLKPU[OLJYLKP[HZZLZZTLU[VMHZZL[L_WVZ\YLZ;OPYKWHY[`JYLKP[HZZLZZTLU[Z^LYL
IHZLK VU YH[PUNZ I` PU[LYUH[PVUHS JYLKP[ HZZLZZTLU[ HNLUJPLZ :[HUKHYK  7VVY»Z 4VVK`»Z HUK -P[JO HUK ):7YLJVNUPaLK
KVTLZ[PJJYLKP[HZZLZZTLU[HNLUJPLZZ\JOHZ7OPS9H[PUNZ7LY):7N\PKLSPULZKVTLZ[PJKLI[PZZ\HUJLZTH`ILYH[LKI`)HUNRV
:LU[YHSYLJVNUPaLKKVTLZ[PJJYLKP[HZZLZZTLU[HNLUJPLZVYI`PU[LYUH[PVUHSJYLKP[HZZLZZTLU[HNLUJPLZ^OPJOOH]LKL]LSVWLKH
UH[PVUHSYH[PUNZ`Z[LTHJJLW[HISL[V[OL)HUNRV:LU[YHS0U[LYUH[PVUHSS`PZZ\LKKLI[VISPNH[PVUZZOHSSILYH[LKI`)HUNRV:LU[YHS
YLJVNUPaLKPU[LYUH[PVUHSJYLKP[HZZLZZTLU[HNLUJPLZVUS`

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

132

6U 1HU\HY`   [OL ):7 PZZ\LK *PYJ\SHY 5V  )HZLS 000 0TWSLTLU[PUN .\PKLSPULZ VU 4PUPT\T *HWP[HS 9LX\PYLTLU[Z
^OPJOWYV]PKLZ[OLPTWSLTLU[PUNN\PKLSPULZVU[OLYL]PZLKYPZRòIHZLKJHWP[HSHKLX\HJ`MYHTL^VYRWHY[PJ\SHYS`VU[OLTPUPT\T
JHWP[HS HUK KPZJSVZ\YL YLX\PYLTLU[Z MVY \UP]LYZHS IHURZ HUK JVTTLYJPHS IHURZ HZ ^LSS HZ [OLPY Z\IZPKPHY` IHURZ HUK X\HZPò
IHURZPUHJJVYKHUJL^P[O[OL)HZLS000Z[HUKHYKZ;OLJPYJ\SHY[VVRLќLJ[VU1HU\HY`

;OL*PYJ\SHYZL[ZV\[HTPUPT\T*VTTVU,X\P[`;PLY*,;YH[PVVM HUK;PLYJHWP[HSYH[PVVM 0[HSZVPU[YVK\JLZH

JHWP[HSJVUZLY]H[PVUI\ќLYVM JVTWYPZLKVM*,;JHWP[HS;OL):7»ZL_PZ[PUNYLX\PYLTLU[MVY;V[HS*(9YLTHPUZ\UJOHUNLK
at 10.00% and this ratio shall be maintained at all times.

-\Y[OLYL_PZ[PUNJHWP[HSPUZ[Y\TLU[ZHZVM+LJLTILY^OPJOKVUV[TLL[[OLLSPNPIPSP[`JYP[LYPHMVYJHWP[HSPUZ[Y\TLU[Z\UKLY
[OLYL]PZLKJHWP[HSMYHTL^VYRZOHSSUVSVUNLYILYLJVNUPaLKHZJHWP[HS\WVU[OLLќLJ[P]P[`VM)HZLS000*HWP[HSPUZ[Y\TLU[ZPZZ\LK
\UKLY):7*PYJ\SHY5VZ HUK[OLJPYJ\SHYZHTLUKPUN[OLKLÄUP[PVUVMX\HSPM`PUNJHWP[HSWHY[PJ\SHYS`VU/`IYPK;PLYHUK
3V^LY;PLYJHWP[HSZZ[HY[PUN1HU\HY`HUKILMVYL[OLLќLJ[P]P[`VM):7*PYJ\SHY5VZOHSSILYLJVNUPaLKHZX\HSPM`PUN
JHWP[HS \U[PS +LJLTILY    0U HKKP[PVU [V JOHUNLZ PU TPUPT\T JHWP[HS YLX\PYLTLU[Z [OPZ *PYJ\SHY HSZV YLX\PYLZ ]HYPV\Z
YLN\SH[VY`HKQ\Z[TLU[ZPU[OLJHSJ\SH[PVUVMX\HSPM`PUNJHWP[HS

6U(WYPS[OL):7PZZ\LK):74LTVYHUK\T5V49LSH_H[PVUPU[OL*YLKP[9PZR>LPNO[MVY3VHUZ[V4:4,Z
\UKLY [OL ):7»Z 9PZR ¶)HZLK *HWP[HS (KLX\HJ` -YHTL^VYR ^OPJO WYV]PKLZ [LTWVYHY` YLSH_H[PVU PU [OL HZZPNULK JYLKP[ YPZR
^LPNO[MVYSVHUZ[VTPJYVZTHSSHUKTLKP\TLU[LYWYPZLZ4:4,ZMVYW\YWVZLZVMJVTW\[PUNJVTWSPHUJL^P[O[OL):7»Z9PZR
)HZLK*HWP[HS(KLX\HJ`-YHTL^VYRZ

;OLMVSSV^PUNL_WVZ\YLZ[V4:4,ZHZKLÄULK\UKLY)HZLS000ZOHSSILHZZPNULKHJYLKP[YPZR^LPNO[VMWLYJLU[!

H 4:4,L_WVZ\YLZ[OH[TLL[[OLJYP[LYPHVMX\HSPÄLK4:4,WVY[MVSPVHUK
I *\YYLU[4:4,L_WVZ\YLZ[OH[KVUV[X\HSPM`HZHOPNOS`KP]LYZPÄLK4:4,WVY[MVSPV

;OLMVYLNVPUNWYV]PZPVU\UKLY):74LTVYHUK\T5V4ZOHSSHWWS`\U[PS+LJLTILY/V^L]LYP[^HZL_[LUKLK
\U[PS+LJLTILYI`[OLZ\IZLX\LU[PZZ\HUJLVM):74LTVYHUK\T5V4,_[LUZPVUVM):77Y\KLU[PHS9LSPLM
4LHZ\YLZHUKM\Y[OLYL_[LUKLK\U[PS1\ULI`[OLZ\IZLX\LU[PZZ\HUJLVM):74LTVYHUK\T5V4,_[LUZPVU
VM):77Y\KLU[PHS9LSPLM4LHZ\YLVU[OL9LSH_H[PVUPU[OL*YLKP[9PZR>LPNO[MVY3VHUZ[V4:4,Z\UKLY[OL):7»Z9PZR)HZLK
*HWP[HS(KLX\HJ`-YHTL^VYRZ

;OL*(9VM[OL.YV\WHUK[OL7HYLU[*VTWHU`HZVM+LJLTILYHUKHZYLWVY[LK[V[OL):7HYLZOV^UPU[OL
[HISLILSV^

Consolidated Parent Company

2022 2021 2022 2021
(TV\U[ZPU4PSSPVU7LZVZ
CET 1 Capital P132,695 P P129,945 P 
3LZZ!9LN\SH[VY`(KQ\Z[TLU[Z 13,079  24,533 22,099
119,616   105,412 
(KKP[PVUHS;PLY*HWP[HS Ě ò Ě ò
3LZZ!9LN\SH[VY`(KQ\Z[TLU[Z Ě ò Ě ò
Ě ò Ě ò
Net Tier 1 Capital 119,616   105,412 
Tier 2 Capital 6,683  6,125 
3LZZ!9LN\SH[VY`(KQ\Z[TLU[Z Ě ò Ě ò
Net Tier 2 Capital 6,683  6,125 
Total Qualifying Capital P126,299 P P111,538 P 

CHINA BANKING CORPORATION

 133

Consolidated Parent Company

2022 2021 2022 2021
(TV\U[ZPU4PSSPVU7LZVZ
*YLKP[9>( P695,054 P P612,227 P
4HYRL[9>( 28,309  28,358  
6WLYH[PVUHS9>( 70,188  59,861 
;V[HS9>( P793,551 P  P700,446 P 

*,;JHWP[HSYH[PV 15.07%   15.05% 

Tier 1 capital ratio 15.07%   15.05% 
Total capital ratio 15.92%  15.92% 

;OL.YV\WHUK[OL7HYLU[*VTWHU`OH]LJVTWSPLK^P[OHSSL_[LYUHSS`PTWVZLKJHWP[HSYLX\PYLTLU[Z[OYV\NOV\[[OLWLYPVK

;OLPZZ\HUJLVM):7*PYJ\SHY5V JV]LYPUN[OL0*((7PU Z\WWSLTLU[Z):7»ZYPZRIHZLKJHWP[HSHKLX\HJ`MYHTL^VYR

\UKLY*PYJ\SHY5V0UJVTWSPHUJL^P[O[OPZJPYJ\SHY[OL7HYLU[*VTWHU`OHZHKVW[LKHUKKL]LSVWLKP[Z0*((7MYHTL^VYR
[VLUZ\YL[OH[HWWYVWYPH[LSL]LSHUKX\HSP[`VMJHWP[HSHYLTHPU[HPULKI`[OL.YV\W<UKLY[OPZMYHTL^VYR[OLHZZLZZTLU[VM
YPZRZL_[LUKZIL`VUK[OL7PSSHYZL[VMJYLKP[THYRL[HUKVWLYH[PVUHSYPZRZHUKVU[VV[OLYYPZRZKLLTLKTH[LYPHSI`[OL7HYLU[
*VTWHU`;OLSL]LSHUKZ[Y\J[\YLVMJHWP[HSHYLHZZLZZLKHUKKL[LYTPULKPUSPNO[VM[OL7HYLU[*VTWHU`»ZI\ZPULZZLU]PYVUTLU[
WSHUZWLYMVYTHUJLYPZRZHUKI\KNL[HZ^LSSHZYLN\SH[VY`LKPJ[Z):7UVYTHSS`YLX\PYLZZ\ITPZZPVUVM[OL0*((7KVJ\TLU[
L]LY`4HYJO

/V^L]LY MVY  HUK  PU ]PL^ VM [OL WHUKLTPJ [OL ):7 HKQ\Z[LK [OL KLHKSPUL MVY Z\ITPZZPVU MYVT 4HYJO  [V 1\UL
;OL.YV\WOHZJVTWSPLK^P[O[OPZYLX\PYLTLU[6U(WYPS[OL):7PZZ\LK*PYJ\SHY5V^OPJOYLX\PYLZ[OH[[OL
YLJV]LY`WSHUZOHSSILKPZ[PUJ[HUKZLWHYH[LMYVT[OL0*((7KVJ\TLU[0[ZOV\SKILZ\ITP[[LKL]LY`1\ULILNPUUPUNPU
;OL.YV\WOHZHSZVJVTWSPLK^P[O[OPZYLX\PYLTLU[6U6J[VILY[OL):7PZZ\LK*PYJ\SHY5V^OPJOLU\TLYH[LZ
[OLUL^N\PKLSPULZVUYLJV]LY`WSHUVMIHURZ

3L]LYHNL9H[PV
6U1\UL ):7PZZ\LKJPYJ\SHY5V^OPJOHWWYV]LK[OLN\PKLSPULZMVY[OLPTWSLTLU[H[PVUVM[OL)HZLS0003L]LYHNL
9H[PVPU[OL7OPSPWWPULZ;OL)HZLS0003L]LYHNL9H[PVPZKLZPNULK[VHJ[HZHZ\WWSLTLU[HY`TLHZ\YL[V[OLYPZRIHZLKJHWP[HS
YLX\PYLTLU[Z;OLSL]LYHNLYH[PVPU[LUKZ[VYLZ[YPJ[[OLI\PSK\WVMSL]LYHNLPU[OLIHURPUNZLJ[VY[VH]VPKKLZ[HIPSPaPUNKLSL]LYHNPUN
WYVJLZZLZ^OPJOJHUKHTHNL[OLIYVHKLYÄUHUJPHSZ`Z[LTHUK[OLLJVUVT`3PRL^PZLP[YLPUMVYJLZ[OLYPZRIHZLKYLX\PYLTLU[Z
^P[OHZPTWSLUVUYPZRIHZLK¸IHJRZ[VW¹TLHZ\YL;OL)HZLS000SL]LYHNLYH[PVPZKLÄULKHZ[OLJHWP[HSTLHZ\YL[OLU\TLYH[VY
KP]PKLKI`[OLL_WVZ\YLTLHZ\YL[OLKLUVTPUH[VY;OLTVUP[VYPUNVM[OLSL]LYHNLYH[PV^HZPTWSLTLU[LKHZH7PSSHYTPUPT\T
YLX\PYLTLU[LќLJ[P]LVU1\S`

;OL)39VM[OL.YV\WHUK[OL7HYLU[*VTWHU`HZVM+LJLTILYHUKHZYLWVY[LK[V[OL):7HYLZOV^UPU[OL
[HISLILSV^

Consolidated Parent Company

2022 2021 2022 2021
(TV\U[ZPU4PSSPVUZ
Tier 1 Capital P119,616 P  P105,413 P 
Exposure Measure 1,365,346  1238956  
/HYHUDJH5DWLR 8.76%  8.51% 

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

134

3PX\PKP[`*V]LYHNL9H[PV
6U-LIY\HY`):7PZZ\LKJPYJ\SHYUV ^OPJOHWWYV]LK[OLH[[HJOLKSPX\PKP[`Z[HUKHYKZ^OPJOPUJS\KLN\PKLSPULZVU
SPX\PKP[`JV]LYHNLYH[PV3*9HUK3*9KPZJSVZ\YLZ[HUKHYKZ[OH[HYLJVUZPZ[LU[^P[O[OL)HZLS000MYHTL^VYR)HURZHYLYLX\PYLK
[VHKVW[)HZLS000»Z3PX\PKP[`*V]LYHNL9H[PV3*9HPTLKH[Z[YLUN[OLUPUN[OLZOVY[[LYTSPX\PKP[`WVZP[PVUVMIHURZ;OPZYLX\PYLZ
IHURZ[VOH]LH]HPSHISL/PNO8\HSP[`3PX\PK(ZZL[Z/83([VTLL[HU[PJPWH[LKUL[JHZOV\[ÅV^MVYHKH`WLYPVK\UKLYZ[YLZZ
JVUKP[PVUZ;OLZ[HUKHYKWYLZJYPILZ[OH[\UKLYHUVYTHSZP[\H[PVU[OL]HS\LVM[OLSPX\PKP[`YH[PVILUVSV^LY[OHU VUH
KHPS`IHZPZILJH\ZL[OLZ[VJRVM\ULUJ\TILYLK/83(PZPU[LUKLK[VZLY]LHZHKLMLUZLHNHPUZ[WV[LU[PHSVUZL[VMSPX\PKP[`Z[YLZZ
)LNPUUPUN1HU\HY` [OLWYLZJYPILKTPUPT\TYH[PVVM3*9PZ (ZVM+LJLTILYHUK[OL3*9PU
ZPUNSL J\YYLUJ` PZ   HUK    YLZWLJ[P]LS` MVY [OL .YV\W HUK   HUK    YLZWLJ[P]LS` MVY [OL 7HYLU[
*VTWHU`;OL)HZLS0003L]LYHNLYH[PVVM[OLIHURZZOHSSUV[ILSLZZ[OHU 

5L[:[HISL-\UKPUN9H[PV
6U4H`):7PZZ\LK*PYJ\SHY5V^OPJOHWWYV]LK[OLPTWSLTLU[PUNN\PKLSPULZVU[OLHKVW[PVUVM[OL)HZLS000
-YHTL^VYRVU3PX\PKP[`:[HUKHYKZ5L[:[HISL-\UKPUN9H[PV5:-9)HURZHYLYLX\PYLK[VHKVW[)HZLS000»Z5L[:[HISL-\UKPUN
9H[PV5:-9HPTLK[VWYVTV[LSVUN[LYTYLZPSPLUJLVMIHURZHNHPUZ[SPX\PKP[`YPZR)HURZZOHSSTHPU[HPUHZ[HISLM\UKPUNWYVÄSLPU
YLSH[PVU[V[OLJVTWVZP[PVUVMP[ZHZZL[ZHUKVќIHSHUJLZOLL[HJ[P]P[PLZ;OL5:-9JVTWSLTLU[Z[OL3PX\PKP[`*V]LYHNL9H[PV
3*9^OPJOWYVTV[LZZOVY[[LYTYLZPSPLUJLVMH)HUR»ZSPX\PKP[`WYVÄSL;OL.YV\WZ[HY[LKTVUP[VYPUNHUKYLWVY[PUN5:-9[V[OL
):7PU ;OLIHURZZOHSSTHPU[HPUH5:-9VMH[SLHZ[ H[HSS[PTLZ(ZVM+LJLTILYHUK[OL5:-9PZ
  HUK YLZWLJ[P]LS`MVY[OL.YV\WHUK HUK YLZWLJ[P]LS`MVY[OL7HYLU[*VTWHU`

ɰɳˑ RETIREMENT PLAN

;OL.YV\WOHZZLWHYH[LM\UKLKUVUJVU[YPI\[VY`KLÄULKILULÄ[YL[PYLTLU[WSHUZJV]LYPUNZ\IZ[HU[PHSS`HSSP[ZVѝJLYZHUKYLN\SHY
LTWSV`LLZ;OLYL[PYLTLU[WSHUZHYLHKTPUPZ[LYLKI`[OL7HYLU[*VTWHU`»Z;Y\Z[.YV\W^OPJOHJ[ZHZ[OL[Y\Z[LLVM[OLWSHUZ
<UKLY[OLZLYL[PYLTLU[WSHUZHSSJV]LYLKVѝJLYZHUKLTWSV`LLZHYLLU[P[SLK[VJHZOILULÄ[ZHM[LYZH[PZM`PUNJLY[HPUHNLHUK
ZLY]PJLYLX\PYLTLU[Z;OLSH[LZ[HJ[\HYPHS]HS\H[PVUZ[\KPLZVM[OLYL[PYLTLU[WSHUZ^LYLTHKLHZVM+LJLTILY

;OL.YV\W»ZHUU\HSJVU[YPI\[PVU[V[OLYL[PYLTLU[WSHUJVUZPZ[ZVMHWH`TLU[JV]LYPUN[OLJ\YYLU[ZLY]PJLJVZ[\UM\UKLKHJ[\HYPHS
HJJY\LKSPHIPSP[`HUKPU[LYLZ[VUZ\JO\UM\UKLKHJ[\HYPHSSPHIPSP[`
;OLHTV\U[ZVMUL[KLÄULKILULÄ[HZZL[PU[OLIHSHUJLZOLL[ZMVSSV^!

