MANILA, Philippines – China Bank Savings (CBS) is setting aside higher provisions as economic risks persist, while pressing ahead with branch expansion.
During a media briefing on Thursday, CBS president James Christian Dee said the thrift bank doubled its credit provisions this year as it braces for risks from a weaker economy and geopolitical tensions.
READ: China Bank Savings earnings jumped 11.5%
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“Despite the developments in the Middle East, the recent signing of the peace deal, we’re still quite cautious,” Dee said, noting that the bank would continue building up provisions in the coming months as it monitors economic conditions.FEATURED STORIES
