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Monday, April 13, 2015

A Simple Stress Test of Philippine Banks as of September 30, 2014

Editor's Note: This is an updated version of an earlier blog post "A Simple Stress Test of Philippine Banks as of June 30, 2014"

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 210.718 billion or 2.02% of the Php 10,419.963 billion in assets held in the Philippine Banking System as of September 30, 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 122.059 billion or 11.07% of the PhP 1,102.460 billion in Stockholders Equity (SE) as of September 30, 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 September 30, 2014").

The stockholder's equity of three banks, Comsavings Bank, World Partners Bank and Standard Chartered Bank would be completely wiped out.  Eight other banks, namely, Planters Development Bank (66.50% decline in SE), Opportunity Kauswagan Bank (57.37% decline in SE), Legazpi Savings Bank (54.51% decline in SE), Bataan Development Bank (50.30% decline in SE), Malayan Bank Savings and Mortgage Bank (34.26% decline in SE), Equicom Savings Bank (32.41% decline in SE), Northpoint Development Bank (31.76% decline in SE), Security Bank Savings Corporation (31.42% decline in SE).  
Philippine Banking System
NPL as % of SE
September 30, 2014









NPL SE NPL/SE
Bank (In PHP) (In PHP) (In %)
COMSAVINGS BANK 191,248,204.56 69,222,748.79 276.28%
WORLD PARTNERS BANK (A THRIFT BANK) 186,102,844.57 78,687,479.68 236.51%
STANDARD CHARTERED BANK 2,709,206,512.13 1,264,872,660.95 214.19%
PLANTERS DEVELOPMENT BANK 3,224,949,677.84 2,424,611,329.33 133.01%
OPPORTUNITY KAUSWAGAN BANK INC (A MICROFINANCE THRIFT BANK) 84,129,787.26 73,316,907.70 114.75%
LEGAZPI SAVINGS BANK INC 358,997,214.80 329,305,712.63 109.02%
BATAAN DEVELOPMENT BANK 71,137,540.16 70,712,367.08 100.60%
MALAYAN BANK SAVINGS AND MORT BANK INC 602,727,144.09 879,633,981.28 68.52%
EQUICOM SAVINGS BANK INC 356,698,473.09 550,284,276.11 64.82%
NORTHPOINT DEV'T BANK INC 121,594,798.43 191,408,301.61 63.53%
SECURITY BANK SAVINGS CORPORATION 649,418,868.91 1,033,570,802.58 62.83%
LUZON DEVELOPMENT BANK 278,070,478.36 515,100,329.41 53.98%
UNITED OVERSEAS BANK PHILIPPINES 665,452,236.65 1,269,546,429.94 52.42%
WEALTH DEVELOPMENT BANK CORPORATION 194,938,216.83 378,812,404.40 51.46%
1ST VALLEY BANK INC A DEVELOPMENT BANK 577,450,943.39 1,129,443,108.23 51.13%
PHIL POSTAL SAVINGS BANK INC 492,362,764.41 1,010,607,180.71 48.72%
PHILIPPINE RESOURCES SAVINGS BANKING CORPORATION (PR SAVINGS 902,011,403.70 1,858,320,365.75 48.54%
SAMPAGUITA SAVINGS BANK INC 26,785,290.77 55,199,801.01 48.52%
FARMERS SAVINGS & LOAN BANK INC 55,076,146.41 114,330,836.72 48.17%
STERLING BANK OF ASIA INC (A SAVINGS BANK) 871,517,086.54 1,865,596,802.00 46.72%
THE PALAWAN BANK (PALAWAN DB) INC 14,045,823.30 30,345,719.66 46.29%
ALLIED SAVINGS BANK 414,606,169.75 1,048,573,729.56 39.54%
CITIBANK, N.A. 2,887,177,872.02 7,491,778,601.40 38.54%
PENBANK INC (A PDB) (FORMERLY: PENINSULA RB INC) 106,392,180.30 295,118,495.89 36.05%
CHINA BANK SAVINGS INC 791,976,981.61 2,236,465,308.59 35.41%
ENTERPRISE BANK INC (A THRIFT BANK) 76,451,890.54 217,353,879.81 35.17%
PAMPANGA DEVELOPMENT BANK 44,112,193.34 126,303,165.96 34.93%
RCBC SAVINGS BANK INC 2,448,630,329.66 7,193,635,098.07 34.04%
METRO CEBU PUBLIC SAVINGS BANK 20,739,588.38 64,097,759.85 32.36%
DUNGGANON BANK (A MICROFINANCE THRIFT BANK) INC 26,522,198.74 90,647,604.74 29.26%
TONGYANG SAVINGS BANK INC 112,567,867.52 386,852,858.01 29.10%
VILLAGE BANK INC (A THRIFT BANK) 20,965,006.83 74,873,808.38 28.00%
MALASIQUI PROGRESSIVE SLB, INC 14,293,443.25 52,888,957.33 27.03%
UNITED COCONUT PLANTERS BANK 5,636,880,749.10 21,317,547,899.98 26.44%
BPI FAMILY SAVINGS BANK INC 5,108,776,708.58 20,572,953,194.21 24.83%
EAST WEST BANKING CORP 4,836,469,856.36 20,436,978,166.94 23.67%
PRODUCERS SAVINGS BANK CORPORATION 288,404,619.03 1,231,270,647.58 23.42%
UNION BANK OF THE PHILS 10,076,556,506.11 44,068,813,643.34 22.87%
PHIL BANK OF COMMUNICATIONS 1,520,459,210.68 6,833,182,382.81 22.25%
