INQ7 MONEY - TOP STORIES
August 01, 2006
Updated 05:02:30 (Mla time)
Inquirer
MALL magnate Henry Sy's Banco de Oro Universal Bank reported Monday an unaudited net profit of P1.26 billion in the first half of the year, up six percent from the same period last year, citing increased interest earnings and trading gains.
Net interest income grew 15 percent to P3.8 billion largely on expansion of the securities and loan portfolios, the bank said.
Deposits rose 44 percent to P200.7 billion, it said.
Net loans and other receivables grew 33 percent to P115.4 billion. Non-performing loans dropped to P4.6 billion from P4.9 billion, and to 4.4 percent of the loan portfolio.
Non-interest income was strong at P1.8 billion despite revaluation losses due to rising interest rates in the second quarter, the bank said.
Non-interest income exclusive of treasury trading activities and a one-time gain from consolidation of a credit card subsidiary into the bank grew 20 percent, it said.
Operating expenses rose 25 percent because of the consolidation of United Overseas Bank of Singapore's Philippine operations into Banco de Oro. Expenditures also increased with product and branch expansion efforts, the bank said.
Branches as of end-June numbered 224, compared with 185 at end-2005.
Total assets amounted to P284.3 billion at end-June, up 45 percent from P196.8 billion a year earlier. The growth was fueled by a 51-percent rise in investment securities to P119.5 billion from P79.4 billion.
Return on average equity was 12.2 percent and return on average assets was 0.98 percent. With INQ7.net
http://services.inq7.net/express/06/08/01/html_output/xmlhtml/20060801-12784-xml.html
No comments:
Post a Comment