Has the Philippine Real Estate Bubble Already Burst?

Last May 2013, Eduardo Francisco, the President of BDO Capital and Investment Corporation - the country's largest investment house, urged the BSP to "tighten its watch over over lending activities by nonbank entities, including real-estate developers, to ensure that the country would avoid a bubble in the property market."  He said that "the major banks in the country have kept their credit standards unchanged and fears that banks might be over-aggressive in lending, especially to individuals trying to secure real-estate loans, were unfounded.  However, he also emphasized that non-bank entities, such as real estate developers, have also increased their real estate lending to individuals and that these activities should also be assessed by the BSP.

One such non-bank entity is the low-cost residential developer 8990 Holdings Inc (also known by its ticker "HOUSE").  HOUSE extends financing to the individual buyers of its residential units.  The financing is made in the form of Installment Contract Receivables or "...receivables from the sale of residential houses and lots, condominium units and timeshares which are collectible in monthly installments over a period of 2 to 25 years.  Receivables bear annual interest ranging from 8.5% to 20% for the period ended September 30, 2013 and 2012.  Titles to real estate properties are transferred to the buyers upon full payment of the contract price."

Based on its unaudited financial statements as of September 30, 2013, HOUSE has Php 8.166 billion of Installment Contract Receivables, which represents more than a years worth of revenue.

8990 Holdings Inc.
Installment Contract Receivables/Sales
In Php
	Audited	Unaudited
	December 31, 2012	September 30, 2013
Installment Contract Receivables	4,672,109,197	8,165,199,990
Sales*	2,888,596,423	4,367,429,533
Days Sales	437	505
* Sales Figures for 2012 are for the Nine Months ended September 30, 2012

Installment Contract Receivables (ICR) of HOUSE have jumped considerably in 2013, rising 74.76% from Php 4.672 billion as of December 31, 2012 to Php 8.165 billion as of September 30, 2013.  The bulk of the ICRs, around Php 7.110 billion are noncurrent, leaving Php 1.055 billion as current.

8990 Holdings Inc.
Installment Contract Receivables, Current and Noncurrent
In Php
	Audited	Unaudited
	December 31, 2012	September 30, 2013	% Change
Current	266,090,280	1,054,802,352	296.41%
Noncurrent	4,406,018,917	7,110,397,638	61.38%
Total	4,672,109,197	8,165,199,990	74.76%

Approximately 4.65% of the ICRs as of September 30, 2013 have been classified as past due.  The bulk of the increase in past due ICRs came from ICRs that were delinquent for over 90 days.  The 90-day delinquency rate jumped roughly 500% in the nine months since December 31, 2012.  ICRs over 90 days past due increased from only Php 39.365 million on December 31, 2012 to Php 236.008 million as of September 30, 2013.  Although this is a very substantial increase in such a short span of time, the "Group did not recognize any impairment losses on its trade and other receivables for the period ended September 30, 2013 and 2012."  

8990 Holdings Inc.
Installment Contract Receivables, Past Due but Not Impaired
In Php
	Audited	Unaudited
	December 31, 2012	September 30, 2013	% Change
Less than 30 days	76,438,532	102,996,723	34.74%
31 - 60 days	31,128,884	30,426,033	-2.26%
61 -90 days	26,930,290	10,163,708	-62.26%
Over 90 days	39,365,086	236,008,574	499.54%
Total	173,862,792	379,595,038	118.33%

The sudden jump in very delinquent ICRs indicates that credit quality of the portfolio may not have been very good to begin with.  Based on the payment terms described on HOUSE's website, it seems that buyers can basically put almost no money down to purchase a residential unit.  Thus, buyers have little or no equity in their properties and can easily walk away the moment they can no longer service their debt obligations.

8990 Holdings Inc.
Payment Terms
Pavia Regular Unit Price
In Php
	Amount	%
Reservation Fee	5,000	0.59%
CTS Gold Processing Cost:	15,000	1.76%
Loan Value:	830,000	97.65%
Total Package	850,000	100.00%

In environment of constantly rising housing prices, this payment scheme can entice a lot buyers to buy and "flip" a property to another buyer for a quick profit.  Indeed this has been the case for a number of years:

Buyers who cannot pay the loan amortization can sell their properties into a rising market, thus keeping delinquencies to a minimum.  But the moment housing prices stall or financing becomes difficult, delinquencies can accelerate at a rapid clip.  This is what happened in the US subprime housing market and it could happen as well in the Philippines.

In the case of HOUSE, the company retains the title to the real estate properties until the buyer has fully paid the contract price, removing the need for the company to undergo an expensive and prolonged foreclosure process on the property.

If delinquencies continue to increase at an alarming pace, the company may have to recognize an impairment of a significant chunk of its ICRs.  According to the company's guidelines on accounting estimates, it:

"reviews its receivables at each reporting date to assess whether an allowance for impairment losses should be recorded in the consolidated statement of financial position and any changes thereto in profit or loss.  In particular, judgement by management is required in the estimation of the amount and timing of future cash flows when determining the level of allowance required.  Such estimates are based on assumptions about number of factors.  Actual results may differ, resulting in future changes to the allowance."

As it currently stands, management has determined that there should be no provision for credit losses on its ICRs.  But that may change once the delinquencies are too large to ignore.  And when that happens, the resulting adjustment to profits may eat into the stockholders equity of the company.  

As of September 30, 2013, ICRs represent 134.98% of stockholders equity, an indication of the risk  the company has undertaken to finance the sale of its real estate properties.

8990 Holdings Inc.
Installment Contract Receivables/Stockholders Equity
In Php
	Audited	Unaudited
	December 31, 2012	September 30, 2013
Installment Contract Receivables	4,672,109,197	8,165,199,990
Stockholders Equity	3,948,015,021	6,049,131,256
Installment Contract Receivables/Stockholders Equity	118.34%	134.98%

This risk, by itself, is not alarming.  But the company also carries another risk intrinsic to its business: a decline in real estate values.  

As of September 30, 2013, the companies real estate properties had a combined value of Php 5.827 billion or 96.34% of the company's stockholder's equity.  

8990 Holdings Inc.
Real Estate/Stockholders Equity
In Php
	Audited	Unaudited
	December 31, 2012	September 30, 2013
Real Estate Inventories	2,040,532,596	2,081,143,259
Land held for Future Development	1,010,474,241	3,605,811,050
Investment Properties	142,365,067	140,860,631
Total Real Estate	3,193,371,904	5,827,814,940
Stockholders Equity	3,948,015,021	6,049,131,256
Real Estate/Stockholders Equity	80.89%	96.34%

Thus, a real estate downturn has the potential to deliver a "double whammy" to the company's bottom line:

1. An Impairment of Installment Contract Receivables
2. A Decline in Real Estate Values

Just a 10% across-the-board decline in both ICRs and Real Estate Values  can wipe out as much as 23% of the company's capital.  A 20% decline will double that to almost 50% of the company's capital, a virtual death sentence for the company.

8990 Holdings Inc.
ICRs & Real Estate/Stockholders Equity
In Php
	Audited	Unaudited
	December 31, 2012	September 30, 2013
Installment Contract Receivables	4,672,109,197	8,165,199,990
Real Estate	3,193,371,904	5,827,814,940
Total	7,865,481,101	13,993,014,930
10% Losss	786,548,110	1,399,301,493
Stockholder's Equity	3,948,015,021	6,049,131,256
Impact of 10% Loss	19.92%	23.13%

Nevertheless, the company remains upbeat about its prospects and has, in fact, added around Php 2.2 billion to its existing landbank.  The company has hedged this expansionary bet with a follow-on offering of shares that is estimated to bring in Php 6.35 billion in cash to bolster the company's capital base.  However, the company's major stockholders and officers plan to cash out on Php 4.7 billion in shares in the same follow-on offering, bringing the company's free float of shares to the 20% level.

