President & CEO Isidro C. Alcantara, Jr. gave a review of the Bank?s financial position, business development, major initiatives and plans to sustain profitability for the coming years via a powerpoint presentation entitled A Stronger PBCom: Ready for the Future.
At the meeting, stockholders appointed Luy Kim Guan as Chairman Emeritus and Chung Tiong Tay as Chairman of the Board. Re-elected to the Board of Directors for the year 2004-2005 include: Isidro C. Alcantara Jr., Ralph Nubla Jr., Enrique T. Luy, Carlos Bunsit G. Chung, Henry Y. Uy, Ernesto T. Luy, Atty. Bi Yong So Chungunco, Edwin L. Luy, Johnny O. Cobankiat, and J. Antonio M. Quila. Also elected were three new independent directors to the board in the person of Renato H. Peronilla, Ruben D. Almendras, and Juan Luis S. Javier.
PBCom recorded a net income of Php325 million for 2003 and is now the highest capitalized commercial bank and carries a clean balance sheet with a non-performing loan ratio of only 11.9% as of December 2003. With a solid foundation, PBCom is now well-positioned for the future.