PBCOM Exits Financial Assistance Agreement with PDIC
Philippine Bank of Communications (PBCOM) announced yesterday that it successfully settled all of its obligations amounting to P7.6Billion with the Philippine Deposit Insurance Corporation (PDIC).
The Financial Assistance Agreement (FAA), which was put in place in 2004 and had a life of ten years, allowed PBCOM to recover from the effects of the Asian Banking crisis that began in 1997.
Under the FAA, PBCOM was able to raise new capital, rid its balance sheet of non‐earning assets and significantly improve its operating performance. To steer the Bank to safer harbor, PBCOM expanded its shareholding base with the entry of a new set of investors led by the ISM Group and the current chairman, Eric. O. Recto.
Nina D. Aguas, PBCOM President/CEO,also announced very positive operating results for 2013. Net Income After Tax reached an all‐time high of P1.6Billion from P985Million previously. Earnings Per Share consequently improved to P5.87 in 2013 from P3.54 in 2012.
Total Assets hit P63.6Billion last year from P45.8Billion in 2012. Significantly, Total Deposits soared from P31.4Billion to P47.2Billion last year. As part of the Banks’ transformation strategy, PBCOM has been investing heavily in building up its staff, new technology and product development. In addition, PBCOM is embarking on an aggressive branch expansion program. Just recently, PBCOM acquired the Laguna‐based Rural Bank of Nagcarlan, Inc.
(Seated left to right) PDIC Board Member Protacio Tacandong, PDIC Board Member Rogelio Manalo, PDIC President Valentin Araneta, PBCOM President & CEO Nina Aguas, PDIC EVP Imelda Singzon, PDIC VP Shirley Felix
(Standing left to right) PDIC VP Teodoro Banaag, PDIC VP Basilio Visaya, PDIC FVP Josefina Velilla, PDIC EVP Cristina Orbeta, PBCOM Vice Chairman Mario Locsin, PBCOM Board Member Ralph Nubla, Jr, PBCOM Vice Chairman Henry Uy