Do they know something we don't? That remains to be seen.

The Top Distressed Philippine Banks as of September 30, 2013

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.  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 September 30, 2013.  It updates the six previous blog posts:"The Top Distressed Philippine Banks as of June 30, 2013", "The Top Distressed Philippine Banks as of March 31, 2013", "The Top Distressed Philippine Banks as of December 31, 2012",  "The Top Distressed Philippine Banks as of September 30, 2012", "The Top Distressed Philippine Banks as of June 30, 2012" and "The Top Distressed Philippine Banks as of March 31, 2012".

Failed Bank:

It is important to note that one of the banks on this list of distressed banks, namely,Silangan Savings & Loan Bank Inc., failed as of January 9, 2014.  As of September 30, 2013, it had a Distressed Ratio of 124.22%.  For more information regarding this, please refer to the previous blog post: "A Short Analysis of Recent Bank Failures since the Failure of Banco Filipino - Updated"

To see where your bank stands relative to these banks, please check the previous blog post: "Philippine Banks Improve in the 3rd Qtr. of 2013".

The Top Distressed Banks in the Philippines
September 30, 2013
In Php
	September 30, 2013
Bank	Type of Bank	Total Distressed Assets	Total Capital Cushion	Distressed Assets/ Total Capital Cushion (In %)
THE REAL BANK (A THRIFT BANK) INC	Thrift Bank	8,524,192,979.10	403,897,117.56	2110.49%
BANK OF CHINA LIMITED-MANILA BRANCH	U/KB	5,413,268,714.84	677,275,685.72	799.27%
VILLAGE BANK INC (A THRIFT BANK)	Thrift Bank	687,677,082.87	86,744,428.80	792.76%
COMSAVINGS BANK	Thrift Bank	2,181,731,382.42	324,037,558.21	673.30%
UNITED COCONUT PLANTERS BANK	U/KB	62,683,146,880.44	12,441,512,075.45	503.82%
ILOILO CITY DEVELOPMENT BANK	Thrift Bank	357,993,018.50	74,068,482.77	483.33%
INTER-ASIA DEVELOPMENT BANK	Thrift Bank	175,020,938.69	59,391,398.86	294.69%
THE PALAWAN BANK (PALAWAN DB) INC	Thrift Bank	77,068,340.15	27,180,689.84	283.54%
PLANTERS DEVELOPMENT BANK	Thrift Bank	12,037,164,005.99	4,435,504,297.84	271.38%
BATAAN DEVELOPMENT BANK	Thrift Bank	159,894,410.86	77,646,386.19	205.93%
DEUTSCHE BANK AG	U/KB	3,067,613,129.87	1,491,605,872.17	205.66%
STANDARD CHARTERED BANK	U/KB	5,481,987,266.08	2,746,581,696.80	199.59%
WORLD PARTNERS BANK (A THRIFT BANK)	Thrift Bank	331,710,971.69	168,429,784.45	196.94%
UNIVERSITY SAVINGS BANK INC	Thrift Bank	465,380,380.07	237,367,686.97	196.06%
CITIBANK, N.A.	U/KB	25,141,192,359.18	12,988,072,447.69	193.57%
FARMERS SAVINGS & LOAN BANK INC	Thrift Bank	206,034,010.40	120,445,949.31	171.06%
BANK OF COMMERCE	U/KB	31,965,699,305.28	18,938,602,086.54	168.79%
ENTERPRISE BANK INC (A THRIFT BANK)	Thrift Bank	369,899,499.76	227,755,866.40	162.41%
EQUICOM SAVINGS BANK INC	Thrift Bank	862,156,303.88	547,774,008.61	157.39%
OPPORTUNITY KAUSWAGAN BANK INC (A MICROFINANCE THRIFT BANK)	Thrift Bank	152,715,466.78	99,188,170.54	153.97%
BUSINESS AND CONSUMERS BANK (A DB)	Thrift Bank	125,799,957.15	83,997,066.23	149.77%
RCBC SAVINGS BANK INC	Thrift Bank	12,882,048,142.17	8,712,884,410.13	147.85%
PHILIPPINE BANK OF COMMUNICATIONS	U/KB	7,076,143,296.69	4,791,505,760.04	147.68%
MALAYAN BANK SAVINGS AND MORT BANK INC	Thrift Bank	1,655,811,844.54	1,231,401,672.29	134.47%
HIYAS BANKING CORPORATION	Thrift Bank	226,640,660.66	169,268,776.65	133.89%
CHINA BANK SAVINGS INC	Thrift Bank	1,236,939,434.71	959,961,776.24	128.85%
SILANGAN SAVINGS & LOAN BANK INC	Thrift Bank	64,269,096.58	51,738,430.87	124.22%
LUZON DEVELOPMENT BANK	Thrift Bank	619,898,218.14	501,040,949.74	123.72%
PHILIPPINE VETERANS BANK	U/KB	8,068,969,382.11	7,003,198,360.29	115.22%
PHILIPPINE NATIONAL BANK	U/KB	92,180,432,184.65	83,697,635,640.24	110.14%
MICROFINANCE MAXIMUM SB INC	Thrift Bank	59,066,646.76	55,912,948.55	105.64%
KOREA EXCHANGE BANK	U/KB	620,702,964.29	590,448,140.37	105.12%
Grand Total		285,158,268,275.30	164,022,075,622.36	173.85%

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 September 30, 2013 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.

Philippine Banks Improve in the 3rd Qtr. of 2013

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  

Based on the individual Published Statements of Condition for the Philippine Banking Industry (from www.bsp.gov.ph), Total Distressed Assets of Philippine Banks decreased by Php 37.946 billion or 5.00% from June 30, 2013 to September 30, 2013.  This increase was partially offset by a 0.44% decrease in their Total Capital Cushion during the same period.  As a result, the Ratio of Total Distressed Assets to Total Capital Cushion of Philippine Commercial Banks decreased by a substantial 4.58%, from 75.45% as of June 30, 2013 to 71.99% as of September 30, 2013. (Distressed banks are highlighted in yellow).

Those banks that posted significant improvements in this ratio include:

1. JP Morgan Chase Bank, N.A. (94.18% decrease)
2. Al-Amanah Islamic Investment Bank of the Philippines (73.45% decrease)
3. Bank of America, N.A. (58.15% decrease)
4. Internationale Nederlanden Groep BK (53.09% decrease)
5. ANZ Banking Group Ltd. (47.85% decrease)
6. Citibank, N.A. (43.76% decrease)
7. Chinatrust (Phils.) Commercial Bank Corporation (36.64% decrease)
8. BPI Globe Banko Inc. (34.70% decrease)
9. Korea Exchange Bank (25.28% decrease)
10. The HongKong & Shanghai Banking Corporation (22.20% decrease)
11. Bank of China Limited - Manila Branch (19.15% decrease)
12. Security Bank Savings Corporation (15.91% decrease)

The banks that exhibited significant deterioration in this ratio include:

