Overstated Capital of Philippine Banks as of March 31, 2019

Overstated Capital

On July 25, 2012, the Bangko Sentral ng Pilipinas (BSP) encouraged 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 Stockholder's Equity (SE) and Retained Earnings (RE) 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 but only for some banks.  As can be seen from the table below, five banks have Deferred Charges as of March 31, 2019 but only one bank's deferred charges will adversely impact its Stockholder's Equity (SE).

1. RB of Mabalacat (Deferred Charges of 33.15%)

Retained Earnings

Only one bank, RB of Mabalacat Inc, does not have sufficient Retained Earnings (RE) to absorb their unbooked losses as of March 31, 2019.

1. RB of Mabalacat Inc (-126.38% of RE)

An 80% Minimum NPL Coverage Ratio will Result in a Severe Undercapitalization of Some Philippine Rural and Cooperative Banks - December 31, 2018

Raising the NPL Coverage Ratio to a minimum of 80% will entail additional loan loss provisions for some Philippine Rural and Cooperative banks that could eat into a substantial chunk (30% or more) of their Stockholder's Equity.  Based on the table below, four banks will be severely affected:

 

Philippine Banking System
Impact on SE of Minimum Loan Loss Provisions
December 31, 2018
Bank	Minimum Loan Loss Provisions at 80% NPL Coverage Ratio	Actual Loan Loss Provisions	Excess/Deficit Loan Loss Provisions	Stockholder's Equity	Impact on SE
D' ASIAN HILLS BANK INC (A RURAL BANK)	128,549,320.51	162,642,653.42	34,093,332.91	-21,170,305.70	-161.04%
GRAND-AGRI RURAL BANK	60,869,969.64	10,088,170.55	-50,781,799.09	51,220,072.94	-99.14%
LAGAWE HIGHLANDS RB INC	41,122,226.35	17,612,753.56	-23,509,472.79	50,354,859.85	-46.69%
COOP BANK OF CAGAYAN	78,004,057.89	55,136,475.94	-22,867,581.95	57,690,468.59	-39.64%
ENTREPRENEUR RB INC	39,710,959.72	25,919,101.46	-13,791,858.26	48,268,877.93	-28.57%
AMA RURAL BANK OF MANDALUYONG INC	417,953,588.38	154,372,964.62	-263,580,623.76	968,931,583.53	-27.20%
AGRIBUSINESS RURAL BANK INC	387,622,605.60	165,835,623.00	-221,786,982.60	858,653,908.03	-25.83%
RB OF ALABEL (SARANGANI) INC	34,314,515.75	15,347,625.97	-18,966,889.78	95,456,388.41	-19.87%
BENGUET CENTER BANK INC A RB	22,441,894.81	12,076,759.51	-10,365,135.30	52,366,917.44	-19.79%
RB OF MIAGAO (ILOILO) INC	35,060,260.58	17,298,952.02	-17,761,308.56	90,973,140.02	-19.52%
PLANBANK "RB OF CANLUBANG PLANTERS INC"	65,099,593.63	42,671,518.80	-22,428,074.83	117,562,233.24	-19.08%
BANCO SANTIAGO DE LIBON INC	42,854,403.30	25,343,906.16	-17,510,497.14	93,178,402.38	-18.79%
