2004 - Asianbanks.net

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Changes in the allowance for probable losses follow:GroupParent Company2004 2003 2004 2003(In Thousands)Balance at beginning of yearIBODI P=154,286 P=153,200 P=124,645 P=119,592Receivables from customers 17,006,027 15,626,493 15,794,741 14,510,139Equity investments 663,077 612,767 322,610 322,610ROPOA 794,090 802,390 698,718 679,061Other resources 2,196,908 2,578,680 1,481,758 1,663,90520,814,388 19,773,530 18,422,472 17,295,307Provisions 4,139,985 2,232,850 3,314,160 1,501,957Accounts written off (331,295) (377,285) – (1,753)Reversals and other adjustments (6,454,207) (814,707) (6,950,218) (373,039)Balance at end of yearIBODI 17,696 154,286 15,645 124,645Receivables from customers 11,496,894 17,006,027 11,263,087 15,794,741Equity investments 1,146,356 663,077 696,547 322,610ROPOA 1,063,002 794,090 923,350 698,718Other resources 4,444,923 2,196,908 1,887,785 1,481,758P=18,168,871 P=20,814,388 P=14,786,414 P=18,422,472With the foregoing level of allowance for probable losses, management believes that the Group hassufficient allowance to take care of any losses that the Group may incur from the noncollection ornonrealization of its receivables from customers and other risk assets.11. Deposit LiabilitiesThis account consists of:Demand P=10,783,280GroupParent Company2004 2003 2004 2003(In Thousands)P=P=P=11,21 10,68 11,148,012 9,996 1,717Savings 128,852,508 125,476,797 126,053,940 123,427,244Time 53,884,551 49,349,393 52,829,162 48,736,351P=193,520,339 P=186,044,202 P=189,573,098 P=183,305,312Of the total deposit liabilities of the Group as of December 31, 2004 and 2003, 51.8% and 55.0%, respectively, aresubject to periodic interest repricing. Remaining deposit liabilities earn annual fixed interest rates ranging from 0.5%to 4.5% in 2004 and 2003, respectively.Under existing BSP regulations, non-FCDU deposit liabilities of the Parent Company are subject to liquidity reserveequivalent to 8% which increased to 10% starting February 5, 2004 and statutory reserve equivalent to 9%. Inaddition, ESB, a thrift bank, is subject to liquidity and statutory reserves equivalent to 2% and 6%, respectively, on itsdeposit liabilities. As of December 31, 2004 and 2003, the Parent Company and ESB are in compliance with suchregulations.The total liquidity and statutory reserves set aside are as follows:- 64-
GroupParent Company2004 2003 2004 2003(In Thousands)Cash P=7,369,125 P=7,221,979 P=7,285,405 P=7,124,666Due from BSP 2,007,833 5,286,693 1,751,379 5,129,645IBODI 14,318,939 12,287,492 14,200,310 12,205,795P=23,695,897 P=24,796,164 P=23,237,094 P=24,460,10612. Bills PayableThis account consists of borrowings from:GroupParent Company2004 2003 2004 2003(In Thousands)Foreign banks P=15,843,383 P=16,964,029 P=15,843,383 P=22,177,285BSP 1,810,298 1,292,738 1,604,861 1,042,832Local banks 1,189,740 1,876,560 – –Others 5,156,435 9,426,469 4,976,219 4,152,661P=23,999,856 P=29,559,796 P=22,424,463 P=27,372,778Interbank borrowings with foreign and local banks are mainly short-term borrowings. Peso borrowingare subject to annual fixed interest rates ranging from 1.1% to 3.2% in 2004 and from 1.2% to 2.6% in 2003; forforeign denominated borrowings, annual fixed interest rates range from 5.2% to 7.9% in 2004 and from 4.2% to6.4% in 2003.Bills payable - BSP mainly represent term borrowings availed through normal open markettransactions with the BSP. These are collateralized by eligible receivables from customers. Bills payable -others mainly represent funds obtained from DBP, LBP and SSS, which the Parent Company relends toborrowers availing of certain financing programs of these institutions (Note 4).13. Subordinated DebtOn October 15, 2002, the Parent Company’s BOD approved the raising of Lower Tier 2 capital through the issuancein the international capital market of subordinated bonds maturing in 10 years but with a call option exercisable after5 years subject to the provisions of BSP Circular No. 280. The bonds bear a coupon rate of 9.4% per annum withprovision for step-up after 5 years.The issuance of the foregoing subordinated bonds under the terms approved by the BOD was approved by the BSPunder MB Resolution No. 1660 dated November 12, 2002, as amended by MB Resolution No. 753 dated May 29,2003.Relative to this, on May 16, 2003 and June 5, 2003, the Parent Company issued US$130 million and US$70 million,respectively, 9.4% Subordinated Notes due 2013 (the Notes). Among the significant terms and conditions of theissuance of the Notes are:1. Issue price at 98.7% and 101.5% of their principal amount;2. The Notes bear interest at the rate of 9.4% per annum from and including May 23, 2003 to but excluding July 1,2008. Unless the call option is exercised, the interest rate from and including July 1, 2008 to but excluding July1, 2013 will be reset at the U.S. Treasury rate plus 10.8% per annum. Interest will be payable semi-annually inarrears on January 1 and July 1 of each year, commencing July 1, 2003;3. The Notes will constitute direct, unconditional, unsecured and subordinated obligations of the Parent Companyand will at all times rank pari passu and without any preference among themselves but in priority to the rights- 65-
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The Bank’s extensive distribution
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Robinsons Place Dasmariñas 2 Sep-0
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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 32 and 33: STATEMENT OF MANAGEMENT’S RESPONS
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 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
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2004 - Asianbanks.net

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