AS ITS total assets grew by 27 percent to ₱3.36 billion from ₱2.64 billion a year ago, Sun Savings Bank is continuously reaching greater heights.
Growing at a fast rate, the total loans as of the first semester of 2023, increased by 35.2 percent reaching ₱2.77 billion compared to P2.05 billion from the previous year. This resulted in an escalation of net interest income by 33.26 percent to ₱129.3 million from ₱97.1 million in the same period last year.
With a high loan growth combined with a net interest margin or NIM of 9.13 percent, the bank's net income for the first half of 2023 increased by 124.3 percent to ₱42.13 million. This resulted in a return on equity of 19 percent which compares favorably with the thrift bank industry level of 12.53%. Likewise, the bank’s NIM of 9.13% is higher than the thrift bank industry level of 6.89%.
Shareholders also increased their paid-up capital to P391.7 million, and the strong net income increased the retained earnings by 53 percent. This brought the total shareholder's equity to a new high of P506.8 million, up from P382.6 million the prior year.
Sun Savings Bank’s efforts to attract clients with the most rewarding rates for the lowest minimum amount for time deposits, has proven advantageous not only for the bank but has encouraged more depositors to save and earn more interest income on their hard-earned deposits.
The decrease in minimum time deposit requirement that was initiated at the end of the preceding quarter helped in boosting the growth of deposits by 19% to P1.9 billion compared to a year ago. For as low as P15,000, interest of 5% per annum in just 90 days can be earned, P30,000 deposit for 1 year will earn 6% per annum while a P50,000 deposit for 5 years and 1 month will earn 7% per annum tax-free.
To complement the growth of its deposits and match the maturity profile of its loan portfolio, the bank also availed of medium term loans with local banks amounting to P869.8 million.
In addition to the lower minimum amount required for time deposits, one more thing to look forward to in Sun Savings Bank, is a rewarding promo for teachers’ loans. Starting September 1 up to December 31, 2023, the bank will be giving cash rewards to teachers who will take out their existing loan balances with GSIS through the bank. This will enable teachers to generate fresh funds, especially for college tuition fees of their children and home repairs and improvements.
Through its various deposit and loan products, the bank strives to raise the standard of living and an improved quality of life for all. Indeed, Sun Savings Bank never fails to give their clients the rewards they deserve. (PR)