MANILA, Philippines - Philippine Bank of Commerce said its net income surged 66 percent to P1.63 billion in 2013.
PBCom president and CEO Nina Aguas said operating income increased by P1.14 billion, driven by a growth in trading and securities gains, fees and commissions, and income from trust operations.
The bank's total balance sheet went up 37% in 2013. Total resources grew by P16.8 billion to P62.6 billion, while loans and receivables increased 57%.
Aguas noted in 2013, PBCOM implemented a transformation strategy that would accelerate growth "while being smart about deploying our resources."
"In 2014, you can expect to see the continued growth of our distribution network, more new products, our expansion into alternative channels and the complete implementation of our new core banking system. All these are key to delivering the best service to our clients," she said.
PBCom also elected its board of directors for 2014-2015: Eric O. Recto, Mario J. Locsin, Henry Y. Uy, Nina D. Aguas, Bunsit Carlos G. Chung, Ralph C. Nubla, Jr., Patrick Sugito Walujo, Gregorio T. Yu, Edgar J. Sia, II, as well as independent directors Tomas I. Alcantara, Jesus S. Jalandoni, Jr., Teresita Ang See, Colin Keogh, David L. Balangue and Luis Y. Benitez.