Citystate Savings Bank, a publicly listed company, reported a 144 percent increase in net income for the first ten months of the year, compared to the same period last year. Likewise, the bank’s assets grew by 38.78% from the previous year’s figure in the comparable period.

Total deposits rose by 64.26 percent with hefty gains at 70.34 percent in loans portfolio while non-performing loans (NPL) remained at a single-digit ratio of 1.84 percent, significantly lower than last year’s 2.96 percent. The low NPL ratio resulted from strong collection and loan structuring efforts.

As part of the bank’s thrust to pursue its branch expansion plans, Citystate Bank currently has a total branch network of 15. It will be opening a new branch in Muntinlupa before the end of the year and another in Caloocan by January next year.

The bank is also determined to venture into foreign currency deposit transactions and wealth management after the recent approval by the Bangko Sentral ng Pilipinas (BSP) of its FCDU and trust licenses.

Source: PHILIPPINE STAR

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