Consolidated Parent Company

2022 2021 2022 2021
5L[WSHUHZZL[Z5V[L P400,416 P P287,120 P300,391
9L[PYLTLU[SPHIPSP[PLZ5V[L (22,689)  – –
P377,727 P P287,120 P300,391

CHINA BANKING CORPORATION

 135

;OLTV]LTLU[ZPU[OLKLÄULKILULÄ[HZZL[WYLZLU[]HS\LVMKLÄULKILULÄ[VISPNH[PVUHUKMHPY]HS\LVMWSHUHZZL[ZMVSSV^!

Consolidated
Remeasurements in OCI

1HWEHQHðWFRVW Return on Actuarial

plan assets Actuarial changes Actuarial
(excluding changes arising arising changes arising
amount from from changes from changes Total
January 1, Current Net pension included in experience  LQðQDQFLDO in demographic remeasurements Contribution December 31,
2022  VHUYLFHFRVW Net interest expense*  %HQHðWVSDLG net interest) adjustments assumptions assumptions in OCI by employer 2022
(j) = f + g + (l) = a + d +
(a) (b) (c) (d) = b + c (e) (f) (g) (h) (i) h+i (k) e+j+k
)DLUYDOXHRISODQDVVHWV P5,602,106 PĚ P258,678 P258,678 (P392,776) P59,768 PĚ PĚ PĚ P59,768 P270,292 P5,798,068
3UHVHQWYDOXHRIGHðQHG
EHQHðWREOLJDWLRQ 5,129,718 523,487 237,540 761,027 (392,776)  Ě 166,546 (267,822) 23,648 (77,628)  Ě 5,420,341
1HWGHðQHGEHQHðW
asset P472,388 (P523,487) P21,138 (P502,349) PĚ P59,768 (P166,546) P267,822 (P23,648) P137,396 P270,292 P377,727

7YLZLU[LK\UKLY*VTWLUZH[PVUHUKMYPUNLILULÄ[ZPU[OLZ[H[LTLU[ZVMPUJVTL

Consolidated
9LTLHZ\YLTLU[ZPU6*0

5L[ILULÄ[JVZ[  9L[\YUVU  (J[\HYPHS

plan assets  (J[\HYPHS changes  (J[\HYPHS
(excluding changes arising arising changes arising
amount  MYVT  MYVTJOHUNLZ  MYVTJOHUNLZ Total
 1HU\HY` Current  5L[WLUZPVU included in experience  PUÄUHUJPHS in demographic remeasurements in Contribution December 31,
2021 service cost  5L[PU[LYLZ[ expense*  )LULÄ[ZWHPK net interest)  HKQ\Z[TLU[Z assumptions assumptions OCI by employer 2021
 Q$MN  S$HK
(a) (b) (c)  K$IJ (e)  M (g) (h) (i)  OP (k)  LQR
-HPY]HS\LVMWSHUHZZL[Z P Pò P  P  (P P Pò Pò Pò P P  P
7YLZLU[]HS\LVMKLÄULK
ILULÄ[VISPNH[PVU      (P  ò   18,399   ò  
5L[KLÄULKILULÄ[HZZL[ P (P P (P  Pò P (P  P (P18,399) P P  P

7YLZLU[LK\UKLY*VTWLUZH[PVUHUKMYPUNLILULÄ[ZPU[OLZ[H[LTLU[ZVMPUJVTL

Parent Company

Remeasurements in OCI

Return on Actuarial
plan assets Actuarial changes Actuarial
1HWEHQHðWFRVW (excluding changes arising arising changes arising
Transfer amount from from changes from changes Total
January 1, Current Net pension from included in experience  LQðQDQFLDO in demographic remeasurements Contribution December 31,
2022  VHUYLFHFRVW Net interest expense*  $τOLDWHV  %HQHðWVSDLG net interest) adjustments assumptions assumptions in OCI by employer 2022

(j) = f + g + (l) = a + d +
(a) (b) (c) (d) = b + c (e) (e) (f) (g) (h) (i) h+i (k) e+j+k

-HPY]HS\LVMWSHU
assets P4,862,046 PĚ P227,057 P227,057 P– (P359,829) P102,669 PĚ PĚ PĚ P102,669 P253,000 P5,084,943

7YLZLU[]HS\LVM
KLÄULKILULÄ[
obligation 4,561,655 431,784 213,066 644,850 888 (359,829)  Ě 142,589 (197,051) 4,721 (49,741)  Ě 4,797,823

5L[KLÄULK
ILULÄ[HZZL[ P300,391 (P431,784) P13,991 (P417,793) (P888) P– P102,669 (P142,589) P197,051 (P4,721) P152,410 P253,000 P287,120

7YLZLU[LK\UKLY*VTWLUZH[PVUHUKMYPUNLILULÄ[ZPU[OLZ[H[LTLU[ZVMPUJVTL

Parent Company

9LTLHZ\YLTLU[ZPU6*0

5L[ILULÄ[JVZ[  9L[\YUVU  (J[\HYPHS

plan assets  (J[\HYPHS changes  (J[\HYPHS
(excluding changes arising arising changes arising
 ;YHUZMLY amount  MYVT  MYVTJOHUNLZ  MYVTJOHUNLZ Total
 1HU\HY` Current  5L[WLUZPVU  MYVT included in experience  PUÄUHUJPHS in demographic remeasurements Contribution December 31,
2021 service cost  5L[PU[LYLZ[ expense*  (ѝSPH[LZ  )LULÄ[ZWHPK net interest)  HKQ\Z[TLU[Z assumptions assumptions in OCI by employer 2021

 S$HK
(a) (b) (c)  K$IJ (e) (e)  M (g) (h) (i)  Q$MNOP (k)  LQR

)DLUYDOXHRI
plan assets P Pò P129,113 P129,113 Pò (P  P   Pò Pò Pò P   P P

3UHVHQWYDOXH
RIGHðQHG
EHQHðW
obligation    128,190     ò    ò        ò 

1HWGHðQHG
EHQHðWDVVHW P (P P923 (P Pò Pò P   (P P  (P P P P300,391

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

136

;OL.YV\WHUK[OL7HYLU[*VTWHU`HYLYLJVTTLUKLK[VJVU[YPI\[L[VP[ZKLÄULKILULÄ[WLUZPVUWSHUPUHTV\U[PUN[V
P TPSSPVUHUKP TPSSPVUYLZWLJ[P]LS`

0UHUK[OLTHQVYJH[LNVYPLZVMWSHUHZZL[ZHZHWLYJLU[HNLVM[OLMHPY]HS\LVM[V[HSWSHUHZZL[ZHYLHZMVSSV^Z!

Consolidated Parent Company

2022 2021 2022 2021
7HYLU[*VTWHU`ZOHYLZ5V[L 25.84%  29.46% 29.19%
,X\P[`PUZ[Y\TLU[Z 13.73%  13.03% 3.02%
Cash and cash equivalents 0.09% 0.08% 0.10% 0.09%
Debt instruments 57.35%  56.62% 
Other assets 2.99%  0.79% 0.00%
100.00% 100.00% 100.00% 100.00%

;OLMVSSV^PUN[HISLZOV^Z[OLIYLHRKV^UVMMHPY]HS\LVM[OLWSHUHZZL[Z!

Consolidated Parent Company

2022 2021 2022 2021
Deposits in banks P5,286 P P5,246 P
-PUHUJPHSHZZL[ZH[-=;73
8\V[LKKLI[ZLJ\YP[PLZ 3,235,622 P 2,879,178 P
8\V[LKLX\P[`ZLJ\YP[PLZ 795,788  662,570 
Parent Company shares 1,498,200   1,498,200  
0U]LZ[TLU[ZPU\UP[PU]LZ[TLU[[Y\Z[M\UK 89,704  Ě 
3VHUZHUKYLJLP]HISL 116 ò 116 ò
Investment properties* 3,000 ò 3,000 ò
Other assets 170,352   36,633 ò
P5,798,068 P P5,084,943 P
0U]LZ[TLU[WYVWLY[PLZJVTWYPZLWYVWLY[PLZSVJH[LKPU4HUPSH

;OLWYPUJPWHSHJ[\HYPHSHZZ\TW[PVUZ\ZLKPUHUKPUKL[LYTPUPUN[OLWYLZLU[]HS\LVMKLÄULKILULÄ[VISPNH[PVUMVY[OL
.YV\W»ZHUK7HYLU[*VTWHU`»ZYL[PYLTLU[WSHUZHYLZOV^UILSV^!

2022
Parent CBSI CIBI &%&Ě3&&, CBCC CBSC
+PZJV\U[YH[L!
 1HU\HY` 4.67% 4.14% 4.14% 4.91% 4.35% 4.55%
December 31 6.70% 6.52% 6.79% 6.93% 6.79% 6.79%
:HSHY`PUJYLHZLYH[L 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%

2021
Parent *):0 CIBI *)*ò7**0 CBCC *):*
+PZJV\U[YH[L!
 1HU\HY` 2.83%   3.02%  
December 31       
:HSHY`PUJYLHZLYH[L      

CHINA BANKING CORPORATION

 137

;OL ZLUZP[P]P[` HUHS`ZPZ ILSV^ OHZ ILLU KL[LYTPULK IHZLK VU [OL PTWHJ[ VM YLHZVUHIS` WVZZPISL JOHUNLZ VM LHJO ZPNUPÄJHU[
HZZ\TW[PVUVU[OLWYLZLU[]HS\LVMKLÄULKILULÄ[VISPNH[PVUHZVM[OLLUKVM[OLYLWVY[PUNWLYPVKHZZ\TPUNHSSV[OLYHZZ\TW[PVUZ
^LYLOLSKJVUZ[HU[!

December 31, 2022 Parent CBSI CIBI  &%&Ě3&&, CBCC CBSC

Discount rate
   (P64,933) (P19,719) (P906) (P3,109) (P1,828) (P309)
 ò  82,712 23,554 1,117 3,688 2,191 376

:HSHY`PUJYLHZLYH[L
   78,408 22,861 1,076 3,535 2,140 367
 ò  (63,002) (19,627) (891) (3,042) (1,823) (307)

December 31, 2021 Parent  *):0 CIBI  *)*ò7**0 CBCC  *):*

Discount rate
   (P (P  (P  (P (P (P
 ò        

:HSHY`PUJYLHZLYH[L
     28,909      
 ò        

;OL^LPNO[LKH]LYHNLK\YH[PVUZPU`LHYZVM[OLKLÄULKILULÄ[VISPNH[PVUHYLWYLZLU[LKILSV^!

December 31, 2022 December 31, 2021

Parent Company 8 8
*):0 6 
CIBI 9 
*)*ò7**0 12 12
CBCC 9 
*):* 9 

;OLTH[\YP[`HUHS`ZLZVM[OL\UKPZJV\U[LKILULÄ[WH`TLU[ZHZVM+LJLTILYHUKHYLHZMVSSV^Z!

December 31, 2022 Parent CBSI CIBI &%&Ě3&&, CBCC CBSC Total
1 year and less P1,435,367 P5,560 P1,282 P8,139 P– P– P1,450,348
4VYL[OHU`LHY[V`LHYZ 1,760,894 122,392 557 41,500 – – 1,925,343
4VYL[OHU`LHYZ
to 10 years 2,371,016 538,013 18,695 47,423 – 1,533 2,976,679
4VYL[OHU`LHYZ
[V`LHYZ 3,746,795 751,224 6,995 181,585 56,401 10,042 4,753,041
4VYL[OHU`LHYZ
to 20 years 6,093,752 935,257 16,053 295,088 77,345 15,065 7,432,559
4VYL[OHU`LHYZ 28,332,630 9,734,299 811,738 999,191 456,819 229,195 40,563,871

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

138

December 31, 2021 Parent *):0 CIBI *)*ò7**0 CBCC *):* Total
1 year and less P  P P– P P– P– P
4VYL[OHU`LHY[V`LHYZ      – – 
4VYL[OHU`LHYZ
to 10 years     – 1,289  
4VYL[OHU`LHYZ
[V`LHYZ         
4VYL[OHU`LHYZ
to 20 years        13,212 
4VYL[OHU`LHYZ          

;OLKLÄULKILULÄ[WSHUL_WVZLZ[OL.YV\WHUK[OL7HYLU[*VTWHU`[VHJ[\HYPHSYPZRZZ\JOHZSVUNL]P[`YPZRPU]LZ[TLU[YPZR
market risk and salary risk.

ɰɴˑ DERIVATIVE FINANCIAL INSTRUMENTS

6JJHZPVUHSS`[OL7HYLU[*VTWHU`LU[LYZPU[VMVY^HYKL_JOHUNLJVU[YHJ[ZHZHUHJJVTTVKH[PVU[VP[ZJSPLU[Z;OLZLKLYP]H[P]LZ
HYLUV[KLZPNUH[LKHZHJJV\U[PUNOLKNLZ(ZVM+LJLTILYHUK[OLMHPY]HS\LZVM[OLZLKLYP]H[P]LZMVSSV^!

2022 2021
 'HULYDWLYH  'HULYDWLYH Derivative Derivative
Asset Liability  (ZZL[  3PHIPSP[`
*\YYLUJ`MVY^HYKZ P397,445 P1,028,042 P  P
0U[LYLZ[YH[LZ^HWZ09: 533,294 521,398  
-\[\YLZ 49,903 – – 
*YVZZJ\YYLUJ`Z^HWZ 24,132 121 – –
Warrants 10,888 –   –
P1,015,662 P1,549,561 P P 

(ZVM+LJLTILYHUK[OLHNNYLNH[LUV[PVUHSHTV\U[VMV\[Z[HUKPUNJ\YYLUJ`MVY^HYKZHUKP[Z^LPNO[LKH]LYHNL
YH[LHYLHZMVSSV^Z!
2022 2021
Notional Weighted 5V[PVUHS Weighted
Amount $YHUDJH5DWH (TV\U[ (]LYHNL9H[L
86'ROODU
Buy $580,792 P57.21   P
:LSS $495,222 P55.87   P
Euro
Buy €42,113,043 P57.92 – –
:LSS €38,780 P59.46 €9,128 P
Japanese Yen
:LSS ¥267,660 P0.43 – –
Chinese Yuan
Buy CNY20,000 P8.08 – –
New Zealand Dollar
Buy – – 5A+ P
Canadian Dollar
Buy – – *(+  P
Australian Dollar
:LSS – – (<+ P

CHINA BANKING CORPORATION

 139

;OLHNNYLNH[LUV[PVUHSHTV\U[ZVM[OLV\[Z[HUKPUN09:HZVM+LJLTILYHUKHYLHZMVSSV^Z!

2022 2021
Notional 'HULYDWLYH 'HULYDWLYH 5V[PVUHS Derivative Derivative
Amount Asset Liability (TV\U[ (ZZL[ 3PHIPSP[`
Peso-
denominated
-P_LK9LJLP]LY P500,000 P– 2,905 P P P
-P_LK7H`LY P500,000 – 4,201  – 
86GROODU
denominated
-P_LK9LJLP]LY $151,000 – 514,292   –
-P_LK7H`LY $200,464 533,294 –     
P533,294 521,398 P P

;OLHNNYLNH[LUV[PVUHSHTV\U[ZVM[OLV\[Z[HUKPUNM\[\YLZHTV\U[LK[V<: TPSSPVUHUK<: TPSSPVUHZVM+LJLTILY

31, 2022 and 2021, respectively.

;OLHNNYLNH[LUV[PVUHSHTV\U[ZVM[OLV\[Z[HUKPUN**:HZVM+LJLTILYHYLHZMVSSV^Z!

2022 2021
Notional 'HULYDWLYH 'HULYDWLYH 5V[PVUHS Derivative Derivative
Amount Asset Liability (TV\U[ (ZZL[ 3PHIPSP[`
86GROODU
Buy $17,180 P24,132 P121 P– P– P–
$17,180 P24,132 P121 P– P– P–

-HPY=HS\L*OHUNLZVM+LYP]H[P]LZ
;OLUL[TV]LTLU[ZPUMHPY]HS\LJOHUNLZVMKLYP]H[P]LPUZ[Y\TLU[ZHYLHZMVSSV^Z!

2022 2021
)HSHUJLH[ILNPUUPUNVM`LHY P82,078 (P  
-HPY]HS\LJOHUNLZK\YPUN[OL`LHY (1,621,474)  
5L[ZL[[SLK[YHUZHJ[PVUZ 1,005,497 
)HSHUJLH[LUKVM`LHY (P533,899) P
0UJS\KLKPUÄUHUJPHSHZZL[ZH[-=;73

;OLUL[TV]LTLU[ZPU[OL]HS\LVM[OLKLYP]H[P]LZHYLWYLZLU[LKPU[OLZ[H[LTLU[ZVMPUJVTL\UKLY[OLMVSSV^PUNHJJV\U[Z!

2022 2021 2020

-VYLPNUL_JOHUNLNHPUSVZZ (P2,811,674) (P  P
;YHKPUNHUKZLJ\YP[PLZNHPUSVZZ5V[L 1,190,200     
(P1,621,474) (P  P
5L[TV]LTLU[ZPU[OL]HS\LYLSH[LK[V09:HUKM\[\YLZ

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

140

0U[LYLZ[PUJVTLVU09:PUHUKHTV\U[LK[VPTPSSPVUP332.18 million, and P TPSSPVUYLZWLJ[P]LS`

^OPSL PU[LYLZ[ L_WLUZL VU 09: PU   HUK  HTV\U[LK [V P TPSSPVU P TPSSPVU HUK P TPSSPVU
respectively.

