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Monday, October 6, 2014

A Simple Stress Test of Philippine Banks as of March 31, 2014

Editor's Note: This is an updated version of an earlier blog post "A Simple Stress Test of Philippine Banks as of December 31, 2013"

Editor's Note: For the purposes of this article, Philippine Banks or the Philippine Banking System refers to the Philippine Commercial and Universal Banking System and the Philippine Thrift Banking System.  We are ignoring the Philippine Rural and Cooperative Banking System whose asset base is tiny in comparison to the whole banking system (Php 209.405 billion or 2.07% of the Php 10,105.267 billion in assets held in the Philippine Banking System as of March 31, 2014).


In an April 9, 2012 article entitled "Stress Test Proves Strength of PH Banks", "Philippine banks are seen to survive a disaster in which the various lenders are forced to write off loans as large as PhP 36 billion without asking shareholders, the central bank, or the national government for bailout money."  This assertion stems from a recent stress test conducted by the Bangko Sentral ng Pilipinas (BSP) on all 55 regular and commercial and expanded license banks.

For Philippine Banks, these NPLs currently comprise PhP 119.769 billion or 11.65% of the PhP 1,028.250 billion in Stockholders Equity (SE) as of March 31, 2014.  So, writing off 50% of the Philippine Banks NPLs would reduce their aggregate stockholders equity by a little less than 6%.

Naturally, some banks would be more affected than others.  (Weak banks are highlighted in yellow.  Failed banks are highlighted in red.  For more information regarding this, please read "The Top Distressed Philippine Banks as of March 31, 2014").

The stockholder's equity of one bank, The Real Bank would be completely wiped out.  Nine other banks, namely, BPI Globe Banko Inc (84.62% decline in SE), World Partners Bank (63.74% decline in SE), Planters Development Bank (60.31% decline in SE), Comsavings Bank (52.46% decline in SE), Standard Chartered Bank (47.17% decline in SE), Legazpi Savings Bank (44.18% decline in SE), Northpoint Development Bank (38.85% decline in SE), Opportunity Kauswagan Bank (35.66% decline in SE), Security Bank Savings Corporation (30.58% decline in SE), would be severely affected.

Philippine Banking System
NPL as % of SE
March 31, 2014









NPL SE NPL/SE
Bank (In PHP) (In PHP) (In %)
THE REAL BANK (A THRIFT BANK) INC 2,665,857,090.78 623,169,811.49 427.79%
BPI GLOBE BANKO INC A SAVINGS BANK 258,776,399.64 152,910,249.12 169.23%
WORLD PARTNERS BANK (A THRIFT BANK) 102,728,095.15 80,585,454.05 127.48%
PLANTERS DEVELOPMENT BANK 3,573,216,336.81 2,962,516,124.60 120.61%
COMSAVINGS BANK 191,305,787.91 182,352,184.78 104.91%
STANDARD CHARTERED BANK 1,572,054,950.49 1,666,384,056.91 94.34%
LEGAZPI SAVINGS BANK INC 298,280,428.39 337,575,540.91 88.36%
NORTHPOINT DEV'T BANK INC 50,239,956.29 64,659,809.94 77.70%
OPPORTUNITY KAUSWAGAN BANK INC (A MICROFINANCE 73,280,074.41 102,749,325.53 71.32%
SECURITY BANK SAVINGS CORPORATION 603,956,346.71 987,411,819.09 61.17%
PHILIPPINE RESOURCES SAVINGS BANKING 935,376,928.06 1,662,827,636.60 56.25%
UNITED OVERSEAS BANK PHILIPPINES 665,448,276.65 1,264,480,366.89 52.63%
WEALTH DEVELOPMENT BANK CORPORATION 195,898,098.57 373,531,565.95 52.44%
STERLING BANK OF ASIA INC (A SAVINGS 804,918,619.51 1,550,771,793.07 51.90%
EQUICOM SAVINGS BANK INC 285,604,477.12 553,343,969.61 51.61%
THE PALAWAN BANK (PALAWAN DB) INC 14,071,641.06 27,795,358.05 50.63%
PHIL POSTAL SAVINGS BANK INC 387,713,709.40 792,374,957.78 48.93%
SAMPAGUITA SAVINGS BANK INC 27,028,077.39 57,672,342.21 46.86%
ALLIED SAVINGS BANK 436,778,077.39 963,266,165.32 45.34%
MALASIQUI PROGRESSIVE SLB, INC 23,758,506.25 54,677,057.82 43.45%
DUNGGANON BANK (A MICROFINANCE THRIFT 34,773,345.24 90,348,361.85 38.49%
LUZON DEVELOPMENT BANK 188,268,285.57 494,724,410.20 38.06%
TONGYANG SAVINGS BANK INC 140,394,529.05 388,809,256.43 36.11%
PENBANK INC (A PDB) (FORMERLY: PENINSULA 88,363,646.80 249,183,698.85 35.46%
FARMERS SAVINGS & LOAN BANK INC 41,176,509.30 116,414,913.18 35.37%
PAMPANGA DEVELOPMENT BANK 40,645,528.06 118,955,453.11 34.17%
KOREA EXCHANGE BANK 158,745,180.26 480,909,788.62 33.01%
BATAAN DEVELOPMENT BANK 21,736,980.10 68,019,741.89 31.96%
RCBC SAVINGS BANK INC 1,996,786,055.85 6,452,786,425.53 30.94%
PHIL BANK OF COMMUNICATIONS 1,369,863,596.82 4,472,824,414.17 30.63%
UNITED COCONUT PLANTERS BANK 5,711,874,624.13 19,877,073,858.92 28.74%
VILLAGE BANK INC (A THRIFT BANK) 21,639,438.67 77,175,718.91 28.04%
CHINA BANK SAVINGS INC 463,950,396.70 1,680,952,906.29 27.60%
METRO CEBU PUBLIC SAVINGS BANK 17,551,596.78 64,050,550.49 27.40%
MARITIME SAVINGS BANK CORPORATION 16,625,205.32 62,296,104.59 26.69%
PRODUCERS SAVINGS BANK CORPORATION 322,246,331.41 1,215,363,319.51 26.51%
PHIL SAVINGS BANK 3,852,498,544.36 15,229,885,315.52 25.30%
BPI FAMILY SAVINGS BANK INC 4,654,699,353.00 18,563,852,659.29 25.07%
BANK OF COMMERCE 3,140,730,913.06 13,184,273,245.48 23.82%
ENTERPRISE BANK INC (A THRIFT BANK) 52,061,188.50 219,921,441.20 23.67%
EAST WEST BANKING CORP 4,598,059,488.49 19,488,602,756.57 23.59%
UNION BANK OF THE PHILS 9,264,016,489.58 39,604,317,566.75 23.39%
UNIVERSITY SAVINGS BANK INC 48,282,166.46 219,269,486.25 22.02%
1ST VALLEY BANK INC A DEVELOPMENT BANK 227,611,007.05 1,073,900,287.47 21.19%
MALAYAN BANK SAVINGS AND MORT BANK INC 218,312,032.21 1,054,678,882.87 20.70%
DUMAGUETE CITY DEV BANK INC 41,571,909.87 213,345,382.52 19.49%
HONGKONG & SHANGHAI BANKING CORP 1,186,140,410.67 6,101,749,058.38 19.44%
BUSINESS AND CONSUMERS BANK (A DB) 15,928,824.09 82,328,718.85 19.35%
FIRST CONSOLIDATED BANK INC (A PDB) 471,778,749.04 2,618,040,856.36 18.02%
CITIBANK, N.A. 1,337,572,880.61 7,568,976,199.15 17.67%
PHILIPPINE VETERANS BANK 953,671,205.86 5,840,262,371.45 16.33%
CITYSTATE SAVINGS BANK INC 118,808,414.32 734,307,159.32 16.18%
CORDILLERA SAVINGS BANK INC 15,135,180.92 101,920,877.44 14.85%
DEVELOPMENT BANK OF THE PHIL 5,952,217,939.24 40,094,459,800.95 14.85%
LEMERY SAVINGS & LOAN BANK, INC. 10,377,162.11 72,217,211.14 14.37%
LIFE SAVINGS BANK INC 9,499,865.50 67,757,354.91 14.02%
PHIL NATIONAL BANK 10,323,540,398.06 78,098,746,199.06 13.22%
UCPB SAVINGS BANK 353,568,135.78 2,730,465,559.23 12.95%
MAYBANK PHILIPPINES INC 1,282,710,033.55 10,384,055,196.64 12.35%
PRIDE STAR DEVELOPMENT BANK INC 8,882,515.92 74,725,625.76 11.89%
HIYAS BANKING CORPORATION 18,816,080.51 161,399,880.28 11.66%
LAND BANK OF THE PHILIPPINES 7,718,631,312.24 67,638,813,297.23 11.41%
INTER-ASIA DEVELOPMENT BANK 5,766,081.97 52,501,490.26 10.98%
PHILIPPINE BUSINESS BANK INC A SAVINGS 786,384,293.47 7,358,693,887.87 10.69%
PACIFIC ACE SAVINGS BANK INC 8,033,232.49 76,986,659.97 10.43%
BDO UNIBANK INC 17,110,528,484.20 165,466,057,134.09 10.34%
TOWER DEVELOPMENT BANK 11,363,447.67 114,419,099.22 9.93%
CHINA BANKING CORP 4,085,461,652.86 41,863,129,705.04 9.76%
BPI DIRECT SAVINGS BANK INC 92,818,624.06 1,038,535,786.97 8.94%
ROBINSONS BANK CORPORATION 450,161,983.95 5,239,101,313.23 8.59%
CARD SME BANK INC A THRIFT BANK 21,670,955.37 291,104,890.74 7.44%
MICROFINANCE MAXIMUM SB INC 2,711,378.39 38,321,311.19 7.08%
QUEEN CITY DEVELOPMENT BANK INC OR QUEENBANK 45,631,012.38 659,366,771.59 6.92%
RIZAL COMM'L BANKING CORP 3,128,741,619.03 45,331,529,316.16 6.90%
SUN SAVINGS BANK INC 6,955,500.63 104,537,929.83 6.65%
CTBC BANK (PHILIPPINES) CORP 376,072,936.98 6,392,598,403.91 5.88%
BANK OF THE PHIL ISLANDS 7,313,979,407.47 126,212,538,457.67 5.79%
ASIA UNITED BANK CORPORATION 1,067,876,024.36 18,505,614,444.76 5.77%
PHIL TRUST COMPANY 1,146,303,968.20 21,083,481,851.29 5.44%
QUEZON COCONUT BANK INC (A THRIFT BANK) 3,073,050.56 58,691,004.89 5.24%
CENTURY SAVINGS BANK CORPORATION 37,181,786.96 916,937,801.45 4.05%
BATAAN SAVINGS AND LOAN BANK 2,838,338.85 72,157,228.01 3.93%
HSBC SAVINGS BANK(PHILS) INC 74,113,078.25 2,578,035,862.71 2.87%
BANK ONE SAVINGS AND TRUST CORP. 15,304,127.53 544,534,902.56 2.81%
OPTIMUM DEVELOPMENT BANK INC 18,286,790.21 713,672,445.02 2.56%
METROPOLITAN BANK & TCO 3,280,149,921.17 130,598,953,354.14 2.51%
SECURITY BANK CORP 958,577,062.77 42,016,799,127.69 2.28%
PROGRESS SAVINGS AND LOAN BANK INC 1,247,829.54 82,292,284.97 1.52%
BANK OF CHINA LIMITED-MANILA BRANCH 8,660,895.91 797,420,382.03 1.09%
MERCHANTS SAVINGS & LOAN ASSN INC 3,649,479.97 471,236,692.40 0.77%
ANZ BANKING GROUP LTD 23,339,114.85 3,302,947,026.06 0.71%
BANGKOK BANK PUBLIC CO LTD 4,914,155.55 1,121,635,525.23 0.44%
AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILS 1,092,048.97 381,793,454.58 0.29%
JP MORGAN CHASE BANK NATIONAL ASSN. 734,885.22 1,415,521,783.62 0.05%
INTERNATIONALE NEDERLANDEN GROEP BK 91.63 2,532,701,534.05 0.00%
BANK OF AMERICA N.A. 4.00 596,946,705.20 0.00%
BDO ELITE SAVINGS BANK INC 0.00 807,091,446.79 0.00%
BDO PRIVATE BANK, INC. 0.00 5,435,347,034.96 0.00%
CITIBANK SAVINGS INC 0.00 971,883,844.42 0.00%
DEUTSCHE BANK AG 0.00 1,577,747,405.91 0.00%
ISLA BANK(A THRIFT BANK) INC 0.00 649,558,600.52 0.00%
MEGA INT'L COMM'L BANK CO LTD 0.00 1,878,799,338.87 0.00%
MIZUHO BANK LTD - MANILA BRANCH 0.00 2,724,745,253.27 0.00%
THE BNK OF TOKYO-MITSUBISHI UFJ LTD 0.00 4,581,085,136.29 0.00%
CITY SAVINGS BANK NA NA NA
Grand Total 119,769,678,594.46 1,028,250,270,531.76 11.65%


