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About First Consolidated Bank Chairman’s Message The world economy continues to grow; however, there are many risks threatening the delicate economic trade. US protectionism, Brexit, and nationalism in certain countries have potential adverse impacts. The uncertainty may cause global investment to fall as companies hoard cash, consumers curtail spending, and trade will decline, causing the real economy will suffer. The impact to the Philippine economy from the trade war will likely be minimal since the Philippines is not an export-oriented country. However, other issues posed larger risks to the Philippine economy in 2018: rising interest rates in the US encouraged outflow of hot funds back to the developed economies, the rising global price of oil as well as the rising local costs of rice (and other commodity products as a result) placed pressures on Philippine inflation. In order to combat the higher levels of inflation, the BSP raised Philippine interest rates by a total of 175 basis points in 2018. While inflation and interest rates continue to stabilize, there are still other factors which will affect the Philippine economy such as the upcoming election, OFW remittances, BPO revenues, and tourism. Considering these factors, the Philippines is still projected to be one of the fastest growing economies in the region. Strong consumer spending, OFW remittances, BPO earnings and the government’s Build Build Build program are all expected to continue to positively contribute to the Philippine economic growth. Heavy competition in the banking industry continues, and is expected to intensify. New lending competitors come in a vast number of forms outside of the formal banking structure—they include retailers, conglomerates, and even telcos are offering loan products via mobile phones. Global companies are already offering financial products in the Philippines through so many products under various entities. Because of this, FCB must be proactive in taking care of our existing customers and marketing new clients. Our income for the year 2018 remained strong, despite the extended delay in the renewal of the DepEd Terms and Conditions of APDS Accreditation (TCAA). This prolonged accreditation process affected all DepEd lenders. However, even with the delay, FCB continued to outperform the industry in all key banking ratios, such as return on equity and capital adequacy. For 2019, FCB will continue its niche strategy – serving customers in the countryside, where there is still a great deal of opportunity for us to grow. We will also continue to expand our small and medium enterprises’ portfolio, as the Philippines’ economic expansion provides many opportunities for SMEs. We are also excited to be working on many new initiatives, which include a mobile banking product, in order to enhance the services we provide our customers. FCB ANNUAL REPORT 2018 Page 2 We are grateful to our Almighty Father for all the blessings thus far. FCB’s performance is a result of the hard work and dedication of our management and staff, the continued trust of our customers, and strong support from our shareholders. I sincerely thank each member of the FCB team for the commitment and cooperation needed to keep moving FCB forward. Clariville Paz Uy-Evardone Chairman FCB ANNUAL REPORT 2018 Page 3 The President’s Report FCB continues to perform well despite the challenges in 2018. FCB sustained above banking industry performance in terms of capital adequacy ratio, return on equity and return on assets. This is primarily due to the patronage of FCB’s customers, the team effort of the Bank’s employees, and the support from our shareholders. Above all, we thank the Lord for such blessings since everything emanates from Him. Our total deposits grew by 5.99%, or from P11.303 billion to P11.980 billion. The deposit growth can be attributed to FCB’s core deposit growth in its niche market. The Bank’s “high tech and high touch” model enables FCB to effectively and efficiently deliver the financial services needed by its market. The PITAKArd brand of FCB continues to increase its customer base, fulfilling the increased demand of people in the countryside for safe and reliable electronic banking services. Total Deposits (in million pesos) 12,000 11,000 11,980 11,303 10,000 9,000 2017 2018 FCB ANNUAL REPORT 2018 Page 4 The Bank’s loan portfolio grew from P11.037 billion to P11.706 billion or 6.06%, which was attributed to higher placement in BSP overnight reverse repurchase investment. On the other hand, there was a slight decrease in the net loans granted to customers. Loans (Net) Customers BSP RRP 12,000 826 2,090 10,000 8,000 6,000 10,210 9,616 4,000 2,000 - 2017 2018 The 6-month delay in the renewal of accreditation with the