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Thursday, February 23, 2012

Thrift Banks Improve due to Survivorship Bias

Editor's Note:  This blog was inspired by the spectacular failure of Banco Filipino Savings and Mortgage Bank for the second time in its 38 years of existence.  This blog post and other blog posts like it attempt to describe why the bank failed.  But it also attempts to assess what other Philippine Banks have the potential to fail in the not too distant future. To see blog posts on other banks, click on the Banco Filipino Graphic at the top of the blog or click on the blog archive on the right hand column, or simply go to bancofilipinofailure.blogspot.com.

Editor's Note: The Philippine Deposit Insurance Corporation (PDIC) advised consumers to wisely choose the banks where they will deposit their money. The trouble is, most depositors don't and can't read financial statements before they open a bank account. The regulators, whose job is to safeguard the public's money, have not done a good job recently.  In the past ten years, two commercial banks, twenty-one thrift banks, and a staggering 187 rural banks have collapsed, often quite suddenly and without warning:  http://www.gmanetwork.com/news/video/93600/saksi-pagsasara-ng-banco-filipino-at-lbc-devt-bank-ikinadismaya.  Regulators do have a problem bank list that they do not divulge to the public, for fear of sparking another bank run. So who can the public turn to, to advise them where to put their money? No one, except the banks themselves who will always promote their self-interests. This analysis is an attempt to fill in that knowledge gap, by screening out the weaker banks that seem ready to implode at any given moment.

Editor's Note: The ratio of Distressed Assets to Total Capital Cushion is a variant of the famous Texas Ratio, which was widely used by US financial regulators to predict bank failure during the US Savings and Loan Crisis in the 1980s and early 1990s. The basic premise is that a bank with Distressed Assets greater than its Capital Cushion is in danger of insolvency, because a significant drop in the value of  the Distressed Assets will eat into a significant amount of the bank's capital.  For a more detailed discussion of this ratio, please visit a previous blog post: The Texas Ratio of Select Philippine Banks 

Based on the individual Published Statements of Condition for the Philippine Thrift Banking Industry (from www.bsp.gov.ph), Total Distressed Assets of Philippine Thrift Banks decreased by PHP 9.6 billion or 9.49% from June 30, 2011 to September 30, 2011.  Total Capital Cushion of Philippine Thrift Banks increased by PHP 5.4 billion or 6.79% during the same period.  As a result, the Thrift Bank's Ratio of Total Distressed Assets to Total Capital Cushion decreased by 15.25%, from 126.87% as of June 30, 2011 to 107.52% as of September 30, 2011.

The results are slightly skewed by survivorship bias.  During this period, LBC Development Bank, which was flagged as a borderline insolvent bank with a distressed ratio of 781.95% as of June 30, 2011, closed during this period, removing PHP 5.6 billion of distressed assets from the thrift banking system.  Two other banks, Palawan Development Bank and Robinsons Savings Bank, has no published statement of condition as a Thrift Bank as of September 30, 2011 on the BSP website (www.bsp.gov.ph).  The September 30, 2011 financial statements of Palawan Development Bank, which was flagged as a borderline insolvent thrift bank as of June 30, 2011, are blank on the BSP website: http://www.bsp.gov.ph/banking/psoc_tb/thepalawan.htm.  Robinsons Savings Bank merged with another Gokongwei banking unit, Robinsons Bank Corp. and is now listed as a commercial bank on the BSP website.  (See: http://business.inquirer.net/3184/jg-summit-to-consolidate-subsidiaries and http://www.bsp.gov.ph/banking/psoc/by_banks/ROBINSONS%20BANK.htm)

Adjusted for survivorship bias, the overall condition of the current roster of Philippine Thrift Banks improved.  The Thrift Bank Industry's Ratio of Total Distressed Assets to Total Capital Cushion decreased by 12.98%, from 123.55% as of June 30, 2011 to 107.52% as of September 30, 2011.  Total Distressed Assets of Philippine Thrift Banks decreased by PHP 2.8 billion or 3.00% from June 30, 2011 to September 30, 2011.  Total Capital Cushion of Philippine Thrift Banks increased by PHP 8.7 billion or 11.46% during the same period.

