Banco de Oro Universal Bank provides a - Asianbanks.net

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18B A N C O D E O R O
2 0 0 5 A N N U A L R E P O R T 19worth of fixed-income securities issued by government and private sector entities.Net Income was at P106M, bringing Total Resources and Capital to P1.2B and P1.1B,respectively.InsuranceThe Bank’s insurance business, through Generali Pilipinas and BDO Insurance BrokersInc. (BDOI), posted significant gains last year. BDOI registered over 50% growth ininsurance premiums, on the back of a 300% increase from the bancassurance segment.Generali Pilipinas likewise posted an industry-leading 97%growth in premiums, with bancassurance growing at a morerapid pace of 234%. Total premiums generated in 2005reached P1.3B, and represented a new record achievement forthe company. The company’s performance so far has been inaccordance with long-term strategic plans.RemittanceThe Bank’s Remittance business is starting to reap thebenefits from its expanded network of overseas partners, asremittance volumes increased by over 70% and the number oftransactions almost doubled compared to 2004. Net Income of the unit consequentlyincreased by over 200% during the year. Remittance added 20 new overseas partners,spanning a total of 26 countries. The Unit also expanded its domestic distributionsystem by partnering with SM department stores, a rural bank and other nontraditionalchannels to further improve accessibility and convenience to its clients.Remittance likewise developed a web-based, on-line tracking system to help bothremitters and beneficiaries monitor the status of their remittance transaction.Risk ManagementCredit & Risk Management focused its efforts on remedial management and strengtheningthe risk management function. Problem accounts were contained despite the exceptionalincrease in the loan and investment portfolios. Working with the Board Risk ManagementCommittee, the group implemented a series of policy and reporting changes that allowed
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Page 28 and 29: 26 BANCO DE OROStatements of Income
Page 30 and 31: 28 BANCO DE OROStatements of Cash F
Page 32 and 33: 30 BANCO DE OROThe following reconc
Page 34 and 35: 32 BANCO DE OROb. The re-measuremen
Page 36 and 37: 34 BANCO DE ORO2.5 Recognition as T
Page 38 and 39: 36 BANCO DE OROWith regard to inves
Page 40 and 41: 38 BANCO DE OROThe financial statem
Page 42 and 43: 40 BANCO DE OROAmounts accumulated
Page 44 and 45: 42 BANCO DE ORO3.15 ProvisionsProvi
Page 46 and 47: 44 BANCO DE ORO3.19 Impairment of N
Page 48 and 49: 46 BANCO DE ORO3.25 Trust Activitie
Page 50 and 51: 48 BANCO DE OROThe CRMG is also res
Page 52 and 53: 50 BANCO DE OROParent Company2004On
Page 54 and 55: 52 BANCO DE ORO3.28.4 Credit RiskCr
Page 56 and 57: 54 BANCO DE ORO6. DUE FROM OTHER BA
Page 58 and 59: 56 BANCO DE OROOther debt securitie
Page 60 and 61: 58 BANCO DE OROIncluded in these ac
Page 62 and 63: 60 BANCO DE OROParentLeasehold Furn
Page 64 and 65: 62 BANCO DE ORO14. OTHER RESOURCESO
Page 66 and 67: 64 BANCO DE OROBills payable bears
Page 68 and 69: 66 BANCO DE OROOther operating expe
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68 BANCO DE OROThe reconciliation o
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70 BANCO DE OROb. 10% VAT will rema
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72 BANCO DE OROAs part of the MOA,
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74 BANCO DE OROb. Secured Liabiliti
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76B A N C O D E O R OM a n a g e m
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78B A N C O D E O R OP r o d u c t
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80B A N C O D E O R OB r a n c h D
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82B A N C O D E O R OJOSE ABAD SANT
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84B A N C O D E O R OSM CITY PAMPAN
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