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2006 BDO Annual Report Description : Building for the Future

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2006 BDO Annual Report Description : Building for the Future 2006 Annual Report Building for the Future 12 ADB Avenue, Ortigas Center Mandaluyong City, Metro Manila, Philippines www.bancodeoro.com.ph BANCO DE ORO A Member of SM Investments Corporation CORE VALUES Commitment to Customers We are committed to deliver products and services that surpass customer expectations in value and every aspect of customer service, while remaining to be prudent and trustworthy stewards of their wealth. Designed and Concept: Xpress Media Philippines, Inc. +63 (2) 6876595 Designed and Concept: Xpress Commitment to a Dynamic and Efficient Organization We are committed to creating an organization that is flexible, responds to change and encourages innovation and creativity. We are committed to the process of continuous improvement in everything we do. Commitment to Employees We are committed to our employees’ growth and development and we will nurture them in an environment where excellence, integrity, teamwork, professionalism and performance are valued above all else. Commitment to Shareholders We are committed to provide our shareholders with superior returns over the long term. CORPORATE MISSION To be the preferred bank in every market we serve by consistently providing innovative products and flawless delivery of services, proactively reinventing ourselves to meet market demands, creating shareholders value through superior returns, cultivating in our people a sense of pride and ownership, and striving to be always better than what we are today... tomorrow. CONTENTS Core Values | Corporate Mission | Financial Highlights 1 | Message from the Chairman Emeritus 2 | Message from the President 3 | Review of 2006 Operations & Outlook for 2007 5 | Operational Highlights 7 | Board of Directors 14 | Statement of Management’s Responsibility 16 | Report of Independent Auditors 17 | Statements of Condition 18 | Income Statements 19 | Statements of Changes in Capital Funds 20 | Cash Flow Statements 21 | Notes to Financial Statements 22 | Management Directory 78 | BDO Subsidiaries / Bank Committees 79 | Products and Services 80 | Branch Directory 82 Member: PDIC. Maximum deposit insurance for each depositor P250,000. FINANCIAL HIGHLIGHTS in ‘000 2005 2006 %INCREASE RESOURCES 233,764,786 304,473,488 30.25% NET LOANS 79,492,984 96,649,449 21.58% DEPOSIT LIABILITIES 160,237,871 230,027,772 43.55% CAPITAL FUNDS 20,234,304 24,428,784 20.73% NET INCOME 2,543,517 3,128,294 22.99% RESOURCES NET LOANS In Million Pesos In Million Pesos 350 000 140 000 300 000 120 000 250 000 100 000 304,473 200 000 80 000 96,649 233,765 150 000 60 000 79,493 179,624 100 000 40 000 60,280 56,194 149,000 52,450 50 000 121,010 20 000 0 0 02 03 04 05 06 02 03 04 05 06 DEPOSIT LIABILITIES NET INCOME CAPITAL FUNDS In Million Pesos In Million Pesos In Million Pesos 3 500 250 000 25 000 3 000 3,128 200 000 2 500 20 000 24,429 230,028 2,544 20,234 2 000 150 000 15 000 16,658 1,973 160,238 1 500 14,904 100 000 10 000 13,625 128,647 1 000 1,511 102,925 92,425 50 000 1,057 5 000 149,000,349 500 0 0 0 02 03 04 05 06 02 03 04 05 06 02 03 04 05 06 2006 Banco de Oro Annual Report | 01 Messages Henry Sy, Sr. Chairman Emeritus MESSAGE FROM THE CHAIRMAN EMERITUS uccess does not happen overnight. The same is BDO-EPCI will become the second largest bank in the country trueS with the path to progress taken by Banco de Oro with leadership positions in a number of businesses servicing our (BDO). Over the years, it has carved for itself a niche consumer, middle market and corporate market clients. It is no in the banking industry, one marked by consistency in doubt a redefining moment for the Bank. The next stage in our growth, profitability and asset quality. The year 2006 was Bank’s development starts here. no exception. Once again, we registered record profits of Php 3.1 billion, a 23% growth over last year, and we While we have accomplished a lot in the past, let’s remind outperformed the industry in resources, loans and deposit ourselves that it is by no means a guarantee of our future success. growth. Such performance is now marked by material Let’s therefore guard against complacency and continue to build profit contributions from products that were not even in on our success to date. To our officers and staff, congratulations existence five years ago. on your accomplishments. To my fellow shareholders, thank Now, the Bank is on the verge of breaking into the ranks you for your continued trust and confidence. We can now look of the elite in the Philippine banking industry with the forward to taking our performance to the next level. Together, merger of BDO with Equitable PCI Bank (EPCI). we can make BDO the best bank in the Philippines. 