1. The Bank of Tokyo-Mitsubishi UFJ Ltd (459.50% increase)
2. World Partners Bank (111.23% increase)
3. Queen City Development Bank (87.31% increase)
4. Citystate Savings Bank Inc. (73.85% increase)
5. Century Savings Bank Corporation (61.42% increase)
6. Northpoint Development Bank Inc. (60.25% increase)
7. Village Bank Inc. (39.67% increase)
8. Sterling Bank of Asia Inc. (38.84% increase)
9. Mizuho Corporate Bank, Ltd (33.51% increase)
10. BDO Private Bank (30.49% increase)
11. Security Bank Corporation ( 25.82% increase)
12. Philippine Trust Company (22.66% increase)
13. China Bank Savings Inc. (22.40% increase)
14. Wealth Development Bank Corporation (16.75% increase)
15. Enterprise Bank Inc. (16.09% increase)
16. Merchants Savings & Loan Association Inc. (15.69% increase)
17. Sun Savings Bank Inc. (15.56% increase)

Distressed Banks
Four of the banks with significant increases have been classified as distressed based on their ratio of Total Distressed Assets to Total Capital Cushion as of the 3rd Qtr. of 2013.  These four banks ranked as distressed showed significant deterioration in their distressed ratios as of September 30, 2013.  These banks are:

1. World Partners Bank (111.23% increase)
2. Village Bank Inc. (39.67% increase)
3. China Bank Savings Inc. (22.40% increase)
4. Enterprise Bank Inc. (16.09% increase)

The Real Bank still ranks as the most distressed Philippine Bank.  With a Distressed Asset Ratio of 2110.49%, its Total Distressed Assets are more than twenty-one times its Total Capital Cushion.  The second most distressed Philippine Bank is Bank of China Limited - Manila Branch.  Its Total Distressed Assets are almost 8 times its Total Capital Cushion.

The list of Philippine banks classified as distressed as of September 30, 2013 are as follows:

1. The Real Bank (Distressed Ratio of 2110.49%)
2. Bank of China Limited - Manila Branch (Distressed Ratio of 799.27%)
3. Village Bank Inc. (Distressed Ratio of 792.67%)
4. Comsavings Bank (Distressed Ratio of 673.30%)
5. United Coconut Planters (Distressed Ratio of 503.82%)
6. Iloilo City Development Bank (Distressed Ratio of 483.33%)
7. Inter-Asia Development Bank (Distressed Ratio of 294.69%)
8. The Palawan Bank (Distressed Ratio of 283.54%)
9. Planters Development Bank (Distressed Ratio of 264.16%)
10. Bataan Development Bank (Distressed Ratio of 205.93%)
11. Deutsche Bank AG (Distressed Ratio of 205.66%)
12. Standard Chartered Bank (Distressed Ratio of 199.59%)
13. World Partners Bank (Distressed Ratio of 196.94%)
14. University Savings Bank Inc. (Distressed Ratio of 196.06%)
15. Citibank N.A. (Distressed Ratio of 193.57%)
16. Farmers Savings & Loan Bank Inc. (Distressed Ratio 171.06%)
17. Bank of Commerce (Distressed Ratio of 168.79%)
18. Enterprise Bank Inc. (Distressed Ratio of 162.41%)
19. Equicom Savings Bank Inc. (Distressed Ratio of 157.39%)
20. Opportunity Kauswagan Bank Inc. (Distressed Ratio of 153.97%)
21. Business and Consumers Bank (Distressed Ratio of 149.77%)
22. RCBC Savings Bank Inc. (Distressed Ratio of 147.85%)
23. Philippine Bank of Communications (Distressed Ratio of 147.68%)
24. Malayan Bank Savings and Mortgage Bank Inc. (Distressed Ratio of 134.47%)
25. Hiyas Banking Corporation (Distressed Ratio of 133.89%)
26. China Bank Savings Inc. (Distressed Ratio of 128.85%)
27. Silangan Savings & Loan Bank Inc. (Distressed Ratio of 124.22%)
28. Luzon Development Bank (Distressed Ratio of 123.72%)
29. Philippine Veterans Bank (Distressed Ratio of 115.22%)
30. Philippine National Bank (Distressed Ratio of 110.14%)
31. Microfinance Maximum SB Inc. (Distressed Ratio of 105.64%)
32. Korea Exchange Bank (Distressed Ratio of 140.70%)

Failed Bank

It is important to note that one of the banks on this list of distressed banks, namely, Silangan Savings & Loan Bank Inc., failed as of January 9, 2014.  As of September 30, 2013, it had a Distressed Ratio of 124.22%.  For more information regarding this, please refer to the previous blog post: "A Short Analysis of Recent Bank Failures since the Failure of Banco Filipino - Updated"

New Entries

World Partners Bank is a new entrant into the list of Distressed Banks after more than doubling its Distressed Ratio from 93.24% as of June 30, 2013 to 196.94% as of September 30, 2013.  Both Inter-Asia Development Bank (Distressed Ratio of 483.33% as of September 30, 2013) and The Palawan Bank (Distressed Ratio of 283.54% as of September 30, 2013) were previously classified as Distressed in previous blog posts but had no information available on them for the quarter ended June 30, 2013.

Departures

Security Bank Savings Corporation, which had a Distressed Ratio of 109.46% as of June 30, 2013, dropped out of the list of Distressed Banks with a Distressed Ratio of 92.05% as of September 30, 2013.  Similarly, The HongKong & Shanghai Banking Corporation, which had a Distressed Ratio of 104.69% as of June 30, 2013, dropped out of the list of Distressed Banks with a Distressed Ratio of 81.44% as of September 30, 2013.  Legazpi Savings Bank, which had a Distressed Ratio of 475.24% as of June 30, 2013 was acquired by Robinsons Bank Corporation.

As a group the distressed banks showed some improvement in their Total Distressed Assets/Total Capital Cushion Ratios.  This ratio now stands at 173.85% as of September 30, 2013, down from 191.94% as of June 30, 2013.  For a list of Distressed Banks as of June 30, 2013, please check out a previous blog post: "The Top Distressed Philippine Banks as of June 30, 2013".