+LYP]H[P]LJVU[YHJ[ZKLZPNUH[LKHZOLKNLZ
;OL7HYLU[*VTWHU`LU[LYZPU[VOLKNPUN[YHUZHJ[PVUZWHY[PJ\SHYS`JHZOÅV^OLKNLZ[VOLKNLP[ZL_WVZ\YL[V]HYPHIPSP[`PUM\[\YL
JHZOÅV^ZHZZVJPH[LK^P[OP[ZHZZL[ZSPHIPSP[PLZVYOPNOS`WYVIHISLMVYLJHZ[[YHZHJ[PVUZ;OLMVSSV^PUN[HISLZOV^Z[OLZ\TTHY`
VM[OLOLKNPUN[YHUZHJ[PVUZVM[OL7HYLU[*VTWHU`KLZPNUH[LKHZJHZOÅV^OLKNLZ!

2022
Date of Cash Flow Cost of Total Hedge-
Hedging Notional Hedge 'HULYDWLYH 'HULYDWLYH Hedge Hedge related
Hedged Item Instrument Amount Designation Asset Liability 5HVHUYH 5HVHUYH 5HVHUYH
-SVH[PUNYH[L
bonds 9LJLP]LÅVH[
payable 7H`Ä_09:  1\UL P638,504 P– P638,504 P– P638,504
Current and
MVYLJHZ[LK
PZZ\HUJLVM
Treasury time 9LJLP]LÅVH[
deposits 7H`Ä_09:  1\UL 1,780,228 – 1,780,228 – 1,780,228
Current and
MVYLJHZ[LK
PZZ\HUJLVM
9))[PTL 9LJLP]LÅVH[ October 20,
deposits 7H`Ä_09:  2021 3,767,017 – 3,767,017 – 3,767,017
Cash short
position in
[OL9)<
books
HUKM\[\YL
interest
payments
pertaining
to certain :WV[LSLTLU[
-?ZWV[ VM-?MVY^HYK
transactions contract  1\S` 17,630 4,156,612 – (703,757) (703,757)

Total $3,003,507 P6,203,379 P4,156,612 P6,185,749 (P703,757) P5,481,992

2021
+H[LVM *HZO-SV^ ;V[HS/LKNL
/LKNPUN 5V[PVUHS /LKNL Derivative Derivative /LKNL *VZ[VM/LKNL related
/LKNLK0[LT Instrument (TV\U[ Designation (ZZL[ 3PHIPSP[` 9LZLY]L 9LZLY]L 9LZLY]L
-SVH[PUNYH[L
bonds 9LJLP]LÅVH[ 1\UL
payable 7H`Ä_09:  2019 – P (P  P– (P 
Current and
MVYLJHZ[LK
PZZ\HUJLZVM
Treasury time 9LJLP]LÅVH[
deposits 7H`Ä_09:  1\UL  –  – 
Current and
MVYLJHZ[LK
issuances
VM9))[PTL 9LJLP]LÅVH[ October 20,
deposits 7H`Ä_09:  2021   –   –  
Total  P1,139,233 P P  P– P 

CHINA BANKING CORPORATION

 141

(ZVM+LJLTILYHUK[OL7HYLU[*VTWHU`HZZLZZLK[OH[[OLOLKNPUNYLSH[PVUZOPWZHYLL_WLJ[LK[VILOPNOS`LќLJ[P]L

;OLHNNYLNH[LUL[PU[LYLZ[PUJVTLVU[OL09:KLZPNUH[LKHZOLKNLHTV\U[LK[VPTPSSPVUPU[OLHNNYLNH[LUL[PU[LYLZ[
L_WLUZLVU[OL09:KLZPNUH[LKHZOLKNLHTV\U[LK[VPTPSSPVUHUKPTPSSPVUPUHUKYLZWLJ[P]LS`

ɰɵˑ LEASE CONTRACTS

;OLSLHZLJVU[YHJ[ZHYLMVYWLYPVKZYHUNPUNMYVTVUL[V`LHYZMYVT[OLKH[LZVM[OLJVU[YHJ[ZHUKHYLYLUL^HISL\UKLYJLY[HPU
[LYTZHUKJVUKP[PVUZ=HYPV\ZSLHZLJVU[YHJ[ZPUJS\KLLZJHSH[PVUJSH\ZLZTVZ[VM^OPJOILHYHUHUU\HSYLU[PUJYLHZLVM [V
10.00%.

4V]LTLU[ZPU[OLSLHZLSPHIPSP[PLZHJJV\U[HYLHZMVSSV^Z!

Consolidated Parent Company

2022 2021 2022 2021
Beginning Balance P2,846,018 P  P2,187,898 P2,392,891
(KKP[PVUZ 591,491  469,136 
Interest expenses 181,789   141,000  
Payments (648,997)   (404,672)  
,UKPUN)HSHUJL P2,970,301 P P2,393,362 P 

,_WLUZLZYLSH[LK[VZOVY[[LYTSLHZLZHTV\U[PUN[VPTPSSPVUHUKPTPSSPVUMVY[OL.YV\WHUK7HYLU[*VTWHU`PU
respectively, and PTPSSPVUHUKP TPSSPVUMVY[OL.YV\WHUK7HYLU[*VTWHU`PUYLZWLJ[P]LS`HYLPUJS\KLKPU[OL
º6JJ\WHUJ`JVZ[»HJJV\U[

;V[HSJHZOV\[ÅV^ZMVYSLHZLZHTV\U[LK[VPIPSSPVUHUKP IPSSPVUMVY[OL.YV\WHUK7HYLU[*VTWHU`PUYLZWLJ[P]LS`
and PIPSSPVUHUKP IPSSPVUMVY[OL.YV\WHUK7HYLU[*VTWHU`PUYLZWLJ[P]LS`

;OL.YV\WHUK[OL7HYLU[*VTWHU`OH]LHSZVLU[LYLKPU[VJVTTLYJPHSWYVWLY[`SLHZLZVUP[ZPU]LZ[TLU[WYVWLY[PLZ5V[L

-\[\YLTPUPT\TYLU[HSZYLJLP]HISL\UKLYUVUJHUJLSSHISLVWLYH[PUNSLHZLZMVSSV^!

Consolidated Parent Company

2022 2021 2022 2021
Within one year P18,118 P P5,399 P 
(M[LYVUL`LHYI\[UV[TVYL[OHUÄ]L`LHYZ 83,042   20,246  ò
P101,160 P P25,645 P 

-\[\YLTPUPT\TYLU[HSZWH`HISL\UKLYUVUJHUJLSSHISLSLHZLZMVSSV^!

Consolidated Parent Company

2022 2021 2022 2021
Within one year P698,057 P P647,202 P 
(M[LYVUL`LHYI\[UV[TVYL[OHUÄ]L`LHYZ 2,134,999 1,901,881 1,695,903 
(M[LYTVYL[OHUÄ]L`LHYZ 750,376  604,134  
P3,583,432 P3,030,013 P2,947,239 P 

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

142

ɰɶˑ INCOME AND OTHER TAXES

0UJVTL[H_LZPUJS\KLJVYWVYH[LPUJVTL[H_HUK-*+<ÄUHS[H_LZHZKPZJ\ZZLKILSV^HUKÄUHS[H_WHPKH[[OLYH[LVM VU
NYVZZPU[LYLZ[PUJVTLMYVTNV]LYUTLU[ZLJ\YP[PLZHUKV[OLYKLWVZP[Z\IZ[P[\[LZ;OLZLPUJVTL[H_LZHZ^LSSHZ[OLKLMLYYLK[H_
ILULÄ[ZHUKWYV]PZPVUZHYLWYLZLU[LKHZº7YV]PZPVUMVYPUJVTL[H_»PU[OLZ[H[LTLU[ZVMPUJVTL

9LW\ISPJ(J[9(5V (U(J[(TLUKPUN5H[PVUHS0U[LYUHS9L]LU\L*VKLHZHTLUKLKI`9( V[OLY^PZLRUV^UHZ[OL

;H_9LMVYTMVY(JJLSLYH[PVUHUK0UJS\ZPVU;9(05HUK9(V[OLY^PZLRUV^UHZ*VYWVYH[L9LJV]LY`HUK;H_0UJLU[P]LZMVY
,U[LYWYPZLZ*9,(;,WYV]PKLZ[OH[9*0;YH[LZOHSSIL ^OPSLPU[LYLZ[L_WLUZLHSSV^LKHZHKLK\J[PISLL_WLUZLPZYLK\JLK
[V VMPU[LYLZ[PUJVTLZ\IQLJ[[VÄUHS[H_

(U4*0;VM \U[PS1\UL\UKLY*9,(;,3H^VUTVKPÄLKNYVZZPUJVTLPZJVTW\[LKHUKJVTWHYLK^P[O[OL9*0;
(U`L_JLZZ4*0;V]LY9*0;PZKLMLYYLKHUKJHUIL\ZLKHZH[H_JYLKP[HNHPUZ[M\[\YLPUJVTL[H_SPHIPSP[`MVY[OLUL_[[OYLL`LHYZ
0UHKKP[PVU[OL563*6PZHSSV^LKHZHKLK\J[PVUMYVT[H_HISLPUJVTLPU[OLUL_[[OYLL`LHYZMYVT[OL`LHYVMPUJLW[PVU

,ќLJ[P]LPU4H`9(5V  YLZ[VYLK[OL[H_L_LTW[PVUVM-*+<ZHUKVќZOVYLIHURPUN\UP[Z6)<Z<UKLYZ\JOSH^
[OLPUJVTLKLYP]LKI`[OL-*+<MYVTMVYLPNUJ\YYLUJ`[YHUZHJ[PVUZ^P[OUVUYLZPKLU[Z6)<ZSVJHSJVTTLYJPHSIHURZPUJS\KPUN
IYHUJOLZVMMVYLPNUIHURZPZ[H_òL_LTW[^OPSLPU[LYLZ[PUJVTLVUMVYLPNUJ\YYLUJ`SVHUZMYVTYLZPKLU[ZV[OLY[OHU6)<ZVYV[OLY
KLWVZP[VY`IHURZ\UKLY[OLL_WHUKLKZ`Z[LTPZZ\IQLJ[[V NYVZZPUJVTL[H_3HZ[S`HSSV[OLYPUJVTLVM[OL-*+<^HZ
Z\IQLJ[[V JVYWVYH[L[H_HUKL]LU[\HSS`PZZ\IQLJ[[V[OL JVYWVYH[L[H_\UKLY[OL*9,(;,3H^

*\YYLU[[H_YLN\SH[PVUZHSZVWYV]PKLMVY[OLJLPSPUNVU[OLHTV\U[VMLU[LY[HPUTLU[HT\ZLTLU[HUKYLJYLH[PVU,(9L_WLUZL[OH[
JHUILJSHPTLKHZHKLK\J[PVUHNHPUZ[[H_HISLPUJVTL<UKLY[OLYLN\SH[PVUZ,(9L_WLUZLHSSV^LKHZHKLK\J[PISLL_WLUZLPZ
SPTP[LK[V[OLHJ[\HS,(9WHPKVYPUJ\YYLKI\[UV[[VL_JLLK VM[OL7HYLU[*VTWHU`»ZUL[YL]LU\L

;9(053H^
9( 5V   [OL ;H_ 9LMVYT MVY (JJLSLYH[PVU HUK 0UJS\ZPVU ;9(05 PZ [OL ÄYZ[ WHJRHNL VM [OL JVTWYLOLUZP]L [H_ YLMVYT
WYVNYHTVM[OLNV]LYUTLU[;OLIPSS^HZZPNULKPU[VSH^VU+LJLTILY HUK[VVRLќLJ[VU1HU\HY`HTLUKPUN
ZVTLWYV]PZPVUZVM[OLVSK7OPSPWWPUL[H_Z`Z[LT

,_JLW[ MVY YLZPKLU[ MVYLPNU JVYWVYH[PVUZ ^OPJO PZ Z[PSS Z\IQLJ[ [V [OL L_PZ[PUN YH[L VM   [H_ VU PU[LYLZ[ PUJVTL VM MVYLPNU
J\YYLUJ`KLWVZP[^HZPUJYLHZLK[V \UKLY;9(05+VJ\TLU[HY`Z[HTW[H_VUIHURJOLJRZKYHM[ZJLY[PÄJH[LVMKLWVZP[UV[
ILHYPUNPU[LYLZ[HSSKLI[PUZ[Y\TLU[ZIPSSZVML_JOHUNLSL[[LYZVMJYLKP[TVY[NHNLZKLLKZHUKV[OLYZHYLUV^Z\IQLJ[LK[VH
higher rate.

*9,(;,3H^
9(V[OLY^PZLRUV^UHZ*VYWVYH[L9LJV]LY`HUK;H_0UJLU[P]LZMVY,U[LYWYPZLZ*9,(;,^HZZPNULKPU[VSH^I`7YLZPKLU[
9VKYPNV +\[LY[L SHZ[ 4HYJO   ;OL SH^ ILJHTL LќLJ[P]L VU (WYPS   ÄM[LLU  KH`Z HM[LY P[Z W\ISPJH[PVU PU H
UL^ZWHWLYVMNLULYHSJPYJ\SH[PVUVU4HYJO

;OLRL`JOHUNLZ[V[OL7OPSPWWPUL[H_SH^W\YZ\HU[[V[OL*9,(;,(J[^OPJOOH]LHUPTWHJ[VU[OL)HURHYL[OLMVSSV^PUN!

‹ ,ќLJ[P]L1\S`YLN\SHYJVYWVYH[LPUJVTL[H_9*0;YH[LPZYLK\JLKMYVT [V MVYKVTLZ[PJHUKYLZPKLU[MVYLPNU

corporations.
‹ 4PUPT\TJVYWVYH[LPUJVTL[H_4*0;YH[LYLK\JLKMYVT [V VMNYVZZPUJVTLLќLJ[P]L1\S`[V1\UL
‹ 0U[LYLZ[PUJVTLVMMVYLPNUJ\YYLUJ`YLTP[[HUJL[YHUZHJ[PVUKLWVZP[YLJLP]LKI`YLZPKLU[MVYLPNUJVYWVYH[PVUZHYLUV^Z\IQLJ[
[V ÄUHS[H_

0U[OL.YV\WHWWSPLK[OLWYV]PZPVUZVM[OL*9,(;,(J[VUP[ZPUJVTL[H_WH`HISLKLMLYYLK[H_HZZL[ZHUKKLMLYYLK[H_
SPHIPSP[PLZHZVM+LJLTILY

CHINA BANKING CORPORATION

 143

;OLYL^LYLUV[H_YLSH[LKJVU[PUNLU[SPHIPSP[PLZHUKJVU[PUNLU[HZZL[ZHYPZPUNMYVT[OLJOHUNLZPU[OL[H_YH[LZK\L[V*9,(;,(J[

9LSL]HU[;H_<WKH[L

99
6U 4HYJO   [OL )\YLH\ VM 0U[LYUHS 9L]LU\L )09 PZZ\LK 9L]LU\L 9LN\SH[PVUZ 99 5V ò ^OPJO WYLZJYPILK [OL
H[[YPI\[PVUHUKHSSVJH[PVUVML_WLUZLZIL[^LLU-*+<Z,-*+<ZVY6)<HUK9)<HUK^P[OPU9)<

6U (WYPS   [OL )HUR HUK V[OLY TLTILY IHURZ VM [OL )HURLYZ (ZZVJPH[PVU VM [OL 7OPSPWWPULZ )(7 ÄSLK H 7L[P[PVU MVY
+LJSHYH[VY`9LSPLM^P[O(WWSPJH[PVUMVY;LTWVYHY`9LZ[YHPUPUN6YKLY;96HUKVY>YP[VM7YLSPTPUHY`0UQ\UJ[PVU^P[O[OL9LNPVUHS
;YPHS*V\Y[VM4HRH[P4HRH[P;YPHS*V\Y[-\Y[OLYPU*P]PS*HZL5V[OL)HURHUKV[OLY)(7TLTILYIHURZHZZHPSLK[OL
]HSPKP[`VM99VU[OLNYV\UKHTVUNV[OLYZ[OH[H[OL99]PVSH[LZ[OLWL[P[PVULYIHURZZ\IZ[HU[P]LK\LWYVJLZZYPNO[Z"I
P[PZUV[VUS`PSSLNHSI\[HSZV\UMHPY"J[OH[P[ZLY]LZHZHKL[LYYLU[[VIHURZ[VPU]LZ[PUJHWP[HSTHYRL[[YHUZHJ[PVUZ[V[OLWYLQ\KPJLVM
[OLLJVUVT`"KP[ZL[ZHKHUNLYV\ZWYLJLKLU[MVY[OLKPZHSSV^HUJLVMM\SSKLK\J[PVUZK\L[V[OLWYLZJYPILZTL[OVKVMHSSVJH[PVU"
HUKLP[]PVSH[LZ[OLLX\HSWYV[LJ[PVUJSH\ZLVM[OL*VUZ[P[\[PVU

6U(WYPS[OL4HRH[P;YPHS*V\Y[PZZ\LKH;96LUQVPUPUN[OL)09MYVTLUMVYJPUN99(SZVVU(WYPS[OL
4HRH[P;YPHS*V\Y[PZZ\LKH>YP[VM7YLSPTPUHY`0UQ\UJ[PVULUQVPUPUN[OL)09MYVTLUMVYJPUNJHYY`PUNV\[VYPTWSLTLU[PUNPUHU`^H`
VYTHUULY99HNHPUZ[[OL)HURHUKV[OLY)(7TLTILYIHURZPUJS\KPUNPZZ\PUN7YLSPTPUHY`(ZZLZZTLU[5V[PJLVY-PUHS
(ZZLZZTLU[5V[PJLHNHPUZ[[OLTK\YPUN[OLWLUKLUJ`VM[OLSP[PNH[PVU\USLZZZVVULYKPZZVS]LK

6U 1\UL   [OL 4HRH[P ;YPHS *V\Y[ PZZ\LK H *VUÄYTH[VY` 6YKLY Z[H[PUN [OH[ [OL ;96 HUK >YP[ VM 7YLSPTPUHY` 0UQ\UJ[PVU
HSZVWYVOPIP[Z[OL)09MYVTY\SPUNVYKLJPKPUNVUHU`HKTPUPZ[YH[P]LTH[[LYWLUKPUNILMVYLP[PUYLSH[PVU[V[OLZ\IQLJ[YL]LU\L
YLN\SH[PVUZHUKPUZVMHYHZ[OL)HURHUKV[OLY)(7TLTILYIHURZHYLJVUJLYULK

6U 4H`    [OL 4HRH[P ;YPHS *V\Y[ PZZ\LK H KLJPZPVU HUU\SSPUN 99  HUK THRPUN [OL >YP[ VM 7YLSPTPUHY` 0UQ\UJ[PVU
permanent.