PHIL SAVINGS BANK 3,601,618,439.11 16,413,147,642.23 21.94%
MARITIME SAVINGS BANK CORPORATION 13,475,889.24 63,763,139.24 21.13%
BANK OF COMMERCE 2,820,205,869.67 13,769,767,063.00 20.48%
HONGKONG & SHANGHAI BANKING CORP 1,219,293,790.10 6,132,159,720.03 19.88%
DUMAGUETE CITY DEV BANK INC 38,450,305.29 220,596,400.46 17.43%
BUSINESS AND CONSUMERS BANK (A DB) 14,741,449.33 85,888,838.90 17.16%
FIRST CONSOLIDATED BANK INC (A PDB) 469,987,187.56 2,766,410,575.43 16.99%
CORDILLERA SAVINGS BANK INC 18,647,760.26 111,027,950.55 16.80%
UCPB SAVINGS BANK 475,471,372.29 2,886,382,931.52 16.47%
INTER-ASIA DEVELOPMENT BANK 8,554,783.72 52,596,011.86 16.27%
MAYBANK PHILIPPINES INC 1,576,610,671.13 10,364,375,304.28 15.21%
CITYSTATE SAVINGS BANK INC 102,664,700.25 700,119,523.27 14.66%
DEVELOPMENT BANK OF THE PHIL 5,808,528,843.60 40,726,604,057.76 14.26%
LIFE SAVINGS BANK INC 9,403,531.57 70,177,045.49 13.40%
CITY SAVINGS BANK INC 709,780,523.40 5,391,556,126.25 13.16%
TOWER DEVELOPMENT BANK 14,128,146.31 116,486,906.49 12.13%
PHILIPPINE VETERANS BANK 703,338,366.80 5,888,234,118.73 11.94%
PHIL NATIONAL BANK 10,527,433,340.17 88,868,018,988.94 11.85%
PRIDE STAR DEVELOPMENT BANK INC 8,300,262.62 74,716,356.94 11.11%
LAND BANK OF THE PHILIPPINES 7,477,389,676.01 72,083,156,068.63 10.37%
BPI DIRECT SAVINGS BANK INC 116,040,563.44 1,175,988,987.06 9.87%
BDO UNIBANK INC 16,992,547,843.11 172,404,002,715.04 9.86%
HIYAS BANKING CORPORATION 14,943,655.86 158,785,098.12 9.41%
SUN SAVINGS BANK INC 9,541,892.70 101,894,305.23 9.36%
ROBINSONS BANK CORPORATION 507,835,084.60 5,454,367,360.12 9.31%
CARD SME BANK INC A THRIFT BANK 30,567,692.70 340,293,067.27 8.98%
CHINA BANKING CORP 4,415,291,462.72 50,506,800,932.44 8.74%
PHILIPPINE BUSINESS BANK INC A SAVINGS BANK 616,983,187.60 7,894,206,774.17 7.82%
LEMERY SAVINGS & LOAN BANK, INC. 5,728,960.87 73,724,475.80 7.77%
UNIVERSITY SAVINGS BANK INC 28,498,734.87 404,096,486.79 7.05%
QUEEN CITY DEVELOPMENT BANK INC OR QUEENBANK A THRIFT BANK 45,545,701.47 665,414,631.61 6.84%
CTBC BANK (PHILIPPINES) CORP 439,807,782.14 6,466,579,841.74 6.80%
BANK OF THE PHIL ISLANDS 7,842,038,110.95 132,317,938,062.36 5.93%
QUEZON COCONUT BANK INC (A THRIFT BANK) 3,330,448.37 59,595,721.55 5.59%
PHIL TRUST COMPANY 1,104,441,940.64 21,518,546,940.85 5.13%
ASIA UNITED BANK CORPORATION 937,915,220.59 20,051,790,004.05 4.68%
RIZAL COMM'L BANKING CORP 2,143,581,902.58 48,794,404,782.06 4.39%
KOREA EXCHANGE BANK 23,550,180.50 582,440,130.65 4.04%
BATAAN SAVINGS AND LOAN BANK 2,502,930.36 63,109,094.36 3.97%
CENTURY SAVINGS BANK CORPORATION 36,165,716.65 925,257,473.56 3.91%
BANGKOK BANK PUBLIC CO LTD 87,029,546.70 3,106,292,084.64 2.80%
BANK ONE SAVINGS AND TRUST CORP. 15,304,127.53 555,631,269.06 2.75%
PACIFIC ACE SAVINGS BANK INC 2,030,877.00 79,121,330.06 2.57%
SECURITY BANK CORP 1,106,216,853.17 45,954,032,891.93 2.41%
OPTIMUM DEVELOPMENT BANK INC 15,721,868.56 721,547,909.23 2.18%
METROPOLITAN BANK & TCO 2,746,871,596.00 134,461,065,936.80 2.04%
HSBC SAVINGS BANK(PHILS) INC 44,015,977.19 2,649,764,864.08 1.66%
MERCHANTS SAVINGS & LOAN ASSN INC 6,371,298.43 434,404,037.14 1.47%
PROGRESS SAVINGS AND LOAN BANK INC 1,207,809.04 83,929,539.02 1.44%
BANK OF CHINA LIMITED-MANILA BRANCH 8,660,895.91 929,613,700.63 0.93%
ANZ BANKING GROUP LTD 23,339,114.85 3,388,247,532.70 0.69%
AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILS 1,092,048.97 384,204,155.99 0.28%
JP MORGAN CHASE BANK NATIONAL ASSN. 734,885.22 1,078,219,324.19 0.07%
INTERNATIONALE NEDERLANDEN GROEP BK 91.75 2,681,154,441.05 0.00%
BANK OF AMERICA N.A. 4.00 1,753,141,705.20 0.00%
BDO ELITE SAVINGS BANK INC 0.00 802,242,615.73 0.00%
BDO PRIVATE BANK, INC. 0.00 5,614,288,374.61 0.00%
DEUTSCHE BANK AG 0.00 2,031,004,038.17 0.00%
ISLA BANK(A THRIFT BANK) INC 0.00 653,820,843.86 0.00%
MEGA INT'L COMM'L BANK CO LTD 0.00 1,977,544,129.71 0.00%
MIZUHO BANK LTD - MANILA BRANCH 0.00 2,757,822,859.05 0.00%
THE BNK OF TOKYO-MITSUBISHI UFJ LTD 0.00 4,687,098,603.10 0.00%
Grand Total 122,059,385,743.47 1,102,460,878,588.80 11.07%


