China Bank Savings profit hits record high in 2023

April 16, 2024 | 12:00am

MANILA, Philippines — The thrift banking arm of Sy-led China Banking Corp. booked a record high net income of P1.85 billion in 2023 amid the continued expansion in customer base and loans.

China Bank Savings (CBS) said its net income rose by 17 percent in 2023 mainly due to the 25-percent increase in loans amounting to P113 billion last year.

The thrift bank also saw its client base grow by 21 percent year-on-year. The lender said it is determined to reach more clients as possible this year. Client base already grew by 22 percent in the first quarter of 2024 from end-2023.

CBS president James Christian Dee said the banking sector continues to face difficult challenges this year, citing inflation and volatility in the global banking scene.

“Inflation just won’t go away, and movements in international banking continue to be a key consideration for local monetary policy. Nevertheless, we are confident that we will be able to adapt and adjust accordingly,” he said.

CBS will also be doubling down on its plans to provide more financial services to the unbanked and underserved segment, Dee said.

“Through our consumer loans, salary loans, SME loans, and teachers’ loans, we will continue to expand our reach,” he said.

“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 and rise toward another podium finish this 2024,” he added.

China Bank Savings said it moved up by two notches in the central bank’s 2023 ranking of thrift banks in the country in terms of total assets. CBS is now the second largest thrift bank, with P153.45 billion in resources as of end-December 2023.

The bank is also looking to improve its resilience and sustainability as it shifts its corporate fleet to electric vehicles (EVs) and hybrids.

“CBS has purchased its first hybrid service car. CBS Easi-Drivin’ Auto Loan is also available for the purchase of hybrids and EVs,” it said.

The net income of parent bank China Bank rose by 15 percent to also hit an all-time high of P22 billion in 2023, driven by higher core business revenues.