results of operations - Aboitiz

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CITY SAVINGS BANK Moving forward, City Savings Bank will continue its expansion in areas where it can serve its identified market niches. The bank’s 14th branch is located in the business district of Cagayan de Oro. BANKING 42 ABOITIZ EQUITY VENTURES ANNUAL REPORT 2006
CITY SAVINGS BANK Positioning for more growth 2006 was a milestone year for City Savings Bank. At yearend, the bank’s total resources grew by 77% to π2.4 billion from the previous year, while its non-performing loans ratio remained at 4.3%, well below industry standards. Deposits also jumped by 82% to π2 billion from π1.1 billion in 2005. When it opened in 1966, at a time when most banks served only commercial businesses, City Savings defined itself as a bank for the working class. Its customers were people of moderate means: teachers, policemen, jeepney drivers, market vendors and small business owners. With eight employees and an initial capital of π500,000, the bank first began operations in a small rented space at the Aboitiz Building along Juan Luna Street in Cebu City. Today, it has its own building, a growing network of 16 banking offices with 250 employees across the Visayas and Mindanao serving 49,000 borrowers and 59,000 depositors. While in the past, City Savings continued its development at a slow and steady pace, in recent years, this thrift bank has started to be more aggressive in its growth and expansion. Consistent with the vision of its founders to provide a first-class bank for the ordinary working person, City Savings continues to serve clients with its distinct homestyle brand of banking. It offers various types of loans and very competitive rates for savings products with minimum deposits as low as π100. True to its commitment to passion for better ways, the bank’s operations are now automated to better serve its clients’ needs. Its technology allows faster service for the convenience of clients, including one-day loan processing. Moving forward, City Savings Bank will continue its expansion in areas where it can better serve its identified market niches. It plans to open more branches in the Visayas and Mindanao and venture out into the Luzon market. City Savings offers clients various types of loans and very competitive rates for saving products with minimum deposits as low as π100. ABOITIZ EQUITY VENTURES ANNUAL REPORT 2006 43
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