PBCOM Reports Positive Financial Results for 2013
Front row (L to R): Henry Y. Uy, Ralph C. Nubla Jr., Gregorio T. Yu, Corporate Secretary Jovita D. S. Larrazabal, Chairman Eric O. Recto, President & CEO Nina D. Aguas, Mario J. Locsin, Bunsit Carlos G. Chung
Back row (L to R): David L. Balangue, Colin Keogh, Luis Y. Benitez, Patrick Sugito Walujo, Jesus S. Jalandoni Jr., Tomas I. Alcantara, Teresita Ang See
07 April 2014 - Philippine Bank of Communications held its Annual Shareholders’ Meeting and disclosed its financial results for 2013.
Nina D. Aguas, President and CEO, reported the following highlights:
- PBCOM ended 2013 with a net income of P1.63 B, 66% better than 2012. Operating income increased by P1.14B, driven by a growth in trading and securities gains, fees and commissions, and income from trust operations.
- Total balance sheet grew by 37% from 2012 to 2013. Total resources stood at P62.6B, representing a year over year increase of P16.8B. Loans and receivables increased by 57% funded by a 51% growth in deposits.
- A Return on Equity of 38% was achieved in 2013, making PBCOM one of the highest performers in the commercial banking industry.
The bank also elected its board of directors for 2014-2015:
- Eric O. Recto
- Mario J. Locsin
- Henry Y. Uy
- Nina D. Aguas
- Bunsit Carlos G. Chung
- Ralph C. Nubla, Jr.
- Patrick Sugito Walujo
- Gregorio T. Yu
- Edgar J. Sia, II
- Tomas I. Alcantara – Independent Director
- Jesus S. Jalandoni, Jr. – Independent Director
- Teresita Ang See – Independent Director
- Colin Keogh – Independent Director
- David L. Balangue – Independent Director
- Luis Y. Benitez – Independent Director
In her report, Aguas noted: “2013 was an exciting year – one where we saw a new team of leaders come together to make our vision of creating a new PBCOM a reality.” She shared that, in 2013, PBCOM implemented a transformation strategy aimed at “accelerating growth while being smart about deploying our resources.” She further noted that “by the end of 2013, we had made great strides and taken some steps in our path to transforming the bank.” She closed by saying that the bank’s “achievements from 2013 pave the way for bigger things to come. In 2014, you can expect to see the continued growth of our distribution network, more new products, our expansion into alternative channels and the complete implementation of our new core banking system. All these are key to delivering the best service to our clients.”