City Savings posts a,+-2.1B income on loan releases.

CITY Savings Bank Inc. (CSBI) announced last Monday that its net income after tax (NAT) hit P2.1 billion as of August this year after generating P72 billion in loan releases.

In a statement, the country's fourth-largest thrift bank in terms of assets said its loan portfolio expanded 35-percent year-over-year (YOY) to P97.5 billion. Its interest income also grew 31-percent YOY.

CSBI added it achieved a return on equity (ROE) of 16.2 percent.

CSBI CEO Lorenzo T. Ocampo was quoted in the statement as saying their clients 'are the reason for our success.'

'And for that, we are immensely grateful to them,' Ocampo said vowing that they 'will continue to fulfill our purpose of elevating communities through financial inclusion.'

The CEO considers its NAT as a quantum leap in the banking industry since CSBI started from a single-product bank focused on teachers' loans and grew 'into a financial institution that offers a wide range of financial products tailored to the mass market segment.' The latter includes motorcycle lending and other salary loan segments.

Ocampo added the bank continues to introduce new services in the thrift banking sector as it celebrates its achievement of a P100-billion loan portfolio owing this milestone to its...