CHINA Bank Savings (CBS), the retail lending arm of listed China Banking Corp. (Chinabank), saw its first-half net income grow 18 percent to P1 billion from P849 million a year earlier.
“This is a faster pace compared to 2023’s full year performance, when profit grew 16 percent to a then record of P1.8 billion,” CBS said in a statement.
The bank reported assets of P145 billion as of March 31, up 25 percent year on year, and deposits that rose 26 percent to P152.8 billion, positioning it as the second-largest thrift bank in the country.
“Increasing deposits is a point of emphasis for CBS as it works to improve personal financial wellness nationwide,” the bank said, noting that raising the savings levels of all Filipinos will improve their financial resilience and contribute positively to nation-building.
The thrift bank is reviving its CBS Financial Wellness Roadshow together with the Department of Education (DepEd). The Mindanao leg of the roadshow, held earlier this week, was said to have helped in informing more than 400 DepEd teachers and staff members about savings and debt management strategies.
The bank’s continuing series of Kapihan sessions, targeting small and micro enterprises (SMEs), meanwhile, seeks to inform entrepreneurs about its lineup of SME loan products. It also aims to provide the know-how to help the entrepreneurs grow their businesses.
CBS said that in the first six months of this year, gross loans grew 22 percent to P125.8 billion, with combined consumer loans and automatic payroll deduction loans up 28 percent to P109.9 billion.
“The outlook for the country and for CBS is positive. A sustained downtrend in inflation should be a tailwind for the economy this year,” CBS President James Christian Dee was quoted as having told stockholders last month.
Dee also expects inflation to settle within the Bangko Sentral ng Pilipinas’ 2- to 4-percent target, at 3.8 percent, and gross domestic product to grow “slightly faster” at 5.8 percent for the full year.
Shares of CBS parent Chinabank last traded at P40.30 each on June 18.
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