The net income of Citystate Savings Bank has grown by a whopping 288 percent in the first quarter of 2006 to P7 million compared to p1.8 million in the same period last year.

Assets likewise grew to P2.12 billion, or 56.25 percent from P1.36 billion last year. Total deposits rose by 61.09 percent bringing the total deposit liabilities to P1.31 billion from P808 million in the same period last year. Share price increased to P19 from its initial public offering (IPO) o P11.55 in January 2002. Loan portfolio grew by 128 percent to P1.5 billion from P657 million mainly from consumer loans. Despite the increase in loans, the non-performing loan (NPL) ratio remained low at 1.6 percent. Citystate Savings Bank is operated by a consortium, which includes the Fortune Insurance Group and the Citystate Management Group Holdings Pte Ltd of Singapore.

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Source: PHILIPPINE STAR (Reporter: Ted P. Torres)

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