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Manila Bulletin devider Business devider Banking & Finance devider China Bank Savings is now PH's no. 2 thrift bank

China Bank Savings is now PH's no. 2 thrift bank

Published Apr 16, 2024 07:55 am

China Bank Savings (CBS) has moved up two notches in the Bangko Sentral ng Pilipinas’ 2023 ranking of thrift banks in the country in terms of total assets and is now the second largest in the industry.  

From fourth place in 2022, CBS said in a statement that it is now the second largest thrift bank with P153.45 billion in resources as of Dec. 31, 2023.

CBS finished strong in 2023, achieving a record high of P1.85 billion in net income, up 17 percent, and P113 billion in loans, up 25 percent, as its client base grew by 21 percent year-on-year.  

CBS said it is determined to reach as many new clients as possible this year, already registering 22 percent growth in its total customer base in the first quarter of 2024 versus year-end 2023. 

CBS President James T Dee.jpg
CBS President James Christian T. Dee

“We are aware of the challenges facing the banking sector this year. Inflation just won’t go away, and movements in international banking continue to be a key consideration for local monetary policy,” CBS President James Christian T. Dee. 

He added that “nevertheless, we are confident that we will be able to adapt and adjust accordingly,” noting that CBS is doubling down on plans to provide more financial services to the underbanked."

“Through our consumer loans, salary loans, SME loans, and teacher’s loans, we will continue to expand our reach. As we do so, we will strengthen our financial inclusion advocacy to bring more Filipinos into the formal banking sector.  We won’t let up. We will exert every effort to Build & Rise toward another Podium Finish this 2024,” said Dee. 

CBS, the thrift bank arm of China Banking Corporation, is set on improving its resilience and sustainability in the face of accelerating climate change, shifting its corporate fleet to electric vehicles (EVs) and hybrid.  

CBS has purchased its first hybrid service car. CBS Easi Auto Loan is also available for the purchase of hybrids and EVs.
 

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