Driven by robust growth in its core business, CBS China Bank Savings booked a record-high net income of P1.6 billion in 2022, with a year-on-year increase of 60 percent.
In his report during the CBS Annual Stockholders Meeting on June 15th, CBS President James Christian Dee said “the result is more than triple our net income since 2020 and translates to a record return on equity of 13.1 percent.”
With total assets rising 29 percent year-on-year to a record P124 billion, CBS set multiple milestones during its 14th year of service to consumers and the SME sector. Gross loans grew by 32 percent year-on-year to P91 billion as the bank capitalized on the continued expansion of its network and the relentless 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 said.
Combined, both 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,” Dee said.
