SUN Savings Bank continued to sustain its growth in assets, deposits and profitability during the third quarter of 2023.
The bank said that its total assets increased to P3.43 billion or by 23.5 percent from the previous year’s third quarter level of P2.8 billion.
Contributing significantly to its growth in assets, was the growth in loan portfolio to P2.87 billion or by 24 percent from last year’s level. The increase in total loans, resulted in the 51 percent growth of gross interest income to P320 million.
This growth in interest revenues led to a remarkable increase in the bank’s year to date net income of P59 million, an increase of 108 percent compared to last year’s level of P28.3million. This resulted in a return on equity of 17.3 percent.
Supporting the sustained increase in total assets was a high growth rate in deposits of 25.3 percent. Sun Savings Bank’s total deposits increased to P2.03 billion, compared to the prior year’s P1.62 billion. The bank also availed itself of medium-term bank loans amounting to P796 million, to support the high growth in teachers salary loans.
The bank’s total shareholder’s equity reached a level of P523 million from P384.8 million of the prior year. This was due to an increase in paid-in capital of P71.7 million by the shareholders together with the increase in retained earnings and other capital accounts by P66 million.
Milestones
In the third quarter of 2023, Sun Savings Bank achieved two significant milestones — first its deposits breached the P2 billion level and second, total shareholder’s equity exceeded half a billion pesos.
To sustain this growth momentum, Sun Savings Bank plans to open more branch-lite units in Cebu, Bohol, and Negros Oriental in the coming months. It will also pursue aggressively its digital and agency banking initiatives, thereby enabling it to reach customers nationwide.