Citystate Savings Bank posts P7 M last year

Citystate Savings Bank improved its net income last year over the previous year’s earnings by 404 percent, its audited financial statements as of end-2001 show.

In its annual report, Citystate Bank posted net earnings of P7 million in 2001 from P1.8 million the year before.

Citystate Bank president, D. Alfred A. Cabangon, said the incrase in net earnings, coupled with payments made from the initial public offering (IPO) of the shares of the bank through the Philippine Stock Exchange (PSE), raised capital funds to P459 million, an increase of P121 million, or 35.78, from P338 million in 2000.

Compared with the previous year, deposits increased 45 percent to P368 million in 2001 from 253 million the preceding year.

Cabangon said the increase in deposits reflects increasing public confidence in the bank as a result of its aggressive moves to establish itself as a strong and serious player in thrift banking.

Opened in 1997 amid the crippling effects of the Asian financial crisis, Citystate Bank was incorporated by a group of Filipino businessmen led by Antonio L. Cabangon Chua and Alfonso G. Siy along with Singaporean investors headed by insurance tycoon Leow Siak Fah.

It is the first savings bank to begin its operations with a fully automated banking environment in place. Some of its systems include on-line deposit and signature verification and a widespread ATM affiliate network through Bancnet.

Citystate Bank now has 12 branches, nine of which are in Metro Manila, including its head office in Pasig City. The provincial branches are in Meycauyan and Baliuag, Bulacan, and in Cebu City.