Equitable PCI Bank nets P120.6M in Q1

Equitable PCI Bank, the country’s third largest private domestic bank, has reported a P120.59-million net income for the first quarter of the year which compares favorably with the P140-million net income the bank earned for the whole of last year.

Equitable PCI Bank’s first quarter income further reinforces the bank’s turnaround which was manifested when Equitable PCI Bank completed in record time its payment of the liquidity facility by the Bangko Sentral ng Pilipinas last year.

Equitable PCI Bank president and CEO Rene Buenaventura said, "This year, Equitable PCI Bank is back on the path towards greater profitability. We expect a stronger performance for the Bank." Buenaventura said that the bank’s recovery of low-cost deposits, growth in lending, improvement in its asset quality, and the improving outlook in the country’s economy augur well for Equitable PCI Bank’s improved financial performance.

Equitable PCI Bank will continue to take advantage of its strong franchise and will continue placing a strong drive on deposit growth, and improving leverage specially on low-cost deposits. The bank is expecting further increase in its earning assets, which will result in greater profitability, with better economic prospects and the upcoming passage of the SPAV bill.

The bank continues to put greater efforts on home mortgage lending. Its remittance business continues to grow as one of the two lenders in the OFW remittance market.

Equitable PCI Bank’s management has also placed its focus in controlling expenses and further improving operational capabilities as part of its overall strategy.