Can Philippine Thrift Banks Charge their Unbooked Losses Against Retained Earnings? - June 30, 2012

Last July 25, 2012, the Bangko Sentral ng Pilipinas (BSP) encouraged banks, particularly Universal and Commercial Banks that continue to reflect unbooked losses or "deferred charges" on their balance sheets, to charge those losses against retained earnings.  This implies that the BSP now considers that these banks have amassed so much in retained earnings that "they can now afford to absorb higher charges without impairing their capital and also without making their shareholders unhappy."

But can these banks do so? The answer is yes. As can be seen from the table below, all seven banks with Deferred Charges have the Stockholders Equity (SE) to absorb these Deferred Charges:

1. Bataan Development Bank (Deferred Charges of 18.18% of SE)
2. Planters Development Bank (Deferred Charges of 16.27% of SE)
3. Citibank Savings, Inc. (Deferred Charges of 10.46% of SE)
4. Card SME Bank (Deferred Charges of 3.23% of SE)
5. Wealth Bank (Deferred Charges of 1.99% of SE)
6. Security Bank Savings Corporation (Deferred Charges of 0.20% of SE)
7. Farmers Savings & Loan Bank (Deferred Charges of 0.00% of SE)

It must be noted that three of these banks are considered borderline insolvent (highlighted in yellow):

1. Bataan Development Bank
2. Planters Development Bank
3. Farmers Savings & Loan Bank

For more information on distressed banks, please see the previous blog post: "Philippine Thrift Banks Continue to Improve in the 2nd Quarter of 2012".

Retained Earnings

Only two banks have sufficient Retained Earnings (RE) to absorb their unbooked losses:

1. Wealth Bank (Deferred Charges of 11.88% of RE)
2. Security Bank Savings Corporation (Deferred Charges of 0.20% of RE)

For one bank, Deferred Charges will impact 25% or more of its Retained Earnings:

1. Planters Development Bank (Deferred Charges of 28.40% of RE)

For one bank, Deferred Charges will exceed their Retained Earnings:

1. Bataan Development Bank (Deferred Charges of 196.61% of RE)

Two of the banks with substantial Deferred Charges have negative Retained Earnings.  As such, they do not have the capacity to absorb additional losses.

1. Citibank Savings Inc. (Retained Earnings of - PhP 2.373 billion vs. Deferred Charges of PhP 190.165 million)
2. Card SME Bank Inc. (Retained Earnings of - PhP 41.963 million vs. Deferred Charges of PhP 5.777 million)

For more information of these Deferred Charges, please consult three previous blog posts:"Can Philippine Thrift Banks Charge their Unbooked Losses Against Retained Earnings?", "Philippine Thrift Banks with Overstated Capital as of Year End 2011" and "BSP's Ampaw Accounting System".