Are NPLs the Right Numbers to Look At?

In a financial crisis, a loan that is current can very well become past due, and a past due loan can become a non-performing loan, and a non-performing loan can become a loan write-off.  The real number to look at are the loans that the banks and BSP already consider doubtful: Classified Loans.

Investopedia.com defines "Classified Loans" as:

"Any bank loan that is in danger of default. Classified loans have unpaid interest and principal outstanding, and it is unclear whether the bank will be able to recoup the loan proceeds from the borrower. Banks usually categorize such loans as adversely classified assets on their books."

The US Federal Deposit Insurance Corporation (FDIC), similar to our very own Philippine Deposit Insurance Corporation (PDIC), defines Classified Loans as:

"Loans classified Loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be effected in the future."


In Circular #0247 dated May 19, 2000, BSP defines Classified Loans as loans which possess the following characteristics:
  1. Loans especially mentioned because they have potential weaknesses that deserve Management's close attention;
  2. Substandard Loans are loans which appear to involve a substantial and unreasonable degree of risk to the institution because of unfavorable record or unsatisfactory characteristics;
  3. Doubtful Loans are Substandard Loans with the added characteristics that existing facts, conditions, and values make collection or liquidation in full highly improbable and in which substantial loss is probable;
  4. Loss are loans that are considered uncollectible or worthless and are of such little value that their continuance as bankable assets is not warranted although the loans may have some recovery or salvage value.
The circular mandates that an allowance for probable losses should be set up in accordance with the following schedule:
  1. Loans Especially Mentioned: 5%
  2. Substandard - Secured: 6% - 25%
  3. Substandard - Unsecured: 25%
  4. Doubtful: 50%
  5. Loss: 100%
 As of March 31, 2014, "Classified Loans and Other Risky Assets" of the Philippine Banks amounted to PhP 384.099 billion or more than 3 times the size of the Philippine Banking System's NPLs of PhP 119.769 billion for the same period.  Consequently, any write-offs of Classified Loans will have three times the impact of an NPL write-off.


