Equitable PCI Bank posts P113.7-M income

Equitable PCI Bank has reported to the Securities and Exchange Commission a net income of P113.7 million for the nine months ended September 2001.

At the same time, the bank reported that it has prepaid the bulk of its BSP loan.

During this nine-month period, Equitable PCI Bank focused its efforts on making steady and advance payments to the Bangko Sentral ng Pilipinas. To date, the bank has prepaid a total of P21 billion or 70 percent of its BSP liquidity loan facility.

The bank has scheduled another P3-billion prepayment this week, resulting in total prepayments of P24 billion or 80 percent of its BSP loan.

BSP Governor Rafael B. Buenaventura commended the bank for its efforts in significantly reducing its loan within a very short period of time. "Equitable PCI Bank’s ability to considerably pay off its BSP loan affirms that it has not only regained its customers’ confidence but widened its client base as well," he stated. Equitable PCI Bank expects to make final payments on its BSP loan by the first quarter of next year at the latest, after which it will focus on its steady growth and long-term profitability.

Equitable PCI Bank president/CEO Deogracias N. Vistan said that the bank continues to improve its overall performance.

The bank has experienced a resurgence in deposit growth resulting from its aggressive deposit recovery program.