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2019 Annual Report

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2019 Annual Report Table of Contents 2 Company Profile 4 Vision, Mission, and Service Promise 5 Economic Report and Forecast 6 Report from the Chairman and the President & CEO 8 Products and Services 10 Financial Highlights 11 Operational Highlights ABOUT THE 16 Corporate Social Responsibility 19 Corporate Governance COVER 28 Consumer Protection 32 Table of Organization MALASAKIT IN 34 Board of Directors EVERYTHING WE DO 46 Senior Executive Team Saluting all frontline workers whose courage and selflessness ensure that 50 Management Committees your essential needs are met during this 52 Risk Management challenging time. 64 Capital Management As we navigate this new normal, 67 Internal Audit Division Report Bank of Commerce moves to adapt to changing social times and focus on the 68 Statement of Management's Responsibility horizon of digitalization. for Financial Statements 69 Audited Financial Statements Cover photos by 70 Report of Independent Auditors Bank of Commerce Trust Services Group - Marketing Officer Earl Cyrus C. Domiquel and 73 Statements of Financial Position Customer Service Officer Henry B. Ordoñez 75 Statements of Income 76 Statements of Comprehensive Income ABOUT OUR PAPER 77 Statements of Changes in Equity The 2019 Bank of Commerce Annual Report 79 Statements of Cash Flows cover and main pages were printed on Tocatta paper certified by the Forest Stewardship 81 Notes to the Financial Statements Council (FSC). The FSC certification ensures that materials come from responsibly managed forests that provide environmental, 196 Senior Officers social, and economic benefits. 199 Tribute to Frontliners Kodak Sonora process-free plates, 201 Branch / ATM Directory non-petroleum-based soy ink, and a 207 Annex A - Material Related Party Transactions Heidelberg carbon neutral offset press were utilized in the printing of this report. As we continue to practice “malasakit” in the workplace, together we strengthen our commitment to each other and the community we serve 2 MALASAKIT IN EVERYTHING WE DO | Annual Report 2019 Company Profile Bank of Commerce (the Bank) is one of the country’s Filipino-owned San Miguel Properties, Inc., a subsidiary progressive commercial banks and is licensed by the of San Miguel Corporation (SMC), and San Miguel Bangko Sentral ng Pilipinas (BSP). The Bank has been Corporation Retirement Fund, the registered retirement operating since 1963 and traces its origins to the Overseas plan of SMC Group employees, became the controlling Bank of Manila with headquarters in Binondo, Manila. shareholders of Bank of Commerce in 2008. San Miguel Properties, Inc. has 39.89% of ownership and San Miguel The Bank has since evolved through different phases of Corporation Retirement Fund has 39.94% of ownership, as growth. In 1980, the Overseas Bank of Manila changed of December 31, 2019. On January 16, 2013, the Securities its name to Commercial Bank of Manila. The following and Exchange Commission (SEC) approved the extension year, the Government Service Insurance System (GSIS) of the corporate life of Bank of Commerce for another 50 acquired the Commercial Bank of Manila and used years from December 16, 2013. “ComBank” as the Bank’s short name. In 1984, ComBank acquired Royal Savings Bank. The First National Bank Bank of Commerce provides innovative banking solutions of Boston, one of the oldest and leading banks in the and a complete range of products and services in United States and a local investment group, acquired deposit, commercial loans, credit card services, consumer ComBank in 1988. The Bank was then renamed Boston banking, corporate banking, treasury, asset management, Bank of the Philippines. transaction banking, and trust and investments. In terms of service reach, the Bank has online banking facilities for In November 1991, the Bank changed its official name retail and corporate clients to transact regular banking to Bank of Commerce. With the buyout of the majority services such as bills payment, fund transfers, card loading, interest of the First National Bank of Boston in 1993, and other services via the internet banking platform. Bank of Commerce was placed under complete Filipino ownership. As part of its growth plans, Bank The Bank has a network of 140 Branches and 260 of Commerce acquired Pan Asia Bank and purchased Automated Teller Machines (ATMs) strategically located selected assets and liabilities of Trader’s Royal Bank in nationwide, as of December 31, 2019. 2001. These takeovers significantly increased the Bank’s presence in the banking industry. 3 About Us VISION Provider of exceptional financial services and solutions connecting consumer and business ecosystems that contribute to building the nation. MISSION Our mission is to deliver excellent banking experiences through competent and attentive professionals who put customers’ needs first. SERVICE PROMISE With integrity and financial stability, we commit to deliver superior service to you, our discerning customers. Through competent and warm professionals who understand, anticipate, and fulfill your needs with a sense of urgency in a safe and guest-friendly environment, we promise you a meaningful banking experience. 