EQUITABLE PCI Bank, the third-largest Philippine lender by assets, said it posted a 33-percent rise in profit in 2005, boosted by earnings from lending and investment.
Net income rose to P2.4 billion (US$48.5 million), the lender said in a statement to the Philippine Stock Exchange Thursday. That's the most since 1994, according to Bloomberg data.
Interest income from loans and investment grow 17 percent to P19.4 billion and interest expense rose 10 percent to P8.5 billion, it said.
Sales of P5.3 billion of bad loans, those at least 90 days overdue, also helped boost profits. The sale of non- performing assets helped cut the lender's bad loan ratio to 4.14 percent of total credit from 7.13 percent in 2004, it said.
Smaller rival Banco de Oro, owned by retail tycoon Henry Sy, bought a 25-percent stake in Equitable PCI Bank in August and plans to merge the two lenders. Banco de Oro on January 6 offered to swap 1.6 of its shares for every share of Equitable in a bid to take over the bigger lender.
Banco de Oro is the nation's seventh-biggest lender by assets.
Equitable PCI Bank said its total assets grew 5 percent to P325.5 billion and deposits rose 7 percent to P208 billion.
Investments expanded 12 percent to P67.7 billion and loans were unchanged at P137.1 billion, it said.
Equitable PCI shares on Thursday rose P1.50, or 2.4 percent, to P64.50. BDO was unchanged at P34.50. Bloomberg
http://www.businessmirror.com.ph/2006/0217/17%20cos%20equtable.php
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