Philippine Banking System
Classified Loans vs. NPLs
March 31, 2014









Classified Loans NPL Classified Loans/NPL
Bank (In PHP) (In PHP) (In %)
BANK OF AMERICA N.A. 5,664,000.00 4.00 141600000.00%
INTERNATIONALE NEDERLANDEN GROEP BK 24,000,000.00 91.63 26192295.10%
BANK OF CHINA LIMITED-MANILA BRANCH 6,412,897,708.11 8,660,895.91 74044.28%
VILLAGE BANK INC (A THRIFT BANK) 621,149,516.16 21,639,438.67 2870.45%
INTER-ASIA DEVELOPMENT BANK 148,705,112.85 5,766,081.97 2578.96%
CITIBANK, N.A. 23,375,355,000.00 1,337,572,880.61 1747.59%
BUSINESS AND CONSUMERS BANK (A DB) 231,811,720.17 15,928,824.09 1455.30%
BANK ONE SAVINGS AND TRUST CORP. 200,281,132.32 15,304,127.53 1308.67%
AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILS 13,972,461.61 1,092,048.97 1279.47%
BANK OF COMMERCE 28,940,752,164.13 3,140,730,913.06 921.47%
SECURITY BANK CORP 7,002,000,000.00 958,577,062.77 730.46%
COMSAVINGS BANK 1,275,879,789.57 191,305,787.91 666.93%
UCPB SAVINGS BANK 2,142,159,460.30 353,568,135.78 605.87%
METROPOLITAN BANK & TCO 18,942,420,008.36 3,280,149,921.17 577.49%
PHILIPPINE VETERANS BANK 5,201,226,063.10 953,671,205.86 545.39%
PHIL TRUST COMPANY 5,968,475,000.00 1,146,303,968.20 520.67%
QUEZON COCONUT BANK INC (A THRIFT BANK) 15,737,496.42 3,073,050.56 512.11%
ASIA UNITED BANK CORPORATION 5,149,987,515.83 1,067,876,024.36 482.26%
BATAAN DEVELOPMENT BANK 102,400,000.00 21,736,980.10 471.09%
DUMAGUETE CITY DEV BANK INC 186,850,000.00 41,571,909.87 449.46%
RCBC SAVINGS BANK INC 8,915,418,143.00 1,996,786,055.85 446.49%
PHIL NATIONAL BANK 45,845,789,791.39 10,323,540,398.06 444.09%
MALAYAN BANK SAVINGS AND MORT BANK INC 951,133,334.69 218,312,032.21 435.68%
PRIDE STAR DEVELOPMENT BANK INC 36,755,673.39 8,882,515.92 413.80%
UNIVERSITY SAVINGS BANK INC 194,297,501.08 48,282,166.46 402.42%
KOREA EXCHANGE BANK 608,826,719.38 158,745,180.26 383.52%
UNITED COCONUT PLANTERS BANK 20,225,000,000.00 5,711,874,624.13 354.09%
PHIL SAVINGS BANK 13,361,453,990.58 3,852,498,544.36 346.83%
ROBINSONS BANK CORPORATION 1,506,082,604.60 450,161,983.95 334.56%
CHINA BANKING CORP 13,384,692,158.95 4,085,461,652.86 327.62%
RIZAL COMM'L BANKING CORP 10,088,026,445.30 3,128,741,619.03 322.43%
LAND BANK OF THE PHILIPPINES 24,317,813,308.76 7,718,631,312.24 315.05%
LEGAZPI SAVINGS BANK INC 852,505,000.00 298,280,428.39 285.81%
CORDILLERA SAVINGS BANK INC 43,144,785.66 15,135,180.92 285.06%
PROGRESS SAVINGS AND LOAN BANK INC 3,477,288.94 1,247,829.54 278.67%
UNION BANK OF THE PHILS 25,257,038,795.88 9,264,016,489.58 272.64%
QUEEN CITY DEVELOPMENT BANK INC OR QUEENBANK 121,997,222.58 45,631,012.38 267.36%
BANK OF THE PHIL ISLANDS 18,536,680,408.58 7,313,979,407.47 253.44%
OPTIMUM DEVELOPMENT BANK INC 46,177,578.41 18,286,790.21 252.52%
FARMERS SAVINGS & LOAN BANK INC 99,664,976.47 41,176,509.30 242.04%
THE REAL BANK (A THRIFT BANK) INC 6,432,214,777.89 2,665,857,090.78 241.28%
LIFE SAVINGS BANK INC 21,482,218.39 9,499,865.50 226.13%
BDO UNIBANK INC 36,530,968,167.18 17,110,528,484.20 213.50%
HSBC SAVINGS BANK(PHILS) INC 155,072,514.45 74,113,078.25 209.24%
MARITIME SAVINGS BANK CORPORATION 32,567,154.16 16,625,205.32 195.89%
METRO CEBU PUBLIC SAVINGS BANK 33,548,210.44 17,551,596.78 191.14%
BPI FAMILY SAVINGS BANK INC 8,834,275,677.87 4,654,699,353.00 189.79%
WORLD PARTNERS BANK (A THRIFT BANK) 188,365,288.58 102,728,095.15 183.36%
DEVELOPMENT BANK OF THE PHIL 10,695,238,370.03 5,952,217,939.24 179.68%
CHINA BANK SAVINGS INC 823,314,574.01 463,950,396.70 177.46%
STERLING BANK OF ASIA INC (A SAVINGS 1,427,778,000.00 804,918,619.51 177.38%
PRODUCERS SAVINGS BANK CORPORATION 570,800,929.77 322,246,331.41 177.13%
SECURITY BANK SAVINGS CORPORATION 1,031,683,060.72 603,956,346.71 170.82%
PLANTERS DEVELOPMENT BANK 5,917,614,558.17 3,573,216,336.81 165.61%
CENTURY SAVINGS BANK CORPORATION 61,317,193.47 37,181,786.96 164.91%
STANDARD CHARTERED BANK 2,526,763,721.45 1,572,054,950.49 160.73%
TOWER DEVELOPMENT BANK 17,390,649.94 11,363,447.67 153.04%
PENBANK INC (A PDB) (FORMERLY: PENINSULA 129,863,524.97 88,363,646.80 146.96%
PHIL POSTAL SAVINGS BANK INC 553,986,513.35 387,713,709.40 142.89%
TONGYANG SAVINGS BANK INC 199,747,892.87 140,394,529.05 142.28%
BPI DIRECT SAVINGS BANK INC 131,732,858.78 92,818,624.06 141.93%
PHILIPPINE BUSINESS BANK INC A SAVINGS 1,085,632,000.00 786,384,293.47 138.05%
MAYBANK PHILIPPINES INC 1,716,498,959.50 1,282,710,033.55 133.82%
EAST WEST BANKING CORP 6,112,748,316.00 4,598,059,488.49 132.94%
CTBC BANK (PHILIPPINES) CORP 487,891,068.34 376,072,936.98 129.73%
ANZ BANKING GROUP LTD 30,122,834.56 23,339,114.85 129.07%
BPI GLOBE BANKO INC A SAVINGS BANK 324,184,733.02 258,776,399.64 125.28%
ALLIED SAVINGS BANK 537,717,199.72 436,778,077.39 123.11%
PAMPANGA DEVELOPMENT BANK 47,394,335.63 40,645,528.06 116.60%
UNITED OVERSEAS BANK PHILIPPINES 762,323,689.61 665,448,276.65 114.56%
PHILIPPINE RESOURCES SAVINGS BANKING 1,066,599,046.27 935,376,928.06 114.03%
FIRST CONSOLIDATED BANK INC (A PDB) 503,878,196.82 471,778,749.04 106.80%
DUNGGANON BANK (A MICROFINANCE THRIFT 36,019,904.42 34,773,345.24 103.58%
LUZON DEVELOPMENT BANK 190,849,096.75 188,268,285.57 101.37%
SAMPAGUITA SAVINGS BANK INC 27,311,776.74 27,028,077.39 101.05%
LEMERY SAVINGS & LOAN BANK, INC. 10,391,594.20 10,377,162.11 100.14%
OPPORTUNITY KAUSWAGAN BANK INC (A MICROFINANCE 73,365,034.41 73,280,074.41 100.12%
BANGKOK BANK PUBLIC CO LTD 4,914,155.55 4,914,155.55 100.00%
BATAAN SAVINGS AND LOAN BANK 2,838,338.85 2,838,338.85 100.00%
HIYAS BANKING CORPORATION 18,816,080.51 18,816,080.51 100.00%
JP MORGAN CHASE BANK NATIONAL ASSN. 734,885.22 734,885.22 100.00%
MALASIQUI PROGRESSIVE SLB, INC 23,758,506.25 23,758,506.25 100.00%
SUN SAVINGS BANK INC 5,828,443.95 6,955,500.63 83.80%
HONGKONG & SHANGHAI BANKING CORP 951,157,175.42 1,186,140,410.67 80.19%
WEALTH DEVELOPMENT BANK CORPORATION 78,815,732.80 195,898,098.57 40.23%
EQUICOM SAVINGS BANK INC 54,007,297.91 285,604,477.12 18.91%
PHIL BANK OF COMMUNICATIONS 126,567,595.01 1,369,863,596.82 9.24%
1ST VALLEY BANK INC A DEVELOPMENT BANK 0.00 227,611,007.05 0.00%
CARD SME BANK INC A THRIFT BANK 0.00 21,670,955.37 0.00%
CITYSTATE SAVINGS BANK INC 0.00 118,808,414.32 0.00%
ENTERPRISE BANK INC (A THRIFT BANK) 0.00 52,061,188.50 0.00%
MERCHANTS SAVINGS & LOAN ASSN INC 0.00 3,649,479.97 0.00%
MICROFINANCE MAXIMUM SB INC 0.00 2,711,378.39 0.00%
NORTHPOINT DEV'T BANK INC 0.00 50,239,956.29 0.00%
PACIFIC ACE SAVINGS BANK INC 0.00 8,033,232.49 0.00%
THE PALAWAN BANK (PALAWAN DB) INC 0.00 14,071,641.06 0.00%
BDO ELITE SAVINGS BANK INC 0.00 0.00 NA
BDO PRIVATE BANK, INC. 709,747,747.91 0.00 NA
CITIBANK SAVINGS INC 0.00 0.00 NA
CITY SAVINGS BANK NA NA NA
DEUTSCHE BANK AG 657,270,229.56 0.00 NA
ISLA BANK(A THRIFT BANK) INC 30,922,053.75 0.00 NA
MEGA INT'L COMM'L BANK CO LTD 747,400,361.77 0.00 NA
MIZUHO BANK LTD - MANILA BRANCH 998,605,079.30 0.00 NA
THE BNK OF TOKYO-MITSUBISHI UFJ LTD 980,350.81 0.00 NA
Grand Total 384,098,717,553.62 119,769,678,594.46 320.70%