GOLDEN RURAL BANK OF THE PHILIPPINES INC	20,895,178.75	9,508,706.89	-11,386,471.86	63,780,978.64	-17.85%
EAST WEST RURAL BANK INC	991,501,691.68	367,276,368.12	-624,225,323.56	4,085,074,782.50	-15.28%
BALANGA RURAL BANK, INC.	21,697,946.09	11,390,143.09	-10,307,803.00	70,320,812.82	-14.66%
COOPERATIVE BANK OF BOHOL	49,093,910.77	39,213,773.85	-9,880,136.92	75,107,040.24	-13.15%
RB OF BAY INC	15,283,409.15	7,299,662.61	-7,983,746.54	64,352,777.35	-12.41%
GM BANK OF LUZON INC (A RURAL BANK)	198,429,841.54	148,404,961.66	-50,024,879.88	416,937,112.51	-12.00%
ALIAGA FARMERS RURAL BANK INC	95,425,320.35	84,941,452.55	-10,483,867.80	100,464,871.77	-10.44%
LIBERTY BANK (A RURAL BANK) INC	20,810,697.88	16,451,758.45	-4,358,939.43	43,506,310.83	-10.02%
RB OF MAGDALENA (LAGUNA) INC	41,765,650.07	32,671,305.63	-9,094,344.44	95,279,569.85	-9.54%
BANGKO MABUHAY (A RURAL BANK) INC	75,132,742.91	48,057,788.08	-27,074,954.83	292,838,707.31	-9.25%
METRO SOUTH COOP BANK	243,464,750.62	178,660,629.11	-64,804,121.51	773,292,565.89	-8.38%
RB OF GENERAL TRIAS INC	30,817,054.69	21,467,676.19	-9,349,378.50	118,133,345.82	-7.91%
SAVIOUR RURAL BANK INC	25,042,296.55	18,648,792.82	-6,393,503.73	82,792,097.55	-7.72%
RB OF ITOGON (BENGUET) INC	28,023,272.64	19,748,870.59	-8,274,402.05	110,579,890.01	-7.48%
BANGKO MONTANOSA INC (A RURAL BANK)	19,788,293.57	12,136,118.96	-7,652,174.61	106,555,253.84	-7.18%
NEW RB OF SAN LEONARDO(N.E.) INC	51,851,348.06	36,602,425.69	-15,248,922.37	213,093,007.26	-7.16%
RANG-AY BANK INC (A RURAL BANK)	84,758,786.37	48,340,672.47	-36,418,113.90	528,060,337.83	-6.90%
RB OF CAUAYAN INC	41,450,130.24	25,430,330.34	-16,019,799.90	265,280,062.83	-6.04%
SUMMIT BANK (RB OF TUBLAY INC)	118,467,790.78	101,519,240.65	-16,948,550.13	295,019,049.29	-5.74%
RBG IMPERIAL BANK INC(A RURAL BANK)	33,791,293.59	24,050,302.59	-9,740,991.00	175,039,685.29	-5.57%
RB OF DOLORES (QUEZON) INC	6,733,155.11	3,004,947.88	-3,728,207.23	76,113,924.51	-4.90%
CEBUANA LHUILLIER RB INC	19,405,776.46	12,706,509.93	-6,699,266.53	145,107,833.92	-4.62%
FIRST ISABELA COOP BANK INC(FICOBANK)	125,967,536.50	83,068,693.59	-42,898,842.91	945,631,727.73	-4.54%
RB OF MARIA AURORA (AURORA) INC	41,468,068.97	32,290,057.15	-9,178,011.82	206,597,601.84	-4.44%
MALLIG PLAINS RURAL BANK (ISABELA) INC	17,888,103.24	12,580,524.53	-5,307,578.71	124,023,771.33	-4.28%
MOUNT MAKILING RURAL BANK INC	40,194,807.55	26,709,517.60	-13,485,289.95	322,059,465.17	-4.19%
OPPORTUNITY KAUSWAGAN BANK INC (A MICROFINANCE RURAL BANK)	15,712,298.43	12,262,860.16	-3,449,438.27	84,690,659.49	-4.07%
RB OF SAN LUIS (PAMPANGA) INC	16,693,770.34	12,549,937.14	-4,143,833.20	103,649,788.67	-4.00%