Philippine Banking System
Total Distressed Assets/ Total Capital Cushion
June 30, 2013 to September 30, 2013
In %
Bank	September 30, 2013	June 30, 2013	Variance	% Variance
THE BANK OF TOKYO-MITSUBISHI UFJ LTD	11.94%	2.13%	9.81%	459.50%
WORLD PARTNERS BANK (A THRIFT BANK)	196.94%	93.24%	103.71%	111.23%
QUEEN CITY DEVELOPMENT BANK INC OR QUEENBANK A THRIFT BANK	39.24%	20.95%	18.29%	87.31%
CITYSTATE SAVINGS BANK INC	55.32%	31.82%	23.50%	73.85%
CENTURY SAVINGS BANK CORPORATION	11.53%	7.15%	4.39%	61.42%
NORTHPOINT DEVELOPMENT BANK INC	93.60%	58.41%	35.19%	60.25%
VILLAGE BANK INC (A THRIFT BANK)	792.76%	567.59%	225.17%	39.67%
STERLING BANK OF ASIA INC (A SAVINGS BANK)	92.67%	66.74%	25.93%	38.84%
MIZUHO CORPORATE BANK, LTD. - MANILA BRANCH	61.52%	46.08%	15.44%	33.51%
BDO PRIVATE BANK, INC.	26.63%	20.41%	6.22%	30.49%
SECURITY BANK CORPORATION	29.78%	23.67%	6.11%	25.82%
PHILIPPINE TRUST COMPANY	44.59%	36.35%	8.24%	22.66%
CHINA BANK SAVINGS INC	128.85%	105.27%	23.58%	22.40%
WEALTH DEVELOPMENT BANK CORPORATION	66.79%	57.21%	9.58%	16.75%
ENTERPRISE BANK INC (A THRIFT BANK)	162.41%	139.90%	22.51%	16.09%
MERCHANTS SAVINGS & LOAN ASSOCIATION INC	61.05%	52.77%	8.28%	15.69%
SUN SAVINGS BANK INC	7.79%	6.74%	1.05%	15.56%
MALASIQUI PROGRESSIVE SLB, INC	34.56%	30.45%	4.11%	13.50%
PHILIPPINE BANK OF COMMUNICATIONS	147.68%	130.54%	17.14%	13.13%
ALLIED SAVINGS BANK	51.05%	45.48%	5.57%	12.24%
ASIA UNITED BANK CORPORATION	52.87%	47.22%	5.65%	11.97%
PHILIPPINE RESOURCES SAVINGS BANKING	89.64%	80.81%	8.83%	10.93%
BATAAN SAVINGS AND LOAN BANK	14.96%	13.63%	1.33%	9.78%
DUNGGANON BANK (A MICROFINANCE THRIFT	25.01%	22.87%	2.13%	9.33%
MARITIME SAVINGS BANK CORPORATION	57.23%	52.41%	4.81%	9.18%
CHINA BANKING CORPORATION	45.81%	42.05%	3.77%	8.96%
PRODUCERS SAVINGS BANK CORPORATION	99.68%	91.65%	8.03%	8.76%
ILOILO CITY DEVELOPMENT BANK	483.33%	444.43%	38.90%	8.75%
BPI DIRECT SAVINGS BANK INC	28.05%	25.83%	2.22%	8.57%
FIRST CONSOLIDATED BANK INC (A PDB)	54.65%	50.37%	4.27%	8.48%
HSBC SAVINGS BANK(PHILS) INC	15.09%	13.94%	1.15%	8.22%
PHILIPPINE SAVINGS BANK	92.28%	85.82%	6.46%	7.53%
CORDILLERA SAVINGS BANK INC	57.17%	53.50%	3.67%	6.87%
LIFE SAVINGS BANK INC	57.18%	54.10%	3.08%	5.70%
BDO ELITE SAVINGS BANK INC	5.86%	5.57%	0.29%	5.15%
PACIFIC ACE SAVINGS BANK INC	14.47%	13.83%	0.65%	4.68%
METROPOLITAN BANK & TRUST COMPANY	62.18%	59.53%	2.65%	4.46%
ROBINSONS BANK CORPORATION	36.90%	35.51%	1.40%	3.93%
PRIDE STAR DEVELOPMENT BANK INC	88.91%	85.60%	3.31%	3.87%
UCPB SAVINGS BANK	69.56%	67.09%	2.46%	3.67%
COMSAVINGS BANK	673.30%	652.98%	20.32%	3.11%
ISLA BANK (A THRIFT BANK) INC	8.87%	8.61%	0.27%	3.09%
PLANTERS DEVELOPMENT BANK	271.38%	264.16%	7.22%	2.73%
CITIBANK SAVINGS INC	93.66%	91.31%	2.35%	2.57%
THE REAL BANK (A THRIFT BANK) INC	2110.49%	2057.98%	52.51%	2.55%
HIYAS BANKING CORPORATION	133.89%	130.83%	3.06%	2.34%
DUMAGUETE CITY DEV BANK INC	98.39%	96.16%	2.23%	2.32%
BDO UNIBANK, INC.	49.52%	48.47%	1.06%	2.18%
METRO CEBU PUBLIC SAVINGS BANK	57.79%	56.67%	1.12%	1.98%
MAYBANK PHILIPPINES, INC.	41.29%	40.55%	0.74%	1.81%
CITY SAVINGS BANK INC	21.02%	20.78%	0.24%	1.16%
PAMPANGA DEVELOPMENT BANK	49.35%	48.79%	0.56%	1.16%
FARMERS SAVINGS & LOAN BANK INC	171.06%	169.26%	1.80%	1.06%
TOWER DEVELOPMENT BANK	27.29%	27.00%	0.28%	1.05%
EAST WEST BANKING CORPORATION	67.02%	66.39%	0.63%	0.96%
LAND BANK OF THE PHILIPPINES	55.22%	54.75%	0.47%	0.85%
SAMPAGUITA SAVINGS BANK INC	64.82%	64.28%	0.55%	0.85%
RIZAL COMMERCIAL BANKING CORPORATION	40.81%	40.63%	0.17%	0.43%
TONG YANG SAVINGS BANK INC	76.97%	76.65%	0.32%	0.42%
PENBANK INC (A PDB) (FORMERLY: PENINSULA RB INC)	93.37%	93.00%	0.37%	0.39%
CARD SME BANK INC A THRIFT BANK	20.68%	20.68%	0.00%	0.02%
BANGKOK BANK PUBLIC CO. LTD.	4.33%	4.33%	0.00%	-0.11%
PHILIPPINE VETERANS BANK	115.22%	115.57%	-0.35%	-0.30%
EQUICOM SAVINGS BANK INC	157.39%	157.99%	-0.60%	-0.38%
UNION BANK OF THE PHILIPPINES	83.93%	84.47%	-0.55%	-0.65%
BANK ONE SAVINGS AND TRUST CORP.	67.66%	68.18%	-0.52%	-0.77%
PHILIPPINE POSTAL SAVINGS BANK INC	87.64%	88.32%	-0.68%	-0.77%
UNITED COCONUT PLANTERS BANK	503.82%	508.63%	-4.81%	-0.94%
SILANGAN SAVINGS & LOAN BANK INC	124.22%	125.55%	-1.33%	-1.06%
BANK OF COMMERCE	168.79%	171.27%	-2.49%	-1.45%
QUEZON COCONUT BANK INC (A THRIFT BANK)	52.72%	53.57%	-0.85%	-1.58%
PROGRESS SAVINGS AND LOAN BANK INC	7.24%	7.36%	-0.12%	-1.60%
MICROFINANCE MAXIMUM SB INC	105.64%	107.74%	-2.10%	-1.95%
OPTIMUM DEVELOPMENT BANK INC	16.76%	17.10%	-0.34%	-1.99%
MALAYAN BANK SAVINGS AND MORT BANK INC	134.47%	137.80%	-3.33%	-2.42%
UNIVERSITY SAVINGS BANK INC	196.06%	202.67%	-6.61%	-3.26%
OPPORTUNITY KAUSWAGAN BANK INC (A MICROFINANCE THRIFT BANK)	153.97%	159.16%	-5.20%	-3.27%
UNITED OVERSEAS BANK PHILIPPINES	58.06%	60.67%	-2.62%	-4.32%
STANDARD CHARTERED BANK	199.59%	209.39%	-9.80%	-4.68%
RCBC SAVINGS BANK INC	147.85%	156.39%	-8.54%	-5.46%
BATAAN DEVELOPMENT BANK	205.93%	219.19%	-13.27%	-6.05%
MEGA INTERNATIONAL COMMERCIAL BANK CO., LTD.	84.59%	90.10%	-5.52%	-6.12%
PHILIPPINE BUSINESS BANK INC A SAVINGS	36.12%	38.72%	-2.59%	-6.69%
BUSINESS AND CONSUMERS BANK (A DB)	149.77%	160.66%	-10.89%	-6.78%
LEMERY SAVINGS & LOAN BANK, INC.	40.49%	44.31%	-3.82%	-8.62%
LUZON DEVELOPMENT BANK	123.72%	135.48%	-11.76%	-8.68%
DEUTSCHE BANK AG	205.66%	225.52%	-19.86%	-8.81%
DEVELOPMENT BANK OF THE PHILIPPINES	41.31%	46.00%	-4.69%	-10.20%
BPI FAMILY SAVINGS BANK INC	68.08%	76.97%	-8.89%	-11.56%
PHILIPPINE NATIONAL BANK	110.14%	126.34%	-16.20%	-12.83%
BANK OF THE PHILIPPINE ISLANDS	41.63%	48.01%	-6.38%	-13.29%
SECURITY BANK SAVINGS CORPORATION	92.05%	109.46%	-17.41%	-15.91%
BANK OF CHINA LIMITED-MANILA BRANCH	799.27%	988.58%	-189.31%	-19.15%
THE HONGKONG & SHANGHAI BANKING CORPORATION	81.44%	104.69%	-23.24%	-22.20%
KOREA EXCHANGE BANK	105.12%	140.70%	-35.57%	-25.28%
BPI GLOBE BANKO INC A SAVINGS BANK	55.44%	84.90%	-29.46%	-34.70%
CHINATRUST (PHILS.) COMMERCIAL BANK CORPORATION	18.88%	29.80%	-10.92%	-36.64%
CITIBANK, N.A.	193.57%	344.21%	-150.63%	-43.76%
ANZ BANKING GROUP LTD.	41.08%	78.77%	-37.69%	-47.85%
INTERNATIONALE NEDERLANDEN GROEP BK	27.21%	58.02%	-30.80%	-53.09%
BANK OF AMERICA, N.A.	3.40%	8.12%	-4.72%	-58.15%
AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILIPPINES	4.74%	17.85%	-13.11%	-73.45%
JP MORGAN CHASE BANK, N.A.	4.23%	72.62%	-68.39%	-94.18%
INTER-ASIA DEVELOPMENT BANK	294.69%	NA	NA	NA
LEGAZPI SAVINGS BANK, INC.	NA	475.24%	NA	NA
THE PALAWAN BANK (PALAWAN DB) INC	283.54%	NA	NA	NA
Grand Total	71.99%	75.45%	-3.46%	-4.58%