This level of classified loans should be measured against the bank's "capital cushion" or its ability to absorb losses.  Capital Cushion is normally defined as a bank's "Tangible Common Equity" plus its Loan Loss Reserves.  Tangible Common Equity (TCE) refers to the subset of shareholders' equity that is not preferred equity and not intangible assets.  So it excludes such items as Hybrid equity (like preferred shares) and goodwill.

By this measure, the level of "Classified Loans and other Risky Assets" amounts to 33.71% of the Php 1.139 trillion in Total Capital Cushion of Philippine Banks as of March 31, 2013.



Philippine Banking System
Classified Loans as % of Total Capital Cushion
March 31, 2014









Classified Loans Total Capital Cushion Classified Loans/Total Capital Cushion
Bank (In Php) (In Php) (In %)
THE REAL BANK (A THRIFT BANK) INC 6,432,214,777.89 191,091,636.75 3366.04%
LEGAZPI SAVINGS BANK INC 852,505,000.00 45,493,094.16 1873.92%
BANK OF CHINA LIMITED-MANILA BRANCH 6,412,897,708.11 687,745,807.59 932.45%
COMSAVINGS BANK 1,275,879,789.57 158,020,725.06 807.41%
VILLAGE BANK INC (A THRIFT BANK) 621,149,516.16 91,791,617.61 676.70%
INTER-ASIA DEVELOPMENT BANK 148,705,112.85 51,070,845.44 291.17%
BUSINESS AND CONSUMERS BANK (A DB) 231,811,720.17 87,557,322.07 264.75%
BANK OF COMMERCE 28,940,752,164.13 18,238,655,653.70 158.68%
UNITED COCONUT PLANTERS BANK 20,225,000,000.00 12,836,411,761.62 157.56%
CITIBANK, N.A. 23,375,355,000.00 15,190,903,900.06 153.88%
PLANTERS DEVELOPMENT BANK 5,917,614,558.17 4,057,381,483.39 145.85%
BATAAN DEVELOPMENT BANK 102,400,000.00 81,674,612.33 125.38%
WORLD PARTNERS BANK (A THRIFT BANK) 188,365,288.58 162,616,013.09 115.83%
RCBC SAVINGS BANK INC 8,915,418,143.00 8,605,215,172.75 103.60%
KOREA EXCHANGE BANK 608,826,719.38 613,337,117.18 99.26%
DUMAGUETE CITY DEV BANK INC 186,850,000.00 223,461,033.96 83.62%
STANDARD CHARTERED BANK 2,526,763,721.45 3,030,779,309.09 83.37%
BPI GLOBE BANKO INC A SAVINGS BANK 324,184,733.02 414,110,805.27 78.28%
MALAYAN BANK SAVINGS AND MORT BANK INC 951,133,334.69 1,227,319,029.44 77.50%
UNIVERSITY SAVINGS BANK INC 194,297,501.08 253,733,504.95 76.58%
FARMERS SAVINGS & LOAN BANK INC 99,664,976.47 132,400,322.41 75.28%
PHILIPPINE VETERANS BANK 5,201,226,063.10 7,092,283,324.05 73.34%
UCPB SAVINGS BANK 2,142,159,460.30 3,073,140,771.84 69.71%
PHIL SAVINGS BANK 13,361,453,990.58 19,613,859,597.74 68.12%
SECURITY BANK SAVINGS CORPORATION 1,031,683,060.72 1,601,143,895.88 64.43%
STERLING BANK OF ASIA INC (A SAVINGS 1,427,778,000.00 2,321,031,017.75 61.51%
PHILIPPINE RESOURCES SAVINGS BANKING 1,066,599,046.27 1,793,022,247.43 59.49%
PHIL POSTAL SAVINGS BANK INC 553,986,513.35 991,248,832.04 55.89%
CHINA BANK SAVINGS INC 823,314,574.01 1,501,414,294.17 54.84%
OPPORTUNITY KAUSWAGAN BANK INC (A MICROFINANCE 73,365,034.41 135,633,158.81 54.09%
PHIL NATIONAL BANK 45,845,789,791.39 89,982,011,238.61 50.95%
METRO CEBU PUBLIC SAVINGS BANK 33,548,210.44 68,367,423.47 49.07%
PRIDE STAR DEVELOPMENT BANK INC 36,755,673.39 76,005,235.62 48.36%
ALLIED SAVINGS BANK 537,717,199.72 1,140,321,819.57 47.15%
PRODUCERS SAVINGS BANK CORPORATION 570,800,929.77 1,245,090,637.20 45.84%
PENBANK INC (A PDB) (FORMERLY: PENINSULA 129,863,524.97 286,534,227.71 45.32%
UNION BANK OF THE PHILS 25,257,038,795.88 56,505,178,526.31 44.70%
DEUTSCHE BANK AG 657,270,229.56 1,489,081,000.23 44.14%
MARITIME SAVINGS BANK CORPORATION 32,567,154.16 74,903,597.78 43.48%
UNITED OVERSEAS BANK PHILIPPINES 762,323,689.61 1,862,988,627.82 40.92%
TONGYANG SAVINGS BANK INC 199,747,892.87 490,525,314.15 40.72%
BPI FAMILY SAVINGS BANK INC 8,834,275,677.87 22,228,308,101.82 39.74%
LAND BANK OF THE PHILIPPINES 24,317,813,308.76 61,845,008,513.38 39.32%
MALASIQUI PROGRESSIVE SLB, INC 23,758,506.25 60,492,479.76 39.28%
DUNGGANON BANK (A MICROFINANCE THRIFT 36,019,904.42 95,648,586.70 37.66%
CORDILLERA SAVINGS BANK INC 43,144,785.66 115,509,253.02 37.35%
MEGA INT'L COMM'L BANK CO LTD 747,400,361.77 2,040,460,968.77 36.63%
BANK ONE SAVINGS AND TRUST CORP. 200,281,132.32 551,621,684.76 36.31%
PAMPANGA DEVELOPMENT BANK 47,394,335.63 134,667,522.94 35.19%
SAMPAGUITA SAVINGS BANK INC 27,311,776.74 79,236,436.68 34.47%
LUZON DEVELOPMENT BANK 190,849,096.75 566,298,314.72 33.70%
MIZUHO BANK LTD - MANILA BRANCH 998,605,079.30 3,029,971,183.27 32.96%
LIFE SAVINGS BANK INC 21,482,218.39 69,198,550.96 31.04%
PHIL TRUST COMPANY 5,968,475,000.00 19,950,237,026.38 29.92%
CHINA BANKING CORP 13,384,692,158.95 47,698,499,510.57 28.06%
EAST WEST BANKING CORP 6,112,748,316.00 22,265,109,429.44 27.45%
QUEZON COCONUT BANK INC (A THRIFT BANK) 15,737,496.42 57,729,522.98 27.26%
DEVELOPMENT BANK OF THE PHIL 10,695,238,370.03 42,143,710,059.63 25.38%
ASIA UNITED BANK CORPORATION 5,149,987,515.83 20,960,293,129.53 24.57%
ROBINSONS BANK CORPORATION 1,506,082,604.60 6,377,043,989.85 23.62%