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 September 30, 2014, "Classified Loans and Other Risky Assets" of the Philippine Banks amounted to PhP 408.197 billion or more than 3 times the size of the Philippine Banking System's NPLs of PhP 122.059 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
September 30, 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 91.75 26158038.15%
BANK OF CHINA LIMITED-MANILA BRANCH 8,824,985,316.45 8,660,895.91 101894.60%
VILLAGE BANK INC (A THRIFT BANK) 611,176,733.47 20,965,006.83 2915.22%
KOREA EXCHANGE BANK 422,648,605.23 23,550,180.50 1794.67%
INTER-ASIA DEVELOPMENT BANK 153,312,794.06 8,554,783.72 1792.13%
BUSINESS AND CONSUMERS BANK (A DB) 223,744,168.27 14,741,449.33 1517.79%
BANK ONE SAVINGS AND TRUST CORP. 198,139,529.85 15,304,127.53 1294.68%
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 2,820,205,869.67 1026.19%
CITIBANK, N.A. 29,156,421,000.00 2,887,177,872.02 1009.86%
OPTIMUM DEVELOPMENT BANK INC 121,402,760.76 15,721,868.56 772.19%
COMSAVINGS BANK 1,275,879,789.57 191,248,204.56 667.13%
METROPOLITAN BANK & TCO 17,737,061,762.72 2,746,871,596.00 645.72%
SECURITY BANK CORP 7,002,000,000.00 1,106,216,853.17 632.97%
PHILIPPINE VETERANS BANK 4,182,424,944.05 703,338,366.80 594.65%
PRIDE STAR DEVELOPMENT BANK INC 42,450,621.32 8,300,262.62 511.44%
DUMAGUETE CITY DEV BANK INC 186,850,000.00 38,450,305.29 485.95%
PHIL TRUST COMPANY 5,218,875,000.00 1,104,441,940.64 472.54%
HSBC SAVINGS BANK(PHILS) INC 201,054,198.41 44,015,977.19 456.78%
RIZAL COMM'L BANKING CORP 9,761,435,956.00 2,143,581,902.58 455.38%
UCPB SAVINGS BANK 2,139,218,463.59 475,471,372.29 449.92%
QUEZON COCONUT BANK INC (A THRIFT BANK) 14,875,242.25 3,330,448.37 446.64%
ASIA UNITED BANK CORPORATION 4,020,264,369.19 937,915,220.59 428.64%
CORDILLERA SAVINGS BANK INC 79,630,732.89 18,647,760.26 427.03%
PHIL NATIONAL BANK 44,489,505,645.59 10,527,433,340.17 422.61%
HONGKONG & SHANGHAI BANKING CORP 5,084,658,540.18 1,219,293,790.10 417.02%
RCBC SAVINGS BANK INC 9,760,813,000.00 2,448,630,329.66 398.62%
PHIL SAVINGS BANK 13,698,473,392.19 3,601,618,439.11 380.34%
BDO UNIBANK INC 64,248,551,365.70 16,992,547,843.11 378.10%
UNIVERSITY SAVINGS BANK INC 105,110,069.26 28,498,734.87 368.82%
UNITED COCONUT PLANTERS BANK 20,225,000,000.00 5,636,880,749.10 358.80%
ROBINSONS BANK CORPORATION 1,506,082,604.60 507,835,084.60 296.57%
CHINA BANKING CORP 12,577,915,123.54 4,415,291,462.72 284.87%
CENTURY SAVINGS BANK CORPORATION 96,123,531.00 36,165,716.65 265.79%
LIFE SAVINGS BANK INC 23,701,180.78 9,403,531.57 252.05%
UNION BANK OF THE PHILS 25,315,737,590.71 10,076,556,506.11 251.23%
QUEEN CITY DEVELOPMENT BANK INC OR QUEENBANK A THRIFT BANK 110,670,706.57 45,545,701.47 242.99%
LEGAZPI SAVINGS BANK INC 852,505,000.00 358,997,214.80 237.47%
LAND BANK OF THE PHILIPPINES 17,679,043,086.95 7,477,389,676.01 236.43%
TONGYANG SAVINGS BANK INC 252,373,799.41 112,567,867.52 224.20%
BANK OF THE PHIL ISLANDS 17,531,205,065.22 7,842,038,110.95 223.55%
MARITIME SAVINGS BANK CORPORATION 29,492,990.45 13,475,889.24 218.86%
MALAYAN BANK SAVINGS AND MORT BANK INC 1,305,847,697.92 602,727,144.09 216.66%
FARMERS SAVINGS & LOAN BANK INC 113,870,404.53 55,076,146.41 206.75%
PRODUCERS SAVINGS BANK CORPORATION 557,426,349.23 288,404,619.03 193.28%
CHINA BANK SAVINGS INC 1,529,366,944.73 791,976,981.61 193.11%
PHILIPPINE BUSINESS BANK INC A SAVINGS BANK 1,085,632,000.00 616,983,187.60 175.96%
METRO CEBU PUBLIC SAVINGS BANK 36,231,423.69 20,739,588.38 174.70%
BPI FAMILY SAVINGS BANK INC 8,781,051,605.63 5,108,776,708.58 171.88%
DEVELOPMENT BANK OF THE PHIL 9,766,084,063.22 5,808,528,843.60 168.13%
SECURITY BANK SAVINGS CORPORATION 1,083,790,291.51 649,418,868.91 166.89%
PLANTERS DEVELOPMENT BANK 5,366,769,812.95 3,224,949,677.84 166.41%
STERLING BANK OF ASIA INC (A SAVINGS BANK) 1,427,778,000.00 871,517,086.54 163.83%
EAST WEST BANKING CORP 7,352,208,071.00 4,836,469,856.36 152.02%
PHIL POSTAL SAVINGS BANK INC 725,159,037.75 492,362,764.41 147.28%
ANZ BANKING GROUP LTD 34,254,959.17 23,339,114.85 146.77%
PROGRESS SAVINGS AND LOAN BANK INC 1,754,039.58 1,207,809.04 145.22%
EQUICOM SAVINGS BANK INC 515,737,560.54 356,698,473.09 144.59%
FIRST CONSOLIDATED BANK INC (A PDB) 676,939,828.03 469,987,187.56 144.03%
BATAAN DEVELOPMENT BANK 102,400,000.00 71,137,540.16 143.95%
BPI DIRECT SAVINGS BANK INC 161,469,294.65 116,040,563.44 139.15%
PHILIPPINE RESOURCES SAVINGS BANKING CORPORATION (PR SAVINGS 1,249,473,458.22 902,011,403.70 138.52%
ALLIED SAVINGS BANK 553,239,574.91 414,606,169.75 133.44%
PENBANK INC (A PDB) (FORMERLY: PENINSULA RB INC) 138,508,023.32 106,392,180.30 130.19%
TOWER DEVELOPMENT BANK 17,538,093.67 14,128,146.31 124.14%
WORLD PARTNERS BANK (A THRIFT BANK) 225,403,774.56 186,102,844.57 121.12%
CITY SAVINGS BANK INC 818,571,474.69 709,780,523.40 115.33%
UNITED OVERSEAS BANK PHILIPPINES 762,327,649.61 665,452,236.65 114.56%
CTBC BANK (PHILIPPINES) CORP 497,413,931.54 439,807,782.14 113.10%
DUNGGANON BANK (A MICROFINANCE THRIFT BANK) INC 29,637,704.48 26,522,198.74 111.75%
LEMERY SAVINGS & LOAN BANK, INC. 6,227,431.06 5,728,960.87 108.70%
PAMPANGA DEVELOPMENT BANK 47,394,335.63 44,112,193.34 107.44%
MAYBANK PHILIPPINES INC 1,664,506,415.79 1,576,610,671.13 105.57%
SAMPAGUITA SAVINGS BANK INC 27,489,998.80 26,785,290.77 102.63%
BANGKOK BANK PUBLIC CO LTD 87,029,546.70 87,029,546.70 100.00%
BATAAN SAVINGS AND LOAN BANK 2,502,930.36 2,502,930.36 100.00%
HIYAS BANKING CORPORATION 14,943,655.86 14,943,655.86 100.00%
JP MORGAN CHASE BANK NATIONAL ASSN. 734,885.22 734,885.22 100.00%
MALASIQUI PROGRESSIVE SLB, INC 14,293,443.25 14,293,443.25 100.00%
OPPORTUNITY KAUSWAGAN BANK INC (A MICROFINANCE THRIFT BANK) 84,129,787.26 84,129,787.26 100.00%
LUZON DEVELOPMENT BANK 276,380,275.44 278,070,478.36 99.39%
STANDARD CHARTERED BANK 2,651,388,676.50 2,709,206,512.13 97.87%
SUN SAVINGS BANK INC 7,537,774.77 9,541,892.70 79.00%
WEALTH DEVELOPMENT BANK CORPORATION 77,899,031.54 194,938,216.83 39.96%
PHIL BANK OF COMMUNICATIONS 396,586,115.79 1,520,459,210.68 26.08%
1ST VALLEY BANK INC A DEVELOPMENT BANK 0.00 577,450,943.39 0.00%
CARD SME BANK INC A THRIFT BANK 0.00 30,567,692.70 0.00%
CITYSTATE SAVINGS BANK INC 0.00 102,664,700.25 0.00%
ENTERPRISE BANK INC (A THRIFT BANK) 0.00 76,451,890.54 0.00%
MERCHANTS SAVINGS & LOAN ASSN INC 0.00 6,371,298.43 0.00%
NORTHPOINT DEV'T BANK INC 0.00 121,594,798.43 0.00%
PACIFIC ACE SAVINGS BANK INC 0.00 2,030,877.00 0.00%
THE PALAWAN BANK (PALAWAN DB) INC 0.00 14,045,823.30 0.00%
BDO ELITE SAVINGS BANK INC 0.00 0.00 NA
BDO PRIVATE BANK, INC. 709,747,747.91 0.00 NA
DEUTSCHE BANK AG 1,400,255,236.98 0.00 NA
ISLA BANK(A THRIFT BANK) INC 35,151,269.04 0.00 NA
MEGA INT'L COMM'L BANK CO LTD 528,040,193.60 0.00 NA
MIZUHO BANK LTD - MANILA BRANCH 1,103,683,516.18 0.00 NA
THE BNK OF TOKYO-MITSUBISHI UFJ LTD 0.00 0.00 NA
Grand Total 408,197,010,642.78 122,059,385,743.47 334.42%



