The bank offers two percent interest per annum for savings accounts and up to five percent per annum tax free for five-year time deposits.
SUN Savings Bank is eyeing to increase its loan portfolio for micro, small and medium enterprises (MSMEs) to about 25 percent in the next five years.
Sun Savings Bank president and chief executive officer Francisco Dizon said the bank is bullish on the growth of the MSME sector, especially in Cebu’s trading center, the Carbon Public Market.
The company opened two new branches—one at the Cebu Business Park (CBP) and another on Plaridel St. directly across the Carbon area.
“Carbon is a bustling area for businesses. We want to tap the traders in the area as well as the Chinese businessmen,” the executive told SunStar Cebu in an interview at the launch of Sun Savings Bank on the ground floor of Solinea Condominium at the CBP on Friday, March 6, 2020. This new branch will serve the banking needs of residents and office workers in the area.
Sun Savings now has a total of seven branches in Cebu and about 25,000 depositors.
While retail banking remains a key driver to the bank’s business, Dizon said the firm is bent on expanding the share of corporate clients to its loan portfolio.
He cited the potential to tap the tourism industry despite the current challenges faced by the business amid the Covid-19 global outbreak, a disease caused by the coronavirus.
“We have old clients in tourism, particularly those in tourism transport. As far as the impact (of Covid-19) on our business, it’s not that big,” he said.
Currently, public school teachers account for much of the bank’s loan portfolio, alongside other consumer loans.
In 2019, Sun Savings’ total assets grew 34 percent to P2.08 billion from P1.55 billion in 2018.
Net loans and receivables of P1.614 billion accounted for 78 percent of the bank’s assets.
As a result, the bank generated total interest income of P222 million in 2019, an increase of 57 percent over the year ago level of P142 million.
The bank also generated a net income before tax of P55 million, an 86 percent increase over the 2018 net income of P30 million.
Total deposits grew 43 percent to P1.43 billion last year from P1 billion in 2018.
The bank continues to offer two percent interest per annum for savings accounts and up to five percent per annum tax free for five-year time deposits.