RIZAL COMM'L BANKING CORP 10,088,026,445.30 48,670,892,507.74 20.73%
BDO UNIBANK INC 36,530,968,167.18 187,094,498,247.13 19.53%
QUEEN CITY DEVELOPMENT BANK INC OR QUEENBANK 121,997,222.58 677,027,041.15 18.02%
WEALTH DEVELOPMENT BANK CORPORATION 78,815,732.80 468,131,132.46 16.84%
FIRST CONSOLIDATED BANK INC (A PDB) 503,878,196.82 2,993,205,733.46 16.83%
SECURITY BANK CORP 7,002,000,000.00 43,019,746,596.92 16.28%
MAYBANK PHILIPPINES INC 1,716,498,959.50 11,237,619,781.13 15.27%
TOWER DEVELOPMENT BANK 17,390,649.94 114,305,443.13 15.21%
HONGKONG & SHANGHAI BANKING CORP 951,157,175.42 6,561,108,977.33 14.50%
METROPOLITAN BANK & TCO 18,942,420,008.36 135,563,333,667.96 13.97%
LEMERY SAVINGS & LOAN BANK, INC. 10,391,594.20 75,142,714.54 13.83%
BANK OF THE PHIL ISLANDS 18,536,680,408.58 140,209,545,966.53 13.22%
BDO PRIVATE BANK, INC. 709,747,747.91 5,491,151,077.13 12.93%
PHILIPPINE BUSINESS BANK INC A SAVINGS 1,085,632,000.00 8,867,730,762.30 12.24%
BPI DIRECT SAVINGS BANK INC 131,732,858.78 1,170,213,531.99 11.26%
HIYAS BANKING CORPORATION 18,816,080.51 171,917,579.15 10.94%
EQUICOM SAVINGS BANK INC 54,007,297.91 625,456,385.90 8.63%
CTBC BANK (PHILIPPINES) CORP 487,891,068.34 6,936,989,570.90 7.03%
CENTURY SAVINGS BANK CORPORATION 61,317,193.47 913,642,185.70 6.71%
HSBC SAVINGS BANK(PHILS) INC 155,072,514.45 2,572,297,832.21 6.03%
OPTIMUM DEVELOPMENT BANK INC 46,177,578.41 775,452,218.89 5.95%
SUN SAVINGS BANK INC 5,828,443.95 112,521,399.33 5.18%
ISLA BANK(A THRIFT BANK) INC 30,922,053.75 652,126,033.66 4.74%
PROGRESS SAVINGS AND LOAN BANK INC 3,477,288.94 83,317,544.05 4.17%
BATAAN SAVINGS AND LOAN BANK 2,838,338.85 73,639,250.93 3.85%
AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILS 13,972,461.61 395,684,410.47 3.53%
PHIL BANK OF COMMUNICATIONS 126,567,595.01 5,960,086,276.65 2.12%
BANK OF AMERICA N.A. 5,664,000.00 607,196,709.20 0.93%
INTERNATIONALE NEDERLANDEN GROEP BK 24,000,000.00 2,573,974,214.82 0.93%
ANZ BANKING GROUP LTD 30,122,834.56 3,334,313,620.09 0.90%
BANGKOK BANK PUBLIC CO LTD 4,914,155.55 1,282,650,744.50 0.38%
JP MORGAN CHASE BANK NATIONAL ASSN. 734,885.22 1,408,037,705.00 0.05%
THE BNK OF TOKYO-MITSUBISHI UFJ LTD 980,350.81 4,945,420,166.75 0.02%
1ST VALLEY BANK INC A DEVELOPMENT BANK 0.00 1,132,241,874.34 0.00%
BDO ELITE SAVINGS BANK INC 0.00 777,181,365.52 0.00%
CARD SME BANK INC A THRIFT BANK 0.00 317,281,612.84 0.00%
CITIBANK SAVINGS INC 0.00 1,616,838,738.50 0.00%
CITYSTATE SAVINGS BANK INC 0.00 813,996,767.32 0.00%
ENTERPRISE BANK INC (A THRIFT BANK) 0.00 250,023,092.67 0.00%
MERCHANTS SAVINGS & LOAN ASSN INC 0.00 490,936,935.43 0.00%
MICROFINANCE MAXIMUM SB INC 0.00 46,001,537.66 0.00%
NORTHPOINT DEV'T BANK INC 0.00 90,528,118.56 0.00%
PACIFIC ACE SAVINGS BANK INC 0.00 78,435,496.56 0.00%
THE PALAWAN BANK (PALAWAN DB) INC 0.00 36,465,737.75 0.00%
CITY SAVINGS BANK NA NA NA
Grand Total 384,098,717,553.62 1,139,281,908,127.51 33.71%


Stress Test Scenarios

Aggregate

So how will a 10%, 20%, 30%, 40%, and even 50% write-off of Classified Loans affect the Total Capital Cushion of the Philippine Banking System?

In the aggregate, if Classified Loans amount to 33.71% of the banking system's Total Capital Cushion, then it follows that a 10% write-off of Classified Loans will reduce the total capital by 3.37% and a 50% write-off of classified loans will reduce the banking system's Total Capital Cushion by 16.86%.

Individual Banks

A 10% write-off of Classified Loans would wipe out two banks (highlighted in red) and severely impact (by 30% or more) the Total Capital Cushion of three other banks (severely affected banks highlighted in yellow).
  1. The Real Bank (336.60% reduction in Total Capital Cushion)
  2. Legazpi Savings Bank (187.39% reduction in Total Capital Cushion)
  3. Bank of China Limited - Manila Branch (93.25% reduction in Total Capital Cushion)
  4. Comsavings Bank (80.74% reduction in Total Capital Cushion)
  5. Village Bank Inc. (67.67% reduction in Total Capital Cushion)

A 20% write-off of Classified Loans will totally wipe out the Total Capital Cushion of five banks and severely impact the Total Capital Cushion of five more banks:
  1. The Real Bank (673.21% reduction in Total Capital Cushion)
  2. Legazpi Savings Bank (374.78% reduction in Total Capital Cushion)
  3. Bank of China Limited - Manila Branch (186.49% reduction in Total Capital Cushion)
  4. Comsavings Bank (161.48% reduction in Total Capital Cushion)
  5. Village SLA, Inc. (135.34% reduction in Total Capital Cushion)
  6. Inter-Asia Development Bank (58.23% reduction in Total Capital Cushion)
  7. Business and Consumers Bank (52.95% reduction in Total Capital Cushion)
  8. Bank of Commerce (31.74% reduction in Total Capital Cushion)
  9. United Coconut Planters Bank (39.27% reduction in Total Capital Cushion)
  10. Citibank, N.A. (31.65% reduction in Total Capital Cushion)