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 35.54% of the Php 1.149 trillion in Total Capital Cushion of Philippine Banks as of September 30, 2014.


Philippine Banking System
Classified Loans as % of Total Capital Cushion
September 30, 2014









Classified LoansTotal Capital CushionClassified Loans/Total Capital Cushion
Bank(In Php)(In Php)(In %)
LEGAZPI SAVINGS BANK INC852,505,000.0068,453,617.331245.38%
BANK OF CHINA LIMITED-MANILA BRANCH8,824,985,316.45729,199,796.351210.23%
COMSAVINGS BANK1,275,879,789.57125,688,105.951015.12%
VILLAGE BANK INC (A THRIFT BANK)611,176,733.4787,436,393.60699.00%
INTER-ASIA DEVELOPMENT BANK153,312,794.0658,213,775.33263.36%
BUSINESS AND CONSUMERS BANK (A DB)223,744,168.2787,928,971.96254.46%
CITIBANK, N.A.29,156,421,000.0015,022,816,274.59194.08%
BANK OF COMMERCE28,940,752,164.1318,059,781,386.87160.25%
UNITED COCONUT PLANTERS BANK20,225,000,000.0012,960,345,818.80156.05%
PLANTERS DEVELOPMENT BANK5,366,769,812.953,951,017,511.33135.83%
WORLD PARTNERS BANK (A THRIFT BANK)225,403,774.56167,750,167.44134.37%
BATAAN DEVELOPMENT BANK102,400,000.0081,203,599.85126.10%
MALAYAN BANK SAVINGS AND MORT BANK INC1,305,847,697.921,172,640,199.85111.36%
RCBC SAVINGS BANK INC9,760,813,000.008,885,317,702.74109.85%
DEUTSCHE BANK AG1,400,255,236.981,564,765,419.8289.49%
FARMERS SAVINGS & LOAN BANK INC113,870,404.53130,767,591.6787.08%
EQUICOM SAVINGS BANK INC515,737,560.54622,549,506.5582.84%
STANDARD CHARTERED BANK2,651,388,676.503,254,497,240.2081.47%
DUMAGUETE CITY DEV BANK INC186,850,000.00240,089,355.4977.83%
HONGKONG & SHANGHAI BANKING CORP5,084,658,540.186,616,305,291.4576.85%
KOREA EXCHANGE BANK422,648,605.23568,070,936.3974.40%
PHIL SAVINGS BANK13,698,473,392.1919,070,366,004.7771.83%
SECURITY BANK SAVINGS CORPORATION1,083,790,291.511,563,747,576.0769.31%
PHILIPPINE RESOURCES SAVINGS BANKING CORPORATION (PR SAVINGS1,249,473,458.221,806,617,844.1969.16%
UCPB SAVINGS BANK2,139,218,463.593,160,287,716.6367.69%
CORDILLERA SAVINGS BANK INC79,630,732.89117,688,932.0667.66%
CHINA BANK SAVINGS INC1,529,366,944.732,494,661,910.4861.31%
PHIL POSTAL SAVINGS BANK INC725,159,037.751,190,466,966.9260.91%
PHILIPPINE VETERANS BANK4,182,424,944.057,114,383,029.0758.79%
STERLING BANK OF ASIA INC (A SAVINGS BANK)1,427,778,000.002,467,099,996.7157.87%
PRIDE STAR DEVELOPMENT BANK INC42,450,621.3276,005,235.6255.85%
METRO CEBU PUBLIC SAVINGS BANK36,231,423.6968,027,735.4853.26%
TONGYANG SAVINGS BANK INC252,373,799.41480,153,522.5352.56%
ALLIED SAVINGS BANK553,239,574.911,102,346,018.6550.19%
OPPORTUNITY KAUSWAGAN BANK INC (A MICROFINANCE THRIFT BANK)84,129,787.26169,920,707.1549.51%
LUZON DEVELOPMENT BANK276,380,275.44573,222,773.3748.22%
UNION BANK OF THE PHILS25,315,737,590.7156,475,996,260.0544.83%
PHIL NATIONAL BANK44,489,505,645.5999,508,000,840.9044.71%
PRODUCERS SAVINGS BANK CORPORATION557,426,349.231,271,082,845.3743.85%
PENBANK INC (A PDB) (FORMERLY: PENINSULA RB INC)138,508,023.32327,141,103.4542.34%
UNIVERSITY SAVINGS BANK INC105,110,069.26253,508,234.0441.46%
UNITED OVERSEAS BANK PHILIPPINES762,327,649.611,866,762,291.5740.84%
MARITIME SAVINGS BANK CORPORATION29,492,990.4573,572,495.2640.09%
BPI FAMILY SAVINGS BANK INC8,781,051,605.6322,735,458,191.1738.62%
MIZUHO BANK LTD - MANILA BRANCH1,103,683,516.183,061,954,599.0636.05%
BANK ONE SAVINGS AND TRUST CORP.198,139,529.85553,094,853.1635.82%
SAMPAGUITA SAVINGS BANK INC27,489,998.8076,799,671.2735.79%
PAMPANGA DEVELOPMENT BANK47,394,335.63136,517,522.9434.72%
BDO UNIBANK INC64,248,551,365.70185,136,669,326.6634.70%
LIFE SAVINGS BANK INC23,701,180.7869,133,232.1534.28%
EAST WEST BANKING CORP7,352,208,071.0022,056,966,641.9333.33%
DUNGGANON BANK (A MICROFINANCE THRIFT BANK) INC29,637,704.4899,828,415.1129.69%
LAND BANK OF THE PHILIPPINES17,679,043,086.9561,120,955,658.7828.92%
PHIL TRUST COMPANY5,218,875,000.0019,836,721,465.4826.31%
MEGA INT'L COMM'L BANK CO LTD528,040,193.602,046,228,406.0525.81%
DEVELOPMENT BANK OF THE PHIL9,766,084,063.2239,103,324,786.1924.98%
QUEZON COCONUT BANK INC (A THRIFT BANK)14,875,242.2559,677,293.6424.93%
CHINA BANKING CORP12,577,915,123.5452,760,948,691.4023.84%
ROBINSONS BANK CORPORATION1,506,082,604.606,390,196,457.3523.57%
MALASIQUI PROGRESSIVE SLB, INC14,293,443.2562,204,137.0922.98%
FIRST CONSOLIDATED BANK INC (A PDB)676,939,828.032,982,302,937.8022.70%
RIZAL COMM'L BANKING CORP9,761,435,956.0046,454,684,294.1521.01%
ASIA UNITED BANK CORPORATION4,020,264,369.1921,078,414,942.4619.07%
CITY SAVINGS BANK INC818,571,474.694,769,689,464.8317.16%
WEALTH DEVELOPMENT BANK CORPORATION77,899,031.54462,106,341.8516.86%
SECURITY BANK CORP7,002,000,000.0042,541,741,568.9516.46%
QUEEN CITY DEVELOPMENT BANK INC OR QUEENBANK A THRIFT BANK110,670,706.57675,836,846.5516.38%
OPTIMUM DEVELOPMENT BANK INC121,402,760.76762,376,402.3115.92%
MAYBANK PHILIPPINES INC1,664,506,415.7911,077,507,638.2515.03%
TOWER DEVELOPMENT BANK17,538,093.67118,943,729.3714.74%
BPI DIRECT SAVINGS BANK INC161,469,294.651,177,516,551.5213.71%
METROPOLITAN BANK & TCO17,737,061,762.72132,987,114,473.0813.34%
BDO PRIVATE BANK, INC.709,747,747.915,500,166,777.1312.90%
BANK OF THE PHIL ISLANDS17,531,205,065.22136,763,345,583.8112.82%
PHILIPPINE BUSINESS BANK INC A SAVINGS BANK1,085,632,000.008,762,427,233.0112.39%
CENTURY SAVINGS BANK CORPORATION96,123,531.00906,301,593.9010.61%
HIYAS BANKING CORPORATION14,943,655.86165,280,307.529.04%
LEMERY SAVINGS & LOAN BANK, INC.6,227,431.0675,312,525.588.27%
HSBC SAVINGS BANK(PHILS) INC201,054,198.412,574,800,495.397.81%
CTBC BANK (PHILIPPINES) CORP497,413,931.546,969,123,309.467.14%
SUN SAVINGS BANK INC7,537,774.77112,240,918.966.72%
ISLA BANK(A THRIFT BANK) INC35,151,269.04652,412,033.665.39%
PHIL BANK OF COMMUNICATIONS396,586,115.797,819,807,165.865.07%
BATAAN SAVINGS AND LOAN BANK2,502,930.3662,457,133.464.01%
AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILS13,972,461.61402,110,191.573.47%
BANGKOK BANK PUBLIC CO LTD87,029,546.703,274,842,739.502.66%
PROGRESS SAVINGS AND LOAN BANK INC1,754,039.5883,286,210.252.11%
ANZ BANKING GROUP LTD34,254,959.173,398,283,474.191.01%
INTERNATIONALE NEDERLANDEN GROEP BK24,000,000.002,591,276,110.650.93%
BANK OF AMERICA N.A.5,664,000.001,771,441,709.200.32%
JP MORGAN CHASE BANK NATIONAL ASSN.734,885.221,407,858,625.000.05%
1ST VALLEY BANK INC A DEVELOPMENT BANK0.001,252,106,389.200.00%
BDO ELITE SAVINGS BANK INC0.00777,181,365.520.00%
CARD SME BANK INC A THRIFT BANK0.00348,925,225.830.00%
CITYSTATE SAVINGS BANK INC0.00795,382,084.590.00%
ENTERPRISE BANK INC (A THRIFT BANK)0.00247,078,321.070.00%
MERCHANTS SAVINGS & LOAN ASSN INC0.00496,179,980.680.00%
NORTHPOINT DEV'T BANK INC0.00266,512,002.620.00%
PACIFIC ACE SAVINGS BANK INC0.0078,353,791.940.00%
THE BNK OF TOKYO-MITSUBISHI UFJ LTD0.004,945,420,166.750.00%
THE PALAWAN BANK (PALAWAN DB) INC0.0037,751,079.420.00%
Grand Total408,197,010,642.781,148,618,477,790.1735.54%

