The sustained growth in income was a result of significant increases in income from treasury operations, fee-based activities, a prudent management of acquired assets, and a steady growth in consumer loan portfolio.
It has also maintained a non-performing loan (NPL) ratio of 5.98 percent, one of the lowest in the industry rating for savings banks as against the industry’s latest ratio of 12.80.
Citystate Savings president D. Alfred A. Cabangon said that the third quarter earnings figure marked several strong accomplishments for the bank.
"We continued to produce industry leading returns on equity and efficiency, while significantly increasing consumer loans and other core products. Equally gratifying is the quality of our loan growth as we continue to be highly selective toward potential borrowers, emphasizing conservative credit standards." Cabangon said in a statement.
The bank president insists that it will remain steadfast in its commitment to deliver innovative products and quality services. To support this undertaking, the on-going service campaign called "10 or P100" reinforces the bank‘s dedication to efficient customer service. Every transaction must be completed within 10 minutes or the bank will credit P100 to the account of the depositor.
It also invested P5 million on its information technology (IT) infrastructure to upgrade existing operational systems, improve ATM network efficiency, and move closer to it’s plan for the highest ISO certification. Citystate Savings is equipped with an on-line signature verification system as well as a fully integrated computerized backroom system. This will allow clients to transact at any branch without incurring inter-branch transaction fees.
Recently, the thrift bank was named "Top Savings Bank" by the National Consumer Affairs Foundation, the first to be given to a thrift and savings bank. It also won the BancNnet award for most efficient ATM service for 2002, the highest award given to any member bank.
It was recently accredited as a remittance agent to collect Social Security System (SSS) and Philhealth premium contributions and loan payments. In addition, payment of bills for utilities, credit card, insurance and telephone may be paid either through the use of the CityCash ATM card or through over the counter transactions via the Bayad Center facility.