A 30% write-off of Classified Loans will totally wipe out the Total Capital Cushion of five banks and severely affect (reduce by 30% or more) the Total Capital Cushion of nine other banks:

  1. The Real Bank (1,009.81% reduction in Total Capital Cushion)
  2. Legazpi Savings Bank (562.18% reduction in Total Capital Cushion)
  3. Bank of China Limited - Manila Branch (279.74% reduction in Total Capital Cushion)
  4. Comsavings Bank (242.22% reduction in Total Capital Cushion)
  5. Village SLA, Inc. (203.01% reduction in Total Capital Cushion)
  6. Inter-Asia Development Bank (87.35% reduction in Total Capital Cushion)
  7. Business and Consumers Bank (79.43% reduction in Total Capital Cushion)
  8. Bank of Commerce (47.60% reduction in Total Capital Cushion)
  9. United Coconut Planters Bank (47.27% reduction in Total Capital Cushion)
  10. Citibank N.A. (46.16% reduction in Total Capital Cushion)
  11. Planters Development Bank (43.75% reduction in Total Capital Cushion)
  12. Bataan Development Bank (37.61% reduction in Total Capital Cushion)
  13. World Partners Bank (34.75% reduction in Total Capital Cushion)
  14. RCBC Savings Bank (31.08% reduction in Total Capital Cushion)


A 40% write-off of Classified Loans will totally wipe out the Total Capital Cushion of seven banks and severely affect (reduce by 30% or more) the Total Capital Cushion of fourteen more banks:

  1. The Real Bank (1,346.41% reduction in Total Capital Cushion)
  2. Legazpi Savings Bank (749.57% reduction in Total Capital Cushion)
  3. Bank of China Limited - Manila Branch (372.98% reduction in Total Capital Cushion)
  4. Comsavings Bank (322.97% reduction in Total Capital Cushion)
  5. Village SLA, Inc. (270.68% reduction in Total Capital Cushion)
  6. Inter-Asia Development Bank (116.47% reduction in Total Capital Cushion)
  7. Business & Consumers Bank (105.90% reduction in Total Capital Cushion)
  8. Bank of Commerce (63.47% reduction in Total Capital Cushion)
  9. United Coconut Planters Bank (63.02% reduction in Total Capital Cushion)
  10. Citibank, N.A. (61.55% reduction in Total Capital Cushion)
  11. Planters Development Bank (58.34% reduction in Total Capital Cushion)
  12. Bataan Development Bank (50.15% reduction in Total Capital Cushion)
  13. World Partners Bank (46.33% reduction in Total Capital Cushion)
  14. RCBC Savings Bank (41.44% reduction in Total Capital Cushion)
  15. Korea Exchange Bank (32.09% reduction in Total Capital Cushion)
  16. Dumaguete City Development Bank (33.45% reduction in Total Capital Cushion)
  17. Standard Chartered Bank (33.35% reduction in Total Capital Cushion)
  18. BPI Globe Banko Inc. (31.31% reduction in Total Capital Cushion)
  19. Malayan Bank Savings & Mortgage Bank (31.00% reduction in Total Capital Cushion)
  20. University Savings Bank (30.63% reduction in Total Capital Cushion)
  21. Farmers Savings & Loan Bank (30.11% reduction in Total Capital Cushion)


A 50% write-off of Classified Loans will totally wipe out the Total Capital Cushion of seven banks and severely affect (reduce by 30% or more) the Total Capital Cushion of nineteen more banks:


  1. The Real Bank (1,683.02% reduction in Total Capital Cushion)
  2. Legazpi Savings Bank (936.96% reduction in Total Capital Cushion)
  3. Bank of China Limited - Manila Branch (466.23% reduction in Total Capital Cushion)
  4. Comsavings Bank (403.71% reduction in Total Capital Cushion)
  5. Village SLA, Inc. (338.35% reduction in Total Capital Cushion)
  6. Inter-Asia Development Bank (145.59% reduction in Total Capital Cushion)
  7. Business & Consumers Bank (132.38% reduction in Total Capital Cushion)
  8. Bank of Commerce (79.34% reduction in Total Capital Cushion)
  9. United Coconut Planters Bank (78.78% reduction in Total Capital Cushion)
  10. Citibank, N.A. (76.94% reduction in Total Capital Cushion)
  11. Planters Development Bank (72.92% reduction in Total Capital Cushion)
  12. Bataan Development Bank (62.69% reduction in Total Capital Cushion)
  13. World Partners Bank (57.92% reduction in Total Capital Cushion)
  14. RCBC Savings Bank (51.80% reduction in Total Capital Cushion)
  15. Korea Exchange Bank (49.63% reduction in Total Capital Cushion)
  16. Dumaguete City Development Bank (41.81% reduction in Total Capital Cushion)
  17. Standard Chartered Bank (41.69% reduction in Total Capital Cushion)
  18. BPI Globe Banko Inc. (39.14% reduction in Total Capital Cushion)
  19. Malayan Bank Savings & Mortgage Bank (38.75% reduction in Total Capital Cushion)
  20. University Savings Bank (38.29% reduction in Total Capital Cushion)
  21. Farmers Savings & Loan Bank (37.64% reduction in Total Capital Cushion)
  22. Philippine Veterans Bank (36.67% reduction in Total Capital Cushion)
  23. UCPB Savings Bank (34.85% reduction in Total Capital Cushion)
  24. Philippine Savings Bank (34.06% reduction in Total Capital Cushion)
  25. Security Bank Savings Corporation (32.22% reduction in Total Capital Cushion)
  26. Sterling Bank of Asia Inc. (30.76% reduction in Total Capital Cushion)

Please bear in mind that a number of these banks are already very weak and are in distress.  Please see a previous blog post: "The Top Distressed Philippine Banks as of March 31, 2014".  Moreover, their capital can be overstated.  See a previous blog post "Overstated Capital of Philippine Banks as of March 31, 2014".  As such, any reduction in their capital cushion could knock down an already weak bank.


Philippine Banking System
Impact Analysis of Classified Loan Loss Severities on Total Capital Cushion
March 31, 2014



















