ONB income up 30% to P136 M in Q1

MANILA, Philippines - Mindanao-based One Network Bank (ONB) has registered a 30-percent expansion in net income in the first three months of the year. 

From earnings of P104 million in January to March 2012, it rose to P136 million in the same time this year. 

If annualized, this translates to a 30-percent return on average private equity and a three-percent return on average asset. 

Interest income on loans and receivables posted an increase of 31-percent year-on-year to P349 million. 

Through servicing a number of 98,205 borrowers, the bank succeeded in expanding its loan portfolio to P 15.56 billion, which is 41 percent better compared to first quarter of 2012. 

Loan expansion was reinforced by the deposit base, which grew by 37 percent to P15.23 billion. 

Fee-based income, driven primarily by service fees on loans, rose by 84 percent to P 231 million. 

Non-performing loan (NPL) ratio dropped to two percent as ONB also maintained its risk-based capital adequacy ratio (CAR) at 18 percent. 

Equity rose to P3.26 billion while total resources ballooned to P21 billion, registering a 30-percent increment from 2012. 

For 2013, ONB will increase its presence further in unbanked and under-banked growth areas in both Mindanao and in the island of Panay. 

In addition to its present network of 90 branches in Mindanao plus a branch in Makati City, ONB operates a five-branch network in key areas in Iloilo resulting from its merger with Rural Bank of San Enrique Inc. (RBSEI). 

The countryside is poised for growth as ONB makes its innovative and affordable banking platforms and solutions easily accessible to more unserved and under-served communities.

Following the successful launch of its online banking facility for corporate clients last year, ONB has more e-banking services for countryside clients lined up in 2013 including the most awaited Personal Internet Banking.