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Annual Report 2017

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Annual Report 2017 ANNUAL REPORT 2017 METRO CEBU PUBLIC SAVINGS BANK Email: [email protected] Address: Sia Bldg., N. Bacalso Ave., Brgy. Duljo Fatima, Cebu City Tel No.: 231-4043 / 231-3923 2 CONTENTS CORPORATE POLICY______________________________________________________ 3 Vision __________________________________________________________________ 3 Mission _________________________________________________________________ 3 Company Profile __________________________________________________________ 4 A MESSAGE FROM THE PRESIDENT _________________________________________ 5 Financial Highlights 2017 ___________________________________________________ 7 Financial Summary ______________________________________________________ 10 RISK MANAGEMENT FRAMEWORK __________________________________________11 Overall Risk Management Culture and Philosophy ______________________________ 11 AML Governance and Culture ______________________________________________ 12 CORPORATE GOVERNANCE _______________________________________________ 13 Governance Structure ____________________________________________________ 13 Chairman of the Board of Directors __________________________________________ 14 Board Composition_______________________________________________________ 15 THE BOARD OF DIRECTORS _______________________________________________ 16 Board Committees, Membership and Functions __________________________________ 21 Directors’ Attendance at Board and Committee Meetings __________________________ 27 List of Executive Officers ____________________________________________________ 28 INDEPENDENT FUNCTIONS ________________________________________________ 29 Compliance and Internal Audit ______________________________________________ 29 Dividend Policy ___________________________________________________________ 30 Related Party Transactions __________________________________________________ 30 Consumer Protection Practices _______________________________________________ 30 CORPORATE INFORMATION _______________________________________________ 31 Organizational Structure (as of December 31, 2017) ____________________________ 31 List of major stockholders _________________________________________________ 31 Products and Services offered ______________________________________________ 32 Bank Website ___________________________________________________________ 34 AUDITED FINANCIAL STATEMENTS (AFS)____________________________________ 35 3 CORPORATE POLICY Vision We are the Bank where clients, big or small, are treated as family and friends and be their needs are personal, professional, or in business. Our service is equitable, timely and urgent. Mission Our mission is to address the differences in the needs of our clients by offering comprehensive and flexible services and to extend them urgently and to treat each customer whether big or small with value, respect, and dignity. 4 COMPANY PROFILE In the early part of 1979, five (5) Cebuano businessmen combined their financial resources and formed a banking institution to cater to the credit needs and wealth management requirements of small business enterprises and market vendors of the Municipality of Talisay. The MCPSB progenitor financial institution was organized under the name of TALISAY PUBLIC SAVINGS AND LOAN ASSOCIATION, INC. with authorized capitalization of P5 Million. The purpose of the association was to engage in the business of a Savings and Loan Association as authorized by R.A. 3779, as amended: 1. To grant loans and receive deposits from the general public and pay interest on such deposits; 2. To encourage and promote the virtues of prudent cash management; 3. To help combat usury loans by making credit available to the savings public at very reasonable interest rates; 4. To educate the public about wealth management for growth and stability; and 5. To support the Government, particularly the Bangko Sentral ng Pilipinas, in its programs about financial education, practices, and policies. The Organization and its Expansion The TALISAY PUBLIC SAVINGS AND LOAN ASSOCIATION officially started operations on February 6, 1980 under a conservative Board of Directors. Having achieved a net earnings of P1.14 Million by 1986, the Board considered the expansion of the bank’s reach and operations. TALISAY PUBLIC SAVINGS AND LOAN ASSOCIATION initiated negotiation with other lending institution and on April 22, 1986 a Certificate of Authority and the Articles of Merger of the TALISAY PUBLIC SAVINGS AND LOAN ASSOCIATION, INC., RURAL BANK OF MACTAN and RURAL BANK OF CORDOVA were issued by the Central Bank of the Philippines with TALISAY PUBLIC SAVINGS AND LOAN ASSOCIATION as the surviving financial institution, at the same time increasing its authorized capitalization of P25 Million. On March 14, 1987, the bank amended its charter and changed is name to METRO CEBU PUBLIC SAVINGS BANK. MCPSB maintained its Head Office at Tabunok, Talisay City, a branch at Lapu-Lapu City and, in 1991, a new branch at N. Bacalso Avenue, Cebu City – a banking network strategically placed in three (3) cities. 