MANILA – Philippine Bank of Communications (PBCOM) has settled its financial obligations with the Philippine Deposit Insurance Corporation (PDIC) amounting to P7.6 billion, the bank said Wednesday.
PBCOM entered a 10-year Financial Assistance Agreement (FAA) with PDIC in 2004 to allow the bank to recover from the effects of the Asian financial crisis that began in 1997.
Under the FAA, PBCOM raised new capital, rid its balance sheet of non-earning assets and significantly improved its operating performance.
PBCOM also expanded its shareholding base with the entry of a new set of investors.
For 2013, PBCOM’s net income after tax hit a record P1.6 billion from P985 million the previous year.
Earnings per share consequently improved to P5.87 in 2013 from P3.54 in 2012.
Total assets, meanwhile, reached P63.6 billion last year from P45.8 billion in 2012.
Total deposits also significantly soared to P47.2 billion last year from P31.4 billion in 2012.
Aside from investing in its increasing workforce, new technology and product development, PBCOM is also expanding its network.
In early March, PBCOM acquired the Laguna-based Rural Bank of Nagcarlan, Inc.