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 35.54% 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 3.55% and a 50% write-off of classified loans will reduce the banking system's Total Capital Cushion by 17.77%.

Individual Banks

A 10% write-off of Classified Loans would wipe out the capital of three banks (highlighted in red) and severely impact (by 30% or more) the Total Capital Cushion of one other banks (severely affected banks highlighted in yellow).
  1. Legazpi Savings Bank (124.54% reduction in Total Capital Cushion)
  2. Bank of China Limited - Manila Branch (121.02% reduction in Total Capital Cushion)
  3. Comsavings Bank (101.51% reduction in Total Capital Cushion)
  4. Village Bank Inc. (69.90% reduction in Total Capital Cushion)

A 20% write-off of Classified Loans will totally wipe out the Total Capital Cushion of four banks and severely impact the Total Capital Cushion of five more banks:
  1. Legazpi Savings Bank (249.08% reduction in Total Capital Cushion)
  2. Bank of China Limited - Manila Branch (242.05% reduction in Total Capital Cushion)
  3. Comsavings Bank (203.02% reduction in Total Capital Cushion)
  4. Village SLA, Inc. (139.80% reduction in Total Capital Cushion)
  5. Inter-Asia Development Bank (52.67% reduction in Total Capital Cushion)
  6. Business and Consumers Bank (50.89% reduction in Total Capital Cushion)
  7. Citibank, N.A. (38.82% reduction in Total Capital Cushion)
  8. Bank of Commerce (32.05% reduction in Total Capital Cushion)
  9. United Coconut Planters Bank (31.21% reduction in Total Capital Cushion)

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

  1. Legazpi Savings Bank (373.61% reduction in Total Capital Cushion)
  2. Bank of China Limited - Manila Branch (363.07% reduction in Total Capital Cushion)
  3. Comsavings Bank (304.53% reduction in Total Capital Cushion)
  4. Village SLA, Inc. (209.70% reduction in Total Capital Cushion)
  5. Inter-Asia Development Bank (79.01% reduction in Total Capital Cushion)
  6. Business and Consumers Bank (76.34% reduction in Total Capital Cushion)
  7. Citibank, N.A. (58.22% reduction in Total Capital Cushion)
  8. Bank of Commerce (48.07% reduction in Total Capital Cushion)
  9. United Coconut Planters Bank (46.82% reduction in Total Capital Cushion)
  10. Planters Development Bank (40.75% reduction in Total Capital Cushion)
  11. World Partners Bank (40.31% reduction in Total Capital Cushion)
  12. Bataan Development Bank (37.83% reduction in Total Capital Cushion)
  13. Malayan Bank Savings and Mortgage Bank Inc (33.41% reduction in Total Capital Cushion)
  14. RCBC Savings Bank (32.96% reduction in Total Capital Cushion)