5 A MESSAGE FROM THE PRESIDENT Dear Stakeholders, Looking Back: The year 2017 was the most trying for MCPSB in its 38 years of existence. The heavy losses the Bank suffered in its operations the past two years were substantially eroding its capital and put a lot of stress in its liquidity position. The high turnover of Directors and key officers contributed to the problem as it created a lot of uncertainties to the stakeholders, especially among the employees. The Bank was in really bad shape having been in PCA since 2010 and the latest CAMELS rating of 2 after the 2017 BSP audit put the Bank in a very precarious situation. These challenges persisted up to the end of the first semester 2017. However, the Bank was able to liquidate 34% of its ROPA beginning of the second semester, thus was able to achieve a turn-around by year-end. The unwavering commitment of the stockholders to support the Bank to stay afloat was the game changer. The MCPSB registered a gross income of P39.21M in 2017, 68% or P26.53M of which are gains from ROPA sale. The gross income is 176% and 195% higher as compared to the P14.20M and P13.28M gross income for 2016 and 2015, respectively. Despite the steady increase year on year of other expenses to P22.53M from 20.61M in 2016 and 18.79M in 2015, and the booking of additional ACL of P12.48M, the Bank was able to post a modest income before income tax of P3.21M in 2017. This figure, however was a huge jump from the losses of P14.73M and P14.79M incurred in 2016 and 2015, respectively. Interest income of P12.68M grew by only P1.63M and P3.56M against the 2016 and 2015 figures. Income from loans was mainly brought about by the loans released in prior years which had higher interest rates. Last year, 2017 lending operations contributed a little to the income due to the low loan releases which amount to P48.0M only for the entire year and the market adjusted interest rates on loans. The risk adjusted interest rates pricing are very necessary for the Bank to stay competitive. Assets are growing, but at a slow pace. The collection outpaced the low loan releases in 2017 which resulted to a reduction in the loan portfolio to P88.538M as compared P104.36M and P95.22M for 2016 and 2015 data. The Bank has achieved significant gains in 2017 towards its goal to exit the PCA status. The Bank posted a profit, though modest and the PDIC rating of Acceptable in all audit issues during the recent validation. This significant result was due to improvements in internal control environment and enhanced risk management. 6 Looking Inward: The Board of Directors has set a clear direction for the Bank, towards enhancing business operations and increasing efficiency. The new organizational structure was approved, vacancies were almost filled up. These developments have substantially reduced the risks in operations, thus improving internal control and compliance to regulations. The new accounting and loan systems in place have substantially addressed the reconciliation issues and minimized the penalties incurred due to erroneous or delayed report submission. Benchmarking of salaries and allowances was undertaken, its implementation will require higher cost to the Bank but is necessary to address the high turnover of employees and attracting high potential applicants. The weaknesses in compliance and audit are still there but will be accordingly addressed in the next few months. Looking Forward: The Management are looking into rebranding of the Bank, considering new name, additional products and services such as Current Accounts and ATMs to address the needs of its growing clients. And to be able to participate in the National Retail Payment System of the government to stay relevant. The relocation of the corporate office including Bacalso and Tabunok Branches are being considered to improve access and improve competitiveness. These improvements will be vital for the success of the Bank as it increases the confidence of the stockholders to infuse needed capital to comply with the regulations, and even for interested potential investors who are looking for opportunities to optimize yield of their excess liquidity. The commitment of BOD and the Management to improve on the risk management including the competitiveness of the Bank, and the fresh capital committed by the Stockholders will surely serve the Bank well in its desire to achieve a sustained profitable operations and desired growth. Directions: Conduct strategic planning by end of
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