Source: www.bsp.gov.ph

Philippine Banking System
Total Distressed Assets/ Total Capital Cushion
June 30, 2013 to September 30, 2013
In Php
		September 30, 2013				June 30, 2013				Variance				% Variance
Bank	Total Distressed Assets	Total Capital Cushion	Distressed Assets/ Total Capital Cushion (In %)		Total Distressed Assets	Total Capital Cushion	Distressed Assets/ Total Capital Cushion (In %)		Total Distressed Assets	Total Capital Cushion	Distressed Assets/ Total Capital Cushion (In %)		Total Distressed Assets	Total Capital Cushion	Distressed Assets/ Total Capital Cushion (In %)
THE REAL BANK (A THRIFT BANK) INC	8,524,192,979.10	403,897,117.56	2110.49%		8,296,692,399.73	403,147,751.48	2057.98%		227,500,579.37	749,366.08	52.51%		2.74%	0.19%	2.55%
BANK OF CHINA LIMITED-MANILA BRANCH	5,413,268,714.84	677,275,685.72	799.27%		6,838,283,651.77	691,729,423.89	988.58%		-1,425,014,936.93	-14,453,738.17	-189.31%		-20.84%	-2.09%	-19.15%
VILLAGE BANK INC (A THRIFT BANK)	687,677,082.87	86,744,428.80	792.76%		494,620,969.02	87,144,473.36	567.59%		193,056,113.85	-400,044.56	225.17%		39.03%	-0.46%	39.67%
COMSAVINGS BANK	2,181,731,382.42	324,037,558.21	673.30%		2,193,267,337.22	335,887,558.21	652.98%		-11,535,954.80	-11,850,000.00	20.32%		-0.53%	-3.53%	3.11%
UNITED COCONUT PLANTERS BANK	62,683,146,880.44	12,441,512,075.45	503.82%		63,316,802,556.61	12,448,548,502.92	508.63%		-633,655,676.17	-7,036,427.47	-4.81%		-1.00%	-0.06%	-0.94%
ILOILO CITY DEVELOPMENT BANK	357,993,018.50	74,068,482.77	483.33%		328,266,813.63	73,862,437.99	444.43%		29,726,204.87	206,044.78	38.90%		9.06%	0.28%	8.75%
INTER-ASIA DEVELOPMENT BANK	175,020,938.69	59,391,398.86	294.69%		NA	NA	NA		NA	NA	NA		NA	NA	NA
THE PALAWAN BANK (PALAWAN DB) INC	77,068,340.15	27,180,689.84	283.54%		NA	NA	NA		NA	NA	NA		NA	NA	NA
PLANTERS DEVELOPMENT BANK	12,037,164,005.99	4,435,504,297.84	271.38%		11,783,198,139.89	4,460,571,956.35	264.16%		253,965,866.10	-25,067,658.51	7.22%		2.16%	-0.56%	2.73%
BATAAN DEVELOPMENT BANK	159,894,410.86	77,646,386.19	205.93%		169,143,806.97	77,165,974.30	219.19%		-9,249,396.11	480,411.89	-13.27%		-5.47%	0.62%	-6.05%
DEUTSCHE BANK AG	3,067,613,129.87	1,491,605,872.17	205.66%		3,265,228,734.45	1,447,862,733.62	225.52%		-197,615,604.58	43,743,138.55	-19.86%		-6.05%	3.02%	-8.81%
STANDARD CHARTERED BANK	5,481,987,266.08	2,746,581,696.80	199.59%		5,810,576,329.84	2,774,968,941.19	209.39%		-328,589,063.76	-28,387,244.39	-9.80%		-5.66%	-1.02%	-4.68%
WORLD PARTNERS BANK (A THRIFT BANK)	331,710,971.69	168,429,784.45	196.94%		288,435,143.03	309,353,459.99	93.24%		43,275,828.66	-140,923,675.54	103.71%		15.00%	-45.55%	111.23%
UNIVERSITY SAVINGS BANK INC	465,380,380.07	237,367,686.97	196.06%		479,467,363.23	236,579,775.75	202.67%		-14,086,983.16	787,911.22	-6.61%		-2.94%	0.33%	-3.26%
CITIBANK, N.A.	25,141,192,359.18	12,988,072,447.69	193.57%		44,123,293,102.38	12,818,896,927.70	344.21%		-18,982,100,743.20	169,175,519.99	-150.63%		-43.02%	1.32%	-43.76%
FARMERS SAVINGS & LOAN BANK INC	206,034,010.40	120,445,949.31	171.06%		203,690,085.15	120,342,960.18	169.26%		2,343,925.25	102,989.13	1.80%		1.15%	0.09%	1.06%
BANK OF COMMERCE	31,965,699,305.28	18,938,602,086.54	168.79%		32,286,289,713.71	18,850,764,599.62	171.27%		-320,590,408.43	87,837,486.92	-2.49%		-0.99%	0.47%	-1.45%
ENTERPRISE BANK INC (A THRIFT BANK)	369,899,499.76	227,755,866.40	162.41%		309,741,821.27	221,400,839.94	139.90%		60,157,678.49	6,355,026.46	22.51%		19.42%	2.87%	16.09%
EQUICOM SAVINGS BANK INC	862,156,303.88	547,774,008.61	157.39%		858,055,374.71	543,104,334.15	157.99%		4,100,929.17	4,669,674.46	-0.60%		0.48%	0.86%	-0.38%
OPPORTUNITY KAUSWAGAN BANK INC (A MICROFINANCE THRIFT BANK)	152,715,466.78	99,188,170.54	153.97%		136,393,839.68	85,693,754.49	159.16%		16,321,627.10	13,494,416.05	-5.20%		11.97%	15.75%	-3.27%
BUSINESS AND CONSUMERS BANK (A DB)	125,799,957.15	83,997,066.23	149.77%		136,341,890.16	84,866,201.63	160.66%		-10,541,933.01	-869,135.40	-10.89%		-7.73%	-1.02%	-6.78%
RCBC SAVINGS BANK INC	12,882,048,142.17	8,712,884,410.13	147.85%		13,378,688,171.77	8,554,603,721.31	156.39%		-496,640,029.60	158,280,688.82	-8.54%		-3.71%	1.85%	-5.46%
PHILIPPINE BANK OF COMMUNICATIONS	7,076,143,296.69	4,791,505,760.04	147.68%		6,254,822,665.43	4,791,341,160.87	130.54%		821,320,631.26	164,599.17	17.14%		13.13%	0.00%	13.13%
MALAYAN BANK SAVINGS AND MORT BANK INC	1,655,811,844.54	1,231,401,672.29	134.47%		1,696,860,530.70	1,231,401,672.29	137.80%		-41,048,686.16	0.00	-3.33%		-2.42%	0.00%	-2.42%
HIYAS BANKING CORPORATION	226,640,660.66	169,268,776.65	133.89%		224,997,467.77	171,977,277.24	130.83%		1,643,192.89	-2,708,500.59	3.06%		0.73%	-1.57%	2.34%