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

  1. Legazpi Savings Bank (498.15% reduction in Total Capital Cushion)
  2. Bank of China Limited - Manila Branch (484.09% reduction in Total Capital Cushion)
  3. Comsavings Bank (406.05% reduction in Total Capital Cushion)
  4. Village SLA, Inc. (279.60% reduction in Total Capital Cushion)
  5. Inter-Asia Development Bank (105.34% reduction in Total Capital Cushion)
  6. Business and Consumers Bank (101.78% reduction in Total Capital Cushion)
  7. Citibank, N.A. (77.63% reduction in Total Capital Cushion)
  8. Bank of Commerce (64.10% reduction in Total Capital Cushion)
  9. United Coconut Planters Bank (62.42% reduction in Total Capital Cushion)
  10. Planters Development Bank (54.33% reduction in Total Capital Cushion)
  11. World Partners Bank (53.75% reduction in Total Capital Cushion)
  12. Bataan Development Bank (50.44% reduction in Total Capital Cushion)
  13. Malayan Bank Savings and Mortgage Bank Inc (44.54% reduction in Total Capital Cushion)
  14. RCBC Savings Bank (43.94% reduction in Total Capital Cushion)
  15. Deutsche Bank AG (35.79% reduction in Total Capital Cushion)
  16. Farmers Savings & Loan Bank (34.83% reduction in Total Capital Cushion)
  17. Equicom Savings Bank Inc. (33.14% reduction in Total Capital Cushion)
  18. Standard Chartered Bank (32.59% reduction in Total Capital Cushion)
  19. Dumaguete City Development Bank Inc. (31.13% reduction in Total Capital Cushion)
  20. HongKong & Shanghai Banking Corporation (30.74% reduction in Total Capital Cushion)
A 50% write-off of Classified Loans will totally wipe out the Total Capital Cushion of six banks and severely affect (reduce by 30% or more) the Total Capital Cushion of twenty-two  more banks:



