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Annual Report 2008

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Annual Report 2008 1 Chairman’s Message Annual Stockholders Meeting April 19, 2014 FCB continued to perform well in 2013 and is cautiously optimistic for 2014. FCB shareholders also continue to receive an above market return on their investments. Our solvency and liquidity continue to be significantly better than our competitors and this is for the protection of our depositors. FCB will always manage for optimum performance rather than reckless growth. There were two major calamities in 2013: a 7.2 magnitude earthquake and super typhoon Yolanda. A calamity brings the best and the worst out of people. I believe that as an organization, FCB was able to stand the test of character. FCB provided assistance to the calamity victims but did not publicize its role. FCB was able to resume operations immediately after the earthquake and typhoon such that our customers got access to financial services, despite a very challenging environment. Even in Tacloban, FCB was one of the few banks that was able to resume operations far ahead of the others. The capability of the bank to respond well to adversity is not by chance. Our Disaster Recovery Plan enabled the bank to prepare for contingencies, and the dedication of our staff enabled us to implement such a program. The world economy is expected to grow at 3% for 2014, anchored by the recovery of developed countries such as the US, Europe, and Japan. China and India will also continue to grow. Countries in East Asia continue to have good economic growth. However, there are global risks and certain countries will have adverse conditions. The year 2014 will be challenging but the Philippine economy is still expected to grow at 6%. Some institutions have forecasted even higher growth rates. The US has started to taper off its stimulus program which will result in a reduction of the funds available for an emerging economy like the Philippines. The tapering off, expected slight increase in interest rates, and inflation will have a slight impact on growth. An increase in interest rates is expected. OFW, BPO, and consumer consumption will continue to be the major economic contributors for 2014. The real estate and construction industry will continue its frenzied activities but demand is expected to slow down. FCB should now get ready for the impact of ASEAN on the Philippine economy. We believe that our strategies, infrastructure, and personnel will enable us to compete even in a more competitive market. As financial transactions become more global, the Philippine banks become dwarves against international banks if based on size. Size, too big to manage, and too much leverage are a dangerous combination. Productivity and the quality of service have always been the most important factors in ensuring sustainability. 2 I am very appreciative to the customers, shareholders and employees who have made FCB what it is today. We are cautiously optimistic for 2014 and expect continued growth of the business. We thank the Lord for all the blessings and support. Respectfully yours, Richard Uy Chairman 3 President’s Report 2013: Another Year of Sustained Growth The year 2013 yielded another year of sustained growth of the bank, amid intense competition in the banking industry and the slow global recovery. It was another year of achievement based on our defined strategy of growth. Despite the series of calamities in 2013, I am indeed happy to report to you that the First Consolidated Bank continues to post sustained growth in all financial indicators and the opportunities for sustained growth in the years ahead are already in place. The 7.2 magnitude earthquake and Super typhoon Yolanda brings out the best in FCB’s people and resources and put to test our Disaster Recovery and Preparedness Program with flying colors. We were among the first to resume operation both in Bohol and Tacloban, the epicenters of these twin calamities. FCB’s management focused on its continuing core mandate of efficiently serving and managing the trilateral relationship between the various needs of our human resources, clients and the stockholders to better serve the community and the environment we operate. We take to heart our triple bottom line approach of sustained revenue growth, environmental concerns and social equity and development. Our continuing investment in human resource development, information and communication technology modernization and upgrading of products and services to meet the needs of the community enabled the bank to maximize market share in our areas of operation. The bank continued to open new branches and marketing centers in growth centers and the countryside where we can