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4B A N C O D E O R OM e s s a g e f r o m t h eC h a i r m a n E m e r i t u sOver the past years, we have made significant progressin developing Banco de Oro into one of the bestbanks in the Philippines. This year marks anothermilestone in the development of Banco de Oro.We registered record profits of P2.54 billion and, based onresources, Banco de Oro is now the fifth largest bank in thecountry. Despite the rapid growth, the balance sheet remainsamong the strongest. It boasts of a high capital ratio and thelowest non-performing asset level among universal banks. Wecontinue to build on our programs for Corporate Governance.I have often said that success does not happen overnight,and Banco de Oro’s success is no different. Its performance hasbeen marked with consistent growth and quality profits, earningit recognitions from the international investing community.Asiamoney awarded it as the Best Managed Company - MediumCap category and Euromoney awarded it as the Commercial Bankof the Year in the Philippines. Most recently, Finance Asia cited itas among the best managed companies in the Philippines.Let me take this opportunity to say thank you to all thepeople who have made this success possible. To our customers,thank you for your continued support and patronage, to ourofficers and staff, thank you for your commitment, dedication andcontributions, and to my fellow shareholders, thank you for yourtrust. Together, we are on our way to making Banco de Oro thebest bank in the country.Henry Sy, Sr.Chairman Emeritus
2 0 0 5 A N N U A L R E P O R T 5M e s s a g e f r o mt h e C h a i r m a nIt has always been our goal to make Banco de Oro the bestbank in the Philippines. While we still have a long way to go,we are certainly making good strides in that direction. 2005was another banner performance for the Bank with profits of2.54 bn, continuing the earnings momentum that has been buildingup the last few years. In terms of resources, the Bank is now amongthe top five in the industry. Asset quality and balance sheet remainsstrong. In terms of business mix, we have been able to build businesslines that now rank among the leaders in their respective fields. Noless than three prestigious publications – Asiamoney, Euromoney andFinance Asia – recognize it as among the best managed institution inthe country, an honor we all should be proud of.The Bank’s performance notwithstanding, we also realize thatthe financial services industry is changing rapidly. New internationalreporting standards, BASEL 2, and the fast-paced development ofproducts and technology are all pushing banks to make adjustmentsin order to survive. At SM Investments Inc. (SMIC), we are cognizantof the implications of these changes. While we have made substantialprogress through organic growth, we cannot turn away opportunitiesthat may present themselves along the way. It is for this reason thatwe seized the opportunity to take a strategic stake in Equitable PCI(EPCI) last year. We view the potential partnership between BDOand EPCI as transformational for both and will create an institutionthat can vie for leadership in the Philippine banking industry.Whether this develops or not however, BDO will not wait idly forthings to unfold. With the United Overseas Bank Philippines acquisitionand the developments in its business lines, BDO will not run out ofopportunities to cover. It will continue to create its own growth pathwith or without the EPCI merger. In the meantime, I am delighted thatthe Bank moves from strength to strength with the passage of time.To the officers and staff of BDO, congratulations on a jobwell done. Rest assured that whichever direction BDO takes,SMIC will be there to support it.Teresita T. SyChairman**until August 5, 2005
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54 BANCO DE ORO6. DUE FROM OTHER BA
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56 BANCO DE OROOther debt securitie
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62 BANCO DE ORO14. OTHER RESOURCESO
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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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