CBS Core Business Delivers Over 90% Net Income Rise in 2021

A strong balance sheet and financial performance in 2021 places CBS China Bank Savings in a good position for continued growth this year. In his report to the CBS Annual Stockholders' Meeting held on June 16, CBS President James Christian T. Dee added that the Bank has seen a surge in first quarter 2022 net income. "Our 2021 net income almost doubled from the previous year’s results and our customer base increased to 652,000," according to Mr. Dee, who pointed to the robust performance of the Bank’s core lending business, the 19% rise in the Bank’s low-cost fund sources, and efficiently managed level of operating expenses. CBS reported a net income of P986 million in 2021, translating to a return on equity of 9.12%. CBS Annual Shareholders Meeting "This year, moving forward, CBS is more confident than ever in our capability to achieve our goals, hurdle the challenges, and seize fresh opportunities," Mr. Dee announced. "We are determined to expand our business through loans and CASA growth and to future-proof our organization by focusing on asset quality, digital banking transformation, and the expansion of our distribution network." The Stockholders re-elected directors Ricardo R. Chua, Nancy D. Yang, William C. Whang, Rosemarie C. Gan, Patrick D. Cheng, Herbert T. Sy Jr. and James Christian T. Dee. The Stockholders likewise re-elected independent directors Philip S.L. Tsai, Claire Ann T. Yap and Genaro V. Lapez. The Stockholders elected Antonio S. Espedido Jr. as new independent director. He replaces Margarita L. San Juan who served as the Bank’s independent director since 2013. Mr. Chua took the opportunity to recognize Mrs. San Juan’s contributions to the Bank. Ms. San Juan recently chaired both the Nomination and Corporate Governance Committees, and has previously served as Chairperson or Member of other Board-Level Committees. Watch the full video: link here. Download the 2021 Annual Report: link here.

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