Yao-led bank profits slip 6.4% without recurring gains
Earnings of Philippine Business Bank of Bilyonaryo Alfredo Yao slipped 6.4 percent due to the absence of non-recurring gains last year as the bank vowed to focus on small and medium enterprises (SMEs).
The bank?s net income reached ?502.1 million last year or P34.1 million lower compared with P532.2 million in 2014 that included one-time gain.
Without the non-recurring income, PBB?s profits that included earnings of Insular Savers Bank (ISB) acquired in the middle of last year would have increased by 6.1 percent from P506.1 million in 2014.
PBB president and CEO Roland Avante said 2015 was a landmark year for the bank.
?We completed the acquisition of Insular Savers Bank and Bataan?Savings and Loan, and early in 2016 we received final regulatory approval for the consolidation of the assets of Rural Bank of Kawit which we acquired in 2014,? Avante said.
ISB has eight branches and has a portfolio of consumer loans and bus and auto financing. The acquisitionof Bataan Savings and Loan accelerates PBB?s expansion of its network in the SME-rich area In the Subic-Bataan business corridor.
?For 2016, our focus remains the same. We will continue to lay the groundwork in expanding our presence all over the Philippines. The Bank?s major pillar of success is its strong service culture and this is anchored on our ability to reach our SME clients, wherever they might be located in the country,? he added.
PBB has a total of 138 branches today. Including its acquisitions, PBB has a total of 149 branches, of which eight are from ISB and three are from Bataan Savings and Loan.
PBB finished 2015 with ?65.6 billion in total resources as loans and receivables grew 4.1 percent to ?41.4 billion. Its total capital reached P8.5 billion as of end-2015.