CITYSTATE Q1
NET INCOME UP
Citystate Savings Bank has posted a 288% growth
in its net income for this year’s first quarter.
In a statement, the bank said its first quarter
net income had jumped to P7.01 million from only
P1.8 million in January to March 2005.
The bank traced the improvement in its bottom line
to its loan portfolio, which stood at P1.5 billion
in the first three months from P657 million. The
128% growth in its loan portfolio did not have a
negative effect on its nonperforming loan ratio,
which stood at 1.6% below the 2005 industry average
of 8.96%. The bank said it was strictly adhering
to prudent credit risk management and efficient
efforts. Assets went up by 56. 25% to P2.12 billion
from P1.36 billion. Total deposit liabilities, meanwhile
stood at P1.31 billion from P808.2 million.
Citystate Savings Bank is operated by a consortium
that includes he Fortune Insurance Group and the
Citystate Management Group Holdings Pte Ltd. of
Singapore
.
Source: BUSINESS WORLD (Reporter: M.E.P. Osorio)
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