Classified Loans Total Capital Cushion Classified Loans/Total Capital Cushion Impact of 10% Classified Loan Loss Severity on Total Capital Cushion Impact of 20% Classified Loan Loss Severity on Total Capital Cushion Impact of 30% Classified Loan Loss Severity on Total Capital Cushion Impact of 40% Classified Loan Loss Severity on Total Capital Cushion Impact of 50% Classified Loan Loss Severity on Total Capital Cushion
Bank (In Php) (In Php) (In %) (In %) (In %) (In %) (In %) (In %)
THE REAL BANK (A THRIFT BANK) INC 6,432,214,777.89 191,091,636.75 3366.04% 336.60% 673.21% 1009.81% 1346.41% 1683.02%
LEGAZPI SAVINGS BANK INC 852,505,000.00 45,493,094.16 1873.92% 187.39% 374.78% 562.18% 749.57% 936.96%
BANK OF CHINA LIMITED-MANILA BRANCH 6,412,897,708.11 687,745,807.59 932.45% 93.25% 186.49% 279.74% 372.98% 466.23%
COMSAVINGS BANK 1,275,879,789.57 158,020,725.06 807.41% 80.74% 161.48% 242.22% 322.97% 403.71%
VILLAGE BANK INC (A THRIFT BANK) 621,149,516.16 91,791,617.61 676.70% 67.67% 135.34% 203.01% 270.68% 338.35%
INTER-ASIA DEVELOPMENT BANK 148,705,112.85 51,070,845.44 291.17% 29.12% 58.23% 87.35% 116.47% 145.59%
BUSINESS AND CONSUMERS BANK (A DB) 231,811,720.17 87,557,322.07 264.75% 26.48% 52.95% 79.43% 105.90% 132.38%
BANK OF COMMERCE 28,940,752,164.13 18,238,655,653.70 158.68% 15.87% 31.74% 47.60% 63.47% 79.34%
UNITED COCONUT PLANTERS BANK 20,225,000,000.00 12,836,411,761.62 157.56% 15.76% 31.51% 47.27% 63.02% 78.78%
CITIBANK, N.A. 23,375,355,000.00 15,190,903,900.06 153.88% 15.39% 30.78% 46.16% 61.55% 76.94%
PLANTERS DEVELOPMENT BANK 5,917,614,558.17 4,057,381,483.39 145.85% 14.58% 29.17% 43.75% 58.34% 72.92%
BATAAN DEVELOPMENT BANK 102,400,000.00 81,674,612.33 125.38% 12.54% 25.08% 37.61% 50.15% 62.69%
WORLD PARTNERS BANK (A THRIFT BANK) 188,365,288.58 162,616,013.09 115.83% 11.58% 23.17% 34.75% 46.33% 57.92%
RCBC SAVINGS BANK INC 8,915,418,143.00 8,605,215,172.75 103.60% 10.36% 20.72% 31.08% 41.44% 51.80%
KOREA EXCHANGE BANK 608,826,719.38 613,337,117.18 99.26% 9.93% 19.85% 29.78% 39.71% 49.63%
DUMAGUETE CITY DEV BANK INC 186,850,000.00 223,461,033.96 83.62% 8.36% 16.72% 25.08% 33.45% 41.81%
STANDARD CHARTERED BANK 2,526,763,721.45 3,030,779,309.09 83.37% 8.34% 16.67% 25.01% 33.35% 41.69%
BPI GLOBE BANKO INC A SAVINGS BANK 324,184,733.02 414,110,805.27 78.28% 7.83% 15.66% 23.49% 31.31% 39.14%
MALAYAN BANK SAVINGS AND MORT BANK INC 951,133,334.69 1,227,319,029.44 77.50% 7.75% 15.50% 23.25% 31.00% 38.75%
UNIVERSITY SAVINGS BANK INC 194,297,501.08 253,733,504.95 76.58% 7.66% 15.32% 22.97% 30.63% 38.29%
FARMERS SAVINGS & LOAN BANK INC 99,664,976.47 132,400,322.41 75.28% 7.53% 15.06% 22.58% 30.11% 37.64%
PHILIPPINE VETERANS BANK 5,201,226,063.10 7,092,283,324.05 73.34% 7.33% 14.67% 22.00% 29.33% 36.67%
UCPB SAVINGS BANK 2,142,159,460.30 3,073,140,771.84 69.71% 6.97% 13.94% 20.91% 27.88% 34.85%
PHIL SAVINGS BANK 13,361,453,990.58 19,613,859,597.74 68.12% 6.81% 13.62% 20.44% 27.25% 34.06%
SECURITY BANK SAVINGS CORPORATION 1,031,683,060.72 1,601,143,895.88 64.43% 6.44% 12.89% 19.33% 25.77% 32.22%
STERLING BANK OF ASIA INC (A SAVINGS 1,427,778,000.00 2,321,031,017.75 61.51% 6.15% 12.30% 18.45% 24.61% 30.76%
PHILIPPINE RESOURCES SAVINGS BANKING 1,066,599,046.27 1,793,022,247.43 59.49% 5.95% 11.90% 17.85% 23.79% 29.74%
PHIL POSTAL SAVINGS BANK INC 553,986,513.35 991,248,832.04 55.89% 5.59% 11.18% 16.77% 22.36% 27.94%
CHINA BANK SAVINGS INC 823,314,574.01 1,501,414,294.17 54.84% 5.48% 10.97% 16.45% 21.93% 27.42%
OPPORTUNITY KAUSWAGAN BANK INC (A MICROFINANCE 73,365,034.41 135,633,158.81 54.09% 5.41% 10.82% 16.23% 21.64% 27.05%
PHIL NATIONAL BANK 45,845,789,791.39 89,982,011,238.61 50.95% 5.09% 10.19% 15.28% 20.38% 25.47%
METRO CEBU PUBLIC SAVINGS BANK 33,548,210.44 68,367,423.47 49.07% 4.91% 9.81% 14.72% 19.63% 24.54%
PRIDE STAR DEVELOPMENT BANK INC 36,755,673.39 76,005,235.62 48.36% 4.84% 9.67% 14.51% 19.34% 24.18%
ALLIED SAVINGS BANK 537,717,199.72 1,140,321,819.57 47.15% 4.72% 9.43% 14.15% 18.86% 23.58%
PRODUCERS SAVINGS BANK CORPORATION 570,800,929.77 1,245,090,637.20 45.84% 4.58% 9.17% 13.75% 18.34% 22.92%
PENBANK INC (A PDB) (FORMERLY: PENINSULA 129,863,524.97 286,534,227.71 45.32% 4.53% 9.06% 13.60% 18.13% 22.66%
UNION BANK OF THE PHILS 25,257,038,795.88 56,505,178,526.31 44.70% 4.47% 8.94% 13.41% 17.88% 22.35%
DEUTSCHE BANK AG 657,270,229.56 1,489,081,000.23 44.14% 4.41% 8.83% 13.24% 17.66% 22.07%
MARITIME SAVINGS BANK CORPORATION 32,567,154.16 74,903,597.78 43.48% 4.35% 8.70% 13.04% 17.39% 21.74%
UNITED OVERSEAS BANK PHILIPPINES 762,323,689.61 1,862,988,627.82 40.92% 4.09% 8.18% 12.28% 16.37% 20.46%
TONGYANG SAVINGS BANK INC 199,747,892.87 490,525,314.15 40.72% 4.07% 8.14% 12.22% 16.29% 20.36%
BPI FAMILY SAVINGS BANK INC 8,834,275,677.87 22,228,308,101.82 39.74% 3.97% 7.95% 11.92% 15.90% 19.87%
LAND BANK OF THE PHILIPPINES 24,317,813,308.76 61,845,008,513.38 39.32% 3.93% 7.86% 11.80% 15.73% 19.66%
MALASIQUI PROGRESSIVE SLB, INC 23,758,506.25 60,492,479.76 39.28% 3.93% 7.86% 11.78% 15.71% 19.64%
DUNGGANON BANK (A MICROFINANCE THRIFT 36,019,904.42 95,648,586.70 37.66% 3.77% 7.53% 11.30% 15.06% 18.83%
CORDILLERA SAVINGS BANK INC 43,144,785.66 115,509,253.02 37.35% 3.74% 7.47% 11.21% 14.94% 18.68%
MEGA INT'L COMM'L BANK CO LTD 747,400,361.77 2,040,460,968.77 36.63% 3.66% 7.33% 10.99% 14.65% 18.31%
BANK ONE SAVINGS AND TRUST CORP. 200,281,132.32 551,621,684.76 36.31% 3.63% 7.26% 10.89% 14.52% 18.15%
PAMPANGA DEVELOPMENT BANK 47,394,335.63 134,667,522.94 35.19% 3.52% 7.04% 10.56% 14.08% 17.60%
SAMPAGUITA SAVINGS BANK INC 27,311,776.74 79,236,436.68 34.47% 3.45% 6.89% 10.34% 13.79% 17.23%