Those banks that posted significant improvements in this ratio include:


  1. CityState Savings Bank (87.11% decrease)
  2. HSBC Savings Bank (Philippines) Inc. (31.93% decrease)
  3. BPI Globe Bank Inc. Savings Bank (26.49% decrease)
  4. Planters Development Bank (23.17% decrease)
  5. Tong Yang Savings Bank Inc. (21.14% decrease)
  6. Tower Development Bank (12.46% decrease)
  7. Metro Cebu Public Savings Bank (12,19% decrease)
  8. Allied Savings Bank (11.98% decrease)
The banks that exhibited significant deterioration in this ratio include:
  1. Pacific Ace Savings Bank (460.94% increase)
  2. World Partners Bank (59.93% increase)
  3. Quezon Coconut Producers SLB (58.54% increase)
  4. Century Savings Bank (40.59% increase)
  5. Northpoint Development Bank (36.64% increase)
  6. Maritime SLA Inc. (28.85% increase)
  7. BPI Direct Savings Bank (26.21% increase)
  8. Producers Savings Bank Corporation (21.59% increase)
  9. Malasiqui Progressive SLB (20.48% increase)
  10. The Queen City Development Bank (14.54% increase)
  11. Philippine Business Bank (14.27% increase)
  12. BPI Family Savings Bank (14.09% increase)
  13. Iloilo City Development Bank (10.73% increase)
Real Bank (A Thrift Bank) Inc. remains the top distressed bank with a ratio of 831.79%.  This means that its Total Distressed Assets is 8.3 times its Total Capital Cushion.  Although Total Distressed Assets dropped by  PHP 99 million billion or 1% during the third quarter of 2011, it Total Capital Cushion remain unchanged.  As a result, the bank now has to support a still significant amount of distressed assets with the same Total Capital Cushion.   The borderline insolvent thrift bank that showed significant deterioration in the third quarter was Iloilo City Development Bank.  Its distressed ratio climbed by 10.73%, from 337.88% as of June 30, 2011 to 374.14% as of September 30, 2011.  This was primarily due to an increase in Total Distressed Assets by 11.48% while its Total Capital Cushion remained stagnant with a 0.67% increase during the same period.

Another troubled bank, Planters Development Bank, showed a significant 23.17% improvement in its distressed ratio.  Its Total Distressed Assets to Total Capital Cushion Ratio now stands at 263.65% for the third quarter of 2011, down from 343.14% as of June 30, 2011.

CitysState Savings Bank, another bank that was flagged as borderline insolvent in June 30, 2011, had the greatest improvement in its distressed ratio.  Its distressed ratio dropped by 87.11% during the quarter, largely due to an 87.18% drop (a drop of PHP 1.3 billion) in its Total Distressed Assets during the quarter.  A quick check of its second quarter financial statements as posted in the PSE website www.pse.com.ph and as posted in the BSP website www.bsp.gov.ph showed a significant discrepancy between these financial statements.  The BSP financial statements for CityState Savings Bank as of June 30, 2011 showed that CityState had PHP 1.477 billion in Other Assets where as the financial statements of CityState for the same period on the PSE website show CityState to have only 91.6 million in Other Assets.  As of the third quarter, both the PSE and BSP financial statements of CityState show roughly the same level of Other Assets, with the PSE published financial statements showing CityState's Other Assets at PHP 109.4 million and the BSP published financial statements showing Other Assets at PHP 126.7 million for the same period.

The inclusion of Other Assets in the calculation of the distressed asset ratio is very relevant, given the tendency of Philippine banks to dump non-performing loans or unbooked losses as "Other Assets."  The recent bank failures of LBC Development Bank and Banco Filipino are a testament to this approach.  Please see: http://bancofilipinofailure.blogspot.com/2011/09/lbc-bank-bites-dust-are-there-other.html in the case of LBC Development Bankhttp://bancofilipinofailure.blogspot.com/2011/08/system-is-broken.html in the case of Banco Filipino, and http://bancofilipinofailure.blogspot.com/2011/09/bsps-ampaw-accounting-system.html for unbooked losses.

