SUN Savings Bank continued to grow steadily in 2024, with total assets increasing by 12 percent, rising from P3.6 billion in 2023 to P4.1 billion in 2024.
The expansion of its loan portfolio by 25 percent was the primary driver of total asset growth. The total loan portfolio increased to P3.5 billion by the end of 2024 compared to P2.8 billion in 2023. This reflects the bank’s continued commitment to providing financial support to its growing customer base. On the liquidity side, deposits with Bangko Sentral ng Pilipinas (BSP) grew by 18 percent to P390 million, strengthening the bank’s liquidity position despite the rapid expansion of its loan portfolio. This balance between loan growth and liquid assets highlights the bank’s strong financial management and stability.
The expansion was funded primarily by a 24 percent increase in total deposits, reaching P2.6 billion by year-end 2024 compared to P2.1 billion in 2023. Sun Savings Bank continues to attract depositors by offering rewarding interest rates and a variety of deposit products. Additionally, the bank strategically manages its medium-term bank loans, maintaining a sustainable level of funding from financial institutions.
To strengthen the bank’s capital base and show its commitment to long-term growth, the shareholders’ equity increased by 15 percent to P626 million in 2024 from the previous year of P542 million. This resulted in a strong 16.8 percent Capital Adequacy Ratio, well above BSP’s 10 percent requirement, reflecting the solid financial position of the bank.
Sun Savings Bank’s net income grew to P83.6 million in 2024, reflecting steady revenue growth and cost efficiency. This resulted in a return on equity of 14.3 percent. The increase in net income sustains the bank’s capacity to reinvest in expansion and digital transformation initiatives.
Sun Savings Bank opened a branch-lite unit in Bogo City in northern Cebu last September and marked another milestone this February by opening another branch-lite unit in Moalboal, thereby expanding its reach in southern Cebu. With these two additions, the bank now operates a total of nine banking offices across Cebu.
Sun Savings Bank’s digital transformation
The bank is actively working towards launching its digital platform by the second semester of 2025 to effectively reach potential customers nationwide. Even with nine strategically located banking offices, Sun Savings Bank recognizes the increasing demand for online banking. To support both its traditional banking services and digital expansion, a robust core banking system is being developed to ensure customers experience the best of both traditional and digital banking.
A recent study revealed that 91 percent of Filipino internet users aged 16 and older use a banking app, investment, or insurance website each month. This figure is the highest globally, far exceeding Brazil (75 percent) and the global average of 38 percent. This makes it imperative for banks to offer online financial services to meet customer expectations.
Sun Savings Bank is set to widen its reach and accessibility by expanding its physical presence while introducing digital banking services. With a new core banking system ensuring seamless integration between traditional and digital banking, a dedicated team and innovative banking products, the bank remains committed to its promise as “The Bank that Rewards.” / PR
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