02 | Building for the Future Nestor V. Tan President MESSAGE FROM THE PRESIDENT he year 2006 may well be a defining moment in the contributions from our fee and service-based businesses Bank’sT history. Our major shareholder, the SM Group, to complement our traditional lending and deposit taking completed a successful tender offer for the rest of the activity. Our asset quality remains strong, and our NPL Equitable PCI Bank (EPCI) shares, paving the way for the and NPA ratios are among the lowest in the industry. All merger of Banco de Oro (BDO) with EPCI with BDO as in all, our long-term strategy of building industry-leading the surviving entity. With the merger, the combined profitability, growth and asset quality remains on track. BDO-EPCI will become one of the largest banks in the country with a 700-strong branch network and leadership We enter 2007 with the challenge of steering the combined positions in a number of business lines. The transaction BDO-EPCI into the same path of profitability and signals a shift in the Bank’s strategy from being a geographic performance. While the combined entity offers a lot of niche player to a full-service nationwide bank. promise, getting there is not without risks. I am confident however that we have the right team in place and with your From an operational perspective, the Bank achieved record support, there’s no reason why we will not be successful. profits in 2006, registering a net income of P3.1Billion or 23% over the previous year. The Bank once again outpaced As always, we thank you for your continued confidence the industry on most key measures. Resources are up 30% and trust. We look forward to the future with optimism from previous year buoyed by a 22% growth in loans and and together, we will continue to make strides in making a 44% growth in deposits. Profitability is enjoying strong our Bank the best bank in the country. 2006 Banco Dede Oro AnnualAnnual ReportReport || 0309 Review of 2006 Operations “ Investor sentiment consequently improved further given the country’s enhanced fundamentals, and all three major credit rating agencies moved to upgrade the sovereign credit rating “outlook to Stable 04 | Building for the Future REVIEW OF 2006 OPERATIONS he year 2006 is considered a landmark year, as the moderating effect of an appreciating peso were the main fruitsT of the government’s fiscal recovery plans became factors behind this decline. Moreover, adequate supplies evident. The improvement in revenue collection during of food staples owing to good harvests, and subdued the year allowed the government to reduce its borrowing demand, contributed to the trend. requirements, resulting in a fiscal deficit well within planned levels, and keeping domestic interest rates low. Foreign Exchange Rate Investor sentiment consequently improved further given The peso exhibited an appreciating trend throughout the country’s enhanced fundamentals, and all three major the year, improving from the year-average rate in 2005 credit rating agencies moved to upgrade the sovereign of P55.09 to only P51.31 last year – an appreciation of credit rating outlook to Stable. This development, in turn, 6.9%. With inflows from OFW remittances reaching a further fueled the resurgence of both the bond and equity new record of $12.8 billion from $10.7 billion in 2005, markets, which provided substantial returns to investors the peso-dollar rate ended the year at P49. Heightened during the year. investor and creditor confidence, as reflected in the credit rating outlook upgrade by Moody’s to B1 last November, Growth in gross domestic product strengthened to 5.4% and the weakening US dollar also contributed to the peso’s in 2006 from 5.0% in 2005. Inclusive of net factor income strength. from abroad, which expanded by 15.4%, gross national product or GNP expanded by 6.2% from only 5.6% in Interest Rates 2005. Private consumption – making up 71.3% of GNP Set against declining inflation, an appreciating peso, a – remained the spearhead of growth, as family incomes, lenient monetary policy, improving fiscal position, restored boosted by OFW earnings, fed consumer sales. investor and creditor confidence, high market liquidity, and the consequent reduction in new offerings of government On the fiscal front, the government contained the budget securities, yields on peso debt papers plunged by an deficit to only P62.2 billion (1.04% of GDP), barely half average of 315.6 basis points across all tenors over the the P125 billion (2.1% of GDP) ceiling for 2006 and year. In the primary market, the average auction rate of much smaller than the P146.8 billion (2.7% of GDP) the 91-day Treasury bill declined from an average of 6.4% incurred in 2005.
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