Via ODiSy March 22, 2012 PHILIPPINE STOCK EXCHANGE ... - BDO

Total Equity grew by 9% to P97.0 billion owing to the Bank’s profitable operations.Contingent Accounts – 2011 vs. 2010Total Contingent Accounts climbed 16% to P1.3 trillion on account of the following:• Trust Department Accounts increased 25% to P711.4 billion from a larger portfolio of funds managed.• Unused Letters of Credit and Outstanding Guarantees Issued rose 8% and 42% to P33.4 billion andP1.2 billion, respectively, owing to higher volume of trade transactions.• Bills for Collection and Late Deposits and Payments Received grew by 9% and 44% to P6.0 billion andP2.2 billion, respectively, due to a larger volume of outstanding transactions as of year-end 2011.• Increased treasury activities brought about the following:• Spot Exchange Bought surged 116% to P7.8 billion• Spot Exchange Sold rose by 7% to P4.5 billion• Forward Exchange Bought went up by 6% to P151.9 billion• Forward Exchange Sold grew 16% to P188.6 billion• Other Contingent Accounts expanded 18% to P133.1 billion primarily from an increase in committedcredit card lines on account of a larger cardholder customer base.Export L/Cs Confirmed declined 25% to P97 million from reduced levels outstanding as of the cut-off date.Likewise, Interest Rate Swap Receivable and Interest Rate Swap Payable dropped 66% and 67% to P8.8billion and P8.6 billion, respectively.Income Statement – For the years ended 31 December 2011 vs. 2010Net Income attributable to Equity holders of the Parent Company improved 19% to P10.5 billionprimarily owing to higher fee-based income and foreign exchange gains.Net Interest Income was slightly down by 1% to P33.8 billion as higher loan volumes and animprovement in funding mix coming from an expansion in low cost deposits, were tempered bydeclining market rates and competitive pricing pressures. The Bank continued with itsconservative asset approach setting aside P6.1 billion in Provision for Impairment Losses for loans,securities and other assets.Other Income grew by 17% to P20.9 billion led by increases in recurring fee-based income fromTrust, credit cards, electronic banking and payments as well as capital markets businesses.Foreign Exchange Gain also soared to P1.7 billion due to increased trade transactions, OFWremittances as well as treasury trading activities. On the other hand, Trading Gain was down 16%to P4.7 billion owing to less favorable market conditions in 2011.Operating Expenses were prudently managed, showing a growth of 4% ending at P36.3 billion.The increases were mainly from the following accounts:• Insurance expenses rose 12% owing to higher deposit levels.SEC FORM 17-A 40