4 MALASAKIT IN EVERYTHING WE DO | Annual Report 2019 Economic Report and Forecast Following the upward revision by the Philippine Statistics Kingdom of Saudi Arabia, Singapore, Japan, United Arab Authority (PSA) which used 2018 as a base year for Emirates (UAE), United Kingdom, Canada, Hong Kong, measuring the country’s Gross Domestic Product (GDP) Germany, and Kuwait. from the original 5.9%, the Philippines hit its growth target of 6% in 2019, a respectable growth that keeps According to the National Economic Development its eight-year streak of at least 6% GDP. The growth rate Authority (NEDA), another factor that contributed to the placed the Philippines behind only to Vietnam’s 7% and economic growth is the massive government spending China’s 6.1% in the region. spree. However, the 10.5% full-year growth in government spending remained slower than the 13% recorded in 2018. The 6% economic growth was attained with contributions With an economy primarily driven by consumer spending, from the agriculture, hunting, forestry, and fishing sector, the country posted a 5.8% growth in household spending, which went up by 1.5% faster than last year’s 0.9% compared to 5.6% in 2018. despite the El Niño phenomenon in the first half of the year and the spread of the African Swine Fever. The For 2020, the government set its original growth target of industry sector contributed also with its 4.9% growth, 6.5% to 7.5%, but the spread of the novel coronavirus disease followed by the services sector as the main growth driver, (COVID-19) prompted economic managers to temper the expanding by 7.1% in 2019 from 6.8% in the previous year. forecast. According to the Asian Development Bank (ADB), Philippine GDP could expand by 2% while the Department of On the back of higher interest income and trading Finance said it could shrink to 1% or post zero growth. gains, the banking industry contributed significantly by posting 28.2% higher earnings at PHP230.42 billion Despite this, the Philippine economy is facing the from PHP179.71 billion in 2018. According to the Bangko pandemic from a position of strength, and the banking Sentral ng Pilipinas (BSP), operating income of banks in industry is up to the task as it remains adequately the country jumped to 17.9% at PHP788.02 billion from capitalized. Capital adequacy ratio, a gauge of banks’ PHP668.1 billion in 2018. Interest income went up by financial strength, of universal and commercial banks 24.1% to PHP878.46 billion from PHP708.01 billion, while stood at 16% on a consolidated basis as of end-2019, interest expense almost doubled to PHP279.42 billion higher than the BSP’s 10% minimum threshold and Bank from PHP191.09 billion. Fees and commission income of International Settlements’ 8% minimum requirement. also went up while trading income surged by 72.3% to The country’s banking industry remains stable and PHP72.65 billion from PHP42.17 billion in 2018. resilient to withstand the effects and uncertainties of the global pandemic. Meanwhile, foreign exchange inflows from Overseas Filipino Workers’ (OFWs) remittances fueled growth of Bank of Commerce believes that every challenge presents the country’s gross international reserves, reaching a an opportunity, provided that the Bank is bold and agile record high of USD33.5 billion in 2019, up by 3.9% from enough to implement banking innovations while remaining the USD32.2 billion recorded in 2018. Sustained growth true to its core value of putting the interest of customers of personal remittances in 2019 was driven by land- first. In the face of unprecedented disruptions and based workers with work contracts of one year or more, setbacks, the inherent malasakit translates to ensuring accounting for USD25.6 billion. Inflows were mainly from efficient banking services for the Bank’s customers during the United States of America (USA) at 37.6%, followed by the best or worst of times. 5 Report from the Chairman and the President & CEO In 2019, Bank of Commerce saw strong progress in achieving its long-term goals, registering a net profit of PHP653 million. We have seen key operating and financial metrics improving significantly. The Bank outperformed the universal and commercial banking industry’s average profit growth for 2019. Return on Equity improved by 424 bps to 4.1% in 2019 from -0.11% in 2018, surpassing its target of 3.4% by 74 bps. 6 MALASAKIT IN EVERYTHING WE DO | Annual Report 2019 Because of the stronger financial position, Capital Level Arrangement (ADA) with Petron Corporation, with 50 more rose 4% year-on-year and CAR was up 15.9%, exceeding the stations opening accounts with the Bank nationwide. minimum regulatory requirement of 10.0%. In the midst of this revenue growth and expansion, Our strong performance may be attributed to the the Bank continued to monitor the credit quality of its implementation of our organizational and marketing portfolio closely and to provision conservatively.
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