As of end-June 2005, total assets (gross of due to/from head office/branches-abroad) of the 9 OBUs operating in the country rose to US$1,291.0 million or 59.8 percent from year ago.
Funds were still primarily sourced from head office/branches-abroad, which increased year-on-year by 28.9 percent to US$746.5 million and contributed to 57.8 percent of the industry’s total resources.
More than half of OBU funds were lent out to borrowers. Total loans soared by 180.6 percent to US$663.5 million from year ago’s US$236.5 million. Likewise, investment in bonds and other securities expanded by a hefty 93.5 percent to US$483.0 million and accounted for 36.5 percent of gross assets.
Loans to resident borrowers expanded by 39.0 percent to US$296.0 million from US$213.0 million a year ago. By economic activity, the manufacturing sector remained the major industry beneficiary of lending to residents at 55.4 percent or US$164.2 million. This was followed by the transportation, storage and communications sector at 12.2 percent or US$36.0 million and the electricity, gas and water sector at 11.5 percent or US$34.4 million.
For the first half of 2005, OBUs posted net income after tax of US$3.2 million, up by 59.1 percent over the same period last year. Operating income grew by 35.3 percent to US$11.0 million as its components, net interest income and other operating income, were up by 69.1 percent and 19.9 percent, respectively. Meantime, operating expenses went up but at a slower pace of 26.1 percent to US$7.7 million. Bottom-line figure was barely affected by a US$0.1 million provision for income tax.