Equitable PCI Bank posts P119-M income in 2001

Equitable PCI Bank achieved major gains in 2001 highlighted by the full payment of P30 billion to the BSP in record time, manifesting the bank’s resiliency and strength in the midst of difficult challenges.

Despite the high cost of funds during the period of the BSP loan that was fully paid on Dec. 19, 2001, Equitable PCI Bank managed to register P119 million in net income for the year.

Equitable PCI Bank is now focusing on 2002 to pursue further gains as a major financial institution. It will continue to build on its strong franchise founded on a solid reputation for service quality. Equitable PCI Bank has successfully restored the full confidence of old customers and earned the patronage of new clients resulting in its successful deposit recovery program which enabled it to fully pay off the BSP loan.

"With the full repayment of its loan, we expect Equitable PCI Bank to re-establish its dominant position as one of the top-tier banks in the country," BSP Governor Rafael B. Buenaventura had said. The bank’s full payment of the BSP facility also generated positive results of the bank as seen in the steady growth in deposits.

Equitable PCI Bank president/CEO Deogracias N. Vistan said, "We have generated the momentum to continue on the growth path. Equitable PCI Bank is now more strongly positioned to build a platform for growth and market leadership."

Equitable PCI Bank also posted significant increase in remittances, with growth of more than 14 percent. The bank’s remittance arm, Express Padala Center, has helped channel more foreign exchange earnings into the Philippine economy and added to consumer spending from OFW beneficiaries.

Equitable PCI Bank ends 2001 with a series of accomplishments. It was chosen "2nd Best Performing Government Securities Eligible Dealer" in the secondary market for the period October 2000 to September 2001 by the Bureau of Treasury.

Equitable’s Trust Banking Group, one of the top players in the trust business, likewise topped the 66th Watson Wyatt Survey on Investment Performance of Retirement Funds in the Philippines. Equitable PCI Bank topped the survey based on second-quarter return on investment (ROI) from among investment managers handling at least five funds in the survey category Trusteed Funds Managed with Full Discretion. Prior to this, Equitable PCI Bank had topped the 65th Watson Wyatt Survey based on first-quarter ROI.

In 2001, Equitable PCI Bank likewise pursued its commitment to give its clients and most modern developments in banking convenience through its array of electronic banking services. It introduced FASTNet, Equitable PCI Bank’s internet banking service, which allows clients to check their balance, transfer funds, and pay bills at home, in the office, or even overseas through their personal computers and laptops. Other electronic banking offerings include FASTPhone (phone banking) and mobile phone banking. All these combine to give Equitable PCI Bank’s clients convenient and accessible banking service.