Philippine Thrift Banking System
Deferred Charges Not Yet Written Down
Impact on Stockholders Equity
In Php
June 30, 2012
Bank	Unbooked Losses	SE	Adjusted SE	Impact on SE
Bataan Development Bank	12,793,520.73	70,387,217.02	57,593,696.29	18.18%
Planters Development Bank	639,513,631.59	3,931,756,700.13	3,292,243,068.54	16.27%
Citibank Savings Inc.	190,165,383.13	1,818,756,670.18	1,628,591,287.05	10.46%
Card SME Bank Inc. (A Thrift Bank)	5,777,110.37	179,116,409.99	173,339,299.62	3.23%
Wealth Bank - A Development Bank	7,030,637.31	353,186,841.84	346,156,204.53	1.99%
Security Bank Savings Corporation	1,619,206.37	795,088,386.40	793,469,180.03	0.20%
Farmers Savings & Loan Bank	1,663.18	100,549,296.43	100,547,633.25	0.00%
Allied Savings Bank	0.00	976,492,885.94	976,492,885.94	0.00%
Bank One Savings and Trust Corp.	0.00	520,315,658.47	520,315,658.47	0.00%
Bataan SLA	0.00	77,808,302.16	77,808,302.16	0.00%
BDO Elite Savings Bank	0.00	1,527,059,062.56	1,527,059,062.56	0.00%
BPI Direct Savings Bank	0.00	801,926,465.90	801,926,465.90	0.00%
BPI Family Savings Bank	0.00	14,481,315,010.85	14,481,315,010.85	0.00%
BPI Globe Banko Inc. Savings Bank	0.00	360,144,746.12	360,144,746.12	0.00%
Business & Consumers Bank	0.00	78,446,370.26	78,446,370.26	0.00%
Century Savings Bank	0.00	883,428,855.96	883,428,855.96	0.00%
China Bank Savings	0.00	1,134,231,220.75	1,134,231,220.75	0.00%
City Savings Bank	0.00	1,977,741,378.55	1,977,741,378.55	0.00%
CityState Savings Bank	0.00	773,945,359.88	773,945,359.88	0.00%
Comsavings Bank	0.00	350,468,111.01	350,468,111.01	0.00%
Cordillera Savings Bank	0.00	97,381,465.00	97,381,465.00	0.00%
Dumaguete City Development Bank	0.00	203,578,072.13	203,578,072.13	0.00%
Dungganon Bank	0.00	62,917,082.13	62,917,082.13	0.00%
Equicom SB	0.00	461,617,258.29	461,617,258.29	0.00%
First Consolidated Bank	0.00	1,671,795,340.03	1,671,795,340.03	0.00%
Hiyas Savings & Loan Bank	0.00	157,846,553.87	157,846,553.87	0.00%
HSBC Savings Bank (Phils) Inc.	0.00	2,938,428,344.64	2,938,428,344.64	0.00%
Iloilo City Development Bank	0.00	62,433,690.20	62,433,690.20	0.00%
Isla Bank (A Thrift Bank) Inc.	0.00	630,420,695.84	630,420,695.84	0.00%
Legazpi Savings Bank Inc.	0.00	178,699,023.83	178,699,023.83	0.00%
Lemery Savings & Loan Bank, Inc.	0.00	69,169,391.20	69,169,391.20	0.00%
Life Savings Bank	0.00	63,317,167.29	63,317,167.29	0.00%
Luzon Development Bank	0.00	382,298,596.47	382,298,596.47	0.00%
Malasiqui Progressive SLB, Inc.	0.00	49,198,079.06	49,198,079.06	0.00%
Malayan Bank Savings & Mortgage Bank	0.00	975,332,768.21	975,332,768.21	0.00%
Maritime SLA	0.00	65,402,781.73	65,402,781.73	0.00%
Merchants Savings & Loan Association Inc.	0.00	658,930,240.51	658,930,240.51	0.00%
Metro Cebu Public Savings Bank	0.00	60,255,751.33	60,255,751.33	0.00%
Microfinance Maximum SB (Maxbank)	0.00	62,353,596.96	62,353,596.96	0.00%
Northpoint Development Bank	0.00	50,002,124.18	50,002,124.18	0.00%
Opportunity Kauswagan Bank	0.00	87,108,376.48	87,108,376.48	0.00%
Optimum Development Bank	0.00	660,520,247.44	660,520,247.44	0.00%
Pacific Ace Savings Bank	0.00	72,319,136.67	72,319,136.67	0.00%
Pampanga Development Bank	0.00	105,904,741.40	105,904,741.40	0.00%
Penbank, Inc.	0.00	260,723,835.90	260,723,835.90	0.00%
Philippine Business Bank	0.00	3,922,725,430.38	3,922,725,430.38	0.00%
Philippine Postal Savings Bank	0.00	688,770,339.88	688,770,339.88	0.00%
Philippine Resources Savings Banking Corporation	0.00	1,195,719,804.03	1,195,719,804.03	0.00%
Philippine Savings Bank	0.00	13,303,936,411.40	13,303,936,411.40	0.00%
Pridestar Development Bank	0.00	67,743,003.08	67,743,003.08	0.00%
Producers Savings Bank	0.00	701,811,191.57	701,811,191.57	0.00%
Progress SLA	0.00	84,103,829.68	84,103,829.68	0.00%
Quezon Coconut Producers SLB Inc.	0.00	57,580,765.13	57,580,765.13	0.00%
RCBC Savings Bank	0.00	6,792,900,833.67	6,792,900,833.67	0.00%
Sampaguita SLA	0.00	64,708,123.36	64,708,123.36	0.00%
Silangan Savings and Loan Bank, Inc.	0.00	9,740,651.89	9,740,651.89	0.00%
Sterling Bank of Asia Inc.	0.00	1,633,872,061.27	1,633,872,061.27	0.00%
Sun Savings Bank	0.00	72,644,822.80	72,644,822.80	0.00%
The Queen City Development Bank	0.00	669,119,640.27	669,119,640.27	0.00%
Tong Yang Savings Bank Inc.	0.00	407,756,152.68	407,756,152.68	0.00%
Tower Development Bank	0.00	113,529,745.58	113,529,745.58	0.00%
UCPB Savings Bank	0.00	2,125,681,500.16	2,125,681,500.16	0.00%
United Overseas Bank Philippines	0.00	704,856,569.14	704,856,569.14	0.00%
University Savings Bank	0.00	205,163,329.73	205,163,329.73	0.00%
Village SLA, Inc.	0.00	70,653,647.74	70,653,647.74	0.00%
World Partners Bank (A Thrift Bank)	0.00	157,957,368.73	157,957,368.73	0.00%
Real Bank (A Thrift Bank) Inc.	NA	NA	NA	NA
Grand Total	856,901,152.68	74,331,094,533.36	73,474,193,380.68	1.15%

