Equitable PCI sees double-digit growth this year

Equitable PCI Bank Inc., the country’s third largest lender, said yesterday its first quarter net income was on track to achieve a double digit income growth targeted for this year.

"We’re targeting at least double-digit growth in net income (for 2003)," Equitable PCI Bank president Rene Buenaventura told reporters after the bank’s annual shareholders meeting.

The bank posted a net income of P178.79 million in the fourth quarter, indicating that its full-year net profit may have reached P726.79 million in 2002.

"We are very much on track with our full-year target," Buenaventura said, when asked about the bank’s performance in the first three months of the year.

He also said Equitable PCI was planning to issue 10-year bonds worth $100 to $150 million within the second quarter.

With the end of the war in Iraq, Buenaventura said the demand for Philippine securities has improved.

Equitable PCI Bank hopes to reduce by P5 billion its non-performing loans (NPLs) which stood at roughly P25 billion at the start of 2003. A year ago, was P30 billion.

"We would like to achieve this by a combination of collections, foreclosures and restorations," Buenaventura said. Buenaventura said they are open to deal with special purpose vehicles (SPVs) and foreign asset management companies (AMCs) interested in acquiring its bad assets. "We have been entertaining proposals," he said. – Ted Torres