Equitable PCI Bank sees higher earnings in Q1

Equitable PCI Bank is projecting a P120.591- million net income for the first quarter of this year.

Bank president and chief executive officer Rene J. Buenaventura said Equitable PCI Bank projects higher returns in 2002 with its management programs and the improved outlook for the country’s business and economic environment.

In his report at the Equitable PCI Bank annual stockholders’ meeting, Buenaventural reported that the bank’s ability to rebuild strength and reposition itself in the industry can be attributed to management strategies and action programs which are were aggressively pursued with the strong support of the Bank’s workforce.

In 2002, it paid the P30-billion loan facility from the Bangko Sentral ng Pilipinas, (BSP) the first Philippine bank to pay a loan of such magnitude in a year’s time.

It ended the year with total resources amounting to P239.92 billion. Capital funds totaled P40.40 billion. Gross earnings reached P21.44 billion and generated P140.18 million in net income. Deposits generated amounted to P141.08 billion while gross receivables was pegged at P120.06 billion.

Express Padala Center, the Bank’s remittance arm and one of the top two leaders in the remittance business, posted a 20-percent growth in business volume. Equitable PCI Bank concluded 40 new tie-ups in the United States, Europe, and the Middle East.

Subsidiaries have also contributed to the Equitable PCI Bank Group’s financial stability and further reinforced its position as a top-tier diversified services institution.

Equitable CardNetwork maintained its leadership in the payment card business. It continued to account for the largest local market share in terms of cardholder base and gross sales volume.

PCI Leasing and Finance, Inc. posted a 30 percent increase in gross revenues, while its net income grew by 52 percent. PCI Capital Corp., its investment banking arm, maintained its standing as one of the major players in the industry.

PCI Capital closed the year with a 130- percent increase in debt and quasi-equity transactions. Its total resources grew by 12 percent in 2001, while return on equity and return on assets grew by 8.6 percent and 8.2 percent, respectively.