City Savings Bank, Inc. (CitySavings), the thrift bank arm of the UnionBank of the Philippines (UnionBank), on Tuesday bared the deployment of P100 billion to meet the loan requirement of its clients.
From a single-product bank focused on teachers’ loans, of which it is the acknowledged market leader, it now offers a wide range of financial products tailored to the mass market segment, including motorcycle lending and other salary loan segments.
“We care deeply for our clients and continuously strive to deliver superior customer experience even during the pandemic. They are the reason for our success and for that, we are immensely grateful to them. With our basic philosophy of ‘Simple is Good’, we will continue to fulfill our purpose of elevating communities through financial inclusion”, said CitySavings chief executive officer Lorenzo T. Ocampo.
As of August this year, CitySavings reported net income after tax (NIAT) of P2.1 billion, deployed P72 billion in loan releases, and achieved return on equity (ROE) of 16.2 percent.
The thrift bank’s loan portfolio increased by 35 percent on annual basis to P97.5 billion. Interest income increased by 31 percent as well.
The bank’s growth and innovation drive earned recognition as the 2019 Fastest Growing Savings Bank in the Philippines by the Global Business Outlook, cited as 2020 Best Employer Brand by Employer Branding Institute – India, and the 2021 Philippines Technology Excellence Awardee for its chatbot Talk to Maria at the Asian Technology Excellence Awards.
CitySavings in 2022 was rated as the Fastest Growing Savings Bank by the International Business Magazine, the Most Innovative Savings Bank the same year, and the Most Customer-Centric Savings Bank by International Finance this year.
“Our journey through the years has brought many opportunities and challenges but we have managed to do well. In 2022, the bank delivered above-target financial performance which we, at the CitySavings team, are immensely proud of. This milestone of achieving a 100 billion loan portfolio is a solid testament that we are on our way to becoming the leading mass market bank in the Philippines,” said CitySavings president Manuel Santiago, Jr.
