China Bank Savings (CBS) said profits rose 18 percent to P1 billion in the first half of 2024.
CBS said its assets also climbed 25 percent to P174 billion, as deposits grew 26 percent to P152.8 billion.
Gross loans at CBS increased by 22 percent to P125.8 billion, with consumer and APD loans rising 28 percent to P109.9 billion, exceeding expectations for Philippine credit growth. Despite this significant loan growth, the bank maintained a low non-performing loan ratio of 3.3 percent.
“This 2024, the outlook for the country and for CBS is positive. A sustained downtrend in inflation should be a tailwind for the economy this year. We see inflation finally settling within the BSP’s 2-4 percent target at 3.8 percent and [gross domestic product] growing slightly faster at 5.8 percent for the full year,” said CBS president James Christian Dee.
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