Source: www.bsp.gov.ph

Deferred Charges Not Yet Written Down
Impact on Retained Earnings
In PHP
June 30, 2012
Bank	Unbooked Losses	RE	Adjusted RE	Impact on RE
Bataan Development Bank	12,793,520.73	6,506,937.24	-6,286,583.49	196.61%
Planters Development Bank	639,513,631.59	2,251,768,609.03	1,612,254,977.44	28.40%
Wealth Bank - A Development Bank	7,030,637.31	59,174,895.50	52,144,258.19	11.88%
Security Bank Savings Corporation	1,619,206.37	795,088,386.40	793,469,180.03	0.20%
Citibank Savings Inc.	190,165,383.13	-2,373,027,012.86	-2,563,192,395.99	-8.01%
Card SME Bank Inc. (A Thrift Bank)	5,777,110.37	-36,186,335.58	-41,963,445.95	-15.96%
Grand Total	856,899,489.50	703,325,479.73	-153,574,009.77	121.84%

Source: www.bsp.gov.ph

Among Listed Philippine Banks, PNB Takes the Silver in Insolvency - September 30, 2012

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.  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  

Editor's Note: This is an update of an earlier post: "Among Listed Philippine Banks, PBCom Takes the Gold in Insolvency - June 30, 2012" dated October 15, 2012.

Based on the individual Published Statements of Condition for Listed Philippine Banks, the Total Distressed Assets decreased by Php 19.912 billion or 5.07% from June 30, 2012 to September 30, 2012.  This was partially matched by an decrease of Php 6.669 billion  or 1.17% in the Total Capital Cushion of these banks during the same period.  As a result, the Listed Banks Ratio of Distressed Assets to Total Capital Cushion decreased by a significant 7.64% from 69.63% as of June 30, 2012 to 61.07% as of September 30, 2012.

Please note that the ratio of Distressed Assets to Total Capital Cushion of two banks on this list is above the borderline level of 100.00%.  These banks have been classified as distressed and are highlighted in yellow.  These banks are as follows:

1. China Bank Savings, Inc. has a borderline insolvency ratio of 185.52% as of September  30, 2012, up a very significant down 43.66% from 141.86% as of June 30, 2012.  Although China Bank Savings, Inc. is not listed, its parent, China Banking Corporation, is.
2. Philippine National Bank (PNB) has a borderline insolvency ratio of 156.29% as of September 30, 2012, up 2.79% from 153.50% as of June 30, 2012.

