City Savings Bank, Inc. (CitySavings), the thrift arm subsidiary of Aboitiz-led UnionBank of the Philippines (UnionBank) has transformed into a financial institution that offers a wide range of financial products tailored to the mass market segment including motorcycle lending and other salary loan segments.
The bank continues to trailblaze in the thrift banking sector as it celebrates its achievement of a P100 billion loan portfolio owing this milestone to its clients.
“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”, shared CitySavings Chief Executive Officer Lorenzo T. Ocampo.
As of August 2023, the thrift bank hit a net income after tax (NIAT) of P2.1 billion, generated 72 billion in loan releases, and achieved Return on Equity (ROE) of 16.2 percent. The thrift bank’s loan portfolio level soared with a 35 percent year-over-year (YOY) increase at P97.5 billion end of month (EOM) and a 31 percent YOY increase in interest income.
