ONB adds 2 more branches

MANILA, Philippines - The inauguration of new branches in Barotac Nuevo in Iloilo and in San Jose de Buenavista in Antique last September brings One Network Bank’s (ONB) total branch count to 104.

ONB is the country’s largest rural bank, with head office located in Davao City and branches also located in the Panay Islands.

Bank officials said ONB’s expansion in the under-banked municipality of Barotac Nuevo is anchored on introducing affordable deposit products and credit facilities, thus contributing to the growth and development of the local economy.

The San Jose de Buenavista branch – the bank’s second branch in the province of Antique after Semirara branch in Caluya in 2013 – joins 20 other banks in catering to the financial needs of the bustling municipality.

However, the bank sees growth potential in capturing opportunities presented by San Jose Antique through innovative banking platforms and solutions long enjoyed by businesses and entrepreneurs in both countryside and metropolitan areas of Mindanao.

ONB president and chief executive officer Alex V. Buenaventura said that Barotac Nuevo and San Jose Antique, two of the 10 ONB branches located in Panay, are also equipped with PeraAgad ATMs.

”Of the 162 of ONB PeraAgad ATMs, 26 percent of which are deployed offsite for the convenience of the unbanked and underbanked sector, are affiliated with BancNet,” Buenaventura added.

Meanwhile, the bank closed the third quarter with total resources of P28 billion, a 20-percent ascent from the same period last year.

Equity expanded to P4.14 billion on the back of the bank’s strategy of reinvesting profits, translating to a capital adequacy ratio (CAR) of 17.56 percent.

The Mindanao-based rural bank posted a net income of P 446.29 million which, if annualized, makes a return on average private equity of 25 percent and a return on average assets of two percent.

Deposits were up 6.5 percent to P17.8 billion which supported a 17-percent growth in loans to a level exceeding P20 billion.

Non-performing loans (NPL) ratio stood at three percent, following tighter monitoring of loans.

The new branches in Tandag and Bislig in Surigao del Sur,and in Brgy. Malakas in General Santos City, is scheduled to be completed.

The latter will be the bank’s third office in the city after establishment of a branch in Santiago in 2002 and another in Lagao in 2008.