6U4H`[OL:\WYLTL*V\Y[+LJPZPVUWYVT\SNH[LKVU+LJLTILYY\SLK[OH[995VPZPU]HSPKHUK]VPK

;OLWYV]PZPVUMVYPUJVTL[H_JVUZPZ[ZVM!

Consolidated Parent Company

2022 2021 2020 2022 2021 2020
Current
 -PUHS[H_ P1,820,926 P  P P1,811,756 P  P
 9*0; 1,293,540      829,345  
3,114,466   2,641,101  
+LMLYYLK 35,196    220,887     
P3,149,662 P P  P2,861,988 P P 

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

144

;OLKL[HPSZVMUL[KLMLYYLK[H_HZZL[ZMVSSV^!

Consolidated Parent Company

2022 2021 2022 2021
+LMLYYLK[H_HZZL[ZSPHIPSP[PLZVU!
(SSV^HUJLMVYPTWHPYTLU[HUKJYLKP[SVZZLZ P4,752,238 P  P3,612,417 P3,803,881
9L]HS\H[PVUPUJYLTLU[VUSHUK
5V[LZHUK (456,171)  (456,171) 
-HPY]HS\LHKQ\Z[TLU[ZVUHZZL[MVYLJSVZ\YL
HUKKHJPVU[YHUZHJ[PVUZUL[VM
depreciated portion (23,963)  (118,704)  
5L[KLÄULKILULÄ[HZZL[ (99,504) (123,121) (78,518)  
Others 380,092  191,586  
P4,552,692 P  P3,150,610 P 

6[OLYZWLY[HPUZWYPTHYPS`[V[OLKLMLYYLK[H_HZZL[ZVUKLYP]H[P]LZSLHZLZHUKMVYLPNUL_JOHUNLYL]HS\H[PVU
;OLKL[HPSZVMUL[KLMLYYLK[H_SPHIPSP[PLZMVSSV^!

Consolidated Parent Company

2022 2021 2022 2021
+LMLYYLK[H_SPHIPSP[PLZHZZL[ZVU!
)YHUJOSPJLUZLZHYPZPUNMYVTHJX\PZP[PVUVM
PDB P637,500 P P– P–
-HPY]HS\LHKQ\Z[TLU[ZVUUL[
HZZL[ZSPHIPSP[PLZVM7+)HUK<UP[`)HUR
and others 156,932  – –
P794,432 P  P– P–

0UHUKKLMLYYLK[H_KLIP[LK[V6*0L_JS\KPUN*9,(;,PTWHJ[PUHTV\U[LK[VPTPSSPVUHUKP TPSSPVU
YLZWLJ[P]LS`MVY[OL.YV\WHUKP38.10 million and PTPSSPVUYLZWLJ[P]LS`MVY[OL7HYLU[*VTWHU`

;OL.YV\WKPKUV[ZL[\WKLMLYYLK[H_HZZL[ZVU[OLMVSSV^PUN[LTWVYHY`KPќLYLUJLZHZP[ILSPL]LZ[OH[P[PZOPNOS`WYVIHISL[OH[[OLZL
[LTWVYHY`KPќLYLUJLZ^PSSUV[ILYLHSPaLKPU[OLULHYMVYLZLLHISLM\[\YL!

Consolidated Parent Company

2022 2021 2022 2021
(SSV^HUJLMVYPTWHPYTLU[HUKJYLKP[SVZZLZ P899,580 P P– P–
Others 16,761  – –
P916,341 P  P– P–

CHINA BANKING CORPORATION

 145

;OLYLJVUJPSPH[PVUVM[OLZ[H[\[VY`PUJVTL[H_[V[OLWYV]PZPVUMVYPUJVTL[H_MVSSV^Z!

Consolidated Parent Company

2022 2021 2020 2022 2021 2020
:[H[\[VY`PUJVTL[H_ P5,571,366 P P P5,492,373 P  P
;H_LќLJ[ZVM
-*+<PUJVTL (1,207,137)   (1,201,231)  
5VUò[H_HISLPUJVTL (2,016,646)     (1,856,145)  
Interest income
Z\IQLJ[LK[VÄUHS[H_ (414,022)   (386,422)    
5VUKLK\J[PISLL_WLUZLZ 1,357,123   918,033  
Others (141,022)    (104,620) (1,088,232)  
*9,(;,HKQ\Z[TLU[
KLMLYYLK[H_ –   – –  –
*9,(;,HKQ\Z[TLU[¶
current tax –   – –  –
7YV]PZPVUMVYPUJVTL[H_ P3,149,662 P P  P2,861,988 P P 

ɰɷˑ TRUST OPERATIONS

:LJ\YP[PLZHUKV[OLYWYVWLY[PLZV[OLY[OHUKLWVZP[ZOLSKI`[OL7HYLU[*VTWHU`PUÄK\JPHY`VYHNLUJ`JHWHJP[PLZMVYJSPLU[ZHUK
ILULÄJPHYPLZHYLUV[PUJS\KLKPU[OLHJJVTWHU`PUNIHSHUJLZOLL[ZZPUJL[OLZLHYLUV[HZZL[ZVM[OL7HYLU[*VTWHU`5V[L

0UJVTWSPHUJL^P[O[OLYLX\PYLTLU[ZVMJ\YYLU[IHURPUNYLN\SH[PVUZYLSH[P]L[V[OL7HYLU[*VTWHU`»Z[Y\Z[M\UJ[PVUZ!HNV]LYUTLU[
IVUKZPUJS\KLK\UKLYÄUHUJPHSHZZL[ZH[-=6*0^P[O[V[HSMHJL]HS\LVMP2.38 billion and PIPSSPVUHZVM+LJLTILYHUK
YLZWLJ[P]LS`HYLKLWVZP[LK^P[O[OL):7HZZLJ\YP[`MVY[OL7HYLU[*VTWHU`»ZMHP[OM\SJVTWSPHUJL^P[OP[ZÄK\JPHY`VISPNH[PVUZ
5V[L "HUKIHJLY[HPUWLYJLU[HNLVM[OL7HYLU[*VTWHU`»Z[Y\Z[MLLPUJVTLPZ[YHUZMLYYLK[VZ\YWS\ZYLZLY]L;OPZ`LHYS`[YHUZMLY
PZYLX\PYLK\U[PS[OLZ\YWS\ZYLZLY]LMVY[Y\Z[M\UJ[PVULX\HSZ VM[OL7HYLU[*VTWHU`»ZH\[OVYPaLKJHWP[HSZ[VJR

ɱɮˑ RELATED PARTY TRANSACTIONS

7HY[PLZHYLJVUZPKLYLK[VILYLSH[LKPMVULWHY[`OHZ[OLHIPSP[`KPYLJ[S`VYPUKPYLJ[S`[VJVU[YVS[OLV[OLYWHY[`VYL_LYJPZLZPNUPÄJHU[
PUÅ\LUJLV]LY[OLV[OLYWHY[`PUTHRPUNÄUHUJPHSHUKVWLYH[PUNKLJPZPVUZ;OL.YV\W»ZYLSH[LKWHY[PLZPUJS\KL!

‹ RL` THUHNLTLU[ WLYZVUULS JSVZL MHTPS` TLTILYZ VM RL` THUHNLTLU[ WLYZVUULS HUK LU[P[PLZ ^OPJO HYL JVU[YVSSLK
ZPNUPÄJHU[S`PUÅ\LUJLKI`VYMVY^OPJOZPNUPÄJHU[]V[PUNWV^LYPZOLSKI`RL`THUHNLTLU[WLYZVUULSVY[OLPYJSVZLMHTPS`
members,
‹ ZPNUPÄJHU[PU]LZ[VYZ
‹ Z\IZPKPHYPLZQVPU[]LU[\YLZHUKHZZVJPH[LZHUK[OLPYYLZWLJ[P]LZ\IZPKPHYPLZHUK
‹ WVZ[LTWSV`TLU[ILULÄ[WSHUZMVY[OLILULÄ[VM[OL.YV\W»ZLTWSV`LLZ

;OL .YV\W OHZ ZL]LYHS I\ZPULZZ YLSH[PVUZOPWZ ^P[O YLSH[LK WHY[PLZ  ;YHUZHJ[PVUZ ^P[O Z\JO WHY[PLZ HYL UVYTHSS` THKL PU [OL
VYKPUHY`JV\YZLVMI\ZPULZZHUKIHZLKVU[OL[LYTZHUKJVUKP[PVUZKPZJ\ZZLKILSV^;YHUZHJ[PVUZ^P[OYLSH[LKWHY[PLZHYLZL[[SLK
PUJHZO\USLZZV[OLY^PZLPUKPJH[LK

;YHUZHJ[PVUZ^P[O9L[PYLTLU[7SHUZ
<UKLY 7-9: JLY[HPU WVZ[LTWSV`TLU[ ILULÄ[ WSHUZ HYL JVUZPKLYLK HZ YLSH[LK WHY[PLZ  ;OL 7HYLU[ *VTWHU` OHZ I\ZPULZZ
YLSH[PVUZOPWZ ^P[O H U\TILY VM P[Z YL[PYLTLU[ WSHUZ W\YZ\HU[ [V ^OPJO P[ WYV]PKLZ [Y\Z[ HUK THUHNLTLU[ ZLY]PJLZ [V [OLZL
WSHUZ0UJVTLLHYULKI`7HYLU[*VTWHU`MYVTZ\JOZLY]PJLZHTV\U[LK[VPTPSSPVUPUP TPSSPVUPUHUK
PTPSSPVUPU

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

146

;OL .YV\W»Z YL[PYLTLU[ M\UKZ TH` OVSK VY [YHKL [OL 7HYLU[ *VTWHU`»Z ZOHYLZ VY ZLJ\YP[PLZ  :PNUPÄJHU[ [YHUZHJ[PVUZ VM [OL
YL[PYLTLU[M\UKWHY[PJ\SHYS`^P[OYLSH[LKWHY[PLZHYLHWWYV]LKI`[OL;Y\Z[0U]LZ[TLU[*VTTP[[LL;0*VM[OL7HYLU[*VTWHU`
;OLTLTILYZVM[OL;0*HYLKPYLJ[VYZHUKRL`THUHNLTLU[WLYZVUULSVM[OL7HYLU[*VTWHU`

(Z\TTHY`VM[YHUZHJ[PVUZ^P[OYLSH[LKWHY[`YL[PYLTLU[WSHUZMVSSV^Z!

Consolidated Parent Company

2022 2021 2022 2021
Deposits in banks P5,287 P P5,246 P
-PUHUJPHSHZZL[ZH[-=;73 1,498,200   1,498,200  
Dividend income 54,579  54,579 
Interest income 46  44 22
;V[HSTHYRL[]HS\LVMZOHYLZ 1,498,200   1,498,200  
5\TILYVMZOHYLZOLSK P54,579 P P54,579 P

0UKP]PKLUKPUJVTLHUKPU[LYLZ[PUJVTLVM[OLYL[PYLTLU[WSHUMYVTPU]LZ[TLU[ZHUKWSHJLTLU[ZPU[OL7HYLU[*VTWHU`
amounted to PTPSSPVUHUKPTPSSPVUYLZWLJ[P]LS`MVY[OL.YV\WHUKPTPSSPVUHUKPTPSSPVUYLZWLJ[P]LS`MVY
the Parent Company.

-PUHUJPHSHZZL[ZH[-=;73YLWYLZLU[ZOHYLZVMZ[VJRVM[OL7HYLU[*VTWHU`=V[PUNYPNO[ZV]LY[OL7HYLU[*VTWHU`»ZZOHYLZHYL
L_LYJPZLKI`HUH\[OVYPaLK[Y\Z[VѝJLY

9LT\ULYH[PVUZVM+PYLJ[VYZHUKV[OLY2L`4HUHNLTLU[7LYZVUULS
2L` THUHNLTLU[ WLYZVUULS HYL [OVZL WLYZVUZ OH]PUN H\[OVYP[` HUK YLZWVUZPIPSP[` MVY WSHUUPUN KPYLJ[PUN HUK JVU[YVSSPUN [OL
HJ[P]P[PLZVM[OL.YV\WKPYLJ[S`VYPUKPYLJ[S`;OL.YV\WJVUZPKLYZ[OLTLTILYZVM[OL4HU*VT[VJVUZ[P[\[LRL`THUHNLTLU[
WLYZVUULSMVYW\YWVZLZVM7(:

;V[HSYLT\ULYH[PVUZVMRL`THUHNLTLU[WLYZVUULSHYLHZMVSSV^Z!

Consolidated Parent Company

2022 2021 2020 2022 2021 2020
:OVY[ò[LYTLTWSV`LLILULÄ[Z P897,964 P P  P788,136 P  P
7VZ[òLTWSV`TLU[ILULÄ[Z 3,477   1,663 2,003 
P901,441 P P P789,799 P P

4LTILYZVM[OL)6+HYLLU[P[SLK[VHWLYKPLTHUK[VMV\YWLYJLU[ VM[OL7HYLU[*VTWHU`»ZUL[LHYUPUNZ^P[OJLY[HPU
KLK\J[PVUZPUHJJVYKHUJL^P[O):7YLN\SH[PVU6U1\S`[OL:,*HWWYV]LK[OLHTLUKTLU[VM[OL7HYLU[*VTWHU`»ZI`
SH^ZPUJYLHZPUN[OLWLYKPLTVM[OLKPYLJ[VYZMVYH[[LUKHUJLH[LHJOTLL[PUNVM[OL)VHYKVYVMHU`JVTTP[[LLZ[VHUHTV\U[\W[V
PWYL]PV\ZS`HÄ_LKHTV\U[VMP[VHSPNU^P[O[OLJ\YYLU[PUK\Z[Y`WYHJ[PJLHUKZ[HUKHYKZ

5VUL_LJ\[P]LKPYLJ[VYZKVUV[YLJLP]LHU`WLYMVYTHUJLYLSH[LKJVTWLUZH[PVU+PYLJ[VYZ»YLT\ULYH[PVUJV]LYZHSS7HYLU[*VTWHU`»Z
)VHYKHJ[P]P[PLZHUKTLTILYZOPWVMJVTTP[[LLZHUKZ\IZPKPHY`JVTWHUPLZ

;OL.YV\WHSZVWYV]PKLZIHURPUNZLY]PJLZ[VKPYLJ[VYZHUKV[OLYRL`THUHNLTLU[WLYZVUULSHUKWLYZVUZJVUULJ[LK[V[OLT;OLZL
[YHUZHJ[PVUZHYLWYLZLU[LKPU[OL[HISLZILSV^

CHINA BANKING CORPORATION

 147

6[OLY9LSH[LK7HY[`;YHUZHJ[PVUZ
;YHUZHJ[PVUZIL[^LLU[OL7HYLU[*VTWHU`HUKP[ZZ\IZPKPHYPLZTLL[[OLKLÄUP[PVUVMYLSH[LKWHY[`[YHUZHJ[PVUZ;YHUZHJ[PVUZ
IL[^LLU[OL.YV\WHUKP[ZHZZVJPH[LKJVTWHUPLZHSZVX\HSPM`HZYLSH[LKWHY[`[YHUZHJ[PVUZ+L[HPSZVM[OL7HYLU[*VTWHU`»Z
Z\IZPKPHYPLZHUKHZZVJPH[LHYLKPZJSVZLKPU5V[LZHUK

.YV\W
9LSH[LKWHY[`[YHUZHJ[PVUZVM[OL.YV\WI`JH[LNVY`VMYLSH[LKWHY[`HYLWYLZLU[LKILSV^

December 31, 2022

Outstanding
Category Amount / Volume Balance Terms and Conditions
6LJQLðFDQW,QYHVWRU
3VHUZHUKYLJLP]HISLZ P8,332,250 :LJ\YLK^P[OZOHYLZVMZ[VJRZ"^P[OPU[LYLZ[
Issuances – YH[LYHUNPUNMYVT [V "^P[O
YLTHPUPUN[LYT[VTH[\YP[`IL[^LLU
`LHYZ[V `LHYZ"HUK^P[OHSSV^HUJLMVY
9LWH`TLU[Z (8,350) WYVIHISLSVZZLZVMPTPSSPVU
Deposit liabilities –
Deposits 600 ;OLZLHYLJOLJRPUNHJJV\U[Z^P[OHUU\HS
>P[OKYH^HSZ (3,077) H]LYHNLYH[LVM 
Associate
Deposit liabilities 2,970
Deposits 3,941 ;OLZLHYLJOLJRPUNHJJV\U[Z^P[OHUU\HS
>P[OKYH^HSZ (257,558) H]LYHNLYH[LVM 
Key Management Personnel
3VHUZHUKYLJLP]HISLZ 3,164
<UZLJ\YLKVѝJLY»ZJYLKP[JHYKHJJV\U[Z
Issuances – ^P[OPU[LYLZ[VM HUKSVHUHJJV\U[Z^P[O
9LWH`TLU[Z (1,387) H]LYHNL YH[L
Deposit liabilities 121,157
These are checking, savings and time
Deposits 563,345 KLWVZP[Z^P[OHUU\HSH]LYHNLPU[LYLZ[YH[LZ
>P[OKYH^HSZ (471,820) YHUNPUNMYVT [V 
Other Related Parties
3VHUZHUKYLJLP]HISLZ 50,923,783 :LJ\YLKHUK\UZLJ\YLKSVHUZ^P[OPU[LYLZ[
Issuances 7,870,487 YH[LZYHUNPUNMYVT [V  "^P[O
YLTHPUPUN[LYT[VTH[\YP[`IL[^LLU
`LHYZ[V `LHYZ"^P[OHSSV^HUJLMVY
9LWH`TLU[Z (4,561,478) WYVIHISLSVZZLZVMPTPSSPVU
Deposit liabilities 400,431
These are checking and savings accounts
Deposits 2,069,677 ^P[OHUU\HSH]LYHNLPU[LYLZ[YH[LZYHUNPUN
>P[OKYH^HSZ (1,830,110) MYVT [V 

