Jesus P. Tambunting, Plantersbank chairman and CEO, said prior to the IAS adjustments, the bank made a P320-million profit last year, lower than the P400-million income in 2004.
He said they are looking at improving net earnings by another P350 million this year and by P500 million in 2007 as its loan portfolio continues to expand.
Plantersbank’s total loan portfolio grew to P19 billion last year, with roughly 70 percent or nearly P15 billion channeled to the country’s small and medium enterprises (SMEs).
This year, Plantersbank plans to increase it by another P2.3 billion, allowing it to breach the P20-billion level for the first time in the bank’s 30-year history.
In end-2004, total loan portfolio stood at P15 billion, thus registering a 26-percent growth last year. Total assets stood at almost P36 billion as of end 2005.
"Plantersbank maintained its competitiveness by staying focused on its double bottomline orientation of profitability and social impact)," Tambunting said.
Of the total loans, nearly P4 billion were contract-to-sell (CTS) and housing loans which represent roughly 20 percent of total. Aside from SME lending, the thrift and development bank also offered consumer loans including personal loans, salary loans, and auto loans.
Plantersbank has a branch network of 64 nationwide and is targeting to grow to 70 by yearend.
Part of its expansion is the relocation of some of its branches and the integration of the recently-acquired MicroEnterprise Bank (MEB), a microfinance-oriented bank based in Mindanao.
Tambunting said Plantersbank will continue to cater to microlenders by establishing microfinance desks within its branches. "It will continue to be part of our mission," he stressed.
Plantersbank has acquired a total of seven thrift and rural banks since 1972. The latest acquisition was the Region Bank (Los Baños Rural Bank Inc.) in 2004.