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6B A N C O D E O R O“The Bank has been judged amongthe best managed companiesfor 2005 by three prestigiouspublications- Asiamoney, Euromoneyand Finance Asia. Their consensusview is the best recognition of ourperformance for 2005. For that,we thank you - our shareholders,customers, officers andstaff - for your continued supportand trust.”Nestor V. TanPresident
2 0 0 5 A N N U A L R E P O R T 7M e s s a g e f r o m t h e P r e s i d e n tThe year 2005 was another banner year for Banco de Oro (BDO). Werecorded a net income of Php 2.54bn, the highest in the Bank’s history andan increase of 29% over 2004 figures. Resources likewise increased by 30%to Php 233.7bn, enough to make the Bank the fifth largest in the country.Beyond the headline numbers is also a strong performance by the Bank across allbusiness lines. Despite the uncertain economic environment, we have been able to keepour growth and development targets on track. Loans and deposits have grown 36% and24% respectively, outpacing the industry in a big way. Consumer lending now comprisesa meaningful share of our loan portfolio. Our fee generating businesses continue tobe strong. Our trust, transaction banking, and investment banking businesses are nowconsidered among the leaders in the industry and making major contributions to profit.Remittances and bancassurance are starting to achieve critical mass. Our balance sheet isamong the strongest in the industry .Beyond organic growth, we also made strategic moves to further fuel our long-termgrowth. We acquired the 66-strong retail branch network of United Overseas BankPhilippines to strengthen our distribution network. Together with SM InvestmentsCorporation, we took a strategic stake in Equitable PCI Bank (EPCI) and EquitableCard Network Inc., paving the way for future cooperation and partnership betweenthe two banks. A merger of BDO and EPCI would create a dominant industry playerwith market leadership in a number of business lines. On the capital markets side, wemade preparations and had a successful issue in 2006 of our Global Depository Receipts(GDRs). These GDRs are listed in the London Stock Exchange, creating another venuefor capital raising should the need arise.Our progress has not gone unnoticed. The Bank has been judged among the bestmanaged companies for 2005 by three prestigious publications- Asiamoney, Euromoneyand Finance Asia. Their consensus view is the best recognition of our performance for2005. For that, we thank you - our shareholders, customers, officers and staff - for yourcontinued support and trust.Accolades however, reward what we have accomplished. It is by no means a guaranteeof good performance in the future. We should and will continue to build on our success.There is still a lot of room for us to improve and we remain committed to makingBanco de Oro Universal Bank the best bank in the country.Asia Money 2006 Awards for“Best Managed Company(Medium-Cap Category)”EuroMoney 2005 Real Estate Awards for“Commercial Banking in the Philippines”
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Page 28 and 29: 26 BANCO DE OROStatements of Income
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Page 32 and 33: 30 BANCO DE OROThe following reconc
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Page 54 and 55: 52 BANCO DE ORO3.28.4 Credit RiskCr
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56 BANCO DE OROOther debt securitie
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58 BANCO DE OROIncluded in these ac
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60 BANCO DE OROParentLeasehold Furn
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62 BANCO DE ORO14. OTHER RESOURCESO
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64 BANCO DE OROBills payable bears
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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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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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