2004 - Asianbanks.net

More documents

Recommendations

Info

STATEMENT OF MANAGEMENT’S RESPONSIBILITYFOR FINANCIAL STATEMENTSThe Management of Equitable PCI Bank, Inc. and its subsidiaries is responsible for allinformation and representations contained in the financial statements for the years endedDecember 31, 2004 and 2003 and for each of the three (3) years in the period ended December31, 2004. The financial statements have been prepared in conformity with generally accountingprinciples in the Philippines and reflect amounts that are based on the best estimates andinformed judgement of management with an appropriate consideration to materiality.In this regard, management maintains a system of accounting and reporting whichprovides for the necessary internal controls to ensure that transactions are properly authorizedand recorded, assets are safeguarded against unauthorized use or disposition and liabilities arerecognized. The Management likewise discloses to the company’s audit committee and to itsexternal auditor: (I) all significant deficiencies in the design or operation of internal controls thatcould adversely affect its ability to record, process and report financial data; (ii) materialweaknesses in the internal controls; (iii) any fraud that involves management or otheremployees who exercise significant role in internal controls.The Audit Committee and the Board of Directors review the financial statements beforesuch statements are approved and submitted to the stockholders of the Bank.Sycip, Gorres, Velayo & Co., independent auditors appointed by the Stockholders, hasexamined the financial statements of the Equitable PCI Bank, Inc. and its subsidiaries inaccordance with generally accepted auditing standards in the Philippines and has expressed itsopinion on the fairness of presentation upon completion of such examination, in its report to theBoard of Directors and the Stockholders.(original signed)ANTONIO L. GOChairman of the Board(original signed) (original signed)RENE J. BUENAVENTURA RICARDO V. MARTINPresident & Chief Executive OfficerExecutive Vice President & ComptrollerSUBSCRIBED AND SWORN to before me this 15 th day of April 2005, affiants exhibiting to me their Community Tax(CTC), as follows:Antonio L. Go 14001165 Feb. 28, 2005 ManilaRene J. Buenaventura 02177321 Jan. 13, 2005 Makati CityRicardo V. Martin 14646159 Jan. 12, 2005 Makati CityDoc. No. _____Page No. _____Book No. _____Series of 200532
SGV & COSyCip Gorres Velayo &Co.6760 Ayala Avenue1226 Makati CityPhilippinesPhone: (632) 891-0307Fax: (632) 819-0872www.sgv.com.phBOA/PRC Reg. No. 0001SEC Accreditation No.0012-FReport of Independent AuditorsThe Stockholders and the Board of DirectorsEquitable PCI Bank, Inc.Equitable PCI Bank Tower IMakati Avenue corner H.V. de la Costa StreetSalcedo Village, Makati CityWe have audited the accompanying statements of condition of Equitable PCI Bank, Inc. and Subsidiaries (theGroup) and statements of condition of Equitable PCI Bank, Inc. (the Parent Company) as of December 31, 2004and 2003, and the related statements of income, changes in capital funds and cash flows for each of the threeyears in the period ended December 31, 2004. These financial statements are the responsibility of the Group’smanagement. Our responsibility is to express an opinion on these financial statements based on our audits.We conducted our audits in accordance with auditing standards generally accepted in the Philippines. Thosestandards require that we plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basis for our opinion.In our opinion, the financial statements referred to above present fairly, in all material respects, the financialposition of the Group and of the Parent Company as of December 31, 2004 and 2003, and the results of theiroperations and their cash flows for the years then ended in conformity with accounting principles generallyaccepted in the Philippines.Renato J. GalvePartnerCPA Certificate No. 37759SEC Accreditation No. 0081-ATax Identification No. 102-087-055PTR No. 9404006, January 3, 2005, Makati CityMarch 31, 2005SGV & Co is a member practice of Ernst & Young Global33
Page 6: The Bank’s extensive distribution
Page 10 and 11: Robinsons Place Dasmariñas 2 Sep-0
Page 12 and 13: Washington - Gil Puyat 5 May-05-200
Page 14 and 15: PART II - OPERATIONAL AND FINANCIAL
Page 16 and 17: ITEM 6. MANAGEMENT’S DISCUSSION A
Page 18 and 19: Prospects for the FutureThe Bank’
Page 20 and 21: Society Dialogue) and Member of the
Page 22 and 23: Specific slots for independent dire
Page 24 and 25: Grace A. Sumalpong, 48, is Senior V
Page 26 and 27: ITEM 11.SECURITY OWNERSHIP OF CERTA
Page 28 and 29: The total number of shares owned by
Page 30 and 31: SIGNATURESPursuant to the requireme
Page 34 and 35: EQUITABLE PCI BANK, INC. AND SUBSID
Page 42 and 43: • PAS 32, Financial Instruments:
Page 44 and 45: The Group will also adopt in 2005 t
Page 46 and 47: PCIB Securities, Inc. (PCIB Securit
Page 48 and 49: Receivables from customers also inc
Page 50 and 51: P=5 million and above and by intern
Page 52 and 53: Service charges and penalties are r
Page 54 and 55: IBODI consists of the following:Gro
Page 56 and 57: The following table shows informati
Page 58 and 59: 5. Property and EquipmentThe compos
Page 60 and 61: GroupParent Company2003(As20042003(
Page 62 and 63: As of December 31, 2004 and 2003, t
Page 64 and 65: Changes in the allowance for probab
Page 66 and 67: and claims of holders of all classe
Page 68 and 69: 2004 2003Due WithinOne YearDue Beyo
Page 70 and 71: GroupParent Company2004 2003 2004 2
Page 72 and 73: (As restated -Note 2)(As restated -
Page 74 and 75: These segments are the basis on whi
Page 76 and 77: Percent of past due non-DOSRI accou
Page 78 and 79: eceived SPV Notes amounting to P=2.
Page 80 and 81: Equitable Venture Capital Corp.Equi

2004 - Asianbanks.net

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?