MANILA, Philippines – One Network Bank (ONB), one of the largest rural banks in the country with over P3 billion in assets, has added four more branches to keep its expansion program on track, its top executive said.
ONB president Alex Buenaventura said the new branches are in San Enrique and Dingle in Iloilo City, two in Passi City, and Jordan in Guimaras.
Buenaventura earlier said they would be adding 10 more branches and 55 extension offices within the next two years in Mindanao and in the Visayas, particularly in Panay Island.
The bank currently has 94 branches and135 automated teller machines (ATMs).
Buenaventura said they would also be introducing new point-of-sale (POS) debit cards and start efforts to engage in internet banking.
At present, the bank has more than 615,000 depositors and some 98,2000 borrowers including the DepEd, local government units (LGUs) and barangays.
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The bank’s assets, he said, stood at P20.8 billion while capital reached P3.3 billion todate.
In the first three months of 2013, the Mindanao-based rural bank posted a 30-percent expansion in net income to P136 million from P104 million in the same period in 2012.
Its loan portfolio rose to P 15.56 billion, which is 41 percent better compared to the first quarter of 2012.
Loan expansion was reinforced by the deposit base, which grew 37 percent to P15.23 billion.
Fee-based income, driven primarily by service fees on loans, rose 84 percent to P231 million.
Non-performing loan (NPL) ratio dropped to two percent as ONB also maintained its risk-based capital adequacy ratio (CAR) at 18 percent.