It should be noted that the three-way merger discussed between BPI, PNB, and Allied Bank will be a credit positive for PNB, which has the worst credit rating among the three banks concerned in the merger.  (See: "Moody’s says merger to improve PNB rating").

The Published Statement of Condition of Philippine Bank of Communications (PBCom), which was the topped the list of distressed Philippine banks as of June 30, 2012, was not availabe for the period ending September 30, 2012.  See: "Among Listed Philippine Banks, PBCom Takes the Gold in Insolvency - June 30, 2012".


The banks that exhibited a significant decrease in their insolvency ratios were:

1. Security Banking Corporation, which dropped from 39.09% as of June 30, 2012 to 24.36% as of September 30, 2012, a percentage drop of 37.67%.
2. Banco de Oro Unibank, which dropped from 65.94% as of June 30, 2012 to 48.21% as of September 30, 2012, a percentage drop of 26.88%

Listed Philippine Banks
Total Distressed Assets/Total Capital Cushion
June 30, 2012 to September 30, 2012
	June 30, 2012	September 30, 2012	Variance	% Variance
China Bank Savings, Inc.	141.86%	185.52%	43.66%	30.78%
Philippine Savings Bank	82.27%	88.92%	6.65%	8.08%
East West Banking Corporation	46.65%	48.36%	1.71%	3.67%
Union Bank of the Philippines	84.58%	87.48%	2.90%	3.43%
CityState Savings Bank	37.45%	38.57%	1.12%	3.00%
Philippine National Bank	153.50%	156.29%	2.79%	1.81%
Allied Banking Corporation	65.12%	64.41%	-0.71%	-1.09%
Philippine Trust Company	50.51%	49.11%	-1.41%	-2.78%
Metropolitan Bank & Trust Company	61.57%	58.94%	-2.63%	-4.27%
Bank of the Philippine Islands	53.53%	50.40%	-3.13%	-5.85%
Rizal Commercial Banking Corporation	73.34%	68.77%	-4.57%	-6.23%
China Banking Corporation	59.65%	53.38%	-6.27%	-10.51%
Banco de Oro Unibank	65.94%	48.21%	-17.73%	-26.88%
Security Bank Corporation	39.09%	24.36%	-14.72%	-37.67%
Grand Total	68.71%	61.07%	-7.64%	-11.11%