Although Pacific Ace Savings Bank's distressed ratio jumped by 460.94% during the third quarter, the bank remains stable, with a distressed asset ratio of 47.39%.

With the exception of CityState Savings Bank, all the banks that were flagged as borderline insolvent (highlighted in yellow) as of June 30, 2011, remain borderline insolvent as of September 30, 2011. Philippine Postal Savings Bank, which dropped off the list of borderline insolvent banks last June 30, 2011, climbed back on to the list with a distressed ratio of 100.24%.

However, as a group these borderline insolvent banks showed some improvement in their Total Distressed Assets/Total Capital Cushion Ratios.  This ratio now stands at 236.45% as of September 30, 2011, down from 250.83% as of June 30, 2011.


Philippine Thrift Banking System



Total Distressed Assets/Total Capital Cushion



June 30, 2010 to September 30, 2011













Bank June 30, 2010 September 30, 2011 Variance % Variance
Pacific Ace Savings Bank 8.45% 47.39% 38.94% 460.94%
World Partners Bank 39.84% 63.71% 23.87% 59.93%
Quezon Coconut Producers SLB 33.00% 52.32% 19.32% 58.54%
Century Savings Bank 3.53% 4.96% 1.43% 40.59%
Northpoint Development Bank 46.25% 63.20% 16.95% 36.64%
Maritime SLA Inc. 20.17% 25.98% 5.82% 28.85%
BPI Direct Savings Bank 16.10% 20.32% 4.22% 26.21%
Producers Savings Bank Corporation 79.90% 97.15% 17.25% 21.59%
Malasiqui Progressive SLB 32.09% 38.66% 6.57% 20.48%
The Queen City Development Bank 23.30% 26.69% 3.39% 14.54%
Philippine Business Bank 65.75% 75.12% 9.38% 14.27%
BPI Family Savings Bank 77.87% 88.84% 10.97% 14.09%
Iloilo City Development Bank 337.88% 374.14% 36.26% 10.73%
Microfinance Maximum SB (Maxbank) 48.74% 53.49% 4.75% 9.74%
Optimum Development Bank 20.28% 21.74% 1.47% 7.24%
First Consolidated Bank Inc. 57.48% 61.53% 4.05% 7.04%
China Bank Savings 171.94% 183.37% 11.43% 6.65%
Life Savings Bank 53.74% 57.22% 3.48% 6.48%
Philippine Postal Savings Bank 94.59% 100.24% 5.65% 5.97%
Progress SLA 13.24% 13.84% 0.59% 4.47%
Equicom Savings Bank 148.76% 155.26% 6.51% 4.38%
UCPB Savings Bank 44.02% 45.86% 1.85% 4.19%
Penbank 79.56% 82.07% 2.52% 3.16%
City Savngs Bank 609.80% 627.48% 17.68% 2.90%
Hiyas Savings & Loan Bank 165.82% 170.08% 4.26% 2.57%
Pridestar Development Bank 60.38% 61.90% 1.51% 2.50%
