CITY Savings Bank, the thrift banking subsidiary of Union Bank of the Philippines, said Monday its loan portfolio reached the P100-billion mark following its transformation into a financial institution that offers a wide range of financial products.
CitySavings president Manuel Santiago Jr. said in a statement achieving the P100-billion loan portfolio “is a solid testament that we are on our way to becoming the leading mass market bank in the Philippines.”
Santiago also said the bank delivered above-target financial performance in 2022.
The bank posted a net income after tax of P2.1 billion as of August 2023, generated P72 billion in loan releases and achieved a return on equity of 16.2 percent.
The thrift bank’s loan portfolio level soared with a 35-percent year-on-year increase at P97.5 billion and a 31-percent growth in interest income.
CitySavings transformed into a financial institution that offers a wide range of financial products tailored to the mass market, including motorcycle lending and other salary loan segments from being a single-product bank focused on teachers’ loans where it remains the market leader.
The bank’s growth and innovation drive earned recognition in recent years as the 2019 Fastest Growing Savings Bank in the Philippines by the Global Business Outlook, 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 is one of the largest thrift banks in the country, providing a wide range of mass market financial products and services.
These include salary loans to public and private school teachers, pension loans to Government Service Insurance System and Social Security System pensioners, motorcycle loans, government salary loans, Armed Forces of the Philippines salary loans, Bureau of Fire Protection salary loans and traditional deposit products.
CitySavings now has more than 140 branches nationwide.