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

148

December 31, 2021

Outstanding
Category (TV\U[=VS\TL Balance Terms and Conditions
:PNUPÄJHU[0U]LZ[VY
3VHUZHUKYLJLP]HISLZ P :LJ\YLK^P[OZOHYLZVMZ[VJRZ^P[OPU[LYLZ[
Issuances  YH[LYHUNPUNMYVT [V ^P[O
YLTHPUPUNTH[\YP[`IL[^LLU`LHYZ
HUK `LHYZ(SSV^HUJLMVYWYVIHISL
9LWH`TLU[Z  losses to PTPSSPVU
Deposit liabilities 
Deposits   ;OLZLHYLJOLJRPUNHJJV\U[Z^P[OHUU\HS
>P[OKYH^HSZ (1) H]LYHNLYH[LVM 
(ZZVJPH[L
Deposit liabilities 
Deposits  ;OLZLHYLJOLJRPUNHJJV\U[Z^P[OHUU\HS
>P[OKYH^HSZ  H]LYHNLYH[LVM 
2L`4HUHNLTLU[7LYZVUULS
3VHUZHUKYLJLP]HISLZ  <UZLJ\YLKVѝJLY»ZHJJV\U[ZMYVTJYLKP[
Issuances  JHYK^P[OPU[LYLZ[VM TH[\YPUN^P[OPU
`LHYHUK6,3HJJV\U[Z^P[OPU[LYLZ[YH[L
YHUNPUNMYVT [V ^P[OYLTHPUPUN
TH[\YP[`IL[^LLUHUK`LHYZHUK
\UZLJ\YLKLTWSV`LLSVHUZ^P[OPU[LYLZ[
9LWH`TLU[Z  YH[LVM TH[\YPUNPU`LHYZ
Deposit liabilities  
These are checking, savings and time
Deposits   KLWVZP[Z^P[OHUU\HSH]LYHNLPU[LYLZ[YH[LZ
>P[OKYH^HSZ    YHUNPUNMYVT [V 
6[OLY9LSH[LK7HY[PLZ
3VHUZHUKYLJLP]HISLZ  :LJ\YLKHUK\UZLJ\YLKSVHUZ^P[OPU[LYLZ[
Issuances   YH[LYHUNPUNMYVT [V  ^P[O
YLTHPUPUNTH[\YP[`IL[^LLUKH`ZHUK
 `LHYZ(SSV^HUJLMVYWYVIHISL
9LWH`TLU[Z   losses amounted to PTPSSPVU
Deposit liabilities 
These are checking and savings accounts
Deposits  ^P[OHUU\HSH]LYHNLPU[LYLZ[YH[LZYHUNPUN
>P[OKYH^HSZ   MYVT [V 

0U[LYLZ[PUJVTLLHYULKHUKPU[LYLZ[L_WLUZLPUJ\YYLKMYVT[OLHIV]LSVHUZHUKKLWVZP[SPHIPSP[PLZPUHUKMVSSV^!

6LJQLðFDQW,QYHVWRU Associate
2022 2021 2020 2022 2021 2020
Interest income P340,483 P  P  P– P– P–
Interest expense 2 3 2 900   

Key Management Personnel Other Related Parties

2022 2021 2020 2022 2021 2020
Interest income P164 P101 P P2,161,943 P1,809,292 P
Interest expense 4,139 1,383  990  

CHINA BANKING CORPORATION

 149

9LSH[LKWHY[`[YHUZHJ[PVUZVM[OL.YV\W^P[OZPNUPÄJHU[PU]LZ[VYHZZVJPH[LHUKV[OLYYLSH[LKWHY[PLZWLY[HPU[V[YHUZHJ[PVUZVM[OL
7HYLU[*VTWHU`^P[O[OLZLYLSH[LKWHY[PLZ

7HYLU[*VTWHU`
9LSH[LKWHY[`[YHUZHJ[PVUZVM[OL7HYLU[*VTWHU`I`JH[LNVY`VMYLSH[LKWHY[`HYLWYLZLU[LKILSV^

December 31, 2022

Outstanding
Category Amount / Volume Balance Nature, Terms and Conditions
6LJQLðFDQW,QYHVWRU
3VHUZHUKYLJLP]HISLZ P8,332,250 :LJ\YLK^P[OZOHYLZVMZ[VJRZ"^P[OPU[LYLZ[YH[LZ
Issuances – YHUNPUNMYVT [V "^P[OYLTHPUPUN[LYT
[VTH[\YP[`IL[^LLU`LHYZ[V `LHYZ"
^P[OHSSV^HUJLMVYWYVIHISLSVZZLZVM
9LWH`TLU[Z (8,350) PTPSSPVU
Deposit liabilities – ;OLZLHYLJOLJRPUNHJJV\U[Z^P[OHUU\HSH]LYHNL
Deposits 600 YH[LVM 
>P[OKYH^HSZ (2,582)
Subsidiaries
Deposit liabilities 345,557 ;OLZLHYLJOLJRPUNHUKZH]PUNZHJJV\U[Z^P[O
Deposits 224,719 HUU\HSH]LYHNLPU[LYLZ[YH[LZYHUNPUNMYVT
0.13% to 1.00%.
>P[OKYH^HSZ (383,498)
Associate
Deposit liabilities 2,970 ;OLZLHYLJOLJRPUNHJJV\U[Z^P[OHUU\HSH]LYHNL
Deposits 3,941 YH[LVM 
>P[OKYH^HSZ (40,283)
Key Management Personnel
3VHUZHUKYLJLP]HISLZ 99 <UZLJ\YLKVѝJLY»ZJYLKP[JHYKHJJV\U[Z^P[O
Issuances – PU[LYLZ[VM 
9LWH`TLU[Z (1,018)
Deposit liabilities 27,205 These are checking, savings and time deposit
Deposits 449,687 HJJV\U[^P[OHUU\HSH]LYHNLPU[LYLZ[YH[LZ
YHUNPUNMYVT [V 
>P[OKYH^HSZ (452,521)
Other Related Parties
3VHUZHUKYLJLP]HISLZ 50,923,783 :LJ\YLKHUK\UZLJ\YLKSVHUZ^P[OPU[LYLZ[YH[LZ
Issuances 7,870,487 YHUNPUNMYVT [V  "^P[OYLTHPUPUN
[LYT[VTH[\YP[`IL[^LLU`LHYZ[V 
`LHYZ"^P[OHSSV^HUJLMVYWYVIHISLSVZZLZVM
9LWH`TLU[Z (4,561,478) PTPSSPVU
Deposit liabilities 131,224 ;OLZLHYLJOLJRPUNHUKZH]PUNZHJJV\U[Z^P[O
Deposits 541,484 HUU\HSH]LYHNLPU[LYLZ[YH[LZYHUNPUNMYVT
0.13% to 1.00%.
>P[OKYH^HSZ (1,762,978)

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

150

December 31, 2021

Outstanding
Category  (TV\U[=VS\TL Balance 5H[\YL;LYTZHUK*VUKP[PVUZ
:PNUPÄJHU[0U]LZ[VY
3VHUZHUKYLJLP]HISLZ P :LJ\YLK^P[OZOHYLZVMZ[VJRZ^P[OPU[LYLZ[YH[L
Issuances  YHUNPUNMYVT [V ^P[OYLTHPUPUN
TH[\YP[`IL[^LLU`LHYZHUK `LHYZ
9LWH`TLU[Z  (SSV^HUJLMVYWYVIHISLSVZZLZ[VPTPSSPVU
Deposit liabilities 1,982 ;OLZLHYLJOLJRPUNHJJV\U[Z^P[OHUU\HSH]LYHNL
Deposits  YH[LVM 
>P[OKYH^HSZ –
:\IZPKPHYPLZ
Deposit liabilities  ;OLZLHYLJOLJRPUNHUKZH]PUNZHJJV\U[Z^P[O
Deposits    HUU\HSH]LYHNLPU[LYLZ[YH[LZYHUNPUNMYVT
0.13% to 1.00%.
>P[OKYH^HSZ   
(ZZVJPH[L
Deposit liabilities 39,312 ;OLZLHYLJOLJRPUNHJJV\U[Z^P[OHUU\HSH]LYHNL
Deposits  YH[LVM 
>P[OKYH^HSZ (181,239)
2L`4HUHNLTLU[7LYZVUULS
3VHUZHUKYLJLP]HISLZ  <UZLJ\YLKVѝJLY»ZHJJV\U[ZMYVTJYLKP[JHYK^P[O
Issuances  PU[LYLZ[VM TH[\YPUN^P[OPU`LHYHUK6,3
HJJV\U[Z^P[OPU[LYLZ[YH[LYHUNPUNMYVT [V
9LWH`TLU[Z   ZLJ\YLKHUKJ\YYLU[S`TH[\YPUN
Deposit liabilities 30,039 These are checking, savings and time deposit
Deposits   HJJV\U[^P[OHUU\HSH]LYHNLPU[LYLZ[YH[LZ
YHUNPUNMYVT [V 
>P[OKYH^HSZ (313,800)
6[OLY9LSH[LK7HY[PLZ
3VHUZHUKYLJLP]HISLZ  :LJ\YLKHUK\UZLJ\YLKSVHUZ^P[OPU[LYLZ[YH[L
Issuances   YHUNPUNMYVT [V  ^P[OYLTHPUPUN
TH[\YP[`IL[^LLUKH`ZHUK `LHYZ
(SSV^HUJLMVYWYVIHISLSVZZLZHTV\U[LK[V
9LWH`TLU[Z   PTPSSPVU
Deposit liabilities  ;OLZLHYLJOLJRPUNHUKZH]PUNZHJJV\U[Z^P[O
Deposits   HUU\HSH]LYHNLPU[LYLZ[YH[LZYHUNPUNMYVT
0.13% to 1.00%.
>P[OKYH^HSZ  

The related party transactions shall be settled in cash.

0U[LYLZ[PUJVTLLHYULKHUKPU[LYLZ[L_WLUZLPUJ\YYLKMYVT[OLHIV]LSVHUZHUKKLWVZP[SPHIPSP[PLZPUHUKMVSSV^!

Subsidiaries Associate
2022 2021 2020 2022 2021 2020
Interest income P– P– P– P– P– P–
Interest expense 426   900   

CHINA BANKING CORPORATION

 151

Key Management Personnel Other Related Parties

2022 2021 2020 2022 2021 2020
Interest income P2 P P P2,161,943 P1,809,292 P
Interest expense 29   290 218 

6LJQLðFDQW,QYHVWRU
2022 2021 2020
Interest income P340,483 P  P 
Interest expense 2 3 2

6\[YPNO[W\YJOHZLZHUKV\[YPNO[ZHSLVMKLI[ZLJ\YP[PLZVM[OL7HYLU[*VTWHU`^P[OP[ZZ\IZPKPHYPLZPUHUKMVSSV^!

Subsidiaries
2022 2021
Peso-denominated
Outright purchase P– P
Outright sale 2,839,426 
Dollar-denominated
Outright purchase – 
Outright sale – 

;OL MVSSV^PUN [HISL ZOV^Z [OL HTV\U[ HUK V\[Z[HUKPUN IHSHUJL VM V[OLY YLSH[LK WHY[` [YHUZHJ[PVUZ PUJS\KLK PU [OL ÄUHUJPHS
Z[H[LTLU[Z!

Subsidiaries
2022 2021 Nature, Terms and Conditions
Balance Sheet
(JJV\U[ZYLJLP]HISL P3,845 P ;OPZWLY[HPUZ[V]HYPV\ZL_WLUZLZHK]HUJLKI`*)*PUILOHSMVM
various subsidiaries.
:LJ\YP[`KLWVZP[Z 10,420  ;OPZWLY[HPUZ[V[OLYLU[HSKLWVZP[Z^P[O*):0HUK*)**MVYVѝJL
space leased out to the Parent Company

Subsidiaries
2022 2021 2020 Nature, Terms and Conditions
Income Statement
;Y\Z[MLLPUJVTL P1,104 P189 P ;Y\Z[-LLLHYULKI`7HYLU[*VTWHU`MYVT*)**
9LU[PUJVTL 3,191 3,039   9LU[0UJVTLMYVT*)**
4PZJLSSHULV\ZPUJVTL 9,984   *LY[HPUM\UJ[PVUZWYV]PKLKI`[OL7HYLU[
Company to its subsidiaries such as
accounting, human resources, audit, treasury
operations, administrative, corporate marketing,
HUKÄUHUJPHSJVU[YVSZLY]PJLZ<UKLY[OL
HNYLLTLU[IL[^LLU[OL7HYLU[*VTWHU`HUK
its subsidiaries, the subsidiaries shall pay the
7HYLU[*VTWHU`HUHUU\HSMLL
Interest Income 251    0U[LYLZ[LHYULKMYVTJHZOPUIHURHUKZOVY[[LYT
PU]LZ[TLU[VM7HYLU[*VTWHU`
-VY^HYK

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

152

Subsidiaries
2022 2021 2020 Nature, Terms and Conditions
Other Income P3,623 P P <UYLHSPaLKNHPUVUTVUL`THYRL[M\UKZVM7HYLU[
Company
Occupancy cost 37,267   11,808 *LY[HPU\UP[ZVM[OLJVUKVTPUP\TV^ULKI`*):0
HYLILPUNSLHZLK[V[OL7HYLU[*VTWHU`MVYH
[LYTVMÄ]L`LHYZ^P[OUVLZJHSH[PVUJSH\ZL
+LMLYYLKJOHYNLZ 2,228   (YYHUNLYMLLZWHPKI`[OL7HYLU[*VTWHU`[V
*)**MVY[OLPZZ\HUJLVMP[ZÄ_LKYH[LIVUKZ
0UMVYTH[PVU[LJOUVSVN` 294,483   This pertains to the computer and general
banking services provided by CBC-PCCI to
the Parent Company to support its reporting
requirements.
4PZJLSSHULV\ZL_WLUZLZ 5,123    )YVRLYHNLMLLZWHPKI`[OL7HYLU[*VTWHU`[V
*):LJ

ɱɯˑ COMMITMENTS AND CONTINGENT ASSETS AND LIABILITIES

0U[OLUVYTHSJV\YZLVM[OL.YV\W»ZVWLYH[PVUZ[OLYLHYL]HYPV\ZV\[Z[HUKPUNJVTTP[TLU[ZHUKJVU[PUNLU[SPHIPSP[PLZ^OPJOHYL
UV[YLÅLJ[LKPU[OLHJJVTWHU`PUNÄUHUJPHSZ[H[LTLU[Z4HUHNLTLU[KVLZUV[HU[PJPWH[LHU`TH[LYPHSSVZZLZHZHYLZ\S[VM[OLZL
transactions.

;OLYLHYLZL]LYHSZ\P[ZHZZLZZTLU[ZVYUV[PJLZHUKJSHPTZ[OH[YLTHPUJVU[LZ[LK4HUHNLTLU[ILSPL]LZIHZLKVU[OLVWPUPVUVM
P[ZSLNHSJV\UZLSZ[OH[[OL\S[PTH[LV\[JVTLVMZ\JOZ\P[ZHZZLZZTLU[ZHUKJSHPTZ^PSSUV[OH]LHTH[LYPHSLќLJ[VU[OL.YV\W»Z
HUK[OL7HYLU[)HUR»ZÄUHUJPHSWVZP[PVUHUKYLZ\S[ZVMVWLYH[PVUZ

;OLMVSSV^PUNPZHZ\TTHY`VMJVU[PUNLUJPLZHUKJVTTP[TLU[ZVM[OL.YV\WHUK[OL7HYLU[*VTWHU`^P[O[OLLX\P]HSLU[WLZV
JVU[YHJ[\HSHTV\U[Z!