CHINA BANK SAVINGS INC	1,236,939,434.71	959,961,776.24	128.85%		968,129,983.17	919,642,073.51	105.27%		268,809,451.54	40,319,702.73	23.58%		27.77%	4.38%	22.40%
SILANGAN SAVINGS & LOAN BANK INC	64,269,096.58	51,738,430.87	124.22%		64,330,446.58	51,238,430.87	125.55%		-61,350.00	500,000.00	-1.33%		-0.10%	0.98%	-1.06%
LUZON DEVELOPMENT BANK	619,898,218.14	501,040,949.74	123.72%		678,766,438.87	501,008,291.74	135.48%		-58,868,220.73	32,658.00	-11.76%		-8.67%	0.01%	-8.68%
PHILIPPINE VETERANS BANK	8,068,969,382.11	7,003,198,360.29	115.22%		8,059,523,440.09	6,973,725,217.49	115.57%		9,445,942.02	29,473,142.80	-0.35%		0.12%	0.42%	-0.30%
PHILIPPINE NATIONAL BANK	92,180,432,184.65	83,697,635,640.24	110.14%		106,130,174,251.19	84,004,145,075.40	126.34%		-13,949,742,066.54	-306,509,435.16	-16.20%		-13.14%	-0.36%	-12.83%
MICROFINANCE MAXIMUM SB INC	59,066,646.76	55,912,948.55	105.64%		60,007,268.16	55,697,972.23	107.74%		-940,621.40	214,976.32	-2.10%		-1.57%	0.39%	-1.95%
KOREA EXCHANGE BANK	620,702,964.29	590,448,140.37	105.12%		865,926,261.02	615,452,065.13	140.70%		-245,223,296.73	-25,003,924.76	-35.57%		-28.32%	-4.06%	-25.28%
PRODUCERS SAVINGS BANK CORPORATION	1,092,021,528.89	1,095,533,079.50	99.68%		1,003,339,534.39	1,094,762,708.86	91.65%		88,681,994.50	770,370.64	8.03%		8.84%	0.07%	8.76%
DUMAGUETE CITY DEV BANK INC	219,870,468.56	223,461,033.96	98.39%		214,877,432.93	223,461,033.96	96.16%		4,993,035.63	0.00	2.23%		2.32%	0.00%	2.32%
CITIBANK SAVINGS INC	3,911,964,323.92	4,176,845,927.32	93.66%		3,756,524,098.71	4,114,074,370.30	91.31%		155,440,225.21	62,771,557.02	2.35%		4.14%	1.53%	2.57%
NORTHPOINT DEVELOPMENT BANK INC	77,992,365.65	83,322,600.83	93.60%		47,246,537.75	80,887,073.69	58.41%		30,745,827.90	2,435,527.14	35.19%		65.08%	3.01%	60.25%
PENBANK INC (A PDB) (FORMERLY: PENINSULA RB INC)	267,227,328.65	286,197,997.27	93.37%		266,176,250.92	286,198,061.70	93.00%		1,051,077.73	-64.43	0.37%		0.39%	0.00%	0.39%
STERLING BANK OF ASIA INC (A SAVINGS BANK)	1,971,601,223.27	2,127,596,805.78	92.67%		1,354,079,881.29	2,028,825,527.90	66.74%		617,521,341.98	98,771,277.88	25.93%		45.60%	4.87%	38.84%
PHILIPPINE SAVINGS BANK	16,480,894,501.89	17,859,204,813.32	92.28%		15,650,168,248.02	18,236,150,781.97	85.82%		830,726,253.87	-376,945,968.65	6.46%		5.31%	-2.07%	7.53%
SECURITY BANK SAVINGS CORPORATION	1,628,670,689.57	1,769,284,078.33	92.05%		1,800,271,876.92	1,644,620,558.89	109.46%		-171,601,187.35	124,663,519.44	-17.41%		-9.53%	7.58%	-15.91%
PHILIPPINE RESOURCES SAVINGS BANKING	1,409,106,028.18	1,571,917,417.14	89.64%		1,250,814,427.46	1,547,784,682.35	80.81%		158,291,600.72	24,132,734.79	8.83%		12.66%	1.56%	10.93%
PRIDE STAR DEVELOPMENT BANK INC	66,147,972.53	74,397,380.79	88.91%		63,684,187.45	74,397,380.79	85.60%		2,463,785.08	0.00	3.31%		3.87%	0.00%	3.87%
PHILIPPINE POSTAL SAVINGS BANK INC	799,242,998.17	911,995,295.61	87.64%		812,117,205.08	919,505,927.58	88.32%		-12,874,206.91	-7,510,631.97	-0.68%		-1.59%	-0.82%	-0.77%
MEGA INTERNATIONAL COMMERCIAL BANK CO., LTD.	686,858,403.72	812,000,716.20	84.59%		725,947,549.98	805,678,178.60	90.10%		-39,089,146.26	6,322,537.60	-5.52%		-5.38%	0.78%	-6.12%
UNION BANK OF THE PHILIPPINES	42,176,596,600.88	50,253,147,440.40	83.93%		42,687,999,987.03	50,533,622,148.40	84.47%		-511,403,386.15	-280,474,708.00	-0.55%		-1.20%	-0.56%	-0.65%
THE HONGKONG & SHANGHAI BANKING CORPORATION	4,165,810,871.04	5,114,880,317.76	81.44%		5,423,830,593.83	5,180,919,192.02	104.69%		-1,258,019,722.79	-66,038,874.26	-23.24%		-23.19%	-1.27%	-22.20%
TONG YANG SAVINGS BANK INC	396,614,641.76	515,251,334.74	76.97%		380,861,197.76	496,857,371.46	76.65%		15,753,444.00	18,393,963.28	0.32%		4.14%	3.70%	0.42%
UCPB SAVINGS BANK	1,826,193,352.99	2,625,532,458.92	69.56%		1,740,882,238.55	2,594,684,680.50	67.09%		85,311,114.44	30,847,778.42	2.46%		4.90%	1.19%	3.67%
BPI FAMILY SAVINGS BANK INC	12,492,190,261.44	18,350,578,929.29	68.08%		15,466,618,791.96	20,094,610,163.90	76.97%		-2,974,428,530.52	-1,744,031,234.61	-8.89%		-19.23%	-8.68%	-11.56%
BANK ONE SAVINGS AND TRUST CORP.	362,110,458.83	535,201,269.17	67.66%		364,324,205.17	534,351,269.17	68.18%		-2,213,746.34	850,000.00	-0.52%		-0.61%	0.16%	-0.77%
EAST WEST BANKING CORPORATION	13,803,969,635.88	20,596,543,042.02	67.02%		13,448,609,680.20	20,258,028,616.80	66.39%		355,359,955.68	338,514,425.22	0.63%		2.64%	1.67%	0.96%
WEALTH DEVELOPMENT BANK CORPORATION	292,068,633.33	437,282,929.29	66.79%		250,242,895.79	437,402,752.84	57.21%		41,825,737.54	-119,823.55	9.58%		16.71%	-0.03%	16.75%