  1. Legazpi Savings Bank (622.69% reduction in Total Capital Cushion)
  2. Bank of China Limited - Manila Branch (605.11% reduction in Total Capital Cushion)
  3. Comsavings Bank (507.56% reduction in Total Capital Cushion)
  4. Village SLA, Inc. (349.50% reduction in Total Capital Cushion)
  5. Inter-Asia Development Bank (131.68% reduction in Total Capital Cushion)
  6. Business and Consumers Bank (127.23% reduction in Total Capital Cushion)
  7. Citibank, N.A. (97.04% reduction in Total Capital Cushion)
  8. Bank of Commerce (80.12% reduction in Total Capital Cushion)
  9. United Coconut Planters Bank (78.03% reduction in Total Capital Cushion)
  10. Planters Development Bank (67.92% reduction in Total Capital Cushion)
  11. World Partners Bank (67.18% reduction in Total Capital Cushion)
  12. Bataan Development Bank (63.05% reduction in Total Capital Cushion)
  13. Malayan Bank Savings and Mortgage Bank Inc (55.68% reduction in Total Capital Cushion)
  14. RCBC Savings Bank (54.93% reduction in Total Capital Cushion)
  15. Deutsche Bank AG (44.74% reduction in Total Capital Cushion)
  16. Farmers Savings & Loan Bank (43.54% reduction in Total Capital Cushion)
  17. Equicom Savings Bank Inc. (41.42% reduction in Total Capital Cushion)
  18. Standard Chartered Bank (40.73% reduction in Total Capital Cushion)
  19. Dumaguete City Development Bank Inc. (38.91% reduction in Total Capital Cushion)
  20. HongKong & Shanghai Banking Corporation (38.43% reduction in Total Capital Cushion)
  21. Korea Exchange Bank (37.20% reduction in Total Capital Cushion)
  22. Philippine Savings Bank (35.92% reduction in Total Capital Cushion)
  23. Security Bank Savings Corporation (34.65% reduction in Total Capital Cushion)
  24. Philippine Resources Savings Banking Corp (34.58% reduction in Total Capital Cushion)
  25. UCPB Savings Bank (33.85% reduction in Total Capital Cushion)
  26. Cordillera Savings Bank Inc (33.83% reduction in Total Capital Cushion)
  27. China Bank Savings Inc. (30.65% reduction in Total Capital Cushion)
  28. Philippine Postal Savings Bank Inc (30.46% 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 September 30, 2014".  Moreover, their capital can be overstated.  See a previous blog post "Overstated Capital of Philippine Banks as of September 30, 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
September 30, 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 %)
LEGAZPI SAVINGS BANK INC 852,505,000.00 68,453,617.33 1245.38% 124.54% 249.08% 373.61% 498.15% 622.69%
BANK OF CHINA LIMITED-MANILA BRANCH 8,824,985,316.45 729,199,796.35 1210.23% 121.02% 242.05% 363.07% 484.09% 605.11%
COMSAVINGS BANK 1,275,879,789.57 125,688,105.95 1015.12% 101.51% 203.02% 304.53% 406.05% 507.56%
VILLAGE BANK INC (A THRIFT BANK) 611,176,733.47 87,436,393.60 699.00% 69.90% 139.80% 209.70% 279.60% 349.50%
INTER-ASIA DEVELOPMENT BANK 153,312,794.06 58,213,775.33 263.36% 26.34% 52.67% 79.01% 105.34% 131.68%
BUSINESS AND CONSUMERS BANK (A DB) 223,744,168.27 87,928,971.96 254.46% 25.45% 50.89% 76.34% 101.78% 127.23%
CITIBANK, N.A. 29,156,421,000.00 15,022,816,274.59 194.08% 19.41% 38.82% 58.22% 77.63% 97.04%
BANK OF COMMERCE 28,940,752,164.13 18,059,781,386.87 160.25% 16.02% 32.05% 48.07% 64.10% 80.12%
UNITED COCONUT PLANTERS BANK 20,225,000,000.00 12,960,345,818.80 156.05% 15.61% 31.21% 46.82% 62.42% 78.03%
PLANTERS DEVELOPMENT BANK 5,366,769,812.95 3,951,017,511.33 135.83% 13.58% 27.17% 40.75% 54.33% 67.92%
WORLD PARTNERS BANK (A THRIFT BANK) 225,403,774.56 167,750,167.44 134.37% 13.44% 26.87% 40.31% 53.75% 67.18%
BATAAN DEVELOPMENT BANK 102,400,000.00 81,203,599.85 126.10% 12.61% 25.22% 37.83% 50.44% 63.05%
MALAYAN BANK SAVINGS AND MORT BANK INC 1,305,847,697.92 1,172,640,199.85 111.36% 11.14% 22.27% 33.41% 44.54% 55.68%
RCBC SAVINGS BANK INC 9,760,813,000.00 8,885,317,702.74 109.85% 10.99% 21.97% 32.96% 43.94% 54.93%
DEUTSCHE BANK AG 1,400,255,236.98 1,564,765,419.82 89.49% 8.95% 17.90% 26.85% 35.79% 44.74%
FARMERS SAVINGS & LOAN BANK INC 113,870,404.53 130,767,591.67 87.08% 8.71% 17.42% 26.12% 34.83% 43.54%
EQUICOM SAVINGS BANK INC 515,737,560.54 622,549,506.55 82.84% 8.28% 16.57% 24.85% 33.14% 41.42%
STANDARD CHARTERED BANK 2,651,388,676.50 3,254,497,240.20 81.47% 8.15% 16.29% 24.44% 32.59% 40.73%
DUMAGUETE CITY DEV BANK INC 186,850,000.00 240,089,355.49 77.83% 7.78% 15.57% 23.35% 31.13% 38.91%
HONGKONG & SHANGHAI BANKING CORP 5,084,658,540.18 6,616,305,291.45 76.85% 7.69% 15.37% 23.06% 30.74% 38.43%
KOREA EXCHANGE BANK 422,648,605.23 568,070,936.39 74.40% 7.44% 14.88% 22.32% 29.76% 37.20%
PHIL SAVINGS BANK 13,698,473,392.19 19,070,366,004.77 71.83% 7.18% 14.37% 21.55% 28.73% 35.92%
SECURITY BANK SAVINGS CORPORATION 1,083,790,291.51 1,563,747,576.07 69.31% 6.93% 13.86% 20.79% 27.72% 34.65%
PHILIPPINE RESOURCES SAVINGS BANKING CORPORATION (PR SAVINGS 1,249,473,458.22 1,806,617,844.19 69.16% 6.92% 13.83% 20.75% 27.66% 34.58%
UCPB SAVINGS BANK 2,139,218,463.59 3,160,287,716.63 67.69% 6.77% 13.54% 20.31% 27.08% 33.85%
CORDILLERA SAVINGS BANK INC 79,630,732.89 117,688,932.06 67.66% 6.77% 13.53% 20.30% 27.06% 33.83%
CHINA BANK SAVINGS INC 1,529,366,944.73 2,494,661,910.48 61.31% 6.13% 12.26% 18.39% 24.52% 30.65%
PHIL POSTAL SAVINGS BANK INC 725,159,037.75 1,190,466,966.92 60.91% 6.09% 12.18% 18.27% 24.37% 30.46%
PHILIPPINE VETERANS BANK 4,182,424,944.05 7,114,383,029.07 58.79% 5.88% 11.76% 17.64% 23.52% 29.39%
STERLING BANK OF ASIA INC (A SAVINGS BANK) 1,427,778,000.00 2,467,099,996.71 57.87% 5.79% 11.57% 17.36% 23.15% 28.94%
PRIDE STAR DEVELOPMENT BANK INC 42,450,621.32 76,005,235.62 55.85% 5.59% 11.17% 16.76% 22.34% 27.93%
METRO CEBU PUBLIC SAVINGS BANK 36,231,423.69 68,027,735.48 53.26% 5.33% 10.65% 15.98% 21.30% 26.63%
TONGYANG SAVINGS BANK INC 252,373,799.41 480,153,522.53 52.56% 5.26% 10.51% 15.77% 21.02% 26.28%
ALLIED SAVINGS BANK 553,239,574.91 1,102,346,018.65 50.19% 5.02% 10.04% 15.06% 20.07% 25.09%
OPPORTUNITY KAUSWAGAN BANK INC (A MICROFINANCE THRIFT BANK) 84,129,787.26 169,920,707.15 49.51% 4.95% 9.90% 14.85% 19.80% 24.76%
LUZON DEVELOPMENT BANK 276,380,275.44 573,222,773.37 48.22% 4.82% 9.64% 14.46% 19.29% 24.11%
UNION BANK OF THE PHILS 25,315,737,590.71 56,475,996,260.05 44.83% 4.48% 8.97% 13.45% 17.93% 22.41%
PHIL NATIONAL BANK 44,489,505,645.59 99,508,000,840.90 44.71% 4.47% 8.94% 13.41% 17.88% 22.35%
