2004 - Asianbanks.net

These segments are the basis on which the Group reports its primary segment information. Other operations of theGroup comprise the operations and financial control groups. Transactions between segments are conducted atestimated market rates on an arm’s length basis. Interest is charged or credited to business segments based on apool rate, which approximates the marginal cost of funds.Segment information for the year ended December 31, 2004 follows:Consumer and Commercial Corporate InvestmentRetail Banking Banking Banking Banking Treasury Others TotalGross income P=7,922,418 P=4,895,093 P=2,923,139 P=500,796 P=4,552,659 P=3,331,122 P=24,125,227Segment result P=1,737,527 P=1,152,074 P=557,852 P=262,597 P=1,598,324 P=1,139,043 P=6,447,417Unallocated costs 5,593,065Profit from operations 854,352Equity in net losses ofassociates (21,748)Income before tax 832,604Benefit from income tax 1,081,627Minority interest (103,785)Net profit for the yearP=1,810,446Other InformationSegment assets P=52,813,190 P=58,585,980 P=56,602,288 P=1,798,903 P=74,226,071 P=33,985,504 278,011,936Intra-segment assets 2,387,584Investments in associates 4,660,552Unallocated assets 24,914,016Total assetsP=309,974,088Segment liabilities P=50,947,836 P=55,207,016 P=45,866,038 P=1,747,288 P=81,342,695 P=32,520,619 267,631,492Unallocated liabilities –Total liabilitiesP=267,631,492Other Segment InformationDepreciation P=571,570 P=12,533 P=6,966 P=5,212 P=57,748 P=558,363 P=1,212,39224. Commitments and Contingent LiabilitiesIn the normal course of business, the Group enters into various commitments and incurs contingent liabilities that arenot presented in the accompanying financial statements. The Group does not anticipate any material losses as aresult of these commitments and contingent liabilities.The following is a summary of the commitments and contingent liabilities at their equivalent peso contractualamounts as of December 31, 2004 and 2003:GroupParent Company2004 2003 2004 2003(In Thousands)Trust department accounts (Note 22) P=103,526,072 P=83,564,831 P=103,507,352 P=83,564,831Forward exchange bought 22,522,337 24,213,952 22,149,064 24,213,952Unused commercial letters of credit 11,557,196 13,206,849 11,544,496 13,206,849Forward exchange sold 6,689,461 9,577,882 6,620,082 9,577,882Spot exchange sold 2,531,777 946,254 2,531,329 946,254Inward bills for collection 1,431,372 3,159,781 1,431,372 3,159,781Spot exchange bought 983,875 389,706 984,422 389,706Outward bills for collection 950,339 835,550 950,339 835,374Late deposits/payments received 738,573 542,342 738,573 542,342Guarantees issued 449,184 1,114,775 449,184 1,114,775Interest rate swap receivable 305,000 775,000 305,000 775,000Interest rate swap payable 305,000 775,000 305,000 775,000Traveller’s check unsold 157,852 155,694 157,852 155,694Confirmed export letters of credit 29,788 19,104 29,788 19,104Currency swap payables – 349,969 – 349,969Currency swap receivables – 288,074 – 288,074Others 555,287 508,295 547,808 503,979- 74-