address the financial needs of a wider clientele. The bank strengthened its financial services and opened new products that are needed in the service areas. It has invested in more automated teller machines (ATMs) and electronic fund transfer/point of sale (EFT/POS) terminals. The bank focused on its core businesses, doing business in the countryside and growth centers and catering to the retail markets, consumer market, agriculture sector, and micro, small and medium enterprises. In line with its commitment, the bank has continued to serve as a catalyst for development in the countryside and growth centers. FCB made a strong financial performance and also increased its investments on people and community, particularly in the field of health, education, and livelihood. Its investments in people and the communities have created areas of opportunity in bringing together the interest of the bank and the communities. 4 FINANCIAL HIGHLIGHTS Despite the continuing global economic uncertainties, peace and order problems, and natural disasters, the Philippine economy made a lot of economic progress. With these backdrops, FCB has continued to perform far better than the industry and has attained increases in revenues, net income, and growth in assets and loans. The bank’s financial results continue to be better than industry averages in the Philippine banking system, as shown in the financial highlights below: For the year 2013 2012 Revenues P1,256,306,583 P1,208,581,291 Net Income P353,914,406 P288,596,439 Earnings per Common Share P229 P187 Return on Average Assets 3.60% 3.39% Return on Average Equity 17.48% 16.89% Net Interest Margin 9.93% 10.19% Risk-based Capital Adequacy Ratio 24.20% 27.36% At the end 2013 2012 Total Assets P10,548,688,049 P10,343,447,582 Total Loans (net) P6,336,145,165 P6,136,788,658 Total Deposits P6,510,870,331 P5,537,561,420 Total Shareholders’ Equity P2,237,836,700 P1,880,948,702 Book Value per Common Share P1,444.80 P1,214.32 Common Shares Issued and Outstanding 1,544,752 1,543,312 ASSETS As of end of December 2013, the bank’s total Assets reached P 10.548 billion, registering an increase of P205 million, or 1.98 percent. Loans and Discounts, Held to Maturity Investments and Due from Bangko Sentral ng Pilipinas accounted for 78.65% of total assets. The rest came from increases in Cash and Other Cash Items; Due from Other Banks; Sales Contract Receivable; Bank Premises; Computer Software; Deferred Tax Assets and Other Assets. Table 1. Comparative Assets of the Bank, 2013 and 2012. December 31 Increase/Decrease ASSETS 2013 2012 Amount % Cash and Other Cash Items P480,358,004 P410,572,496 P69,785,508 17.00% Due from BSP 1,953,563,397 2,420,910,701 -467,347,304 -19.30% Due from Other Banks 638,482,188 285,006,780 353,475,408 124.02% 5 Loans & Disc (net) 6,336,145,165 6,136,788,658 199,356,507 3.25% Held to Maturity Investments 7,076,736 7,915,440 -838,704 -10.60% Bank Premises, Furniture 512,963,110 503,622,828 9,340,282 1.85% and Fixtures and Equipment Investment Properties (net) 230,640,609 317,645,881 -87,005,272 -27.39% Sales Contracts Receivable (net) 54,241,720 42,721,172 11,520,548 26.97% Computer Software - net 12,399,050 11,724,609 674,441 5.75% Deferred Tax Assets 137,175,349 127,943,537 9,231,812 7.22% Other Assets -net 185,642,721 78,595,480 107,047,241 136.20% Total Assets P10,548,688,049 P10,343,447,582 205,240,467 1.98% CASH AND OTHER CASH ITEMS DUE FROM BSP AND OTHER BANKS Cash and other Cash Items increased by P70 million, or 17 percent, over the balance in 2012 due to higher level of cash requirement at year-end. Due from BSP went down to P1.9 billion or a decrease of P467 million or -19.30% over the balance of the same period in the previous year as part of efficiently managing the liquid funds mix to best serve the need of the bank. Due from other banks went up by 124.02% or P353 million over its balance in the previous year as part of maximizing revenues while maintaining the liquidity equilibrium for the bank. HELD TO MATURITY INVESTMENTS Held to Maturity Investments decreased by P838 thousand or -10.60% as part of the bank’s overall liquidity management strategy. OTHER ASSETS Other Assets (net) of the bank increased by 136.2% as the outstanding balance of the account in the previous year with only P78.59 million. LOANS The bank posted an increase in its Loan Investments. The growth in loan investments was 199.36 million compared to the previous year. Total loan investments reached P6.336 billion, from P6.136 billion in the previous year. Customer acceptability of FCB credit products continues to be sustained. Loan investments were evenly distributed to agriculture, wholesale and retail trade, manufacturing, consumer and real estate.
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