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2018 Annual Report

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2018 Annual Report TABLE OF CONTENTS 2 Company Profile 4 Vision, Mission, and Service Promise 5 Economic Report and Forecast 6 Message from the Chairman 8 Q&A with the President and CEO ABOUT 10 Products and Services THE 13 Financial Highlights 14 Operational Highlights COVER 20 Corporate Social Responsibility OUR LEAVES 22 Corporate Governance OF CHANGE 32 Consumer Protection 36 Table of Organization New thinking is leading the transformed business of Bank of 38 Board of Directors Commerce in a digitized industry. 51 Senior Executive Team The theme and design reflect our 55 Management Committees new approach to a seamless banking 57 Risk Management experience. The convergence of multiple digital tools and platforms in 68 Capital Management our digitized leaves reflects how the 72 Internal Audit Division Report brand empowers the customers of the future. 73 Statement of Management's Responsibility for Financial Statements 74 Audited Financial Statements ABOUT OUR PAPER 75 Report of Independent Auditors 78 Statements of Financial Position The 2018 Bank of Commerce Annual report cover and main pages were 80 Statements of Income printed on Tocatta paper certified 81 Statements of Comprehensive Income by the Forest Stewardship Council (FSC). The FSC certification ensures 82 Statements of Changes in Equity that materials come from responsibly 84 Statements of Cash Flows managed forests that provide environmental, social and 86 Notes to the Financial Statements economic benefits. Kodak Sonora process-free plates, 209 Senior Officers non-petroleum-based soy ink, and 212 Branch / ATM Directory a Heidelberg carbon neutral offset press were utilized in the printing 217 Annex A - Related Party Transactions of this report. COMPANY PROFILE 2 Bank of Commerce (the Bank) is one of the country’s Filipino-owned San Miguel Properties, Inc., a progressive commercial banks and is licensed by subsidiary of San Miguel Corporation (SMC), and San the Bangko Sentral ng Pilipinas (BSP). The Bank has Miguel Corporation Retirement Fund, the registered been operating since 1963 and traces its origins to retirement plan of SMC Group employees, became the Overseas Bank of Manila with headquarters in the controlling shareholders of Bank of Commerce Binondo, Manila. in 2008. San Miguel Properties, Inc. has 39.89% of ownership and San Miguel Corporation Retirement The Bank has since evolved through different phases Fund has 39.94% of ownership, as of December of growth. In 1980, the Overseas Bank of Manila 31, 2018. On January 16, 2013, the Securities and changed its name to Commercial Bank of Manila. Exchange Commission (SEC) approved the extension The following year, the Government Service of the corporate life of Bank of Commerce for another Insurance System (GSIS) acquired the Commercial 50 years from December 16, 2013. Bank of Manila and used “ComBank” as the Bank’s short name. In 1984, ComBank acquired Royal Bank of Commerce provides innovative banking Savings Bank. The First National Bank of Boston, solutions and a complete range of products and one of the oldest and leading banks in the United services in deposit, commercial loans, credit card States and a local investment group acquired services, consumer banking, corporate banking, ComBank in 1988. The Bank was then renamed treasury, asset management, transaction banking Boston Bank of the Philippines. and trust and investments. In terms of service reach, the Bank relaunched the Retail and Corporate In November 1991, the Bank changed its official name Internet Banking facilities with enhanced features to Bank of Commerce. With the buyout of the majority to encourage consumers and corporate clients interest of the First National Bank of Boston in 1993, to transact regular banking services such as bills Bank of Commerce was placed under complete payment, fund transfers, card loading, and other Filipino ownership. As part of its growth plans, Bank services via the internet banking platform. of Commerce acquired Pan Asia Bank and purchased selected assets and liabilities of Trader’s Royal Bank The Bank has a network of 139 Branches and 264 in 2001. These takeovers significantly increased the Automated Teller Machines (ATMs) strategically Bank’s presence in the banking industry. located nationwide, as of December 31, 2018. 3 ABOUT US VISION To be the Bank of choice for the business community, delivering total banking experience characterized by friendly and outstanding service with the desire to provide a better quality of life for all. MISSION Our business is professional banking. We commit to serve our clients with the highest standards of integrity and quality. We strongly believe in our human resources and dedicate ourselves to their continuous development. We will create value for our stakeholders by being among the top banks in the industry. In so doing, we contribute to nation building. We are Bank of Commerce. SERVICE PROMISE With integrity and financial stability, we commit to deliver superior service to you, our discerning customers. Through competent and warm professionals who understand, anticipate, and fulfill your needs with a sense of urgency in a safe and guest-friendly environment, we promise you a meaningful banking experience. 