China Bank Savings (CBS), a subsidiary of China Banking Corporation, reported an 18 percent improvement in net income to a record P1 billion in the first half of 2024 from the P849 million earned in the same period last year.
In a statement, the bank said this is a faster pace compared to 2023’s full year performance, when profit grew 16 percent to a then record of P1.8 billion.
Powering CBS forward was a significant increase in assets, which are up 25 percent year-on-year at P174 billion, helping to solidify the Bank’s position as the second largest thrift bank in the Philippines (as of March 31, 2024).
Deposits at CBS grew at a slightly faster pace, up 26 percent to P152.8 billion. Increasing deposits is a point of emphasis for CBS as it works to improve personal financial wellness nationwide.
CBS firmly believes that raising the savings levels of all Filipinos will improve their financial resilience and positively contribute to nation building especially in the face of incremental challenges such as climate change.
Meanwhile, gross loans grew 22 percent to P125.8 billion, with combined consumer loans and APD loans up 28 percent to P109.9 billion. This outpaced expectations for Philippine credit expansion.
Fitch Ratings noted in June that it expects Philippine credit growth to hit 11.5 percent this 2024. Further, despite significant loan growth, the Bank was able to maintain an NPL ratio of 3.3 percent.
CBS President James Christian T. Dee assured shareholders at the Bank’s ASM last June that he fully expects the bank to deliver positive results this year.
He noted that, “This 2024, the outlook for the country and for CBS is positive. A sustained downtrend in inflation should be a tailwind for the economy this year. We see inflation finally settling within the BSP’s 2-4 percent target at 3.8 percent and GDP growing slightly faster at 5.8 percent for the full year.”
CBS has enjoyed record profits every year since Dee took the helm as President in 2021. CBS China Bank Savings is the retail banking arm of the listed China Banking Corporation.
The Bank spans 238 locations nationwide, to include 168 branches including APD lending centers and about 70 “branch lites.”
Its ATM network is the country’s second largest in the thrift bank category, with 210. CBS is committed to providing for the financing needs of the SME sector and retail customers and improving the quality of life of the communities it serves, with the promise of “Easy Banking for You.”