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Philippine OBUs' Performance For 2003

04.15.2004

Total assets (gross of Due to/from Head Office/Branches-Abroad) of OBUs slightly grew by 1.4 percent or US$11.9 million to US$839.9 million from US$828.0 million last year.

Loans to residents amounted to US$253.6 million and accounted for 89.9 percent of total loan portfolio. By economic activity, manufacturing remained the major industry beneficiary, increasing by US$41.4 million or 52.2 percent to US$120.6 million from US$79.2 million. The rest of the industry sectors, however, reduced their share in total loans. 

Investments in bonds and other securities rose by 45.1 percent to US$215.3 million from US$148.4 million last year. Thus, the share of investments in bonds and other securities to total assets increased to 25.6 percent from 17.9 percent last year.

Net income after tax of OBUs amounted to US$6.3 million, up by 89.2 percent from US$3.3 million in 2002. Operating income was down by 41.4 percent or US$14.4 million to US$20.4 million from US$34.8 million. On the other hand, operating expenses were substantially pared by US$18.4 million or 58.4 percent (US$13.1 million from US$31.5 million) resulting in a more efficient cost-to-income ratio of 57.1 percent from 82.1 percent in 2002.

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