2004 - Asianbanks.net

EQUITABLE PCI BANK, INC. AND SUBSIDIARIESSTATEMENTS OF INCOME(Amounts In Thousands except Earnings Per Share)GroupParent CompanyYears Ended December 312003 2002 2003 20022004 (As restated - Note 2) 2004 (As restated - Note 2)INTEREST INCOMEReceivables from customers (Notes 4and 25) P=9,421,813 P=8,249,655 P=7,778,645 P=8,455,505 P=7,329,559 P=6,925,066Trading and investment securities 4,409,653 3,207,046 2,326,735 4,258,945 2,986,579 2,066,669Interbank loans receivable and securitiespurchased under resale agreements 1,097,891 894,600 604,697 1,107,502 936,571 556,489Deposits with other banks and others 988,590 367,778 560,288 400,315 449,123 525,90415,917,947 12,719,079 11,270,365 14,222,267 11,701,832 10,074,128INTEREST AND FINANCECHARGESDeposit liabilities (Note 25) 5,005,618 5,071,829 5,168,844 4,780,818 4,944,756 5,122,430Bills payable, borrowings and others 2,722,002 2,879,612 2,206,796 2,660,761 2,758,135 2,108,0407,727,620 7,951,441 7,375,640 7,441,579 7,702,891 7,230,470NET INTEREST INCOME 8,190,327 4,767,638 3,894,725 6,780,688 3,998,941 2,843,658PROVISION FOR PROBABLELOSSES (Note 10) 4,139,985 2,232,850 1,296,201 3,314,160 1,501,957 593,064NET INTEREST INCOME AFTERPROVISION FOR PROBABLELOSSES 4,050,342 2,534,788 2,598,524 3,466,528 2,496,984 2,250,594OTHER INCOMEService charges, fees and commissions 5,206,817 4,387,474 3,513,685 2,399,632 2,028,374 1,728,877Trading gains - net 348,493 1,579,766 1,767,392 324,637 1,543,509 1,738,914Foreign exchange profits - net 308,617 603,011 1,072,969 213,083 428,953 930,000Equity in net earnings (losses) ofsubsidiaries and associates (Note 6) (21,748) (29,679) (35,529) 855,279 1,008,060 758,851Miscellaneous (Note 19) 2,365,101 2,349,467 1,649,041 1,735,688 1,596,018 1,006,1428,207,280 8,890,039 7,967,558 5,528,319 6,604,914 6,162,784OTHER EXPENSESCompensation and fringe benefits(Note 17) 3,317,859 3,153,943 3,106,109 2,757,480 2,680,864 2,666,442Occupancy and other equipment-relatedexpenses (Note 18) 1,612,101 1,686,570 1,996,213 1,402,259 1,516,909 1,862,219Depreciation and amortization (Note 5) 1,212,392 1,146,432 1,012,350 952,145 774,946 789,474Taxes and licenses (Note 21) 1,149,867 427,486 841,864 877,771 338,831 637,514Miscellaneous (Note 20) 4,132,800 3,090,895 3,091,026 2,752,615 2,322,230 2,354,64811,425,019 9,505,326 10,047,562 8,742,270 7,633,780 8,310,297INCOME BEFORE INCOME TAX 832,603 1,919,501 518,520 252,577 1,468,118 103,081PROVISION FOR (BENEFITFROM) INCOME TAX (Note 21) (1,081,628) 526,275 (367,964) (1,557,869) 166,565 (687,624)INCOME BEFORE MINORITYINTEREST IN NET INCOME 1,914,231 1,393,226 886,484 1,810,446 1,301,553 790,705MINORITY INTEREST IN NETINCOME (103,785) (91,673) (95,779) – – –NET INCOME P=1,810,446 P=1,301,553 P=790,705 P=1,810,446 P=1,301,553 P=790,705Earnings Per Share (Note 26) P=2.79 P=2.01 P=1.22 P=2.79 P=2.01 P=1.22See accompanying Notes to Financial Statements.35