Wednesday, September 12, 2007 City Savings posts increase in net income
AS OF July 31, 2007, City Savings Bank's total resources reached P3.6 billion, an increase by P1.6 billion or a 78 percent jump from the P2 billion in July 2006.
Stockholders' equity as of July 2007 was P419 million, up by P124 million.
Deposits likewise soared by 87 percent, from P1.6 billion to P3 billion.
City Savings is also able to maintain its past due ratio at 3 percent, well below the industry average of 8.7 percent. The bank now has a total of over 270 employees serving over 58,000 borrowers and counts on the strong patronage of over 66,000 depositors.
An Aboitiz company, City Savings Bank began its business with a mission to focus on serving the ordinary working men and women in areas where it operates.
From one branch built in 1966, the bank has now 16 branches all over Visayas and Mindanao with plans to soon open its 17th branch in Davao del Norte.
City Savings has indeed grown but it has not lost the special character, principles, and values that have defined the bank since it began operations.
One of the most stable thrift banks in the country, the bank continues to serve its communities by offering various kinds of loans, among them, salary, home mortgage, home improvement, as well as loans for small business.
It also offers very competitive rates for savings products with minimum deposits of as low as 100.
Moving forward, City Savings Bank will continue its expansion in areas where it can better serve its identified market niches. It plans to open more branches in the Visayas and Mindanao.
