Equitable PCI Bank’s Q1 results in line with growth goals

Equitable PCI Bank continued to solidify its position as the country’s third largest bank with a steady build up of resources, reaffirming the confidence bestowed upon it by the international capital markets.

The bank’s consolidated income in the three months ending March 31, 2003 showed net earnings of P264 million, a 119.2 percent increase over the P120 million income in the same period last year.

This, as total resources for the quarter rise marked an 8.9 percent increase over the same period last year, and a 1.6 percent rise since Dec. 31, 2002.

Growth was largely due to Equitable PCI Bank’s efforts in expanding its deposit base coupled with the rationalization of its operations and organization, increasing efficiencies, and lowering operational costs. Deposits as of the quarter grew 11.7 percent compared to the same period last year while operational expenses dropped 2.5 percent in the same period.

Innovative approaches in expanding business such as new banking kiosks in high visibility areas like malls, efficient and accessible remittance services for overseas Filipinos, and introduction of more consumer-oriented loan and investment packages have likewise helped boost the bank’s positive performance.

Earlier this month, Equitable PCI Bank successfully raised $130 million in the international capital markets with a 10-year Lower Tier 2 bond issue, callable after five years. The bank rose above the geo-political challenges brought about by the US-Iraq war, SARS, and the downgrade of the Philippines by S&P in late April as it conducted a very successful roadshow in Manila and Singapore in early May while engaging investors in Hong Kong and London via conference calls.

With a fresh $130 million in capital, Equitable PCI Bank has significantly strengthened its capital base and is primed for future growth, bank officials said.