LUZON DEVELOPMENT BANK 190,849,096.75 566,298,314.72 33.70% 3.37% 6.74% 10.11% 13.48% 16.85%
MIZUHO BANK LTD - MANILA BRANCH 998,605,079.30 3,029,971,183.27 32.96% 3.30% 6.59% 9.89% 13.18% 16.48%
LIFE SAVINGS BANK INC 21,482,218.39 69,198,550.96 31.04% 3.10% 6.21% 9.31% 12.42% 15.52%
PHIL TRUST COMPANY 5,968,475,000.00 19,950,237,026.38 29.92% 2.99% 5.98% 8.98% 11.97% 14.96%
CHINA BANKING CORP 13,384,692,158.95 47,698,499,510.57 28.06% 2.81% 5.61% 8.42% 11.22% 14.03%
EAST WEST BANKING CORP 6,112,748,316.00 22,265,109,429.44 27.45% 2.75% 5.49% 8.24% 10.98% 13.73%
QUEZON COCONUT BANK INC (A THRIFT BANK) 15,737,496.42 57,729,522.98 27.26% 2.73% 5.45% 8.18% 10.90% 13.63%
DEVELOPMENT BANK OF THE PHIL 10,695,238,370.03 42,143,710,059.63 25.38% 2.54% 5.08% 7.61% 10.15% 12.69%
ASIA UNITED BANK CORPORATION 5,149,987,515.83 20,960,293,129.53 24.57% 2.46% 4.91% 7.37% 9.83% 12.29%
ROBINSONS BANK CORPORATION 1,506,082,604.60 6,377,043,989.85 23.62% 2.36% 4.72% 7.09% 9.45% 11.81%
RIZAL COMM'L BANKING CORP 10,088,026,445.30 48,670,892,507.74 20.73% 2.07% 4.15% 6.22% 8.29% 10.36%
BDO UNIBANK INC 36,530,968,167.18 187,094,498,247.13 19.53% 1.95% 3.91% 5.86% 7.81% 9.76%
QUEEN CITY DEVELOPMENT BANK INC OR QUEENBANK 121,997,222.58 677,027,041.15 18.02% 1.80% 3.60% 5.41% 7.21% 9.01%
WEALTH DEVELOPMENT BANK CORPORATION 78,815,732.80 468,131,132.46 16.84% 1.68% 3.37% 5.05% 6.73% 8.42%
FIRST CONSOLIDATED BANK INC (A PDB) 503,878,196.82 2,993,205,733.46 16.83% 1.68% 3.37% 5.05% 6.73% 8.42%
SECURITY BANK CORP 7,002,000,000.00 43,019,746,596.92 16.28% 1.63% 3.26% 4.88% 6.51% 8.14%
MAYBANK PHILIPPINES INC 1,716,498,959.50 11,237,619,781.13 15.27% 1.53% 3.05% 4.58% 6.11% 7.64%
TOWER DEVELOPMENT BANK 17,390,649.94 114,305,443.13 15.21% 1.52% 3.04% 4.56% 6.09% 7.61%
HONGKONG & SHANGHAI BANKING CORP 951,157,175.42 6,561,108,977.33 14.50% 1.45% 2.90% 4.35% 5.80% 7.25%
METROPOLITAN BANK & TCO 18,942,420,008.36 135,563,333,667.96 13.97% 1.40% 2.79% 4.19% 5.59% 6.99%
LEMERY SAVINGS & LOAN BANK, INC. 10,391,594.20 75,142,714.54 13.83% 1.38% 2.77% 4.15% 5.53% 6.91%
BANK OF THE PHIL ISLANDS 18,536,680,408.58 140,209,545,966.53 13.22% 1.32% 2.64% 3.97% 5.29% 6.61%
BDO PRIVATE BANK, INC. 709,747,747.91 5,491,151,077.13 12.93% 1.29% 2.59% 3.88% 5.17% 6.46%
PHILIPPINE BUSINESS BANK INC A SAVINGS 1,085,632,000.00 8,867,730,762.30 12.24% 1.22% 2.45% 3.67% 4.90% 6.12%
BPI DIRECT SAVINGS BANK INC 131,732,858.78 1,170,213,531.99 11.26% 1.13% 2.25% 3.38% 4.50% 5.63%
HIYAS BANKING CORPORATION 18,816,080.51 171,917,579.15 10.94% 1.09% 2.19% 3.28% 4.38% 5.47%
EQUICOM SAVINGS BANK INC 54,007,297.91 625,456,385.90 8.63% 0.86% 1.73% 2.59% 3.45% 4.32%
CTBC BANK (PHILIPPINES) CORP 487,891,068.34 6,936,989,570.90 7.03% 0.70% 1.41% 2.11% 2.81% 3.52%
CENTURY SAVINGS BANK CORPORATION 61,317,193.47 913,642,185.70 6.71% 0.67% 1.34% 2.01% 2.68% 3.36%
HSBC SAVINGS BANK(PHILS) INC 155,072,514.45 2,572,297,832.21 6.03% 0.60% 1.21% 1.81% 2.41% 3.01%
OPTIMUM DEVELOPMENT BANK INC 46,177,578.41 775,452,218.89 5.95% 0.60% 1.19% 1.79% 2.38% 2.98%
SUN SAVINGS BANK INC 5,828,443.95 112,521,399.33 5.18% 0.52% 1.04% 1.55% 2.07% 2.59%
ISLA BANK(A THRIFT BANK) INC 30,922,053.75 652,126,033.66 4.74% 0.47% 0.95% 1.42% 1.90% 2.37%
PROGRESS SAVINGS AND LOAN BANK INC 3,477,288.94 83,317,544.05 4.17% 0.42% 0.83% 1.25% 1.67% 2.09%
BATAAN SAVINGS AND LOAN BANK 2,838,338.85 73,639,250.93 3.85% 0.39% 0.77% 1.16% 1.54% 1.93%
AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILS 13,972,461.61 395,684,410.47 3.53% 0.35% 0.71% 1.06% 1.41% 1.77%
PHIL BANK OF COMMUNICATIONS 126,567,595.01 5,960,086,276.65 2.12% 0.21% 0.42% 0.64% 0.85% 1.06%
BANK OF AMERICA N.A. 5,664,000.00 607,196,709.20 0.93% 0.09% 0.19% 0.28% 0.37% 0.47%
INTERNATIONALE NEDERLANDEN GROEP BK 24,000,000.00 2,573,974,214.82 0.93% 0.09% 0.19% 0.28% 0.37% 0.47%
ANZ BANKING GROUP LTD 30,122,834.56 3,334,313,620.09 0.90% 0.09% 0.18% 0.27% 0.36% 0.45%
BANGKOK BANK PUBLIC CO LTD 4,914,155.55 1,282,650,744.50 0.38% 0.04% 0.08% 0.11% 0.15% 0.19%
JP MORGAN CHASE BANK NATIONAL ASSN. 734,885.22 1,408,037,705.00 0.05% 0.01% 0.01% 0.02% 0.02% 0.03%
THE BNK OF TOKYO-MITSUBISHI UFJ LTD 980,350.81 4,945,420,166.75 0.02% 0.00% 0.00% 0.01% 0.01% 0.01%
1ST VALLEY BANK INC A DEVELOPMENT BANK 0.00 1,132,241,874.34 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
BDO ELITE SAVINGS BANK INC 0.00 777,181,365.52 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
CARD SME BANK INC A THRIFT BANK 0.00 317,281,612.84 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
CITIBANK SAVINGS INC 0.00 1,616,838,738.50 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
CITYSTATE SAVINGS BANK INC 0.00 813,996,767.32 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ENTERPRISE BANK INC (A THRIFT BANK) 0.00 250,023,092.67 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
MERCHANTS SAVINGS & LOAN ASSN INC 0.00 490,936,935.43 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
MICROFINANCE MAXIMUM SB INC 0.00 46,001,537.66 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
NORTHPOINT DEV'T BANK INC 0.00 90,528,118.56 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
PACIFIC ACE SAVINGS BANK INC 0.00 78,435,496.56 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
THE PALAWAN BANK (PALAWAN DB) INC 0.00 36,465,737.75 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
CITY SAVINGS BANK NA NA NA NA NA NA NA NA
Grand Total 384,098,717,553.62 1,139,281,908,127.51 33.71% 3.37% 6.74% 10.11% 13.49% 16.86%

Source: www.bsp.gov.ph
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