PBCOM gets universal bank license

PHILIPPINE Bank of Communications (PBCOM) has secured a certificate of authority to operate as a universal bank from the Bangko Sentral ng Pilipinas (BSP).

The license was handed over last November 10 by BSP Governor Felipe Medalla to PBCOM Chairman Eric Recto and PBCOM President and Chief Executive Officer Patricia May Siy.

“First, this marks the return of the bank to its former status after having successfully completed its capital build-up and enhanced profitability programs since the entry of the new investor group in 2012,” Recto said in statement on Wednesday.

“Second, this is a clear acknowledgment of the success of our business model which is pinned on the pillars of strong compliance and risk management procedures, customer service-centered practices, and a highly independent governance structure,” he added.

PBCOM also reported a 14.6-percent year-on-year increase in nine-month consolidated income of P1.3 billion.

Total assets were said to have reached P121.6 billion, 13.8 percent higher year on year, and largely due to double-digit growth in loans that grew by P13.4 billion.

Total deposit and deposit substitutes, meanwhile, hit P104.0 billion, with low cost growing 13.5 percent to P55.8 billion and making up 62 percent of the bank’s deposit volume.

PBCOM’s capital position was said to have remained strong, growing 10.5 percent and with its capital adequacy ratio and common equity tier 1 capital at 16.4 percent and 14.0 percent, respectively.