CBS saw a 25 percent rise in assets, reaching P174 billion, while deposits grew by 26 percent, totalling 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 T. Dee.
CBS has enjoyed record profits every year since Dee took the helm as president in 2021. In 2023, net income rose 16 percent to P1.8 billion.
The lender also revived its Financial Wellness Roadshow with the Department of Education, educating over 400 teachers and staff in Mindanao on savings and debt management.
