PBCom expects growth to continue this year

MANILA, Philippines - Philippine Bank of Communications (PBCom) expects to see continued growth this year, after posting a return on equity of 38 percent in 2013, making it one of the highest performers in the commercial banking industry.

PBCom president and CEO Nina Aguas announced, during the bank’s Annual Shareholders’ Meeting, the bank would implement strategic program this year.

“In 2014, you can expect to see the continued growth of our distribution network, more new products, our expansion into alternative channels and the complete implementation of our new core banking system. All these are key to delivering the best service to our clients,” she said.

PBCom ended 2013 with a net income of P1.63 billion, 66 percent better than in 2012. 

Operating income increased by P1.14 billion, due to trading and securities gains, fees and commissions, and income from trust operations. Total balance sheet grew by 37 percent from 2012 to 2013. 

Total resources stood at P62.6 billion, representing a year over year increase of P16.8 billion.  Loans and receivables increased by 57 percent funded by a 51 percent growth in deposits.

Aguas, in her report, said “2013 was an exciting year – one where we saw a new team of leaders come together to make our vision of creating a new PBCom a reality.”

She added that, in 2013, PBCom implemented a transformation strategy aimed at “accelerating growth while being smart about deploying our resources.”

She reported that “by the end of 2013, we had made great strides and taken some steps in our path to transforming the bank.” She closed by saying that the bank’s “achievements from 2013 pave the way for bigger things to come.

The bank also elected its new board of directors for 2014-2015. The newly elected director are: Eric Recto, Mario Locsin, Henry Uy, Aguas, Bunsit Carlos Chung, Ralph Nubla Jr., Patrick Sugito Walujo, Gregorio Yu, Edgar J. Sia, II, and Tomas I. Alcantara.

Independent directors, on the other hand, include Jesus Jalandoni Jr., Teresita Ang See, Colin Keogh, David Balangue, and Luis Benitez.

Recently, PBCom announced that it had fully paid P7.6 billion to the Philippine Deposit and Insurance Corp. (PDIC) under its 10-year Financial Assistance Agreement (FAA).