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2018 Annual Report Table of Contents

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2018 Annual Report Table of Contents 2018 ANNUAL REPORT TABLE OF CONTENTS 1 Financial Summary / Financial Highlights 2 Corporate Objective & Vision-Mission 3 The PNB Brand 4 Scope of Business 5 Business Model 6 Chairman’s Message to Shareholders 10 President’s Message to Shareholders 14 Operational Highlights 22 Plans for 2019 23 PNB Core Values 24 Awards and Recognitions 26 Message from the Board Strategy and Policy Committee Chairman 28 Capital Structure and Adequacy 31 Message from the Board Oversight RPT Committee Chairman 33 Message from the Risk Oversight Committee Chairman 34 Risk Management Disclosure 49 Message from the Board Audit and Compliance Committee Chairman 52 Message from the Board IT Governance Committee Chairman 54 Message from the Corporate Governance Committee Chairperson 56 Corporate Governance 70 Sustainability Report 90 GRI Content Index 95 Profiles of the Board of Directors 109 Profiles of the Management Committee OUR COVER 116 PNB Subsidiaries and Affiliate Philippine National Bank (PNB) is 118 Market Price of and Dividends on PNB Common Equity committed to a future of stability, service excellence, and continuous improvement 120 Financial Statements – qualities that have defined us for more 130 Products and Services than a century now. We dedicate ourselves to always putting our customers first 137 Management Directory through relevant financial solutions that cater to their needs in every stage of their 141 Branches and Offices lives. PNB is driven to serve You First. FINANCIAL SUMMARY/ (inFINANCIAL thousands except selected ratios, HIGHLIGHTS per common share data and Headcount) GRI 201-1 Consolidated Parent Entity Minimum Required Data 2018 2017 2018 2017 Profitability Total Net Interest Income 27,001,724 22,023,968 23,461,884 19,062,428 Total Non-Interest Income 11,682,130 10,376,503 11,117,810 9,723,406 Total Non-Interest Expenses 27,387,607 23,340,331 23,713,090 20,463,394 Pre-provision profit 11,296,247 9,060,140 10,866,604 8,322,440 Allowance for credit losses 1,740,177 903,595 1,401,528 161,877 Net Income 9,556,070 8,156,545 9,465,076 8,160,563 Selected Balance Sheet Data Liquid Assets 233,696,186 243,339,461 218,059,477 224,137,498 Gross Loans 574,476,950 482,300,156 503,049,694 426,567,167 Total Assets 983,648,186 836,356,705 911,800,586 778,972,522 Deposits 733,301,478 637,920,257 683,397,406 596,405,038 Total Equity 128,559,012 119,737,949 125,650,447 117,079,445 Selected Ratios Return on equity 7.70% 7.10% 7.80% 7.27% Return on assets 1.05% 1.03% 1.12% 1.10% CET 1 capital ratio 13.55% 14.58% 10.85% 11.25% Tier 1 capital ratio 13.55% 14.58% 10.85% 11.25% Capital Adequacy Ratio 14.35% 15.35% 11.63% 12.03% Per common share data: Net income per share: Basic 7.58 6.53 7.58 6.53 Diluted 7.58 6.53 7.58 6.53 Book value 100.59 93.74 100.59 93.74 Others Cash dividends declared - - Headcount Officers 4,011 3,958 Staff 4,255 4,276 2018 ANNUAL REPORT CORPORATE OBJECTIVES PNB aims to continually provide the best customer experience to generations of Filipinos here and abroad. MISSION STATEMENT We are a leading, dynamic Filipino financial services group with a global presence committed to delivering a whole range of quality products and services that will create value and enrich the lives of our customers, employees, shareholders and the communities we serve. VISION To be the most admired financial services organization in the country in terms of: • Financial performance – rank #1 or #2 in its businesses in terms of return on equity • Innovativeness – in products, services, distribution and the use of cutting-edge technology • Customer perception o The preferred financial services provider o The customer-centered organization with a passion for service excellence • Social responsibility – the employer of choice, a good corporate citizen and partner in nation-building • Long-term vision – developing competitive advantage on a sustained basis by anticipating changes in customer’s preferences and in the manner of doing business 2 3 THE PNB BRAND PNB has established itself as a stable, reliable, and “You First” is an articulation for the future generation service-oriented financial institution serving generations to experience the same service and stability that loyal of Filipinos everywhere in the world. Following a strategic customers have grown to love. The tagline embodies merger with Allied Banking Corporation in 2013 and a our core values such as being Mapaglingkod (Service refreshed brand identity, the Bank now lives by the tagline, Orientation), Mapagkakatiwalaan (Trustworthiness), and “You First”. Mapagmalasakit (Commitment). Written in cursive/script font, the “You First” logo supports More than being a tagline, “You First” is the behavioural PNB’s renewed brand persona. The handwritten style pillar that binds us as one family as we begin the next exudes a more personal touch, encouraging customers to chapter of our growth story. experience a brand of service that is uniquely Filipino and distinctly PNB. As financial landscapes change, one thing remains constant: PNB will always be the financial partner that customers can “You First” speaks of PNB’s commitment to prioritize lean on. customers all over the world. Their needs have always been at the heart of the financial solutions we develop At PNB, we put You First. and offer. 