MANILA, Philippines — The thrift banking arm of Sy-led China Banking Corp. saw its net income jump by 18 percent to P1 billion in the first half from P849 million in the same period a year ago, on the back of robust growth in assets and loans.
In a statement, China Bank Savings (CBS) said its assets increased by 25 percent to P174 billion from January to June compared to last year’s level. This helped solidify the lender’s position as the second largest thrift bank in the Philippine as of March.
Deposits climbed by 26 percent to P152.8 billion in the first half, while total loans rose by 22 percent to P125.8 billion. Despite the rise in loan growth, CBS maintained a non-performing loan ratio of 3.3 percent during the period.
“Increasing deposits is a point of emphasis for CBS as it works to improve personal financial wellness nationwide,” the thrift bank said.
“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.”
To boost financial literacy in the country, CBS revived its Financial Wellness Roadshow done in partnership with the Department of Education (DepEd).
The Mindanao leg of the roadshow was held last week. Over 400 DepEd teachers and staff were able to learn more about savings and debt management strategies.
CBS also continued its series of SME Kapihan sessions, headed by its SME Lending Group. These sessions are the bank’s platform to reach out to small and medium firms. Through this, the bank aims to present small businesses a lineup of SME loan products and provide insight on how to expand their businesses.
CBS president James Christian Dee earlier said that he fully expects the bank to deliver positive results this year.
He said the bank is targeting to grow its profit by 16.2 percent to P2.15 billion this year amid faster loan growth, mostly in the consumer lending sector.
He also said the bank is targeting to hit P130 billion in loans this year before it goes up further to P151 billion in 2025.
CBS is the retail banking arm of the listed China Bank. It is present in around 238 locations nationwide with 168 branches and about 70 branch lite units.