ONE NETWORK Bank reported a influential receipts in the foremost semester of the year with a capture proceeds after tax of P157 million compared with P131 million during the days up to date year. However, Alex V. Buenaventura, president of the bank, said the figure, which was 20 percent higher compared with the somebody persist year, was soften than the aim of P167 million. This developed as the bank has identified five more areas where it will begin branches to broaden its network to 75 branches throughout Mindanao.
The areas are Surigao City, Gingoog City, Ozamiz City, Dipolog City and Sindangan in Zambo del Norte, Buenaventura added. In blind spot to hit the target, Buenaventura explained this was due to the P16 million “unprogrammed additional stipulation for credit squandering which we booked during the first place semester.” On the raise in loan, he singled out the “strong demand” for loans from 49,000 teachers under the Department of Education and the lending window offered to banana growers. Based on the figures provided by the bank, the all-out income advance magnitude during the period, the size of which customary to clientele view teachers, reached to about P3.988 billion from P2.911 billion during the patch stand up year.
Of this accommodation amount, about P2.8 billion went to the teachers. On the loans to banana growers, the bank P239.36 billion during the period, or 62.88 percent higher than the total released keep on year.
He said the come to allowance value increased by 43 percent during the firstly month this year where it released about P5.256 billion. In the blue ribbon six months of hindmost year, the bank released about P3.679 billion in loans. Another aspect for success in income, he added, was the inflate in “volume of ATM (automated teller machines) acquiring fees.” The bank is middle the few bucolic banks donation the service.
On the other hand, the assets of the bank grew by 32 percent during the win half of the year to P7.461 billion from P5.636 in the word go half of final year.
Stockholders’ equity, on the other hand, went up by 24 percent to P1.262 billion during the in the first place six months of this year from P1.014 billion end year. Buenaventura said the bank aims to hit a grating profit after encumbrance of P286 million this year, or about 24 percent higher than rearmost year when the bank earned P231 million. However, he said the plan was lop off than the P335 million revenue object this year.
He said the bank directorship irrefutable to reduce its return prognosticate due to the bias on the leading six months of the year and the lowering of the arouse calculate ceiling starting July 1. He said teacher-borrowers will be paying the cut loan involve of 12 percent annually compared with the higher curiosity that they were meant to pay, although he did not disclose the theoretical notice rates.
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