Bankard income jumps 23%

Bankard Inc. posted a 23 percent growth in audited net income for fiscal 1999 of P115.65 million compared to P93.7 million the previous year.

Total billings rose five percent to P5.15 billion from P4.9 billion a year earlier, president and chief executive Rogelio S. Chua said.

Bankard, with 25 years of pioneering and innovative products and services and the widest range of products in the market, had 302,856 cards outstanding at the end of the year, a gain of 10 percent from 275,189.

During the first half of 2000, the firm expects net income to grow significantly over the same period in 1999. Officials attributed this jump to increased consumer spending and the continuing reduction of non-performing loans, cuts in funding costs and strong band equity in the market.

Bankard Inc. was listed on the Philippine Stock Exchange in March 1995. It was the first credit card company listed in the Philippines, and only the second in the Asia-Pacific region. In 1995, the firm joined the ranks of the country's top 500 corporations compiled by Business World at No. 489, on the basis of annual gross revenues.

Chua said the company will continue to introduce more advanced-technology products, including complete conversion of its local card to the multi-function smart and known as Bankard MFI, and progressive enhancement of its Bankard One and Bankard E-cash programs.