MANILA, Philippines - Philippine Bank of Communications (PBCom) is targeting a total of 74 full branches, other banking offices (OBOs) and over 200 automated teller machines (ATMs) nationwide by the end of this year.
PBCom president and chief executive officer Nina D. Aguas said they plan to open 10 full branches this year to add to the existing 64 in its branch network.
“In this quarter alone, we will be opening four or five,†Aguas said during the formal opening of its business center at the Makati Place along Ayala Ave. and Malugay St. The cities in Davao, Cebu and Baguio are among the areas serving as hosts to some of the new branches.
Meanwhile, out of the projected 200 total ATMs, 74 will be onsite or at the branches. The remaining 120 plus will be located offsite or in areas with high foot traffic such as malls, schools, and commercial areas.
“We have existing clients in areas where we still don’t have branches. In areas where there is high foot traffic, we want to introduce PBCom,†she added.
At the early stages of expansion, the branches and OBOs may not yet be profit centers rather serving initially as service centers.
As the banking public become familiar with PBCom, it is expected that numerous, larger and transactions will follow.
As its physical network is taking root in various parts of the archipelago, PBCom is putting in place its new, state-of-the-art core banking platform.
From the core banking platform, operations will be simplified, and the level of convenience for both the bank and the bank clients will reach new heights.
That means, among others, online banking will not require the physical presence of the client in branches. When enrolled in online banking, practically all transactions can be done online through Internet banking, among others.
Proof of the bank’s increasing popularity is the hefty 70-percent growth in profit in the first nine months of 2013.
From P824 million in the first nine months of 2012, net income rose to P1.4 billion in the same period in 2013.
Loans grew 69 percent, or from P12.9 billion in 2012 to P21.8 billion. Total deposits grew 47 percent from P28.3 billion to P41.7 billion.
For the first nine months of 2013, net interest income was P750 million, growing 45 percent.
Non-interest income was P1.99 billion which is 199 percent higher than a year ago due to an incremental P1.33 billion trading gains.
Total assets grew 33 percent to P57.5 billion, while non-performing loan (NPL) ratio was at 0.56 percent.
There was a 46-percent increase in operating expenses due to investments in new technology, branch network and human capital as part of its transformation strategy.
Capital adequacy ratio (CAR) as of September 2013 stood at 17.80 percent, well above the regulatory floor of 10 percent.