PBCom posts 53% growth

The Philippine Bank of Communcations (PBCom) registered a 53.57 percent growth in net income, or from P155.04 million in 2002 to P238.12 million last year. In 1999, earnings was registered at P107.7 million.

Gross income in 2001 rose to P3.685 billion, or a 12.80 percent growth from P3.267 billion the year before. In 1999, it was slightly better at P3.296 billion than the 2000.

However, loan portfolio growth remained almost flat based on its audited financial statement.

Loan portfolio in 2001 was P2.836 billion slightly better than the P2.65 billion the year before. In 1999, it was P2.63 billion.

Key to the bank’s growth was the tremendous earnings from its trading and securities activities, which grew to P314 million in 2001 from P8.6 million the year before.

PBCom president and chief executive officer Isidro C. Alcantara Jr. said in earlier interviews that noteworthy gains came from the sale of assets, internal restructuring, cash earnings from treasury operations, positive earnings from foreclosed properties and bad loans.

Interest income grew from P911 million in 2000 to P1.003 billion last year. In 1999, interest income stood at P844 million.

Total reserves in 2001 reached P3.3 billion and the bank’s capitalization rose to P6.3 billion from P4.7 billion in 2000.