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March 02, 2024

China Bank Savings expects continued success

China Bank Savings (CBS) is poised for another year of strong growth after achieving record performance in 2022, with a 19% year-on-year increase in net income to P420 million in the first quarter of 2023.

Bankero and CBS President James Christian T. Dee attributed the bank’s solid performance to the expansion in lending and deposit-taking, with total loan portfolio reaching P97 billion and total deposits reaching P115 billion.

With a robust balance sheet and strong financial performance, CBS is well-positioned for continued growth.

In 2022, CBS recorded a record-high net income of P1.6 billion, marking a 60% year-on-year increase, and achieved a record return on equity of 13.1%.

The bank’s total assets also grew by 29% year-on-year to a record P124 billion.

Dee highlighted the growth in the APD (teachers loans) portfolio, which increased by more than 100% in 2022, as well as the rising demand for consumer loans, particularly in the retail housing and auto loans segments.

CBS aims to expand its branch network in strategic locations and enhance its digital banking services to provide convenience and accessibility to its growing customer base, which reached 703,000 by the end of 2022.

With a focus on sustained business expansion and market coverage, CBS is confident in its ability to build a sustainable and diversified earnings stream for the future.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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