Bataan Development Bank 224.50% 228.74% 4.24% 1.89%
Isla bank (A Thrift Bank) Inc. 8.95% 9.09% 0.14% 1.55%
Bataan SLA 11.83% 11.99% 0.16% 1.34%
Malayan Bank Savings & Mortgage Bank 112.08% 113.31% 1.24% 1.10%
GSIS Family Bank 301.33% 303.79% 2.46% 0.82%
Farmers Savings and Loan Association 193.30% 194.86% 1.56% 0.81%
Dungganon Bank 112.68% 113.58% 0.90% 0.80%
Merchants Savings & Loan Association 5.36% 5.39% 0.03% 0.62%
Lemery Savings & Loan Bank, Inc. 47.66% 47.95% 0.29% 0.62%
BDO Elite Savings Bank 6.35% 6.36% 0.01% 0.15%
EIB Savings Bank Inc. 8.43% 8.43% 0.00% -0.04%
Citibank Savings Inc. 110.79% 110.59% -0.20% -0.18%
Bank One Savings and Trust Corp. 11.18% 11.15% -0.03% -0.25%
Philippine Savings Bank 79.47% 79.19% -0.28% -0.35%
Pampanga Development Bank 69.37% 69.11% -0.26% -0.38%
Liberty Savings & Loan 67.57% 67.30% -0.27% -0.40%
Village SLA 820.15% 816.81% -3.35% -0.41%
Wealth Bank 78.05% 77.67% -0.38% -0.49%
Sampaguita SLA, Inc. 60.68% 60.17% -0.51% -0.85%
Real Bank (A Thrift Bank) Inc. 840.20% 831.79% -8.41% -1.00%
Dumaguete City Development Bank 124.90% 123.13% -1.77% -1.42%
United Overseas Bank Philippines 67.56% 66.55% -1.00% -1.48%
Business & Consumers Bank A DB 201.32% 198.26% -3.06% -1.52%
RCBC Savings Bank Inc. 178.93% 175.76% -3.17% -1.77%
Luzon Development Bank 123.41% 120.58% -2.82% -2.29%
Opportunity Microfinance Bank 152.70% 148.07% -4.63% -3.03%
Premiere Development Bank 145.40% 140.78% -4.62% -3.18%
Cordillera Savings Bank 79.15% 74.20% -4.95% -6.25%
Sterling Bank of Asia Inc. (A SB) 41.09% 38.45% -2.64% -6.42%
University SLA 153.56% 141.54% -12.02% -7.83%
Allied Savings Bank 30.38% 26.74% -3.64% -11.98%
Metro Cebu Public Savings Bank 92.58% 81.30% -11.28% -12.19%
Tower Development Bank 77.70% 68.02% -9.68% -12.46%
Tong Yang Savings Bank Inc. 88.58% 69.86% -18.73% -21.14%
Planters Development Bank 343.14% 263.65% -79.50% -23.17%
BPI Globe Bank Inc. Savings Bank 8.32% 6.12% -2.20% -26.49%
HSBC Savings Bank (Philippines) Inc. 11.95% 8.14% -3.82% -31.93%
CityState Savings Bank 192.92% 24.88% -168.05% -87.11%
Card SME Bank Inc. (A Thrift Bank) NA 26.18% NA NA
LBC Development Bank 781.95% NA NA NA
The Palawan Development Bank 605.09% NA NA NA
Robinsons Savings Bank 40.56% NA NA NA
Legaspi Savings Bank NA NA NA NA
Grand Total 126.87% 107.52% -19.35% -15.25%



