CBS China Bank Savings recently celebrated its15th anniversary. Over the last year, CBS has grown significantly, with total assets of P150.86B as of September 5, 2023.
First half net profit grew 15 percent year-on-year, 4 percent higher than target.
China Bank Savings APDS loan portfolio, built-in partnership with the Department of Education, is also up 72 percent year-on-year.
CBS is also on track to open its 200th and 201st ATM locations by October this year.
CBS currently has the second largest ATM network amongst thrift banks in the Philippines.
The expansion was done in a sustainable manner, with CBS using 28 refurbished machines to help reduce waste. The refurbished machines also helped CBS reduce costs by about P20M.
This is also part of CBS’ Build & Rise initiative to contribute toward sustainable nation-building.
All this growth comes on the heels of a record year in 2022 when CBS took in a net profit of P1.6B.
Amidst elevated inflation and slowing economic growth, CBS China Bank Savings President James T. Christian Dee remains optimistic.
“It will be a challenge to keep up the pace until the end of 2023. I, however, have faith that we will Rise to the occasion, as we have Built a trustworthy and fundamentally solid team.
Let us not break stride, as we hurdle the challenges of our time, onward to our 2023 Podium Finish” he said.
CBS China Bank Savings Chairman Ricardo R. Chua is also confident the bank will continue its strong performance in the second half of 2023, with its focus on customer centric initiatives.
“I believe we can overcome all of these if we have a strong, cohesive and well-prepared organization, an organization that is focused and engaged with our customers, one that is not only good in bringing excellent banking services to them but also one that is ready for the digital economy.”