PRODUCERS SAVINGS BANK CORPORATION 557,426,349.23 1,271,082,845.37 43.85% 4.39% 8.77% 13.16% 17.54% 21.93%
PENBANK INC (A PDB) (FORMERLY: PENINSULA RB INC) 138,508,023.32 327,141,103.45 42.34% 4.23% 8.47% 12.70% 16.94% 21.17%
UNIVERSITY SAVINGS BANK INC 105,110,069.26 253,508,234.04 41.46% 4.15% 8.29% 12.44% 16.58% 20.73%
UNITED OVERSEAS BANK PHILIPPINES 762,327,649.61 1,866,762,291.57 40.84% 4.08% 8.17% 12.25% 16.33% 20.42%
MARITIME SAVINGS BANK CORPORATION 29,492,990.45 73,572,495.26 40.09% 4.01% 8.02% 12.03% 16.03% 20.04%
BPI FAMILY SAVINGS BANK INC 8,781,051,605.63 22,735,458,191.17 38.62% 3.86% 7.72% 11.59% 15.45% 19.31%
MIZUHO BANK LTD - MANILA BRANCH 1,103,683,516.18 3,061,954,599.06 36.05% 3.60% 7.21% 10.81% 14.42% 18.02%
BANK ONE SAVINGS AND TRUST CORP. 198,139,529.85 553,094,853.16 35.82% 3.58% 7.16% 10.75% 14.33% 17.91%
SAMPAGUITA SAVINGS BANK INC 27,489,998.80 76,799,671.27 35.79% 3.58% 7.16% 10.74% 14.32% 17.90%
PAMPANGA DEVELOPMENT BANK 47,394,335.63 136,517,522.94 34.72% 3.47% 6.94% 10.42% 13.89% 17.36%
BDO UNIBANK INC 64,248,551,365.70 185,136,669,326.66 34.70% 3.47% 6.94% 10.41% 13.88% 17.35%
LIFE SAVINGS BANK INC 23,701,180.78 69,133,232.15 34.28% 3.43% 6.86% 10.29% 13.71% 17.14%
EAST WEST BANKING CORP 7,352,208,071.00 22,056,966,641.93 33.33% 3.33% 6.67% 10.00% 13.33% 16.67%
DUNGGANON BANK (A MICROFINANCE THRIFT BANK) INC 29,637,704.48 99,828,415.11 29.69% 2.97% 5.94% 8.91% 11.88% 14.84%
LAND BANK OF THE PHILIPPINES 17,679,043,086.95 61,120,955,658.78 28.92% 2.89% 5.78% 8.68% 11.57% 14.46%
PHIL TRUST COMPANY 5,218,875,000.00 19,836,721,465.48 26.31% 2.63% 5.26% 7.89% 10.52% 13.15%
MEGA INT'L COMM'L BANK CO LTD 528,040,193.60 2,046,228,406.05 25.81% 2.58% 5.16% 7.74% 10.32% 12.90%
DEVELOPMENT BANK OF THE PHIL 9,766,084,063.22 39,103,324,786.19 24.98% 2.50% 5.00% 7.49% 9.99% 12.49%
QUEZON COCONUT BANK INC (A THRIFT BANK) 14,875,242.25 59,677,293.64 24.93% 2.49% 4.99% 7.48% 9.97% 12.46%
CHINA BANKING CORP 12,577,915,123.54 52,760,948,691.40 23.84% 2.38% 4.77% 7.15% 9.54% 11.92%
ROBINSONS BANK CORPORATION 1,506,082,604.60 6,390,196,457.35 23.57% 2.36% 4.71% 7.07% 9.43% 11.78%
MALASIQUI PROGRESSIVE SLB, INC 14,293,443.25 62,204,137.09 22.98% 2.30% 4.60% 6.89% 9.19% 11.49%
FIRST CONSOLIDATED BANK INC (A PDB) 676,939,828.03 2,982,302,937.80 22.70% 2.27% 4.54% 6.81% 9.08% 11.35%
RIZAL COMM'L BANKING CORP 9,761,435,956.00 46,454,684,294.15 21.01% 2.10% 4.20% 6.30% 8.41% 10.51%
ASIA UNITED BANK CORPORATION 4,020,264,369.19 21,078,414,942.46 19.07% 1.91% 3.81% 5.72% 7.63% 9.54%
CITY SAVINGS BANK INC 818,571,474.69 4,769,689,464.83 17.16% 1.72% 3.43% 5.15% 6.86% 8.58%
WEALTH DEVELOPMENT BANK CORPORATION 77,899,031.54 462,106,341.85 16.86% 1.69% 3.37% 5.06% 6.74% 8.43%
SECURITY BANK CORP 7,002,000,000.00 42,541,741,568.95 16.46% 1.65% 3.29% 4.94% 6.58% 8.23%
QUEEN CITY DEVELOPMENT BANK INC OR QUEENBANK A THRIFT BANK 110,670,706.57 675,836,846.55 16.38% 1.64% 3.28% 4.91% 6.55% 8.19%
OPTIMUM DEVELOPMENT BANK INC 121,402,760.76 762,376,402.31 15.92% 1.59% 3.18% 4.78% 6.37% 7.96%
MAYBANK PHILIPPINES INC 1,664,506,415.79 11,077,507,638.25 15.03% 1.50% 3.01% 4.51% 6.01% 7.51%
TOWER DEVELOPMENT BANK 17,538,093.67 118,943,729.37 14.74% 1.47% 2.95% 4.42% 5.90% 7.37%
BPI DIRECT SAVINGS BANK INC 161,469,294.65 1,177,516,551.52 13.71% 1.37% 2.74% 4.11% 5.49% 6.86%
METROPOLITAN BANK & TCO 17,737,061,762.72 132,987,114,473.08 13.34% 1.33% 2.67% 4.00% 5.33% 6.67%
BDO PRIVATE BANK, INC. 709,747,747.91 5,500,166,777.13 12.90% 1.29% 2.58% 3.87% 5.16% 6.45%
BANK OF THE PHIL ISLANDS 17,531,205,065.22 136,763,345,583.81 12.82% 1.28% 2.56% 3.85% 5.13% 6.41%
PHILIPPINE BUSINESS BANK INC A SAVINGS BANK 1,085,632,000.00 8,762,427,233.01 12.39% 1.24% 2.48% 3.72% 4.96% 6.19%
CENTURY SAVINGS BANK CORPORATION 96,123,531.00 906,301,593.90 10.61% 1.06% 2.12% 3.18% 4.24% 5.30%
HIYAS BANKING CORPORATION 14,943,655.86 165,280,307.52 9.04% 0.90% 1.81% 2.71% 3.62% 4.52%
LEMERY SAVINGS & LOAN BANK, INC. 6,227,431.06 75,312,525.58 8.27% 0.83% 1.65% 2.48% 3.31% 4.13%
HSBC SAVINGS BANK(PHILS) INC 201,054,198.41 2,574,800,495.39 7.81% 0.78% 1.56% 2.34% 3.12% 3.90%
CTBC BANK (PHILIPPINES) CORP 497,413,931.54 6,969,123,309.46 7.14% 0.71% 1.43% 2.14% 2.85% 3.57%
SUN SAVINGS BANK INC 7,537,774.77 112,240,918.96 6.72% 0.67% 1.34% 2.01% 2.69% 3.36%
ISLA BANK(A THRIFT BANK) INC 35,151,269.04 652,412,033.66 5.39% 0.54% 1.08% 1.62% 2.16% 2.69%
PHIL BANK OF COMMUNICATIONS 396,586,115.79 7,819,807,165.86 5.07% 0.51% 1.01% 1.52% 2.03% 2.54%
BATAAN SAVINGS AND LOAN BANK 2,502,930.36 62,457,133.46 4.01% 0.40% 0.80% 1.20% 1.60% 2.00%
AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILS 13,972,461.61 402,110,191.57 3.47% 0.35% 0.69% 1.04% 1.39% 1.74%
BANGKOK BANK PUBLIC CO LTD 87,029,546.70 3,274,842,739.50 2.66% 0.27% 0.53% 0.80% 1.06% 1.33%
PROGRESS SAVINGS AND LOAN BANK INC 1,754,039.58 83,286,210.25 2.11% 0.21% 0.42% 0.63% 0.84% 1.05%
ANZ BANKING GROUP LTD 34,254,959.17 3,398,283,474.19 1.01% 0.10% 0.20% 0.30% 0.40% 0.50%
INTERNATIONALE NEDERLANDEN GROEP BK 24,000,000.00 2,591,276,110.65 0.93% 0.09% 0.19% 0.28% 0.37% 0.46%
BANK OF AMERICA N.A. 5,664,000.00 1,771,441,709.20 0.32% 0.03% 0.06% 0.10% 0.13% 0.16%
JP MORGAN CHASE BANK NATIONAL ASSN. 734,885.22 1,407,858,625.00 0.05% 0.01% 0.01% 0.02% 0.02% 0.03%
1ST VALLEY BANK INC A DEVELOPMENT BANK 0.00 1,252,106,389.20 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 0.00 348,925,225.83 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
CITYSTATE SAVINGS BANK INC 0.00 795,382,084.59 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ENTERPRISE BANK INC (A THRIFT BANK) 0.00 247,078,321.07 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
MERCHANTS SAVINGS & LOAN ASSN INC 0.00 496,179,980.68 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
NORTHPOINT DEV'T BANK INC 0.00 266,512,002.62 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
PACIFIC ACE SAVINGS BANK INC 0.00 78,353,791.94 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
THE BNK OF TOKYO-MITSUBISHI UFJ LTD 0.00 4,945,420,166.75 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
THE PALAWAN BANK (PALAWAN DB) INC 0.00 37,751,079.42 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Grand Total 408,197,010,642.78 1,148,618,477,790.17 35.54% 3.55% 7.11% 10.66% 14.22% 17.77%
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