Philippine Thrift Banking System










Total Distressed Assets/ Total Capital Cushion










June 30, 2011 to September 30, 2011




































June 30, 2011


September 30, 2011


Variance
Bank Total Distressed Assets (In PHP) Total Capital Cushion (In PHP) Distressed Assets/ Total Capital Cushion (In %)
Total Distressed Assets (In PHP) Total Capital Cushion (In PHP) Distressed Assets/ Total Capital Cushion (In %)
Total Distressed Assets (In PHP) Total Capital Cushion (In PHP) Distressed Assets/ Total Capital Cushion (In %)
Real Bank (A Thrift Bank) Inc. 9,914,899,350 1,180,065,378 840.20%
9,815,707,855.40 1,180,065,378.25 831.79%
-99,191,495.09 0.00 -8.41%
Village SLA 602,121,507 73,415,684 820.15%
601,741,239.53 73,669,852.96 816.81%
-380,267.72 254,168.54 -3.35%
City Savngs Bank 8,316,875,630 1,363,869,543 609.80%
8,599,076,335.14 1,370,415,959.10 627.48%
282,200,704.96 6,546,416.16 17.68%
Iloilo City Development Bank 201,244,453 59,560,622 337.88%
224,338,167.35 59,960,999.84 374.14%
23,093,714.75 400,378.06 36.26%
GSIS Family Bank 2,221,793,158 737,340,446 301.33%
2,221,866,746.48 731,383,796.34 303.79%
73,588.90 -5,956,649.50 2.46%
Planters Development Bank 14,592,079,970 4,252,462,049 343.14%
11,502,781,363.87 4,362,965,164.27 263.65%
-3,089,298,606.01 110,503,115.58 -79.50%
Bataan Development Bank 165,037,169 73,513,277 224.50%
169,483,048.83 74,095,120.90 228.74%
4,445,879.51 581,843.42 4.24%
Business & Consumers Bank A DB 159,061,542 79,009,127 201.32%
156,209,774.29 78,789,222.43 198.26%
-2,851,767.32 -219,904.98 -3.06%
Farmers Savings and Loan Association 219,966,093 113,797,807 193.30%
221,905,998.76 113,881,278.78 194.86%
1,939,905.78 83,471.86 1.56%
China Bank Savings 1,389,003,411 807,842,102 171.94%
1,476,280,965.40 805,079,490.31 183.37%
87,277,554.08 -2,762,612.04 11.43%
RCBC Savings Bank Inc. 13,788,384,239 7,705,864,931 178.93%
13,649,319,087.69 7,765,864,931.44 175.76%
-139,065,151.13 60,000,000.00 -3.17%
Hiyas Savings & Loan Bank 263,797,330 159,089,255 165.82%
273,577,662.40 160,852,305.60 170.08%
9,780,331.91 1,763,050.27 4.26%
Equicom Savings Bank 631,470,272 424,503,341 148.76%
733,749,617.88 472,579,357.48 155.26%
102,279,345.74 48,076,016.30 6.51%
Opportunity Microfinance Bank 234,304,064 153,442,569 152.70%
214,117,338.42 144,604,516.48 148.07%
-20,186,725.95 -8,838,052.21 -4.63%
University SLA 371,352,110 241,828,375 153.56%
344,751,804.41 243,566,277.64 141.54%
-26,600,305.74 1,737,902.99 -12.02%
Premiere Development Bank 1,320,152,941 907,972,696 145.40%
1,278,226,045.20 907,972,696.40 140.78%
-41,926,895.77 0.01 -4.62%
Dumaguete City Development Bank 254,685,787 203,914,267 124.90%
250,928,540.82 203,794,855.65 123.13%
-3,757,245.91 -119,411.35 -1.77%
Luzon Development Bank 524,808,131 425,266,338 123.41%
513,504,435.46 425,855,086.35 120.58%
-11,303,695.87 588,748.43 -2.82%
Dungganon Bank 68,125,175 60,459,329 112.68%
69,384,601.16 61,090,966.56 113.58%
1,259,425.68 631,637.60 0.90%
Malayan Bank Savings & Mortgage Bank 1,140,026,958 1,017,189,176 112.08%
1,157,991,872.68 1,021,928,166.22 113.31%
17,964,914.37 4,738,990.49 1.24%
Citibank Savings Inc. 4,150,501,781 3,746,175,421 110.79%
4,224,189,095.77 3,819,562,725.42 110.59%
73,687,315.14 73,387,304.04 -0.20%
Philippine Postal Savings Bank 523,916,859 553,886,488 94.59%
563,808,596.60 562,471,770.50 100.24%
39,891,737.45 8,585,282.43 5.65%
Producers Savings Bank Corporation 423,502,792 530,059,207 79.90%