SAMPAGUITA SAVINGS BANK INC	51,289,309.55	79,121,079.46	64.82%		50,740,039.95	78,941,352.97	64.28%		549,269.60	179,726.49	0.55%		1.08%	0.23%	0.85%
METROPOLITAN BANK & TRUST COMPANY	69,646,415,315.64	111,999,909,833.93	62.18%		67,103,920,512.82	112,721,419,440.37	59.53%		2,542,494,802.82	-721,509,606.44	2.65%		3.79%	-0.64%	4.46%
MIZUHO CORPORATE BANK, LTD. - MANILA BRANCH	1,011,737,506.90	1,644,448,818.10	61.52%		748,381,492.78	1,624,031,583.41	46.08%		263,356,014.12	20,417,234.69	15.44%		35.19%	1.26%	33.51%
MERCHANTS SAVINGS & LOAN ASSOCIATION INC	290,325,896.77	475,529,722.81	61.05%		288,362,750.86	546,403,727.42	52.77%		1,963,145.91	-70,874,004.61	8.28%		0.68%	-12.97%	15.69%
UNITED OVERSEAS BANK PHILIPPINES	795,407,486.84	1,370,055,770.87	58.06%		796,776,341.93	1,313,192,957.05	60.67%		-1,368,855.09	56,862,813.82	-2.62%		-0.17%	4.33%	-4.32%
METRO CEBU PUBLIC SAVINGS BANK	37,412,105.43	64,737,773.49	57.79%		36,324,131.34	64,099,611.67	56.67%		1,087,974.09	638,161.82	1.12%		3.00%	1.00%	1.98%
MARITIME SAVINGS BANK CORPORATION	39,817,828.26	69,581,122.89	57.23%		36,469,587.94	69,581,122.89	52.41%		3,348,240.32	0.00	4.81%		9.18%	0.00%	9.18%
LIFE SAVINGS BANK INC	37,940,887.41	66,353,767.56	57.18%		35,841,558.57	66,253,767.56	54.10%		2,099,328.84	100,000.00	3.08%		5.86%	0.15%	5.70%
CORDILLERA SAVINGS BANK INC	64,015,725.78	111,967,588.52	57.17%		60,269,581.20	112,653,108.29	53.50%		3,746,144.58	-685,519.77	3.67%		6.22%	-0.61%	6.87%
BPI GLOBE BANKO INC A SAVINGS BANK	320,513,187.65	578,113,217.91	55.44%		510,564,454.32	601,368,752.92	84.90%		-190,051,266.67	-23,255,535.01	-29.46%		-37.22%	-3.87%	-34.70%
CITYSTATE SAVINGS BANK INC	446,052,014.44	806,301,387.22	55.32%		256,569,896.67	806,301,387.23	31.82%		189,482,117.77	-0.01	23.50%		73.85%	0.00%	73.85%
LAND BANK OF THE PHILIPPINES	31,479,303,440.36	57,010,913,487.30	55.22%		30,809,407,651.55	56,273,884,754.04	54.75%		669,895,788.81	737,028,733.26	0.47%		2.17%	1.31%	0.85%
FIRST CONSOLIDATED BANK INC (A PDB)	1,243,319,213.47	2,275,152,006.57	54.65%		1,145,444,982.97	2,273,868,281.87	50.37%		97,874,230.50	1,283,724.70	4.27%		8.54%	0.06%	8.48%
ASIA UNITED BANK CORPORATION	9,903,445,397.21	18,733,147,083.25	52.87%		9,414,456,096.86	19,939,132,704.03	47.22%		488,989,300.35	-1,205,985,620.78	5.65%		5.19%	-6.05%	11.97%
QUEZON COCONUT BANK INC (A THRIFT BANK)	30,759,731.81	58,343,632.25	52.72%		31,394,867.47	58,606,037.28	53.57%		-635,135.66	-262,405.03	-0.85%		-2.02%	-0.45%	-1.58%
ALLIED SAVINGS BANK	534,144,714.33	1,046,384,945.13	51.05%		468,272,839.92	1,029,626,610.77	45.48%		65,871,874.41	16,758,334.36	5.57%		14.07%	1.63%	12.24%
BDO UNIBANK, INC.	85,015,239,969.16	171,664,281,366.41	49.52%		83,228,227,009.56	171,722,608,997.60	48.47%		1,787,012,959.60	-58,327,631.19	1.06%		2.15%	-0.03%	2.18%
PAMPANGA DEVELOPMENT BANK	57,995,224.25	117,517,088.00	49.35%		61,604,292.80	126,272,694.59	48.79%		-3,609,068.55	-8,755,606.59	0.56%		-5.86%	-6.93%	1.16%
CHINA BANKING CORPORATION	19,734,725,068.53	43,074,933,075.29	45.81%		18,718,076,906.35	44,517,432,468.25	42.05%		1,016,648,162.18	-1,442,499,392.96	3.77%		5.43%	-3.24%	8.96%
PHILIPPINE TRUST COMPANY	8,214,247,164.25	18,423,173,545.16	44.59%		6,696,234,065.69	18,421,879,406.35	36.35%		1,518,013,098.56	1,294,138.81	8.24%		22.67%	0.01%	22.66%
BANK OF THE PHILIPPINE ISLANDS	41,182,708,819.03	98,934,355,228.89	41.63%		47,430,177,269.00	98,795,615,856.91	48.01%		-6,247,468,449.97	138,739,371.98	-6.38%		-13.17%	0.14%	-13.29%
DEVELOPMENT BANK OF THE PHILIPPINES	15,269,295,107.58	36,963,006,438.33	41.31%		16,997,657,920.77	36,950,526,617.34	46.00%		-1,728,362,813.19	12,479,820.99	-4.69%		-10.17%	0.03%	-10.20%
MAYBANK PHILIPPINES, INC.	3,719,423,997.98	9,008,257,701.36	41.29%		3,654,082,180.56	9,010,454,249.12	40.55%		65,341,817.42	-2,196,547.76	0.74%		1.79%	-0.02%	1.81%
ANZ BANKING GROUP LTD.	1,016,483,632.16	2,474,333,079.88	41.08%		1,963,247,795.38	2,492,347,801.95	78.77%		-946,764,163.22	-18,014,722.07	-37.69%		-48.22%	-0.72%	-47.85%
RIZAL COMMERCIAL BANKING CORPORATION	18,554,412,073.52	45,470,229,139.28	40.81%		18,531,069,972.77	45,606,071,310.72	40.63%		23,342,100.75	-135,842,171.44	0.17%		0.13%	-0.30%	0.43%
LEMERY SAVINGS & LOAN BANK, INC.	28,788,579.54	71,094,084.23	40.49%		31,504,713.94	71,094,084.23	44.31%		-2,716,134.40	0.00	-3.82%		-8.62%	0.00%	-8.62%
QUEEN CITY DEVELOPMENT BANK INC OR QUEENBANK A THRIFT BANK	268,594,751.98	684,569,581.75	39.24%		142,913,165.15	682,273,505.85	20.95%		125,681,586.83	2,296,075.90	18.29%		87.94%	0.34%	87.31%