MACTAN RURAL BANK (LAPU-LAPU CITY) INC	38,073,144.62	31,099,280.35	-6,973,864.27	181,765,729.46	-3.84%
BHF RURAL BANK INC	44,906,650.78	33,467,216.26	-11,439,434.52	318,340,705.73	-3.59%
RB OF PILAR (SORSOGON) INC	14,222,571.26	11,636,588.85	-2,585,982.41	72,501,328.32	-3.57%
MVSM BANK (A RURAL BANK SINCE 1953) INC	24,055,266.54	18,698,731.40	-5,356,535.14	154,703,055.33	-3.46%
PEOPLES BANK OF CARAGA INC (A RURAL BANK)	311,118,531.95	306,682,396.53	-4,436,135.42	130,375,456.27	-3.40%
MALARAYAT RB INC	31,543,845.10	26,330,776.28	-5,213,068.82	175,598,205.18	-2.97%
RB OF STA ROSA DE LIMA (PANIQUI TARLAC) INC	19,605,799.59	14,948,963.63	-4,656,835.96	160,319,944.21	-2.90%
RB OF BAGABAG (N.V.)INC	40,025,711.97	36,906,232.19	-3,119,479.78	142,476,585.59	-2.19%
NATIONAL TEACHERS & EMP. COOP BANK	20,469,677.12	18,154,052.59	-2,315,624.53	113,909,695.04	-2.03%
RB OF PILAR (BATAAN) INC	26,774,008.80	24,297,369.32	-2,476,639.48	132,932,259.25	-1.86%
INSULAR SAVERS BANK INC (A RURAL BANK)	97,734,801.16	85,909,245.33	-11,825,555.83	669,896,999.26	-1.77%
COOP BANK OF QUEZON PROVINCE	31,175,268.34	29,495,456.91	-1,679,811.43	103,445,869.69	-1.62%
RB OF SAN PASCUAL(OBANDO BULACAN)INC	19,675,191.86	18,856,011.54	-819,180.32	57,730,419.42	-1.42%
CAMALIG BANK INC (A RURAL BANK)	37,568,596.25	34,116,554.88	-3,452,041.37	290,855,511.21	-1.19%
RB OF MIDSAYAP INC	8,899,962.74	8,131,943.18	-768,019.56	93,267,451.20	-0.82%
RB OF SOLANO (NUEVA VIZCAYA) INC	18,447,153.96	17,938,819.41	-508,334.55	187,279,487.12	-0.27%
BOF INC (A RURAL BANK)	68,111,114.68	68,062,179.17	-48,935.51	586,581,940.42	-0.01%
CAVITE UNITED RURAL BANK CORP	22,122,212.51	22,370,382.70	248,170.19	388,046,995.00	0.06%
RB OF POLA (ORIENTAL MINDORO) INC	39,709,482.90	40,015,329.62	305,846.72	288,398,943.57	0.11%
SUGBUANON RB INC	23,455,445.58	23,558,415.58	102,970.00	89,920,205.77	0.11%
IMUS RURAL BANK INC	9,458,363.37	9,913,978.76	455,615.39	218,468,149.08	0.21%
GUAGUA RURAL BANK INC	135,393,364.78	140,250,669.34	4,857,304.56	1,026,552,006.80	0.47%
COMMON WEALTH RURAL BANK INC	19,817,382.60	20,956,799.63	1,139,417.03	152,214,725.98	0.75%
INNOVATIVE BANK INC (A RURAL BANK)	1,279,479.82	4,668,671.14	3,389,191.32	355,433,046.26	0.95%
CANTILAN BANK INC (A RURAL BANK)	223,906,931.38	227,603,882.55	3,696,951.17	386,459,142.24	0.96%
LAGUNA PRESTIGE BANKING CORPORATION (A RURAL BANK)	11,196,683.46	13,556,709.28	2,360,025.82	229,870,894.84	1.03%
RB OF CENTRAL PANGASINAN (BAYAMBANG) INC	35,822,263.18	37,753,857.14	1,931,593.96	168,379,626.19	1.15%
FILIDIAN RURAL BANK OF ANTIPOLO INC	5,785,247.82	8,032,029.88	2,246,782.06	142,763,158.92	1.57%
