CBS China Bank Savings has moved up two notches in the Bangko Sentral ng Pilipinas’ 2023 ranking of thrift banks in terms of total assets. From top four in 2022, CBS is now the second largest thrift bank with P153.45 billion in resources as of 31 December 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 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 vs. year-end 2023.
“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. Nevertheless, we are confident that we will be able to adapt and adjust accordingly,” CBS president James Christian T. Dee said, noting the lender 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 and rise toward another podium finish this 2024.”
CBS, the thrift bank arm of Chinabank, 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.