Source: www.bsp.gov.ph

Listed Philippine Banks
Total Distressed Assets/Total Capital Cushion
June 30, 2012 to September 30, 2012
	June 30, 2012				September 30, 2012				Variance				% Variance
	Total Distressed Assets	Total Capital Cushion	Distressed Assets/Total Capital Cushion		Total Distressed Assets	Total Capital Cushion	Distressed Assets/Total Capital Cushion		Total Distressed Assets	Total Capital Cushion	Distressed Assets/Total Capital Cushion		Total Distressed Assets	Total Capital Cushion	Distressed Assets/Total Capital Cushion
Bank	(In PhP)	(In PhP)	(In %)		(In PhP)	(In PhP)	(In %)		(In PhP)	(In PhP)	(In %)		(In PhP)	(In PhP)	(In %)
China Bank Savings, Inc.	1,446,154,272.29	1,019,400,071.90	141.86%		1,898,277,021.68	1,023,197,782.14	185.52%		452,122,749.39	-154,264,983.36	43.66%		31.26%	-15.13%	30.78%
Philippine National Bank	59,734,643,323.51	38,914,958,287.49	153.50%		50,799,838,940.95	32,504,359,516.71	156.29%		-8,934,804,382.56	1,605,518,672.74	2.79%		-14.96%	4.13%	1.81%
Philippine Savings Bank	13,800,587,750.03	16,774,387,958.38	82.27%		14,692,734,483.48	16,524,087,878.48	88.92%		892,146,733.45	14,648,171.54	6.65%		6.46%	0.09%	8.08%
Union Bank of the Philippines	37,057,875,238.56	43,813,870,129.41	84.58%		38,394,556,414.93	43,887,492,186.78	87.48%		1,336,681,176.37	-1,837,015,461.52	2.90%		3.61%	-4.19%	3.43%
Rizal Commercial Banking Corporation	27,253,199,123.56	37,161,140,871.17	73.34%		25,702,007,474.49	37,372,568,399.29	68.77%		-1,551,191,649.07	-1,112,821,958.95	-4.57%		-5.69%	-2.99%	-6.23%
Allied Banking Corporation	13,293,564,136.14	20,414,316,567.43	65.12%		13,279,854,327.10	20,618,612,108.27	64.41%		-13,709,809.04	117,410,311.63	-0.71%		-0.10%	0.58%	-1.09%
Metropolitan Bank & Trust Company	61,292,038,764.54	99,545,913,839.90	61.57%		58,589,388,144.26	99,399,052,866.07	58.94%		-2,702,650,620.28	323,869,934.27	-2.63%		-4.41%	0.33%	-4.27%
China Banking Corporation	23,029,458,379.20	38,608,797,970.99	59.65%		21,113,412,180.64	39,555,560,128.40	53.38%		-1,916,046,198.56	-2,966,875,256.33	-6.27%		-8.32%	-7.68%	-10.51%
Bank of the Philippine Islands	46,504,024,846.00	86,872,774,624.00	53.53%		43,970,127,078.00	87,241,945,395.00	50.40%		-2,533,897,768.00	-5,308,206,748.00	-3.13%		-5.45%	-6.11%	-5.85%
Philippine Trust Company	8,459,763,719.54	16,748,089,910.80	50.51%		8,158,501,407.67	16,613,937,357.88	49.11%		-301,262,311.87	224,872,656.09	-1.41%		-3.56%	1.34%	-2.78%
East West Banking Corporation	8,359,973,804.77	17,919,833,842.14	46.65%		8,837,712,599.78	18,274,068,390.58	48.36%		477,738,795.01	2,524,080,926.50	1.71%		5.71%	14.09%	3.67%
Banco de Oro Unibank	79,795,225,219.71	121,005,042,628.13	65.94%		79,441,752,672.48	164,765,851,685.01	48.21%		-353,472,547.23	1,021,227,544.66	-17.73%		-0.44%	0.84%	-26.88%
CityState Savings Bank	302,018,405.44	806,533,911.73	37.45%		311,081,927.08	806,533,911.73	38.57%		9,063,521.64	-8,202,430.89	1.12%		3.00%	-1.02%	3.00%
Security Bank Corporation	12,621,692,039.25	32,292,308,063.21	39.09%		7,848,582,981.88	32,217,229,745.77	24.36%		-4,773,109,057.37	-1,112,821,958.95	-14.72%		-37.82%	-3.45%	-37.67%
Grand Total	392,950,219,022.54	571,897,368,676.68	68.71%		373,037,827,654.42	610,804,497,352.11	61.07%		-19,912,391,368.12	-6,668,580,580.57	-7.64%		-5.07%	-1.17%	-11.11%

Source: www.bsp.gov.ph and www.pse.com.ph

Disclaimer:

This list only serves as a screening guide.  It is not a definitive guide and must be taken in the context of other factors.  The figures are based on the individual banks' statement of condition as of June 30, 2012 and September 30, 2012 as published in the BSP website (www.bsp.gov.ph) or the Philippine Stock Exchange website (www.pse.com.ph) or the individual bank's own website. For this analysis, no attempt was made to go through the audited financial statements of each bank. Readers are suggested to make their own investigations and verify the figures presented. Both BSP and PDIC have their own problem bank screening systems that are much more sophisticated in scope and design, given that they have more access to information over the banks they regulate.