522,257,124.97 537,583,617.14 97.15%
98,754,333.29 7,524,410.23 17.25%
BPI Family Savings Bank 11,630,771,744 14,936,335,956 77.87%
12,378,223,253.81 13,932,797,475.79 88.84%
747,451,509.96 -1,003,538,480.57 10.97%
Penbank 193,611,868 243,364,207 79.56%
207,038,699.14 252,261,586.75 82.07%
13,426,831.18 8,897,379.46 2.52%
Metro Cebu Public Savings Bank 67,185,492 72,567,806 92.58%
62,686,927.30 77,107,250.21 81.30%
-4,498,564.97 4,539,444.62 -11.28%
Philippine Savings Bank 11,244,937,668 14,150,010,108 79.47%
11,292,238,073.30 14,259,962,585.27 79.19%
47,300,404.96 109,952,477.34 -0.28%
Wealth Bank 300,507,951 385,002,154 78.05%
306,950,705.07 395,185,869.59 77.67%
6,442,754.23 10,183,716.02 -0.38%
Philippine Business Bank 1,829,242,709 2,782,296,891 65.75%
2,097,844,212.18 2,792,487,751.08 75.12%
268,601,502.74 10,190,860.03 9.38%
Cordillera Savings Bank 87,238,971 110,223,065 79.15%
81,783,332.81 110,218,785.22 74.20%
-5,455,638.26 -4,279.90 -4.95%
Tong Yang Savings Bank Inc. 384,685,012 434,265,073 88.58%
309,825,588.53 443,516,762.38 69.86%
-74,859,423.55 9,251,689.35 -18.73%
Pampanga Development Bank 82,481,223 118,898,949 69.37%
82,745,148.50 119,733,609.41 69.11%
263,925.67 834,660.00 -0.26%
Tower Development Bank 84,005,055 108,116,222 77.70%
73,536,299.11 108,116,222.11 68.02%
-10,468,755.87 0.00 -9.68%
Liberty Savings & Loan 40,359,428 59,726,549 67.57%
40,197,757.94 59,726,549.24 67.30%
-161,669.88 0.00 -0.27%
United Overseas Bank Philippines 992,162,078 1,468,639,794 67.56%
977,564,146.48 1,468,823,153.15 66.55%
-14,597,931.22 183,358.70 -1.00%
World Partners Bank 70,692,142 177,456,754 39.84%
111,187,683.11 174,525,346.61 63.71%
40,495,541.10 -2,931,407.62 23.87%
Northpoint Development Bank 27,156,885 58,713,177 46.25%
37,258,024.36 58,953,177.23 63.20%
10,101,139.83 240,000.00 16.95%
Pridestar Development Bank 42,142,079 69,789,795 60.38%
41,570,332.37 67,161,530.03 61.90%
-571,746.30 -2,628,264.82 1.51%
First Consolidated Bank Inc. 924,940,715 1,609,124,965 57.48%
1,018,486,258.50 1,655,325,508.95 61.53%
93,545,543.87 46,200,543.46 4.05%
Sampaguita SLA, Inc. 42,483,859 70,009,404 60.68%
42,123,926.54 70,009,403.80 60.17%
-359,932.82 0.00 -0.51%
Life Savings Bank 34,201,678 63,645,807 53.74%
36,418,817.67 63,645,807.09 57.22%
2,217,139.54 0.00 3.48%
Microfinance Maximum SB (Maxbank) 30,079,719 61,712,007 48.74%
32,874,782.73 61,459,294.52 53.49%
2,795,063.65 -252,712.62 4.75%
Quezon Coconut Producers SLB 19,216,456 58,230,123 33.00%
29,962,324.82 57,268,623.22 52.32%
10,745,869.28 -961,500.00 19.32%
Lemery Savings & Loan Bank, Inc. 33,508,175 70,309,777 47.66%
33,714,739.41 70,309,776.55 47.95%
206,564.53 0.00 0.29%
Pacific Ace Savings Bank 6,080,385 71,975,178 8.45%
34,704,490.34 73,235,077.53 47.39%
28,624,105.63 1,259,899.07 38.94%
UCPB Savings Bank 838,600,839 1,905,148,539 44.02%
881,269,081.55 1,921,496,969.38 45.86%
42,668,242.23 16,348,429.90 1.85%
Malasiqui Progressive SLB 18,608,370 57,996,436 32.09%
22,007,687.77 56,932,513.79 38.66%
3,399,317.96 -1,063,922.25 6.57%
Sterling Bank of Asia Inc. (A SB) 663,657,556 1,615,176,391 41.09%
643,256,037.92 1,672,899,830.40 38.45%
-20,401,518.31 57,723,439.00 -2.64%
Allied Savings Bank 303,551,619 999,344,971 30.38%
316,747,860.88 1,184,767,643.93 26.74%
13,196,241.77 185,422,673.26 -3.64%
The Queen City Development Bank 161,850,534 694,530,564 23.30%
185,379,397.07 694,530,564.40 26.69%
23,528,863.31 0.00 3.39%
Card SME Bank Inc. (A Thrift Bank)