Consolidated Parent Company

2022 2021 2022 2021
;Y\Z[KLWHY[TLU[HJJV\U[Z5V[L  P222,474,444 P  P222,474,444 P 
Committed credit lines 1,906,400   1,906,400  
<U\ZLKJVTTLYJPHSSL[[LYZVMJYLKP[5V[L 17,158,800   17,074,520 
-VYLPNUL_JOHUNLIV\NO[ 138,040,375  138,040,375 
-VYLPNUL_JOHUNLZVSK 33,914,815    33,914,815  
Credit card lines 18,625,491   18,625,491  
09:YLJLP]HISL 90,289,612    90,289,612  
Outstanding guarantees issued 2,971,605  1,539,908 
0U^HYKIPSSZMVYJVSSLJ[PVU 2,697,770   2,697,770  
:[HUKI`JYLKP[JVTTP[TLU[ 3,550,516   3,550,516  
:WV[L_JOHUNLZVSK 2,792,488  2,792,488 
:WV[L_JOHUNLIV\NO[ 3,407,837  3,407,837 
+LÄJPLUJ`JSHPTZYLJLP]HISL 280,195  280,195 
3H[LKLWVZP[ZWH`TLU[ZYLJLP]LK 309,488  286,522 
6\[^HYKIPSSZMVYJVSSLJ[PVU 21,378  19,337 
Others 35,237  30,498 

CHINA BANKING CORPORATION

 153

ɱɰˑ SEGMENT INFORMATION

;OL.YV\W»ZVWLYH[PUNI\ZPULZZLZHYLYLJVNUPaLKHUKTHUHNLKZLWHYH[LS`HJJVYKPUN[V[OLUH[\YLVMZLY]PJLZWYV]PKLKHUK[OL
THYRL[ZZLY]LK^P[OLHJOZLNTLU[YLWYLZLU[PUNHZ[YH[LNPJI\ZPULZZ\UP[;OLI\ZPULZZLZHYLVYNHUPaLK[VJH[LY[V[OLIHURPUN
ULLKZVMTHYRL[ZLNTLU[ZMHJPSP[H[LJ\Z[VTLYLUNHNLTLU[LUZ\YL[PTLS`KLSP]LY`VMWYVK\J[ZHUKZLY]PJLZHZ^LSSHZHJOPL]L
JVZ[LѝJPLUJ`HUKLJVUVTPLZVMZJHSL0U[OL3LUKPUN)\ZPULZZ:LNTLU[^HZZWSP[PU[V[^VZLWHYH[LZLNTLU[ZUHTLS`
0UZ[P[\[PVUHS)HURPUN:LNTLU[HUK*VUZ\TLY)HURPUN:LNTLU[[VPU[LNYH[L]HYPV\ZI\ZPULZZ\UP[ZMVYZ`ULYN`HUKTH_PTPaH[PVU
VM WV[LU[PHS ]HS\L PU [LYTZ VM THYRL[ ZOHYL WYVK\J[ SPUL J\Z[VTLY IHZL HUK VWLYH[PVUHS LѝJPLUJ` *VYYLZWVUKPUN ZLNTLU[
PUMVYTH[PVUMVYHSSWLYPVKZWYLZLU[LKOLYLPUHYLYLZ[H[LK[VYLÅLJ[Z\JOJOHUNL

;OL.YV\W»ZI\ZPULZZZLNTLU[ZHYLHZMVSSV^Z!

a. 0UZ[P[\[PVUHS )HURPUN ¶ WYPUJPWHSS` OHUKSLZ SLUKPUN [YHKL ÄUHUJL HUK JVYVSSHY` IHURPUN WYVK\J[Z HUK ZLY]PJLZ VќLYLK [V
JVYWVYH[LHUKPUZ[P[\[PVUHSJ\Z[VTLYZHZ^LSSHZZLSLJ[LKTPKKSLTHYRL[JSPLU[Z"

b. Consumer Banking – principally handles home loans, contract-to-sell receivables, loans to developers, auto loans and credit
JHYKZMVYPUKP]PK\HSHUKVYJVYWVYH[LJ\Z[VTLYZ"
c. 9L[HPS)HURPUN)\ZPULZZ¶WYPUJPWHSS`OHUKSLZYL[HPSHUKJVTTLYJPHSSVHUZPUKP]PK\HSHUKJVYWVYH[LKLWVZP[ZV]LYKYHM[ZHUK
M\UKZ[YHUZMLYMHJPSP[PLZ[YHKLMHJPSP[PLZHUKHSSV[OLYZLY]PJLZMVYYL[HPSJ\Z[VTLYZ"

d. -PUHUJPHS 4HYRL[Z ¶ WYPUJPWHSS` WYV]PKLZ TVUL` THYRL[ [YHKPUN HUK [YLHZ\Y` ZLY]PJLZ THUHNLZ [OL .YV\W»Z M\UKPUN
VWLYH[PVUZI`[OL\ZLVMNV]LYUTLU[ZLJ\YP[PLZWSHJLTLU[ZHUKHJJLW[HUJLZ^P[OV[OLYIHURZHZ^LSSHZVќLYZHK]PZVY`
HUKJHWP[HSYHPZPUNZLY]PJLZ[VJVYWVYH[LJSPLU[ZHUKYLTP[[HUJL[YHUZHJ[PVUZ"HUK
e. 6[OLYZ¶OHUKSLZV[OLYZLY]PJLZPUJS\KPUNI\[UV[SPTP[LK[V[Y\Z[HUKPU]LZ[TLU[THUHNLTLU[ZLY]PJLZ^LHS[OTHUHNLTLU[
ZLY]PJLZ[VOPNOUL[^VY[OJ\Z[VTLYZHZZL[THUHNLTLU[PUZ\YHUJLIYVRLYHNLJYLKP[THUHNLTLU[[OYPM[IHURPUNI\ZPULZZ
VWLYH[PVUZHUKÄUHUJPHSJVU[YVSHUKV[OLYZ\WWVY[ZLY]PJLZ

;OL.YV\WYLWVY[ZP[ZWYPTHY`ZLNTLU[PUMVYTH[PVU[V[OL*OPLM6WLYH[PUN+LJPZPVU4HRLY*6+4VU[OLIHZPZVM[OLHIV]L
TLU[PVULKZLNTLU[Z;OL*6+4VM[OL.YV\WPZ[OL7YLZPKLU[VM[OL7HYLU[*VTWHU`

:LNTLU[ HZZL[Z HYL [OVZL VWLYH[PUN HZZL[Z [OH[ HYL LTWSV`LK I` H ZLNTLU[ PU P[Z VWLYH[PUN HJ[P]P[PLZ [OH[ HYL LP[OLY KPYLJ[S`
attributable to the segment or can be allocated to the segment on a reasonable basis.

:LNTLU[SPHIPSP[PLZHYL[OVZLVWLYH[PUNSPHIPSP[PLZ[OH[YLZ\S[MYVT[OLVWLYH[PUNHJ[P]P[PLZVMHZLNTLU[HUK[OH[LP[OLYHYLKPYLJ[S`
attributable to the segment or can be allocated to the segment on a reasonable basis.

0U[LYLZ[PUJVTLPZYLWVY[LKUL[HZTHUHNLTLU[WYPTHYPS`YLSPLZVU[OLUL[PU[LYLZ[PUJVTLHZWLYMVYTHUJLTLHZ\YLUV[[OLNYVZZ
income and expense.

;OLZLNTLU[YLZ\S[ZPUJS\KLPU[LYUHS[YHUZMLYWYPJPUNHKQ\Z[TLU[ZHJYVZZI\ZPULZZ\UP[ZHZKLLTLKHWWYVWYPH[LI`THUHNLTLU[
;YHUZHJ[PVUZIL[^LLUZLNTLU[ZHYLJVUK\J[LKH[LZ[PTH[LKTHYRL[YH[LZVUHUHYT»ZSLUN[OIHZPZ0U[LYLZ[PZJOHYNLKJYLKP[LK
to the business units based on its assets’ and liabilities’ repricing or maturity date using market-based yield curve approved by
[OL(ZZL[3PHIPSP[`*VTTP[[LL(3*6

6[OLYVWLYH[PUNPUJVTLTHPUS`JVUZPZ[ZVM[YHKPUNHUKZLJ\YP[PLZNHPUSVZZòUL[ZLY]PJLJOHYNLZMLLZHUKJVTTPZZPVUZ[Y\Z[
MLL PUJVTL HUK MVYLPNU L_JOHUNL NHPU ò UL[  6[OLY VWLYH[PUN L_WLUZL THPUS` JVUZPZ[Z VM JVTWLUZH[PVU HUK MYPUNL ILULÄ[Z
WYV]PZPVUMVYPTWHPYTLU[HUKJYLKP[SVZZLZ[H_LZHUKSPJLUZLZVJJ\WHUJ`KLWYLJPH[PVUHUKHTVY[PaH[PVUZ[H[PVULY`Z\WWSPLZ
HUKWVZ[HNLHUKPUZ\YHUJL6[OLYVWLYH[PUNPUJVTLHUKL_WLUZLHYLHSSVJH[LKIL[^LLUZLNTLU[ZIHZLKVULX\P[HISLZOHYPUN
arrangements.

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

154

;OL.YV\WOHZUVZPNUPÄJHU[J\Z[VTLYZ^OPJOJVU[YPI\[LZ VYTVYLVM[OLJVUZVSPKH[LKYL]LU\LZ

;OL .YV\W»Z HZZL[ WYVK\JPUN YL]LU\LZ HYL SVJH[LK PU [OL 7OPSPWWPULZ PL VUL NLVNYHWOPJHS SVJH[PVU" [OLYLMVYL NLVNYHWOPJHS
ZLNTLU[PUMVYTH[PVUPZUVSVUNLYWYLZLU[LK

;OLMVSSV^PUN[HISLZWYLZLU[YLSL]HU[ÄUHUJPHSPUMVYTH[PVUYLNHYKPUNI\ZPULZZZLNTLU[ZTLHZ\YLKPUHJJVYKHUJL^P[O7-9:HZVM
HUKMVY[OL`LHYZLUKLK+LJLTILYHUK!

Institutional Banking Consumer Banking

2022 2021 2020 2022 2021 2020
Results of Operations
5L[PU[LYLZ[PUJVTL
Third party P25,742,307 P P P5,075,687 P P 
Intersegment (17,783,228)     (2,156,039)   
7,959,079   2,919,648   
Other operating income 4,718,342    604,030  
Total revenue 12,677,421    3,523,678   
Other operating expense (2,956,595)       (1,841,603)   
0UJVTLILMVYLWYV]PZPVUZHUK
taxes 9,720,826    1,682,075  
7YV]PZPVUMVYPTWHPYTLU[HUK
credit losses (8,001,988)     496,119   
0UJVTLILMVYLPUJVTL[H_ 1,718,838     2,178,194    
7YV]PZPVUMVYPUJVTL[H_ (173,284)    25,723  
5L[PUJVTL P1,545,554 P (P P2,203,917 P (P
Total assets P487,101,912 P P P74,317,662 P P
Total liabilities P1,423,175 P P  P1,658,271 P  P 
+LWYLJPH[PVUHUKHTVY[PaH[PVU P10,270 P  P P31,988 P P 
Capital expenditures P13,633 P  P P23,344 P P

Retail Banking Business Financial Markets

2022 2021 2020 2022 2021 2020
Results of Operations
5L[PU[LYLZ[PUJVTL
Third party P1,330,276 P (P  P6,686,447 P P 
Intersegment 19,599,439    (92,666)  
20,929,715 18,989,319  6,593,781  
Other operating income 3,350,278     (265,107)    
Total revenue 24,279,993    6,328,674    
Other operating expense (12,296,179)    (2,679,584)   
0UJVTLILMVYLWYV]PZPVUZHUK
taxes 11,983,814    3,649,090   
7YV]PZPVUMVYPTWHPYTLU[HUK
credit losses 41,781     36,702    
0UJVTLILMVYLPUJVTL[H_ 12,025,595   3,685,792  
7YV]PZPVUMVYPUJVTL[H_ (1,167,406)  (230,093) (1,547,022)   
5L[PUJVTL P10,858,189 P P  P2,138,770 P  P
Total assets P638,675,682 P P P453,178,093 P   P 
Total liabilities P650,550,449 P P P516,851,926 P   P   
+LWYLJPH[PVUHUKHTVY[PaH[PVU P1,248,459 P803,283 P P26,443 P P
Capital expenditures P161,139 P P P17,512 P P

CHINA BANKING CORPORATION

 155

2WKHU%XVLQHVVDQG6XSSRUW8QLWV Total

2022 2021 2020 2022 2021 2020

Results of Operations
5L[PU[LYLZ[PUJVTL
Third party P6,754,815 P  P P45,589,532 P   P 
Intersegment 432,494    – – –
7,187,309    45,589,532     
Other operating income 1,655,349   10,062,892   
Total revenue 8,842,658    55,652,424  
Other operating expense (4,580,368)   (24,354,329)  
0UJVTLILMVYLWYV]PZPVUZHUK
taxes 4,262,290   31,298,095    
7YV]PZPVUMVYPTWHPYTLU[HUK
credit losses (1,585,247)     (9,012,633)    
0UJVTLILMVYLPUJVTL[H_ 2,677,043   22,285,462  
7YV]PZPVUMVYPUJVTL[H_ (287,673)   (3,149,662)   
5L[PUJVTL P2,389,370 P (P P19,135,800 P P
Total assets (P323,543,883) (P (P291,011,382) P1,329,729,466 P  P
Total liabilities P24,667,035 P  P  P1,195,150,856 P   P 
+LWYLJPH[PVUHUKHTVY[PaH[PVU P419,984 P  P P1,737,144 P P 
Capital expenditures P413,126 P311,190 P  P628,754 P P

;OL .YV\W»Z ZOHYL PU UL[ PUJVTL SVZZ VM HU HZZVJPH[L PUJS\KLK PU V[OLY VWLYH[PUN PUJVTL HTV\U[PUN [V P TPSSPVU
(PTPSSPVUHUKPTPSSPVUPUHUKYLZWLJ[P]LS`HYLYLWVY[LK\UKLYº6[OLY)\ZPULZZHUK:\WWVY[<UP[Z»

ɱɱˑ EARNINGS PER SHARE

)HZPJ,7:HTV\U[ZHYLJHSJ\SH[LKI`KP]PKPUN[OLUL[PUJVTLMVY[OL`LHYI`[OL^LPNO[LKH]LYHNLU\TILYVMJVTTVUZOHYLZ
V\[Z[HUKPUNK\YPUN[OL`LHYHKQ\Z[LKMVYZ[VJRKP]PKLUKZ

;OLMVSSV^PUNYLÅLJ[Z[OLPUJVTLHUKZOHYLKH[H\ZLKPU[OLIHZPJLHYUPUNZWLYZOHYLJVTW\[H[PVUZ!

2022 2021 2020

H 5L[PUJVTLH[[YPI\[HISL[VLX\P[`OVSKLYZVM[OLWHYLU[ P19,107,504 P P
I >LPNO[LKH]LYHNLU\TILYVMJVTTVUZOHYLZV\[Z[HUKPUN
¶IHZPJ5V[L 2,691,288    
J >LPNO[LKH]LYHNLU\TILYVMJVTTVUZOHYLZV\[Z[HUKPUN
¶KPS\[LK5V[L – – 
K )HZPJHIHUKKPS\[LKHJLHYUPUNZWLYZOHYL P7.10 P P
0U[OL.YV\W»ZJLU[LUUPHSZ[VJRNYHU[ZHYLWV[LU[PHSJVTTVUZOHYLZ[OH[OH]LKPS\[P]LLќLJ[[V[OL,7:/V^L]LY[OLIHZPJHUKKPS\[LK
,7:PUHYL[OLZHTLHM[LYYV\UKPUNVќ

(ZVM+LJLTILYHUK[OLYL^LYLUVV\[Z[HUKPUNKPS\[P]LWV[LU[PHSJVTTVUZOHYLZ

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

156

ɱɲˑ SUPPLEMENTARY INFORMATION FOR CASH FLOW ANALYSIS

;OLMVSSV^PUNPZHZ\TTHY`VMJLY[HPUUVUòJHZOPU]LZ[PUNHJ[P]P[PLZ[OH[YLSH[L[V[OLHUHS`ZPZVM[OLZ[H[LTLU[ZVMJHZOÅV^Z!

Consolidated
2022 2021 2020
(KKP[PVU[VPU]LZ[TLU[WYVWLY[PLZMYVTZL[[SLTLU[VM
loans P789,405 P P 
-HPY]HS\LNHPUVU-=6*0ÄUHUJPHSHZZL[Z (4,160,403)   
*\T\SH[P]L[YHUZSH[PVUHKQ\Z[TLU[ 10,473  
(KKP[PVU[VJOH[[LSTVY[NHNLMYVTZL[[SLTLU[VMSVHUZ 77,886   

Parent Company
2022 2021 2020
(KKP[PVU[VPU]LZ[TLU[WYVWLY[PLZMYVTZL[[SLTLU[VM
loans P273,651 P P
-HPY]HS\LNHPUSVZZPU-=6*0ÄUHUJPHSHZZL[Z (4,036,849)  
*\T\SH[P]L[YHUZSH[PVUHKQ\Z[TLU[ (25,046)  
(KKP[PVU[VJOH[[LSTVY[NHNLMYVTZL[[SLTLU[VMSVHUZ –  

;OLMVSSV^PUN[HISLZOV^Z[OLYLJVUJPSPH[PVUHUHS`ZPZVMIVUKZWH`HISLIPSSZWH`HISLHUKSLHZLSPHIPSP[`\UKLYÄUHUJPUNHJ[P]P[PLZMVY
IV[O[OL.YV\WHUK7HYLU[*VTWHU`MVY[OL`LHYZLUKLK+LJLTILYHUK!

