Philippine Bank of Communications (PBCOM) has received its Certificate of Authority to operate a Universal Bank from the Bangko Sentral ng Pilipinas.
In a disclosure to the Philippine Stock Exchange, PBCOM Chairman Eric O Recto said “Our upgraded license to operate as a Universal Bank is a significant milestone for PBCOM.”
“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,” he noted.
Recto added that, “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.”
“The continued support of our main shareholders, as evidenced by the growing capital base, is another reason why PBCOM’s upgrade is well deserved,” he said.
PBCOM reported a nine-month consolidated income of P1.3 billion, growing 14.6 percent versus last year. The increase was led by the double-digit growth in loans which grew by P13.4 billion.
Total deposit and deposit substitute reached P104.0 billion, with low cost growing 13.5 percent to P55.8 billion, making up 62 percent of the bank’s deposit volume.
As of September 2022, total assets reached P121.6 Billion, a 13.8 percent increase over the same period in 2021. Capital position remain strong with a growth of 10.5 percent over the comparative period with CAR and CET 1 at 16.4 percent and 14.0 percent, respectively.