Publicly listed Citystate Savings Bank posted a 146.06 percent increase in income for the first quarter of 2013, higher by P18.6 million compared to income in the same period last year.
The bank’s performance was brought about by the increase in income from loans by 48.45 percent, with the jewelry operation as the major player. Jewelry loans posted an income increase of 44.99 percent against that of 2012.
An increase of 27.07 percent in total interest income, amounting to P15 million, contributed to the additional earnings.
In its stockholders’ meeting last week, the bank reported a growth in total assets by 8.43 percent reaching P2.89 billion. Deposit liabilities posted an increase of 10.70 percent, while loans receivables climbed to P2.0 billion or by 33.35 percent. Also reported was the acquisition of five provincial branch licenses namely Puerto Princesa City in Palawan, Malasiqui in Pangasinan, Sta. Rosa, Laguna, Batangas City and Dagupan City – due to open on May 10.
In the same meeting, Ambassador Antonio L. Cabangon Chua and Alfonso G. Siy were re-elected as chairman and vice chairman of the board, respectively. Also re-elected to the board were J. Wilfredo A. Cabangon, Benjamin V. Ramos, J. Antonio A. Cabangon, Jr., Engr. Feorelio M. Bote, D. Alfred A. Cabangon, Pedro E. Paraiso, D. Arnold A. Cabangon, Dr. Ramon L. Sin, Atty. Emmanuel R. Sison and Atty. Rey D. Delfin, bank president. Andres Y. Narvasa, Jr., Lucito L. Sioson and Justice Jose Armando R. Melo remained independent directors of the board.
The bank continues its pursuit of realizing its vision of becoming a major player in the thrift and consumer banking industry through aggressive branch expansion, product innovations, and providing high technology-based services to its depositors.
BUSINESS MIRROR (MAY 8, 2013)