3 2018 ANNUAL REPORT SCOPE OF BUSINESS The Philippine National Bank, the country’s first universal bank, is the fourth largest privately-owned Philippine commercial bank. The Bank was established by the Government of the Philippines in 1916. As an instrument of economic development, PNB led the industry through the years with its agricultural modernization program and trade finance support for the country’s agricultural exports. In addition, the Bank pioneered efforts in the OFW remittance business and introduced many innovations such as bank on wheels, computerized banking, ATM banking, mobile money changing, domestic traveler’s checks, electronic filing and payment system for large taxpayers, and UITF ATMs. PNB has the largest number of overseas offices and one of the largest domestic branch networks among local banks. The Bank’s principal commercial banking activities include deposit-taking, lending, bills discounting, trade finance, foreign exchange dealings, fund transfers, remittance servicing, asset management, a full range of retail banking and trust services, and treasury operations. Through its subsidiaries and affiliate, the Bank engages in thrift banking; full banking services in China and the United Kingdom; banking services in Hong Kong; and a number of diversified financial and related businesses such as remittance servicing in the United States, Canada and Hong Kong; investment banking; life and non-life insurance; stock brokerage; and leasing and financing services. The Bank’s customers include the corporate, public utilities (PUs), the middle-market, retail market, the Philippine Government, National Government Agencies (NGAs), local government units (LGUs), and government-owned and controlled corporations (GOCCs). 4 5 BUSINESS MODEL GRI 102-2, 102-6 INSTITUTIONAL BANKING SECTOR PNB’s principal commercial banking activities include deposit- The Bank’s Institutional Banking Sector (IBS) is responsible for taking, lending, bills discounting, trade finance, foreign credit relationships with large corporate, middle-market and exchange dealings, fund transfers, remittance servicing, asset SME customers as well as with government and government– management, a full range of retail banking and trust services, owned & controlled corporations (GOCCs) and financial and treasury operations. Through its subsidiaries and affiliate, institutions. the Bank also engages in thrift banking; full banking services in China and the United Kingdom; banking services in Hong CONSUMER FINANCE Kong; and a number of diversified financial and related The Bank’s consumer financing business is directed at businesses such as remittance servicing in the United States, providing the Bank’s retail clients with multi-purpose personal Canada and Hong Kong; investment banking; life and non-life loans, home mortgage loans, vehicle financing and credit insurance; stock brokerage; and leasing and financing services. card services. The Bank provides a full range of banking and other TREASURY SECTOR financial services to its customers through its Head Office, The Treasury Sector primarily manages the liquidity and 711 domestic branches/offices and 72 overseas branches, regulatory reserves of the Bank and risk positions on representative offices, remittance centers and subsidiaries in interest rates and foreign exchange arising from the daily 16 locations in the United States, Canada, Europe, the Middle inherent operations in deposit-taking and lending, and East and Asia. from proprietary trading. This includes an oversight on risk positions of its foreign branches and subsidiaries. The Bank’s customers include the corporate, the middle- market, retail customers, the National Government (NG), GLOBAL FILIPINO BANKING GROUP local government units (LGUs) and government-owned and The Global Filipino Banking Group covers the Bank’s controlled corporations (GOCCs) and various government overseas offices which essentially provide convenient and agencies. safe remittance services to numerous overseas Filipino workers (OFWs) abroad and full banking services in selected PNB’s banking activities are undertaken through the following jurisdictions. It also provides consumer financing through the groups within its organization, namely: Pangarap Loan and Own a Philippine Home Loan which are available to OFWs. RETAIL BANKING SECTOR The Retail Banking Group (RBS) principally focuses on retail TRUST BANKING GROUP deposit products (i.e., current accounts, savings accounts and The Bank, through its Trust Banking arm, provides a full high cost accounts) and services. While the main purpose range of Trust, Agency, and Fiduciary products and services is the generation of lower cost funding for the Bank’s designed to serve a broad spectrum of market segments.
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