RB OF BAYOMBONG INC	10,115,374.22	12,889,330.41	2,773,956.19	171,501,359.56	1.62%
COUNTRY BUILDERS BANK INC (A RURAL BANK)	39,424,361.13	45,191,870.21	5,767,509.08	339,971,559.70	1.70%
RB OF POZORRUBIO INC	16,376,127.22	16,919,271.54	543,144.32	28,989,541.23	1.87%
COOPERATIVE BANK OF NUEVA VIZCAYA	26,570,166.78	28,393,743.80	1,823,577.02	93,990,997.02	1.94%
RB OF PANDI (BULACAN) INC	12,950,103.31	17,807,984.78	4,857,881.47	244,218,002.63	1.99%
ARDCIBANK INC A RURAL BANK	6,089,733.02	8,089,173.43	1,999,440.41	90,738,313.14	2.20%
RB OF GLORIA (OR MIN) INC	2,442,382.72	4,772,647.47	2,330,264.75	101,730,561.02	2.29%
DUNGGANON BANK (A MICROFINANCE RURAL BANK) INC	26,728,138.58	29,635,813.26	2,907,674.68	124,632,738.39	2.33%
QUEZON CAPITAL RB INC	49,166,735.62	57,840,046.53	8,673,310.91	354,155,794.19	2.45%
MANOR BANK - A RURAL BANK CORP	3,482,634.87	6,438,338.05	2,955,703.18	118,120,117.18	2.50%
RB OF BROOKE'S POINT (PALAWAN) INC	1,802,546.95	4,404,030.46	2,601,483.51	102,953,952.33	2.53%
GUAGUA SAVERS BANK(A RB) INC	8,466,773.07	10,460,371.42	1,993,598.35	74,208,523.32	2.69%
NORTH PACIFIC BANKING CORPORATION (A RB OF STA MARIA ISABELA	5,041,763.66	6,980,472.60	1,938,708.94	67,935,933.61	2.85%
RBT BANK INC A RURAL BANK	6,685,255.93	13,283,976.72	6,598,720.79	227,890,983.61	2.90%
BANGKO CARRASCAL INC (A RB)	6,510,995.09	9,311,822.23	2,800,827.14	93,117,362.46	3.01%
RB OF PORAC (PAMPANGA) INC	40,031,451.58	49,045,037.39	9,013,585.81	288,374,249.27	3.13%
BANCO LAGUNA INC (A RURAL BANK SINCE 1965)	21,101,427.18	24,994,121.31	3,892,694.13	114,090,068.22	3.41%
STA MARIA RURAL BANK INC	2,742,466.53	5,408,692.40	2,666,225.87	76,714,913.66	3.48%
RB OF DULAG (LEYTE) INC	9,386,449.38	13,215,360.44	3,828,911.06	105,911,839.10	3.62%
LIFEBANK- A RURAL BANK	8,567,799.61	19,045,803.50	10,478,003.89	274,672,275.93	3.81%
HIGHLAND RURAL BANK INC	13,979,256.71	19,749,937.35	5,770,680.64	149,273,768.86	3.87%
RB OF MONTALBAN INC	2,693,466.19	5,160,255.06	2,466,788.87	58,986,081.18	4.18%
CARD MRI RIZAL BANK INC A MICROFINANCE-ORIENTED RURAL BANK	37,893,197.06	71,922,426.22	34,029,229.16	784,541,991.59	4.34%
RB OF ANGELES INC	86,127,357.79	110,054,247.30	23,926,889.51	521,704,137.65	4.59%
CARD BANK INC (A MF RB)	164,500,666.43	326,698,254.52	162,197,588.09	3,529,747,799.20	4.60%
RB OF STA IGNACIA INC	1,829,198.31	7,716,485.19	5,887,286.88	126,095,459.07	4.67%
RB OF ANTIPOLO INC	13,132,973.02	17,852,534.19	4,719,561.17	98,712,952.97	4.78%
RB OF LEBAK (SULTAN KUDARAT) INC	31,083,200.14	34,651,708.90	3,568,508.76	74,008,392.12	4.82%
RB OF ROSARIO (LA UNION) INC	2,730,213.02	5,853,952.39	3,123,739.37	64,697,042.03	4.83%
