CITYSTATE Savings Bank Inc. (CSBI) reported a 9.88-percent jump in total deposits, from P2.68 billion at end-September last year to P2.945 billion in this year’s first three quarters.
The deposits generated by the bank’s 28 branches increased by P265 million year-on-year. Of this amount, P2.233 billion, or 75.82 percent, comprised savings deposits, while the remaining 24.18 percent, or P712.096 million, were demand and time deposits.
“The increase in deposit liabilities can be attributed to the bank’s aggressive marketing strategy,” it said in a report to the Philippine Stock Exchange.
“The total deposit liabilities of P2.945 billion was 95.52 percent of total liabilities and 77.85 percent of total liabilities and equity,” it added.
The bank saw total resources increasing by P273 million, or 7.78 percent, from P3.51 billion for the first three quarters to P3.783 billion in January to September 2014.
During the first nine months of the year, dues from the Bangko Sentral ng Pilipinas (BSP) rose from P602.895 million to P1.032 billion; the bank premises, furniture, fixtures and equipment increased from P223.138 million to P282.079 million, and other resources went up from P257.278 million to P343.644 million.
Loans and receivables were recorded at P1.77 billion lower by 10.65 percent, or P211 million, from last year’s P1.981 billion.
Total gross-interest income decreased by 15.21 percent, or P170.579, million during the first nine months of the year against last year’s P201.173 million.
This is the result of a significant decrease of 19.85 percent in loans and receivables that amounted to P151.752 million this year, from P189.338 million posted in September 2013. This was mainly due to a decline in interest income generated from jewelry loans.
The bank recorded a net loss of P65.459 million as compared to last year’s net income of P4.389 million mainly due to posted valuation reserves and adjustment in loan/loss reserve in compliance with regulatory requirements.