ROBINSONS BANK CORPORATION	2,245,157,385.05	6,083,919,644.63	36.90%		2,152,219,810.34	6,061,486,326.02	35.51%		92,937,574.71	22,433,318.61	1.40%		4.32%	0.37%	3.93%
PHILIPPINE BUSINESS BANK INC A SAVINGS	2,784,552,396.28	7,708,104,210.04	36.12%		2,976,454,393.78	7,688,104,210.04	38.72%		-191,901,997.50	20,000,000.00	-2.59%		-6.45%	0.26%	-6.69%
MALASIQUI PROGRESSIVE SLB, INC	20,379,872.54	58,975,324.14	34.56%		18,341,354.29	60,238,932.04	30.45%		2,038,518.25	-1,263,607.90	4.11%		11.11%	-2.10%	13.50%
SECURITY BANK CORPORATION	11,503,679,858.19	38,628,238,040.19	29.78%		9,150,610,848.35	38,660,747,119.81	23.67%		2,353,069,009.84	-32,509,079.62	6.11%		25.71%	-0.08%	25.82%
BPI DIRECT SAVINGS BANK INC	267,114,866.66	952,277,854.73	28.05%		246,019,354.98	952,277,854.73	25.83%		21,095,511.68	0.00	2.22%		8.57%	0.00%	8.57%
TOWER DEVELOPMENT BANK	31,188,388.50	114,305,443.14	27.29%		32,621,542.44	120,813,623.14	27.00%		-1,433,153.94	-6,508,180.00	0.28%		-4.39%	-5.39%	1.05%
INTERNATIONALE NEDERLANDEN GROEP BK	725,943,158.24	2,667,503,858.26	27.21%		1,536,745,540.88	2,648,726,280.98	58.02%		-810,802,382.64	18,777,577.28	-30.80%		-52.76%	0.71%	-53.09%
BDO PRIVATE BANK, INC.	1,406,396,905.18	5,281,205,927.12	26.63%		1,078,425,639.65	5,284,200,527.12	20.41%		327,971,265.53	-2,994,600.00	6.22%		30.41%	-0.06%	30.49%
DUNGGANON BANK (A MICROFINANCE THRIFT	22,825,228.24	91,281,109.97	25.01%		20,365,264.33	89,042,850.13	22.87%		2,459,963.91	2,238,259.84	2.13%		12.08%	2.51%	9.33%
CITY SAVINGS BANK INC	539,226,901.22	2,565,461,612.04	21.02%		521,917,272.53	2,511,807,134.43	20.78%		17,309,628.69	53,654,477.61	0.24%		3.32%	2.14%	1.16%
CARD SME BANK INC A THRIFT BANK	49,942,131.80	241,492,678.42	20.68%		48,689,683.44	235,488,638.18	20.68%		1,252,448.36	6,004,040.24	0.00%		2.57%	2.55%	0.02%
CHINATRUST (PHILS.) COMMERCIAL BANK CORPORATION	1,250,480,527.42	6,621,899,085.40	18.88%		1,971,236,918.09	6,614,395,412.13	29.80%		-720,756,390.67	7,503,673.27	-10.92%		-36.56%	0.11%	-36.64%
OPTIMUM DEVELOPMENT BANK INC	120,943,435.19	721,724,742.05	16.76%		123,550,079.34	722,623,123.19	17.10%		-2,606,644.15	-898,381.14	-0.34%		-2.11%	-0.12%	-1.99%
HSBC SAVINGS BANK(PHILS) INC	414,561,724.79	2,747,492,714.64	15.09%		378,916,054.36	2,717,679,040.23	13.94%		35,645,670.43	29,813,674.41	1.15%		9.41%	1.10%	8.22%
BATAAN SAVINGS AND LOAN BANK	10,702,580.89	71,545,429.60	14.96%		10,428,221.79	76,527,304.60	13.63%		274,359.10	-4,981,875.00	1.33%		2.63%	-6.51%	9.78%
PACIFIC ACE SAVINGS BANK INC	11,497,840.96	79,443,628.36	14.47%		10,952,823.91	79,219,210.42	13.83%		545,017.05	224,417.94	0.65%		4.98%	0.28%	4.68%
THE BANK OF TOKYO-MITSUBISHI UFJ LTD	272,161,548.52	2,278,627,961.84	11.94%		48,643,612.96	2,278,627,961.84	2.13%		223,517,935.56	0.00	9.81%		459.50%	0.00%	459.50%
CENTURY SAVINGS BANK CORPORATION	103,345,648.62	895,985,103.05	11.53%		61,241,535.62	857,054,950.39	7.15%		42,104,113.00	38,930,152.66	4.39%		68.75%	4.54%	61.42%
ISLA BANK (A THRIFT BANK) INC	56,791,992.79	639,992,124.71	8.87%		55,092,680.84	640,002,124.71	8.61%		1,699,311.95	-10,000.00	0.27%		3.08%	0.00%	3.09%
SUN SAVINGS BANK INC	8,275,788.09	106,281,667.66	7.79%		7,139,770.69	105,957,260.62	6.74%		1,136,017.40	324,407.04	1.05%		15.91%	0.31%	15.56%
PROGRESS SAVINGS AND LOAN BANK INC	6,093,631.16	84,145,795.60	7.24%		6,193,245.42	84,156,596.20	7.36%		-99,614.26	-10,800.60	-0.12%		-1.61%	-0.01%	-1.60%
BDO ELITE SAVINGS BANK INC	90,592,139.37	1,546,549,042.92	5.86%		86,152,623.63	1,546,549,042.92	5.57%		4,439,515.74	0.00	0.29%		5.15%	0.00%	5.15%
AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILIPPINES	21,143,134.94	445,966,783.26	4.74%		79,538,288.71	445,486,889.99	17.85%		-58,395,153.77	479,893.27	-13.11%		-73.42%	0.11%	-73.45%
BANGKOK BANK PUBLIC CO. LTD.	54,047,048.77	1,249,396,547.00	4.33%		53,500,591.40	1,235,346,677.00	4.33%		546,457.37	14,049,870.00	0.00%		1.02%	1.14%	-0.11%
JP MORGAN CHASE BANK, N.A.	59,290,293.55	1,403,159,400.00	4.23%		1,019,402,471.31	1,403,804,000.00	72.62%		-960,112,177.76	-644,600.00	-68.39%		-94.18%	-0.05%	-94.18%
BANK OF AMERICA, N.A.	20,629,014.25	607,196,709.20	3.40%		49,296,921.24	607,196,709.20	8.12%		-28,667,906.99	0.00	-4.72%		-58.15%	0.00%	-58.15%
LEGAZPI SAVINGS BANK, INC.	NA	NA	NA		922,546,339.95	194,120,410.23	475.24%		NA	NA	NA		NA	NA	NA
Grand Total	720,376,198,155.49	1,000,610,234,493.81	71.99%		758,322,867,781.78	1,005,026,570,449.49	75.45%		-37,946,669,626.29	-4,416,335,955.68	-3.46%		-5.00%	-0.44%	-4.58%

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' Published Statements of Condition as of June 30, 2013 and September 30, 2013 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.