4 ECONOMIC REPORT AND FORECAST While the 2018 Gross Domestic Product (GDP) marked the 2017, and capital formation which surged by 13.9% in weakest pace of expansion in three years, the Philippine 2018 from 8.2% in 2017. Likewise, exports leveled up by economy was still able to grow by 6.2% in 2018, a 11.5% and imports by 14.5%. respectable growth rate vis a vis the Chinese and Vietnamese economies which grew by 6.6% and 7% respectively. The Philippine economy’s continuing growth gives financial institutions various opportunities to grow their The 6.2% gross domestic growth of the Philippines loan portfolios both for corporate accounts (lending was buoyed by the commendable performance of the for infrastructure, power, manufacturing, and other services sector which accounted for 56.2%, followed by expanding sectors) and consumer accounts (auto, home the industry sector at 34.8%. Construction proved to be and credit card loans). one of the biggest contributors to the industry sector. In the fourth quarter alone, it grew by 21.3%, its fastest The National Economic Development Authority (NEDA) growth since the first quarter of 2013. projects that the country will attain a GDP of 6.1% to 6.3% in 2019 and 6% in 2020. The International Despite political uncertainties across the globe, cash Monetary Fund and World Bank both see Philippine remittances remained strong, increasing to USD28,943 GDP at 6.5% in 2019 and 6.6% in 2020 while the Asian billion in 2018 from USD28,060 billion in 2017. Majority Development Bank gave more conservative figures with of the remittances came from the United States, Saudi GDP at 5.7% in 2019 and 5.6% in 2020. Arabia, United Arab Emirates, Singapore, Japan, United Kingdom, Qatar, Canada, Germany, and Hong Kong. With these projections in mind, Bank of Commerce With this, cash remittances from Overseas Filipino remains optimistic over the country’s economic Workers are expected to remain strong, making it a growth. We will continue to provide seamless banking steady source of foreign exchange. experience. We are equipped to serve and empower our customers by giving them access to improved branch Fueling growth further is the increase in government services, more consumer products, and better financing spending which went up by 12.8% in 2018 from 7% in and investment opportunities. 5 2018 proved the resiliency of the Philippine economy as it attained a 6.2% growth rate, remaining among the fastest growing economies in Asia. Although this was the slowest the economy has grown in three years, it was still a remarkable feat considering the challenges brought on by external and internal factors. In December 2018, the country earned a credit rating of BBB from Fitch, one notch above minimum investment grade. The World Bank was equally optimistic, forecasting GDP growth at 6.5% in 2019 and 6.6% in 2020 for the country. The slowdown affected the banking industry, which posted modest gains. Philippine banks registered earnings of PHP178.83 billion, up by 6.4% from 2017. While universal and commercial banks posted an increase in profits by 9.3% to PHP159.93 billion from PHP146.33 billion, earnings of mid-sized banks decreased by 11.7% to P15.83 billion from PHP17.94 billion. Bank of Commerce recorded total assets of PHP154.08 billion, up by 9.7% 2017, and a net income of PHP425 million in 2018, down by 32% from the previous year. There were significant double-digit growth rates in specific areas: 46% in credit card portfolio, 30% in Assets Under Management (AUM), 24% in consumer loan portfolio, 16% in core deposits, and 14% in corporate loan portfolio. 6 MESSAGE FROM THE CHAIRMAN Faced with such an economic landscape, the Bank launched initiatives which played on its strengths. By consolidating existing relationships, it was able to expand its reach and coverage, and create new business opportunities. By focusing on customer concerns, it was able to provide efficient and timely service, and introduce new products and services. One of the most significant developments of 2018 was the appointment of Michelangelo R. Aguilar as President and CEO on last July 16. With over 35 years of banking experience in the areas of Corporate Banking, Global Markets, and Treasury, Mr. Aguilar has the expertise and experience to steer the Bank towards a prosperous future. He is supported by a strong Senior Executive Team, which now has 19 members. With the positive prospects for the next two years, the Bank lays the groundwork for growth by pursuing the digitalization of operations and the empowerment of the workforce. By empowering staff and systems with appropriate technology, the Bank hopes to continue providing superior service to its clients, build a more profitable business for its stakeholders, and become a partner in the continuing progress of the nation.
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