CHINA BANK Savings (CBS), the thrift arm of listed China Banking Corp. (China Bank), booked a record net income in 2023, it said on Monday.

CBS’ net profit rose by 17% year on year to P1.85 billion, it said in a statement.

The bank recorded P113 billion in loans in 2023, up by 25% from 2022, as its customer base grew by 21% year on year.

As of the first quarter, its customer base has expanded by 22% from the end-2023 level, CBS added.

The bank had P153.45 billion in resources as of Dec. 31, 2023.

“We are aware of the challenges facing the banking sector this year. Inflation just won’t go away, and movements in international banking continue to be a key consideration for local monetary policy,” CBS President James Christian T. Dee said.

“Through our consumer loans, salary loans, SME (small and medium enterprise) loans, and teacher’s loans, we will continue to expand our reach. As we do so, we will strengthen our financial inclusion advocacy to bring more Filipinos into the formal banking sector,” he said.

CBS’ parent China Bank recorded a 15% growth in its net income to P22 billion last year. — B.M.D. Cruz