JOSEPH GAMBOA l August 16, 2022 l Business Mirror
PHILIPPINE Stock Exchange-listed Citystate Savings Bank (PSE: CSB) celebrated its silver anniversary last August 8, 2022 at its corporate head office in Pasig City. Established in 1997 as a partnership between the ALC Group of Companies and a Singaporean investment holding firm, CSB went public 20 years ago. The thrift bank obtained its trust and foreign currency deposit licenses from the Bangko Sentral ng Pilipinas (BSP) in 2006.
ALC Group Chairman Dominic Edgard A. Cabangon led the ceremonial toast during the 25th anniversary commemoration of CSB. He emphasized “pagmamahal at pagtitiwala” (love and trust) as the guiding principles of his late father, Ambassador Antonio L. Cabangon Chua, who founded the bank as part of the ALC Group, which has become a conglomerate engaged in various industries aside from banking and finance.
CSB President Benjamin V. Ramos lauded the foresight of Amb. Cabangon Chua who opened the bank’s first branch on August 8, 1997—the very next day after the BSP granted its license to operate. Executive Vice President and Chief Operating Officer Jaime Valentin L. Araneta disclosed CSB’s plan to synergize digital and branch transformation for customer fulfillment and service delivery.
“We are working on a digital-first platform, automated credit decisions and other support systems for our core lending business, subject to regulatory approval,” Araneta said. “This aims to provide easier access to bank services, enhancement of products and simplified processes to enhance customer experience.”
With CSB’s mandate to enable Filipino consumers, households and entrepreneurs to attain financial success, it offers consumer loans to small and medium enterprises as well as corporate and commercial loans. For the most pressing requirements, it has jewelry loans for customers who need immediate funds and lending facilities focusing on teachers. The bank now has 30 branches nationwide and a growing auto loans portfolio with a varied network of accredited premium motorcycle brand dealers.
Over the past quarter of a century, CSBank has focused on the ever-changing demands of its clientele. Soon it will embark on aggressive plans that include online and mobile banking to address its customers’ needs.
Corporate earnings rebound
Fintech company DFNN Inc. earned P144.9 million in the first half of 2022, reflecting a turnaround from a net loss of P76.9 million during the corresponding period last year. In a disclosure to the PSE, the publicly-listed firm stated: “This is a direct effect of the significant increase in the operations of all the company’s technology platforms as more Covid restrictions were eased by the government.”
DFNN’s earnings before interest, taxes, depreciation and amortization (Ebitda) zoomed up 671 percent during the first six months this year to P230.7 million from the year-ago loss of P40.4 million. Its impressive Ebitda performance traces the path of sustained recovery mirrored by revenues of P675.1 million compared to P268.9 million posted in the first half of 2021.
Most of the firm’s revenues were attributed to share-based income generated from interactive technology platforms, which rose by 189.7 percent to P617.4 million from last year’s P213.1 million. With no significant long-term debt, DFNN’s cash position remained liquid throughout the six-month period amounting to P98.2 million.
Last June, the company signed an agreement with Silicon Valley-based Nautilus Data Technologies Inc. to collaborate in projects involving the development of a green data center at the Freeport Area of Bataan. This is in line with its vision to create a leading digital infrastructure that is both sustainable and globally scalable to complement the government’s inclusive strategies aimed at leapfrogging the Philippine economy.
*** Joseph Gamboa is the chairman of the Financial Executives Institute of the Philippines (Finex) Media Affairs Committee and director of Noble Asia Industrial Corp. The views expressed herein do not necessarily reflect the opinion of these institutions and the BusinessMirror. #FinexPhils www.finex.org.ph.