Department of Education regarding automatic payroll deduction system resulted in the slowdown in loan grants. All financial institutions with DepEd loans underwent the same process of accreditation. We believe that the new lending parameters will be beneficial to the borrowing customers and the lending banks in the long term. As a consequence, the profit for the year 2018 posted a slight decrease from P584 million to P561 million or 3.92%. However, FCB’s return on equity or profitability ratio continues to be higher than industry. Additionally, all other sectors of the Bank’s loan portfolio showed positive growth, as well as its deposit portfolio. NPAIT (in million pesos) 700 600 500 584 561 400 300 2017 2018 Lending in the 2 nd half of 2018 resumed normal operations. While the adjustments due to the changes in the TCAA will continue to be felt by all DepEd lenders, FCB is cautiously optimistic for 2019. FCB ANNUAL REPORT 2018 Page 5 The Bank’s total resources grew from P17.813 billion to P18.360 billion or 3.07%, while the total capital posted an increase from P4.329 billion to P 4.816 billion, or 11.24%. FCB continues to maintain a managed and conservative growth. Total Resources (in million pesos) 19,000 18,000 17,000 18,360 17,813 16,000 15,000 2017 2018 Total Capital (in million pesos) 6,000 5,000 4,000 4,329 4,816 3,000 2017 2018 FCB continues to be a well-capitalized financial institution. The risk-based capital adequacy ratio of 33.27% is much higher than the industry, and most banks. FCB’s CAR is compliant with Basel 3 capital requirements, and is also well above the BSP CAR requirement of 10%. The higher the CAR, the better capitalization for a bank. FCB ANNUAL REPORT 2018 Page 6 In terms of key financial indicators, FCB garnered the following: 2017 2018 Return on Average Equity (ROE) 14.30% 12.23% Return on Average Assets (ROA) 3.60% 3.15% Risk-based Capital Adequacy Ratio (CAR) 29.25% 33.27% In comparison to the average of the thrift bank (TBs) industry, your bank continues to perform well, as indicated in the table below: TBs FCB ROE 10.27% 12.23% ROA 1.31% 3.15% CAR 15.96 % 33.27 % In 2018, we implemented the following projects: 1. Opening of the following branches and branch-lite units: a. Koronadal City branch, South Cotabato b. Nabunturan branch-lite unit, Compostela Valley c. Kiamba branch-lite unit, Sarangani 2. Conducted regular cluster meetings among branches to update all employees on recent operational guidelines. And, to update the branches on most recent policies and circulars from the government regulators i.e. BSP, AMLC, etc. 3. Continued enhancements to all hardware, communication, and software resources. 4. Started the enhancement of the Bank’s PITAKArd system with the development of a new product using the QR (Quick Response) Code. It is envisioned that this new product will allow consumers from far flung areas to do banking transactions. FCB ANNUAL REPORT 2018 Page 7 Moving forward, FCB will continue its goal of further loan diversification, while maintaining the Bank’s business philosophy of managed growth using modern technology in a uniquely FCB business model. In closing, I would like to say thank you to our dear customers for your continuing support and to the employees for your dedication and hard work. My sincere gratitude also goes to our shareholders for the trust and confidence you have extended to the officers and staff of the Bank. Thank you and God bless us all. Joseph M. Lacea President April 20, 2019 FCB ANNUAL REPORT 2018 Page 8 ABOUT FIRST CONSOLIDATED BANK WHO WE ARE First Consolidated Bank is a private development bank, established in 1982 when 14 rural banks in Bohol, namely Rural Banks of Antequera, Baclayon, Carmen, Catigbian, Cortes, Dauis, Inabanga, Loay, Pilar, Sierra-Bullones, Tagbilaran, Talibon, Tubigon and Ubay agreed to put their resources together to form the first ever consolidated rural bank in the entire country. The consolidation resulted in the conversion of these rural banks into branches of FCB. The Bank changed its status from rural to development bank in February 1997. FCB is an independent bank not affiliated with any bank holding company and has 2,174 shareholders. FCB operates its Head Office in Tagbilaran City and has seventy nine (79) branches and fifty two (52) branch-lite units located all across the Philippines. WHAT WE DO As a private development bank, FCB provides basic banking services to its clientele. The Bank serves its customers through deposits, loans and other banking services through its branches that are mostly strategically located in the countryside where majority of the clients are situated. The Bank has 79 branches all over the Philippines, with 17 in Luzon, 45 in Visayas, and 17 in Mindanao.
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