Consolidated
2022
Bills Payable Bonds Payable Lease Liability Total
)HSHUJLH[ILNPUUPUNVM`LHY P65,806,274 P42,473,558 P2,846,018 P111,125,850
*HZOÅV^ZK\YPUN[OL`LHY
Proceeds 402,436,767 – – 402,436,767
 :L[[SLTLU[WH`TLU[ (403,994,487) (15,000,000) (648,997) (419,643,484)
5VUJHZOJOHUNLZ
 (KKP[PVUZ – – 591,491 591,491
 (JJYL[PVUVMPU[LYLZ[ – 126,063 181,789 307,852
 -VYLPNUL_JOHUNLTV]LTLU[ 6,126,713 713,249 – 6,839,962
)HSHUJLH[LUKVM`LHY P70,375,267 P28,312,870 P2,970,301 P101,658,438

Consolidated
2021
Bills Payable Bonds Payable 3LHZL3PHIPSP[` Total
)HSHUJLH[ILNPUUPUNVM`LHY P P P  P
*HZOÅV^ZK\YPUN[OL`LHY
Proceeds      – 
 :L[[SLTLU[WH`TLU[  (30,000,000)    
5VUJHZOJOHUNLZ
 (KKP[PVUZ – –  
 (JJYL[PVUVMPU[LYLZ[ – 83,022   
 -VYLPNUL_JOHUNLTV]LTLU[   – 
)HSHUJLH[LUKVM`LHY P P P P

CHINA BANKING CORPORATION

 157

Parent Company
2022
Bills Payable Bonds Payable Lease Liability Total
)HSHUJLH[ILNPUUPUNVM`LHY P65,806,274 P42,473,558 P2,187,898 P110,467,730
*HZOÅV^ZK\YPUN[OL`LHY
Proceeds 402,436,767 – – 402,436,767
 :L[[SLTLU[WH`TLU[ (403,994,487) (15,000,000) (404,672) (419,399,159)
5VUJHZOJOHUNLZ
 (KKP[PVUZ – – 469,136 469,136
 (JJYL[PVUVMPU[LYLZ[ – 126,063 141,000 267,063
 -VYLPNUL_JOHUNLTV]LTLU[ 6,126,713 713,249 – 6,839,962
)HSHUJLH[LUKVM`LHY P70,375,267 P28,312,870 P2,393,362 P101,081,499

Parent Company
2021
Bills Payable Bonds Payable 3LHZL3PHIPSP[` Total
)HSHUJLH[ILNPUUPUNVM`LHY P P P2,392,891 P
*HZOÅV^ZK\YPUN[OL`LHY
Proceeds      – 
 :L[[SLTLU[WH`TLU[  (30,000,000)   
5VUJHZOJOHUNLZ
 (KKP[PVUZ – –  
 (JJYL[PVUVMPU[LYLZ[ – 83,022   
 -VYLPNUL_JOHUNLTV]LTLU[   – 
)HSHUJLH[LUKVM`LHY P P   P

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

158

ɱɳˑ OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES

;OLHTLUKTLU[Z[V7-9:YLX\PYL[OL.YV\W[VKPZJSVZLPUMVYTH[PVUHIV\[YPNO[ZVMVќZL[HUKYLSH[LKHYYHUNLTLU[ZZ\JOHZ
JVSSH[LYHSWVZ[PUNYLX\PYLTLU[ZMVYÄUHUJPHSPUZ[Y\TLU[Z\UKLYLUMVYJLHISLTHZ[LYUL[[PUNHNYLLTLU[ZVYZPTPSHYHYYHUNLTLU[Z
;OLLќLJ[ZVM[OLZLHYYHUNLTLU[ZHYLKPZJSVZLKPU[OLZ\JJLLKPUN[HISLZ

December 31, 2022

(σHFWVRIUHPDLQLQJULJKWVRI
VHWRσ LQFOXGLQJULJKWVWRVHW
Net amount RσðQDQFLDOFROODWHUDO WKDW
Gross amounts presented in GRQRWPHHW3$6RσVHWWLQJ
RσVHWLQ statements of criteria
Financial instruments Gross carrying accordance with ðQDQFLDO )DLUYDOXHRI
recognized at end of amounts (before WKHRσVHWWLQJ position Financial ðQDQFLDO Net exposure
reporting period by type RσVHWWLQJ criteria >DĚE@ instruments collateral >FĚG@
>D@ >E@ >F@ >G@ >H@
Financial assets
:7<9( P12,828,404 P– P12,828,404 P12,828,404 P12,828,404 P–
*\YYLUJ`MVY^HYKZ 33,264,783 – 33,264,783 10,593,404 – 22,671,379
09: 533,294 – 533,294 25,939 – 507,355
P46,626,481 P– P46,626,481 P23,447,747 P12,828,404 P23,178,734
Financial liabilities
Bills payable P70,375,267 P– P70,375,267 P70,375,267 P70,375,267 –
*\YYLUJ`MVY^HYKZ 11,697,274 – 11,697,274 10,593,404 – 1,103,870
09: 521,398 – 521,398 25,939 – 495,459
P82,593,939 P– P82,593,939 P80,994,610 P70,375,267 1,599,329

December 31, 2021

,ќLJ[ZVMYLTHPUPUNYPNO[ZVM
ZL[VќPUJS\KPUNYPNO[Z[VZL[
5L[HTV\U[ VќÄUHUJPHSJVSSH[LYHS[OH[
.YVZZHTV\U[Z presented in KVUV[TLL[7(:VќZL[[PUN
VќZL[PU Z[H[LTLU[ZVM criteria
-PUHUJPHSPUZ[Y\TLU[Z .YVZZJHYY`PUN HJJVYKHUJL^P[O ÄUHUJPHS -HPY]HS\LVM
YLJVNUPaLKH[LUKVM HTV\U[ZILMVYL [OLVќZL[[PUN position -PUHUJPHS ÄUHUJPHS 5L[L_WVZ\YL
reporting period by type VќZL[[PUN criteria BHòID instruments collateral BJòKD
BHD BID BJD BKD BLD
-PUHUJPHSHZZL[Z
:7<9( P P– P P P P–
*\YYLUJ`MVY^HYKZ  –   – 
09:  –    – 
P  P– P  P P P
-PUHUJPHSSPHIPSP[PLZ
Bills payable P P– P P P P–
*\YYLUJ`MVY^HYKZ   –    – 
09:  –    –  
P82,110,192 P– P82,110,192 P  P P

CHINA BANKING CORPORATION

 159

;OLHTV\U[ZKPZJSVZLKPUJVS\TUKPUJS\KL[OVZLYPNO[Z[VZL[VќHTV\U[Z[OH[HYLVUS`LUMVYJLHISLHUKL_LYJPZHISLPU[OLL]LU[
VMKLMH\S[PUZVS]LUJ`VYIHURY\W[J`;OLZLPUJS\KLHTV\U[ZYLSH[LK[VÄUHUJPHSJVSSH[LYHSIV[OYLJLP]LKHUKWSLKNLK^OL[OLY
JHZOVYUVUJHZOJVSSH[LYHSL_JS\KPUN[OLL_[LU[VMV]LYJVSSH[LYHSPaH[PVU

ɱɴˑ Ir.˼ɯɷUCB.

6U4HYJOHTPK[OL*6=0+ V\[IYLHR[OL6ѝJLVM[OL7YLZPKLU[VM[OL7OPSPWWPULZPZZ\LKH4LTVYHUK\TKPYLJ[P]L
[VPTWVZLZ[YPUNLU[ZVJPHSKPZ[HUJPUNTLHZ\YLZPU[OL5H[PVUHS*HWP[HS9LNPVULќLJ[P]L4HYJO;OLZLTLHZ\YLZOH]L
caused disruptions to businesses and economic activities, and its impact on businesses continues to evolve.

)H`HUPOHU[V/LHSHZ6UL(J[
6U 4HYJO   7YLZPKLU[ +\[LY[L ZPNULK PU[V SH^ [OL )H`HUPOHU [V /LHS HZ 6UL (J[ 9(    ;OL SH^ WYV]PKLZ [OL
7YLZPKLU[HTVUNV[OLYZ[OLWV^LY[VKPYLJ[HSSWYP]H[LHUKW\ISPJIHURZX\HZPIHURZÄUHUJPUNJVTWHUPLZSLUKPUNJVTWHUPLZ
HUKV[OLYÄUHUJPHSPUZ[P[\[PVUZPUJS\KPUN[OL.V]LYUTLU[:LY]PJL0UZ\YHUJL:`Z[LT:VJPHS:LJ\YP[`:`Z[LTHUK7HNPIPN-\UK[V
PTWSLTLU[HNYHJLWLYPVKVMKH`ZTPUPT\TMVY[OLWH`TLU[VMHSSSVHUZMHSSPUNK\L^P[OPU[OLLUOHUJLKJVTT\UP[`X\HYHU[PUL
,*8^P[OV\[PU[LYLZ[ZWLUHS[PLZMLLZVYV[OLYJOHYNLZ0UHZLWHYH[L-YLX\LU[S`(ZRLK8\LZ[PVUZ-(8YLSLHZLKI`):7VU4H`
P[JSHYPÄLK[OH[[OLTVKPÄLKLUOHUJLJVTT\UP[`X\HYHU[PUL4,*8ZOHSSOH]L[OLZHTLLќLJ[HZ[OL,*8^P[OYLZWLJ[
[V[OLHWWSPJH[PVUVM[OLTHUKH[VY`NYHJLWLYPVKMVY[OLWH`TLU[VMHSSSVHUZMHSSPUNK\L^P[OPU[OLWLYPVKVM4,*8

;OL0TWSLTLU[PUN9\SLZHUK9LN\SH[PVUZ099VM[OLZHPKSH^WYV]PKLZ[OH[IVYYV^LYZOH]L[OLVW[PVU[VWH`[OLPU[LYLZ[HJJY\LK
K\YPUN [OL THUKH[VY` NYHJL WLYPVK LP[OLY PU S\TWZ\T VU [OL UL^ K\L KH[L VY VU Z[HNNLYLK IHZPZ V]LY [OL SPML VM [OL SVHU
5VUL[OLSLZZJV]LYLKÄUHUJPHSPUZ[P[\[PVUZHYLUV[WYLJS\KLKMYVTVќLYPUNSLZZVULYV\ZWH`TLU[ZJOLTLZ^P[O[OLJVUZLU[VM[OL
IVYYV^LYZ\JOHZHSSV^PUNS\TWZ\TWH`TLU[VMHJJY\LKPU[LYLZ[VU[OLSHZ[WH`TLU[KH[LVM[OLSVHUWYV]PKLK[OH[[OLHJJY\LK
PU[LYLZ[K\YPUN[OLTHUKH[VY`NYHJLWLYPVK^PSSUV[ILJOHYNLK^P[OPU[LYLZ[VUPU[LYLZ[MLLZHUKV[OLYJOHYNLZ

6U4HYJO[OL):7PZZ\LK):74LTVYHUK\T5V49LN\SH[VY`9LSPLMMVY):-0Z(ќLJ[LKI`[OL*VYVUH=PY\Z
+PZLHZL *6=0+ ;OLZHPKTLTVYHUK\TWYV]PKLZMVYJLY[HPU[LTWVYHY`YLN\SH[VY`HUKYLKPZJV\U[PUNYLSPLMTLHZ\YLZ
MVYÄUHUJPHSPUZ[P[\[PVUZZ\WLY]PZLKI`[OL):7(JJVYKPUNS`[OL7HYLU[*VTWHU`PUMVYTLK[OL):7VMP[ZPU[LU[PVU[VH]HPS[OL
MVSSV^PUN!

‹ 7YV]PKL ÄUHUJPHS HZZPZ[HUJL [V VѝJLYZ HќLJ[LK I` [OL WYLZLU[ OLHS[O LTLYNLUJ` Z\IQLJ[ [V Z\ITPZZPVU I` [OL 7HYLU[
*VTWHU`VMHYLX\LZ[MVY):7HWWYV]HS^P[OPUJHSLUKHYKH`ZMYVT[OLHWWYV]HS[OLYLVMVM[OL7HYLU[*VTWHU`»Z)VHYK
VM+PYLJ[VYZ"

‹ ,_JS\KLMYVT[OLJVTW\[H[PVUVMWHZ[K\LYH[PVSVHUZI`IVYYV^LYZPUHќLJ[LKHYLHZZ\IQLJ[[V[OLMVSSV^PUN!PZ\JOSVHUZ
ZOHSSILYLWVY[LK[V[OL):7"PPL_[LUZPVUZOHSSILMVYHWLYPVKVMVUL`LHYMYVT4HYJO"HUKPPP):7KVJ\TLU[HY`
YLX\PYLTLU[ZMVYYLZ[Y\J[\YPUNVMSVHUZTH`IL^HP]LKWYV]PKLK[OH[[OL)HUR^PSSHKVW[HWWYVWYPH[LHUKWY\KLU[VWLYH[PVUHS
JVU[YVSTLHZ\YLZ"

‹ 5VUPTWVZP[PVU VM TVUL[HY` WLUHS[PLZ MVY KLSH`Z PUJ\YYLK PU [OL Z\ITPZZPVU VM HSS Z\WLY]PZVY` YLWVY[Z [V ):7 K\L [V IL
Z\ITP[[LKMYVT4HYJO\W[VZP_TVU[OZ[OLYLHM[LY"

‹ (SSV^Z[HNNLYLKIVVRPUNVMHSSV^HUJLMVYJYLKP[SVZZLZJVTW\[LK\UKLY:LJ[PVUVM[OL4HU\HSVM9LN\SH[PVUMVY)HURZ
469)V]LYHTH_PT\TWLYPVKVMÄ]L`LHYZMVYHSS[`WLZVMJYLKP[ZL_[LUKLK[VPUKP]PK\HSZHUKI\ZPULZZLZKPYLJ[S`HќLJ[LK
I`*6=0+ HZVM4HYJOZ\IQLJ[[VWYPVYHWWYV]HSVM[OL):7"

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

160

‹ 5VUPTWVZP[PVUVMWLUHS[PLZVUSLNHSYLZLY]LKLÄJPLUJPLZJVTW\[LK\UKLY:LJ[PVUVM[OL469)Z[HY[PUNMYVTYLZLY]L
^LLRMVSSV^PUN4HYJO\W[VZP_TVU[OZ[OLYLHM[LYZ\IQLJ[[VWYPVYHWWYV]HSVM[OL):7"

‹ 9LKPZJV\U[PUNYLSPLMHZMVSSV^Z!

a. .YHU[VMHKH`NYHJLWLYPVK\WVUHWWSPJH[PVU^P[O):7[VZL[[SLV\[Z[HUKPUNYLKPZJV\U[PUNVISPNH[PVUZHZVM
4HYJOWYV]PKLK[OH[PU[LYLZ[ZOHSSILJOHYNLKI\[UVWLUHS[`ZOHSSILPTWVZLK"
b. (SSV^PUN [OL 7HYLU[ *VTWHU` [V YLZ[Y\J[\YL ^P[O ):7 [OL V\[Z[HUKPUN YLKPZJV\U[LK SVHUZ HZ VM  4HYJO  VM
P[ZLUK\ZLYIVYYV^LYZHќLJ[LKI`[OL*6=0+ Z\IQLJ[[V[OL[LYTZHUKJVUKP[PVUZZ[H[LKPU(WWLUKP_VM[OL
469)"HUK
c. YLSH_H[PVUVMLSPNPIPSP[`YLX\PYLTLU[ZI`L_JS\KPUN[OLJYP[LYPHVUYLZLY]LYLX\PYLTLU[MVY[OLYLUL^HSVMYLKPZJV\U[PUNSPUL
HUKMVY[OLH]HPSTLU[VMYLKPZJV\U[PUNSVHUZMYVT4HYJO\W[VZP_TVU[OZ[OLYLHM[LY
(ZVM+LJLTILYHUK[OLYL^HZUVHJ[\HSH]HPSTLU[VM[OLMVYLNVPUNYLN\SH[VY`YLSPLMZ

ɱɵˑ APPROVAL OF THE FINANCIAL STATEMENTS

;OLHJJVTWHU`PUNJVUZVSPKH[LKHUKWHYLU[JVTWHU`ÄUHUJPHSZ[H[LTLU[Z^LYLH\[OVYPaLKMVYPZZ\LI`[OL7HYLU[*VTWHU`»Z
)6+VU-LIY\HY`

ɱɶˑ \gUU<BCbXy.C%IXBb.ICXWg.XgCX\U.Xg<Xɯɮɵɲ

7YLZLU[LKILSV^PZ[OLZ\WWSLTLU[HY`PUMVYTH[PVUYLX\PYLKI`):7\UKLY(WWLUKP_VM):7*PYJ\SHY[VILKPZJSVZLKHZ
WHY[VM[OLUV[LZ[VÄUHUJPHSZ[H[LTLU[Z;OPZZ\WWSLTLU[HY`PUMVYTH[PVUPZUV[HYLX\PYLKKPZJSVZ\YL\UKLY7-9:

)HZPJX\HU[P[H[P]LPUKPJH[VYZVMÄUHUJPHSWLYMVYTHUJL
;OLMVSSV^PUNIHZPJYH[PVZTLHZ\YL[OLÄUHUJPHSWLYMVYTHUJLVM[OL.YV\WHUK[OL7HYLU[*VTWHU`!

Consolidated Parent Company

2022 2021 2020 2022 2021 2020
9L[\YUVUH]LYHNLLX\P[` 15.07%  12.09% 15.07%  12.09%
9L[\YUVUH]LYHNLHZZL[Z 1.56%  1.21% 1.70%  1.32%
5L[PU[LYLZ[THYNPU 4.21%  3.98% 3.93%  3.82%

+LZJYPW[PVUVMJHWP[HSPUZ[Y\TLU[ZPZZ\LK

;OL.YV\WHUK[OL7HYLU[*VTWHU`JVUZPKLYP[ZJVTTVUZ[VJRHZJHWP[HSPUZ[Y\TLU[ZLSPNPISLHZ;PLYJHWP[HS

CHINA BANKING CORPORATION

 161

:PNUPÄJHU[JYLKP[L_WVZ\YLZ

Consolidated
2022 2021
Amounts % (TV\U[Z %
9LHSLZ[H[LYLU[PUNHUKI\ZPULZZZLY]PJLZ P185,743,662 25.88 P 
-PUHUJPHSPU[LYTLKPHYPLZ 122,768,549 17.11  
,SLJ[YPJP[`NHZHUK^H[LY 84,314,281 11.75  
4HU\MHJ[\YPUN 58,232,646 8.11  
Wholesale and retail trade 48,849,880 6.81  
Transportation, storage and communication 44,443,178 6.19   9.31
(Y[ZLU[LY[HPUTLU[HUKYLJYLH[PVU 38,666,435 5.39  
4PUPUNHUKX\HYY`PUN 13,340,903 1.86   
Construction 10,178,863 1.42  
(JJVTTVKH[PVUHUKMVVKZLY]PJLHJ[P]P[PLZ 9,613,592 1.34   1.82
(NYPJ\S[\YL 9,010,166 1.26  
,K\JH[PVU 3,894,828 0.54  
7YVMLZZPVUHSZJPLU[PÄJHUK[LJOUPJHSHJ[P]P[PLZ 947,422 0.13  0.13
7\ISPJHKTPUPZ[YH[PVUHUKKLMLUZL 191,203 0.03  0.01
Others* 87,519,627 12.18  
P717,715,235 100.00 P 100.00
6[OLYZJVUZPZ[VMPUK\Z[Y`ZLJ[VY\UKLYHKTPUPZ[YH[P]LHUKZ\WWVY[ZLY]PJLOLHS[OOV\ZLOVSKHUKV[OLYHJ[P]P[PLZ^OPJOPUKP]PK\HSS`PZUV[H
ZPNUPÄJHU[JYLKP[L_WVZ\YL
.
Parent Company
2022 2021
Amounts % (TV\U[Z %
9LHSLZ[H[LYLU[PUNHUKI\ZPULZZZLY]PJLZ P158,474,935 25.25 P  
-PUHUJPHSPU[LYTLKPHYPLZ 122,139,768 19.46   
,SLJ[YPJP[`NHZHUK^H[LY 82,579,587 13.16   
4HU\MHJ[\YPUN 56,478,328 9.00    
Wholesale and retail trade 46,391,648 7.39  
Transportation, storage and communication 43,018,144 6.85   
(Y[ZLU[LY[HPUTLU[HUKYLJYLH[PVU 38,648,650 6.16    
4PUPUNHUKX\HYY`PUN 13,340,695 2.13    
Construction 9,131,937 1.46   
(JJVTTVKH[PVUHUKMVVKZLY]PJLHJ[P]P[PLZ 9,047,908 1.44  1.93
(NYPJ\S[\YL 7,062,774 1.13   
,K\JH[PVU 3,503,357 0.56  
7YVMLZZPVUHSZJPLU[PÄJHUK[LJOUPJHSHJ[P]P[PLZ 881,915 0.14  
7\ISPJHKTPUPZ[YH[PVUHUKKLMLUZL 191,203 0.03  0.01
Others* 36,663,618 5.84  
P627,554,467 100.00 P 100.00
6[OLYZJVUZPZ[VMPUK\Z[Y`ZLJ[VY\UKLYHKTPUPZ[YH[P]LHUKZ\WWVY[ZLY]PJLOLHS[OOV\ZLOVSKHUKV[OLYHJ[P]P[PLZ^OPJOPUKP]PK\HSS`PZUV[H
ZPNUPÄJHU[JYLKP[L_WVZ\YL

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

162

;OL):7JVUZPKLYZZPNUPÄJHU[JYLKP[L_WVZ\YLZ^OLU[OL[V[HSSVHUL_WVZ\YL[VHWHY[PJ\SHYPUK\Z[Y`VYLJVUVTPJZLJ[VYL_JLLKZ
 VM[V[HSSVHUWVY[MVSPVVY VM;PLYJHWP[HSZLL5V[L

:[H[\ZVMSVHUZ

0UMVYTH[PVU VU [OL HTV\U[Z VM WLYMVYTPUN HUK UVUWLYMVYTPUN SVHUZ HUK YLJLP]HISLZ NYVZZ VM HSSV^HUJL MVY PTWHPYTLU[ HUK
JYLKP[SVZZLZVM[OL.YV\WHUK7HYLU[*VTWHU`HYLHZMVSSV^Z!

