Asiatrust Bank clears P24M

Asiatrust Bank reported net earnings of P24 million in the first three months of 2002 after a measly P2.37 million in the same period last year.

For the nine months of bank’s fiscal year ended March 2002, net earnings of P27.3 million were posted, 11.7 percent lower than the previous year’s P30.9 million.

Net earnings income during the period decreased slightly by less than three percent to P310 million following a series of drops in the interest rates.

While the bank’s other income rose by eight percent at P11 million to higher deposit-related service charges and improved trading income, this has offset by an increase in operating expenses by more than 13 percent.

Total resources of the bank at the end of the quarter was at 8.4 billion, or 3.5 percent lower than the same period last year of P8.6 billion. On the other hand, capital, capital funds totaled P1.4456 billion against last year’s figures of P1.634 billion.

The bank expects its growth in total deposits to be boosted by its two ongoing promotions. These are: A-Five-for-a-Phone promo which fives away free Nokia celphones for a five-year peso or dollar time deposits; and Gifts-on-Your Check promo, the bank’s rewards program for its existing clients.

Asiatrust Bank also remains strong in its niche, the small and medium enterprises (SMEs), providing innovative and tailor-fit products and services such as the Entrepreneurial Cash (EC) Manager with a checkbook with a voucher, and other cash management services. The latest innovation of the bank would be the SME Helpdesk, set-up to provide sound and professional advise to Filipino entrepreneurs on business planning and financial management.