Citystate Savings Bank NPLs shrink further

Citystate Savings Bank’s yearend non-performing loan (NPL) ratio slipped further by 7.66 percent to 4.10 percent in 2003 compared to 4.44 percent in 2002, one of the lowest in the thrift bank industry with latest industry ratio of 12.9.

Total deposits soared by 12.11 percent to P801 million last year from P715 million in 2002.

The thrift bank of the Fortune group registered an average return on equity (ROE) ratio of 4.76 percent remains to be one of the highest in the industry as against latest industry ratio of 0.1 percent. Return on assets (ROA) stood at 1.90 percent.

The total assets rose by 8.1 percent to P1.34 billion in 2003 from P1.24 billion the year before.

"The bank’s profitability was primarily due to strong trading gains and increased fee-based revenues with prudent management on operating expenses and disposal of foreclosed properties," Citysate Savings Bank executive vice president Rey D. Delfin, said. "The improved performance of the bank was a result of successful implementation of marketing strategies focused on consumer business supported by aggressive selling of deposit products."