Following its record performance in 2022, China Bank Savings (CBS) is on track for another strong year with net income climbing 19 percent year-on-year to P420 million in the first quarter of 2023. “The sustained expansion in lending and deposit-taking drove the bank’s solid performance. Total loan portfolio grew to P97 billion, while total deposits jumped to P115 billion,” CBS President James Christian T. Dee said. He added that, “The robust balance sheet and strong financial performance places CBS in a good position to continue growing.” Driven by robust growth in its core business, CBS booked a record-high net income of P1.6 billion in 2022, with a year-on-year increase of 60 percent. Dee said “the result is more than triple our net income since 2020 and translates to a record return on equity of 13.1 percent.” With total assets rising 29 percent year-on-year to a record P124 billion, CBS set multiple milestones during its 14th year of service to consumers and the SME sector. Gross loans grew by 32 percent year-on-year to P91 billion as the Bank capitalized on the continued expansion of its network and the relentless efforts of its sales force. “Our APD [teachers loans] portfolio grew more than 100% in 2022 while demand for consumer loans, led by our retail housing and auto loans segments, also increased,” Dee said. Combined, both APD and consumer loans accounted for 79 percent of total loans. CBS efforts to expand its physical and digital footprint also bore fruit. “The combined physical and digital banking experience has started to give our customers convenience and accessibility,” Dee said. He anoted that, “By the end of 2022, CBS customer base increased to 703,000, equivalent to an 8 percent growth year-on-year, thereby reinforcing the bank’s position in the industry.” “As the country expects to post strong economic numbers in 2023, CBS commits to sustained business expansion and broadened market coverage through various strategic initiatives,” Dee said. The savings bank will focus on branch expansion in strategic locations to cover more communities, including a deliberate expansion of lending kiosks in remote areas. “These enhancements in our core competencies will allow CBS to build a sustainable and diversified earnings stream for the rest of the year and beyond,” said Dee.