Consolidated
2022 2021
Performing Non-Performing Total 7LYMVYTPUN 5VU7LYMVYTPUN Total
3VHUZHUKKPZJV\U[Z
Corporate and commercial lending P543,990,429 P11,288,208 P555,278,637 P  P  P  
*VUZ\TLYSLUKPUN!
/V\ZPUN 83,063,410 3,448,501 86,511,911    
(\[V 19,729,996 707,533 20,437,529     
Credit Card 2,068,069 41,999 2,110,068      
Others 33,491,096 867,497 34,358,593    
Trade-related lending 17,522,315 202,754 17,725,069    
Others* 109,960 5,546 115,506    
P699,975,275 P16,562,038 P716,537,313 P P P

Parent Company
2022 2021

Performing Non-Performing Total 7LYMVYTPUN 5VU7LYMVYTPUN Total

3VHUZHUKKPZJV\U[Z
Corporate and commercial lending P530,046,824 P8,980,119 P539,026,943 P  P   P
*VUZ\TLYSLUKPUN!
/V\ZPUN 60,633,934 3,026,183 63,660,117   
(\[V 4,823,796 328,563 5,152,359    
Credit Card 2,068,069 41,999 2,110,068      
Others 11,611 280 11,891  – 
Trade-related lending 17,188,448 202,754 17,391,202    
Others* 19,125 2 19,127    330 20,291
P614,791,807 P12,579,900 P627,371,707 P P  P

3VHUZWLYZLJ\YP[`

(ZVM+LJLTILYHUKZLJ\YLKHUK\UZLJ\YLKUVUWLYMVYTPUNSVHUZ573ZVM[OL.YV\WHUK[OL7HYLU[*VTWHU`
MVSSV^!

Consolidated Parent Company

2022 2021 2022 2021
:LJ\YLK P11,477,782 P   P9,210,369 P
<UZLJ\YLK 5,084,256  3,369,531 
P16,562,038 P P12,579,900 P 

CHINA BANKING CORPORATION

 163

(JJVYKPUN[V):7*PYJ\SHY (TLUKTLU[Z[V[OL9LN\SH[PVUZVU7HZ[+\LHUK5VU7LYMVYTPUN3VHUZLќLJ[P]L1HU\HY`
SVHUZZOHSSILJVUZPKLYLKUVUWLYMVYTPUNL]LU^P[OV\[HU`TPZZLKJVU[YHJ[\HSWH`TLU[Z^OLUP[PZJVUZPKLYLKPTWHPYLK
\UKLYL_PZ[PUNHJJV\U[PUNZ[HUKHYKZJSHZZPÄLKHZKV\I[M\SVYSVZZPUSP[PNH[PVUHUKVY[OLYLPZL]PKLUJL[OH[M\SSYLWH`TLU[VM
WYPUJPWHSHUKPU[LYLZ[PZ\USPRLS`^P[OV\[MVYLJSVZ\YLVMJVSSH[LYHSPMHU`(SSV[OLYSVHUZL]LUPMUV[JVUZPKLYLKPTWHPYLKZOHSSIL
JVUZPKLYLKUVUWLYMVYTPUNPMHU`WYPUJPWHSHUKVYPU[LYLZ[HYL\UWHPKMVYTVYL[OHUUPUL[` KH`ZMYVTJVU[YHJ[\HSK\LKH[LVY
HJJY\LKPU[LYLZ[ZMVYTVYL[OHUUPUL[` KH`ZOH]LILLUJHWP[HSPaLKYLÄUHUJLKVYKLSH`LKI`HNYLLTLU[

0UMVYTH[PVUVU[OLHTV\U[ZVMZLJ\YLKHUK\UZLJ\YLKSVHUZHUKYLJLP]HISLZNYVZZVM\ULHYULKKPZJV\U[ZHUKHSSV^HUJLMVY
PTWHPYTLU[HUKJYLKP[SVZZLZVM[OL.YV\WHUK7HYLU[*VTWHU`HYLHZMVSSV^Z!

Consolidated Parent Company

2022 2021 2022 2021
Amounts % (TV\U[Z % Amounts % (TV\U[Z %
3VHUZZLJ\YLKI`
 9LHSLZ[H[L P94,305,837 13.14 P   P 63,717,907 10.15 P  
Chattel mortgage 21,083,673 2.94    4,708,259 0.75   
 .\HYHU[LLI`[OL
9LW\ISPJVM[OL
Philippines 80,362 0.01  0.00 80,362 0.01  0.00
Deposit hold out 6,034,139 0.84   5,765,877 0.92  
 :OHYLZVMZ[VJRVM
other banks 8,332,250 1.16   8,332,250 1.33  
Others 104,383,376 14.54 82,803,122  104,276,013 16.62  
234,219,637 32.63   186,880,668 29.78   
<UZLJ\YLKSVHUZ 483,495,598 67.37   440,673,799 70.22   
P 717,715,235 100.00 P  100.00 P 627,554,467 100.00 P  100.00

:LJ\YLKSPHIPSP[`HUKHZZL[ZWSLKNLKHZZLJ\YP[`

;OLJHYY`PUNHTV\U[VMMVYLPNUJ\YYLUJ`KLUVTPUH[LKPU]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[WSLKNLKI`[OL7HYLU[*VTWHU`
HZ JVSSH[LYHS MVY P[Z PU[LYIHUR IVYYV^PUNZ HTV\U[LK [V P IPSSPVU HUK P IPSSPVU HZ VM +LJLTILY   HUK 
YLZWLJ[P]LS`  ;OL JHYY`PUN HTV\U[ VM [OL WLZVKLUVTPUH[LK PU]LZ[TLU[ ZLJ\YP[PLZ H[ HTVY[PaLK JVZ[ WSLKNLK I` [OL 7HYLU[
*VTWHU`HZJVSSH[LYHSMVYP[ZPU[LYIHURIVYYV^PUNZHTV\U[LK[VPIPSSPVUHUKP IPSSPVUHZVM+LJLTILYHUK
YLZWLJ[P]LS`;OLMHPY]HS\LVMPU]LZ[TLU[ZLJ\YP[PLZH[HTVY[PaLKJVZ[WSLKNLKHZJVSSH[LYHSHTV\U[LK[VPIPSSPVUHUK
PIPSSPVUHZVM+LJLTILYHUKYLZWLJ[P]LS`;OLHNNYLNH[LMHPY]HS\LVMÄUHUJPHSHZZL[ZH[-=6*0WSLKNLKHZ
collateral amounted to nil and PIPSSPVUHZVM+LJLTILYHUKYLZWLJ[P]LS`

9LSH[LKWHY[`SVHUZ
(Z YLX\PYLK I` [OL ):7 [OL .YV\W KPZJSVZLZ SVHU [YHUZHJ[PVUZ ^P[O P[Z HUK HѝSPH[LZ HUK PU]LZ[LLZ HUK ^P[O JLY[HPU KPYLJ[VYZ
VѝJLYZ Z[VJROVSKLYZ HUK YLSH[LK PU[LYLZ[Z +6:90 <UKLY L_PZ[PUN IHURPUN YLN\SH[PVUZ [OL SPTP[ VU [OL HTV\U[ VM PUKP]PK\HS
SVHUZ[V+6:90VM^OPJO T\Z[ILZLJ\YLKZOV\SKUV[L_JLLK[OLYLN\SH[VY`JHWP[HSVY VM[OL[V[HSSVHUWVY[MVSPV
^OPJOL]LYPZSV^LY;OLZLSPTP[ZKVUV[HWWS`[VSVHUZZLJ\YLKI`HZZL[ZJVUZPKLYLKHZUVUYPZRHZKLÄULKPU[OLYLN\SH[PVUZ

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

164

):7*PYJ\SHY5VKH[LK4HYJOHTLUKLK[OLKLÄUP[PVUVM+6:90HJJV\U[Z;OLMVSSV^PUN[HISLZOV^ZPUMVYTH[PVU
YLSH[PUN[V[OLSVHUZV[OLYJYLKP[HJJVTTVKH[PVUZHUKN\HYHU[LLZJSHZZPÄLKHZ+6:90HJJV\U[Z\UKLYYLN\SH[PVUZL_PZ[PUNWYPVY
[VZHPK*PYJ\SHYHUKUL^+6:90SVHUZV[OLYJYLKP[HJJVTTVKH[PVUZNYHU[LK\UKLYZHPK*PYJ\SHY!

Consolidated
2022 2021
Related Party 9LSH[LK7HY[`3VHUZ
/RDQV LQFOXVLYHRI PUJS\ZP]LVM+6:90
DOSRI Loans DOSRI Loans) +6:903VHUZ 3VHUZ
;V[HSV\[Z[HUKPUN+6:90SVHUZ P9,162,853 P59,971,643 P P 
7LYJLU[VM+6:909LSH[LK7HY[`SVHUZ[V
[V[HSSVHUWVY[MVSPV 1.28% 8.36%   
7LYJLU[VM\UZLJ\YLK+6:909LSH[LK
Party loans to total outstanding
+6:909LSH[LK7HY[`SVHUZ 2.88% 67.95%  
7LYJLU[WHZ[K\L+6:909LSH[LK7HY[`
SVHUZ[V[V[HSV\[Z[HUKPUN+6:90
9LSH[LK7HY[`SVHUZ ò ò ò ò
7LYJLU[VMUVUWLYMVYTPUN+6:909LSH[LK
Party loans to total outstanding
+6:909LSH[LK7HY[`SVHUZ ò ò ò ò

Parent Company
2022 2021
Related Party 9LSH[LK7HY[`3VHUZ
/RDQV LQFOXVLYHRI PUJS\ZP]LVM+6:90
DOSRI Loans DOSRI Loans) +6:903VHUZ 3VHUZ
6\[Z[HUKPUN+6:90SVHUZ P9,156,873 P59,256,132 P  P  
7LYJLU[VM+6:909LSH[LK7HY[`SVHUZ[V
[V[HSSVHUWVY[MVSPV 1.46% 9.44%  
7LYJLU[VM\UZLJ\YLK+6:909LSH[LK
Party loans to total outstanding
+6:909LSH[LK7HY[`SVHUZ 2.88% 68.77%  
7LYJLU[WHZ[K\L+6:909LSH[LK7HY[`
SVHUZ[V[V[HSV\[Z[HUKPUN+6:90
9LSH[LK7HY[`SVHUZ Ě Ě ò ò
7LYJLU[VMUVUWLYMVYTPUN+6:909LSH[LK
Party loans to total outstanding
+6:909LSH[LK7HY[`SVHUZ Ě Ě ò ò

;OLHTV\U[ZVMSVHUZKPZJSVZLKMVYYLSH[LKWHY[PLZHIV]LKPќLY^P[O[OLHTV\U[ZKPZJSVZLKMVYRL`THUHNLTLU[WLYZVUULSZPUJL
[OLJVTWVZP[PVUVM+6:90PZTVYLL_WHUZP]L[OHU[OH[VMRL`THUHNLTLU[WLYZVUULS

CHINA BANKING CORPORATION

 165

):7 *PYJ\SHY 5V  WYV]PKLZ [OH[ [OL [V[HS V\[Z[HUKPUN SVHUZ V[OLY JYLKP[ HJJVTTVKH[PVU HUK N\HYHU[LLZ [V LHJO VM [OL
IHUR»ZX\HZPIHUR»ZZ\IZPKPHYPLZHUKHѝSPH[LZZOHSSUV[L_JLLK VM[OLUL[^VY[OVM[OLSLUKPUNIHURX\HZPIHURWYV]PKLK
[OH[ [OL \UZLJ\YLK WVY[PVU VM ^OPJO ZOHSS UV[ L_JLLK   VM Z\JO UL[ ^VY[O  -\Y[OLY [OL [V[HS V\[Z[HUKPUN SVHUZ JYLKP[
HJJVTTVKH[PVUZHUKN\HYHU[LLZ[VHSSZ\IZPKPHYPLZHUKHѝSPH[LZZOHSSUV[L_JLLK VM[OLUL[^VY[OVM[OLSLUKPUNIHUR
X\HZPIHUR"HUK[OLZ\IZPKPHYPLZHUKHѝSPH[LZVM[OLSLUKPUNIHURX\HZPIHURHYLUV[YLSH[LKPU[LYLZ[VMHU`KPYLJ[VYVѝJLYHUK
VYZ[VJROVSKLYVM[OLSLUKPUNPUZ[P[\[PVUL_JLW[^OLYLZ\JOKPYLJ[VYVѝJLYVYZ[VJROVSKLYZP[ZPU[OL)6+VYPZHWWVPU[LKVѝJLY
VMZ\JOJVYWVYH[PVUHZYLWYLZLU[H[P]LVM[OLIHURX\HZPIHUR

6U4H` ):7PZZ\LK*PYJ\SHY5VHSSV^PUNHZLWHYH[LPUKP]PK\HSSPTP[VM[^LU[`òÄ]L VM[OLUL[^VY[OVM

[OL SLUKPUN IHURX\HZPòIHUR [V SVHUZ VM IHURZX\HZPòIHURZ [V [OLPY Z\IZPKPHYPLZ HUK HѝSPH[LZ LUNHNLK PU LULYN` HUK WV^LY
generation.

*VTTP[TLU[ZHUKJVU[PUNLUJPLZ

;OLMVSSV^PUNPZHZ\TTHY`VMJVU[PUNLUJPLZHUKJVTTP[TLU[ZVM[OL.YV\WHUK[OL7HYLU[*VTWHU`^P[O[OLLX\P]HSLU[WLZV
JVU[YHJ[\HSHTV\U[Z!

Consolidated Parent Company

2022 2021 2022 2021
Trust department accounts P22,474,444 P  P222,474,444 P 
Committed credit lines 1,906,400   1,906,400  
<U\ZLKJVTTLYJPHSSL[[LYZVMJYLKP[ 17,158,800   17,074,520 
-VYLPNUL_JOHUNLIV\NO[ 138,040,375  138,040,375 
-VYLPNUL_JOHUNLZVSK 33,914,815    33,914,815  
Credit card lines 18,625,491   18,625,491  
09:YLJLP]HISL 90,289,612    90,289,612  
Outstanding guarantees issued 2,971,605  1,539,908 
0U^HYKIPSSZMVYJVSSLJ[PVU 2,697,770   2,697,770  
:[HUKI`JYLKP[JVTTP[TLU[ 3,550,516   3,550,516  
:WV[L_JOHUNLZVSK 2,792,488  2,792,488 
:WV[L_JOHUNLIV\NO[ 3,407,837  3,407,837 
+LÄJPLUJ`JSHPTZYLJLP]HISL 280,195  280,195 
3H[LKLWVZP[ZWH`TLU[ZYLJLP]LK 309,488  286,522 
6\[^HYKIPSSZMVYJVSSLJ[PVU 21,378  19,337 
Others 35,237  30,498 

2022 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT

166

ɱɷˑ \gUU<BCbXy.C%IXBb.ICXWg.XgCXXXCIˑɯɳ͖ɰɮɯɮ

0UJVTWSPHUJL^P[O[OLYLX\PYLTLU[ZZL[MVY[OI`995VòOLYL\UKLYHYL[OLKL[HPSZVMWLYJLU[HNLHUKV[OLY[H_LZWHPK
or accrued by the Parent Company in 2022.

.YVZZYLJLPW[Z[H_ P
Documentary stamps tax  
3VJHS[H_LZ 
-YPUNLILULÄ[[H_ 
Others 
;V[HSMVY[OL`LHY P 

Withholding Taxes
+L[HPSZVM[V[HSYLTP[[HUJLZVM^P[OOVSKPUN[H_LZPUHUKHTV\U[ZV\[Z[HUKPUNHZVM+LJLTILYHYLHZMVSSV^Z!

Total remittances (TV\U[ZV\[Z[HUKPUN

-PUHS^P[OOVSKPUN[H_LZ P P 
>P[OOVSKPUN[H_LZVUJVTWLUZH[PVUHUKILULÄ[Z   
,_WHUKLK^P[OOVSKPUN[H_LZ  
P P 

;H_(ZZLZZTLU[
(ZVM+LJLTILY[OL7HYLU[*VTWHU`OHZUVWLUKPUN[H_HZZLZZTLU[MYVT[OL)09

CHINA BANKING CORPORATION

CHINA BANKING CORPORATION
China Bank Building, 8745 Paseo de Roxas
corner Villar Street, Salcedo Street
Makati City 1226 Philippines