China Bank Savings reported a record-high net income of P1.6 billion in 2022, up 60 percent from a year earlier attributed to robust growth in its core business,
CBS president James Christian T. Dee told shareholders at the lender’s annual stockholders’ meeting on June 15 the 2022 performance “more than tripled our net income since 2020 and translates to a record return on equity of 13.1 percent.”
He reported total assets rising 29 percent to P124 billion that helped allow CBS to set multiple milestones on its 14th year of service to consumers and the SME sector.
Gross loans grew 32 percent year-on-year to P91 billion as the lender capitalized on the continued expansion of its network and the efforts of its sales force.
“Our APD [teachers loans] portfolio grew more than 100 percent in 2022 while demand for consumer loans, led by our retail housing and auto loans segments, also increased,” Dee reported. Combined, both automatic payroll deposits (APD) and consumer loans accounted for 79 percent of total loans.
“The combined physical and digital banking experience has started to give our customers convenience and accessibility. By the end of 2022, CBS customer base increased to 703,000, equivalent to an 8 percent growth year-on-year, thereby reinforcing the bank’s position in the industry,” Dee said.
According to him, the lender is on track for another strong year.
Dee noted the bank had a strong showing in first quarter of 2023, when net income climbed to P420 million, a double-digit growth of 19 percent year-on-year.
“The sustained expansion in lending and deposit-taking drove the bank’s solid performance. Total loan portfolio grew to P97 billion, while total deposits jumped to P115 billion. The robust balance sheet and strong financial performance places CBS in a good position to continue growing,” he said.
Dee also shared CBS’s economic outlook, and how it intends to contribute to financial inclusion nationwide.
“As the country expects to post strong economic numbers in 2023, CBS commits to sustained business expansion and broadened market coverage through various strategic initiatives.” he said.
China Bank Savings committed to focus on branch expansion in strategic locations to cover more communities, including a deliberate expansion of lending kiosks in remote areas.
“These enhancements in our core competencies will allow CBS to build a sustainable and diversified earnings stream for the rest of the year and beyond,” according to Dee.
From a single office in Makati with just 50 employees in September 2008, CBS China Bank Savings has since grown into a nationwide network with 162 regular branches, 57 branch-lites, and 31 APD lending centers, complemented by 187 ATMs and digital banking channels available 24/7.
In its disclosure statement, CBS stockholders re-elected directors Ricardo R. Chua, Nancy D. Yang, James Christian T. Dee, Romeo D. Uyan Jr., Patrick D. Cheng, Jose L. Osmeña Jr., and Herbert T. Sy Jr. The stockholders likewise re-elected independent directors Philip S.L. Tsai, Claire Ann T. Yap Genaro V. Lapez, and Antonio S. Espedido Jr.