The Top Distressed Philippine Banks as of June 30, 2012

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:  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.  A bank that has a Distressed Ratio greater than 100% is flagged as borderline insolvent (highlighted in yellow).  For a more detailed discussion of this ratio, please visit a previous blog post: The Texas Ratio of Select Philippine Banks

This is a list of the top distressed Universal and Commercial (U/KB) as well as Thrift Banks in the Philippines as of June 30, 2012.  It updates the previous blog post: "The Top Distressed Philippine Banks as of March 31, 2012".

To see where your bank stands relative to these banks, please check the following previous blog posts: "Philippine U/KBs Show Some Deterioration in the 2nd Qtr. of 2012" and "Philippine Thrift Banks Continue to Improve in the 2nd Quarter of 2012".

Top Distressed Philippine Banks
By Total Distressed Assets/ Total Capital Cushion
June 30, 2012
In PhP
	June 30, 2012
Bank	Type of Bank	Total Distressed Assets (In PhP)	Total Capital Cushion (In PhP)	Distressed Assets/ Total Capital Cushion (In %)
United Coconut Planters Bank	U/KB	58,788,229,194.25	9,044,452,080.29	649.99%
Village SLA, Inc.	Thrift	461,071,117.97	85,601,162.41	538.63%
Comsavings Bank	Thrift	2,208,670,807.21	452,199,610.73	488.43%
Legazpi Savings Bank Inc.	Thrift	780,780,602.74	190,550,893.59	409.75%
Iloilo City Development Bank	Thrift	260,017,320.80	66,055,710.31	393.63%
Planters Development Bank	Thrift	11,165,041,937.84	4,493,071,814.41	248.49%
Bataan Development Bank	Thrift	183,018,354.25	79,075,920.15	231.45%
Standard Chartered Bank	U/KB	5,949,712,292.86	2,823,851,791.39	210.69%
RCBC Savings Bank	Thrift	13,878,811,926.12	7,131,983,741.37	194.60%
Farmers Savings & Loan Bank	Thrift	208,209,608.72	118,338,500.90	175.94%
Business & Consumers Bank	Thrift	134,035,191.32	78,955,187.35	169.76%
Philippine Bank of Communications	U/KB	8,982,915,157.84	5,375,920,381.27	167.10%
Bank of Commerce	U/KB	32,829,846,240.56	19,883,188,091.20	165.11%
Opportunity Kauswagan Bank, Inc.	Thrift	198,389,464.35	124,518,919.38	159.32%
University Savings Bank	Thrift	345,277,947.66	228,592,781.95	151.04%
Philippine National Bank	U/KB	59,734,643,323.51	41,035,624,017.49	145.57%
China Bank Savings	Thrift	1,446,154,272.29	1,019,400,071.90	141.86%
Hiyas Savings & Loan Bank	Thrift	240,065,531.78	171,902,352.90	139.65%
Equicom SB	Thrift	709,243,685.28	525,023,077.34	135.09%
Malayan Bank Savings & Mortgage Bank	Thrift	1,433,822,787.59	1,116,345,777.45	128.44%
Luzon Development Bank	Thrift	597,160,536.04	467,297,773.57	127.79%
Philippine Resources Savings Banking Corporation	Thrift	1,547,535,074.86	1,262,243,674.14	122.60%
Philippine Veterans Bank	U/KB	7,345,774,272.58	6,299,438,025.35	116.61%
Silangan Savings and Loan Bank, Inc.	Thrift	57,469,598.94	51,238,430.92	112.16%
Philippine Postal Savings Bank	Thrift	835,793,301.74	823,962,840.17	101.44%
Grand Total		210,321,689,549.10	102,948,832,627.93	204.30%

Source: www.bsp.gov.ph

Disclaimer:

This list only serves as a screening guide.  It is not a definitive guide and must be taken in the context of other factors.  The figures are based on the individual banks' statement of condition as of June 30, 2012 as published in the BSP website (www.bsp.gov.ph). For this analysis, no attempt was made to go through the audited financial statements of each bank. Readers are suggested to make their own investigations and verify the figures presented. Both BSP and PDIC have their own problem bank screening systems that are much more sophisticated in scope and design, given that they have more access to information over the banks they regulate.