36,770,500.72 140,465,025.73 26.18%
36,770,500.72 140,465,025.73 26.18%
Maritime SLA Inc. 13,473,842 66,815,479 20.17%
17,360,743.96 66,815,479.41 25.98%
3,886,902.33 0.00 5.82%
CityState Savings Bank 1,553,539,571 805,263,756 192.92%
199,108,898.88 800,395,475.92 24.88%
-1,354,430,672.41 -4,868,280.36 -168.05%
Optimum Development Bank 138,299,700 682,094,669 20.28%
148,296,513.78 682,009,930.44 21.74%
9,996,813.63 -84,738.95 1.47%
BPI Direct Savings Bank 110,573,310 686,781,879 16.10%
140,829,206.77 693,062,216.48 20.32%
30,255,896.38 6,280,337.72 4.22%
Progress SLA 11,392,742 86,022,982 13.24%
11,911,079.61 86,089,464.86 13.84%
518,337.35 66,482.73 0.59%
Bataan SLA 9,339,368 78,949,232 11.83%
9,042,516.43 75,426,127.41 11.99%
-296,851.72 -3,523,104.10 0.16%
Bank One Savings and Trust Corp. 57,071,226 510,627,434 11.18%
56,930,389.96 510,627,433.93 11.15%
-140,836.38 0.00 -0.03%
Isla bank (A Thrift Bank) Inc. 55,988,006 625,764,496 8.95%
56,854,435.87 625,764,495.92 9.09%
866,430.13 0.00 0.14%
EIB Savings Bank Inc. 6,187,605 73,390,851 8.43%
6,179,128.08 73,323,229.12 8.43%
-8,477.39 -67,622.26 0.00%
HSBC Savings Bank (Philippines) Inc. 272,854,009 2,283,007,208 11.95%
176,610,261.60 2,170,935,493.58 8.14%
-96,243,747.18 -112,071,714.33 -3.82%
BDO Elite Savings Bank 93,319,574 1,470,452,260 6.35%
93,463,448.97 1,470,452,260.33 6.36%
143,874.55 0.00 0.01%
BPI Globe Bank Inc. Savings Bank 27,905,564 335,411,295 8.32%
33,103,613.07 541,259,000.66 6.12%
5,198,049.03 205,847,706.12 -2.20%
Merchants Savings & Loan Association 12,091,790 225,626,208 5.36%
11,914,419.02 220,950,520.20 5.39%
-177,370.68 -4,675,687.99 0.03%
Century Savings Bank 29,901,032 846,826,132 3.53%
42,036,552.02 846,812,699.94 4.96%
12,135,520.07 -13,432.11 1.43%
LBC Development Bank 5,599,115,479.31 716,044,399.25 781.95%







The Palawan Development Bank 94,099,359 15,551,268 605.09%







Robinsons Savings Bank 1,054,429,091 2,599,586,008 40.56%







Legaspi Savings Bank










Grand Total 100,770,652,202.27 79,431,353,652.22 126.87%
91,203,204,616.46 84,825,051,470.93 107.52%
-2,819,803,656.26 -15,290,919.04 -19.35%













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