RB OF DIGOS INC	21,924,138.78	31,993,694.25	10,069,555.47	199,320,808.97	5.05%
ONE NETWORK BANK INC (A RURAL BANK OF BDO)	1,700,516,136.88	1,942,880,561.62	242,364,424.74	4,715,371,307.50	5.14%
ASPAC RURAL BANK INC	80,004,881.01	93,270,513.39	13,265,632.38	241,274,684.11	5.50%
BANKWAYS INC (A RURAL BANK)	23,956,587.75	35,835,788.90	11,879,201.15	214,812,598.66	5.53%
FIRST TAGUM RURAL BANK INC	41,314,712.91	57,390,748.78	16,076,035.87	288,730,363.97	5.57%
RB OF PARACALE(CAMARINES NORTE) INC	18,845,007.54	24,105,176.39	5,260,168.85	91,491,084.84	5.75%
SECURED BANK INC (A RB)	13,495,955.94	20,729,485.55	7,233,529.61	121,198,253.16	5.97%
RB OF BARILI (CEBU) INC	19,667,616.53	41,633,501.43	21,965,884.90	357,732,453.91	6.14%
TANAY RB INC	165,204,657.89	180,363,310.20	15,158,652.31	227,874,638.48	6.65%
RURAL BANK OF PLACER (SURIGAO DEL NORTE) INC	29,179,046.26	36,707,016.93	7,527,970.67	107,134,714.09	7.03%
RNG COASTAL BANK INC(A RURAL BANK)	6,177,580.67	17,629,252.45	11,451,671.78	155,507,600.18	7.36%
MT CARMEL RURAL BANK INC	175,574,734.80	192,204,097.46	16,629,362.66	224,416,671.16	7.41%
KATIPUNAN BANK INC "A RURAL BANK"	18,427,896.94	52,822,332.89	34,394,435.95	449,980,622.11	7.64%
ILOCOS CONSOLIDATED COOPERATIVE BANK	56,815,374.42	72,798,755.46	15,983,381.04	200,869,399.17	7.96%
RB OF JAEN INC	5,099,764.18	9,234,067.79	4,134,303.61	50,072,269.26	8.26%
COMMTY RB OF CATMON (CEBU) INC	31,696,052.67	39,472,886.65	7,776,833.98	90,632,940.06	8.58%
RB OF RIZAL (ZAMBOANGA DEL NORTE) INC	11,623,157.90	24,903,722.37	13,280,564.47	153,202,289.93	8.67%
VILLAGE BANK INC (A RURAL BANK)	30,296,657.54	36,467,491.18	6,170,833.64	70,993,367.38	8.69%
RB OF DUMANGAS INC	9,660,041.72	17,820,297.64	8,160,255.92	86,323,237.34	9.45%
SOUTH BANK (A RURAL BANK) INC	22,239,509.67	29,347,532.83	7,108,023.16	71,670,510.50	9.92%
RB OF GUINOBATAN INC	14,461,829.25	24,690,405.01	10,228,575.76	99,286,991.28	10.30%
RB OF GATTARAN (CAGAYAN) INC	20,589,051.02	29,639,780.53	9,050,729.51	87,406,445.48	10.35%
RB OF CARDONA (RIZAL) INC	58,282,863.67	68,912,910.65	10,630,046.98	98,596,036.74	10.78%
GATEWAY RURAL BANK INC	18,106,176.65	28,178,813.44	10,072,636.79	93,299,976.03	10.80%
COOP BANK OF COTABATO	63,248,933.79	130,044,526.03	66,795,592.24	604,954,266.13	11.04%
CONSOLIDATED COOPERATIVE BANK	342,077,325.56	369,565,210.42	27,487,884.86	241,882,780.76	11.36%
CENTURY RURAL BANK INC	5,579,758.06	14,009,123.00	8,429,364.94	70,933,244.98	11.88%
COOP BANK OF BENGUET (CBB)	55,781,892.88	61,436,922.85	5,655,029.97	44,263,720.86	12.78%
RB OF MARAGONDON INC	24,596,350.67	30,807,425.10	6,211,074.43	46,891,569.19	13.25%
RURAL BANK OF SAN ANTONIO INC	31,367,693.06	51,221,501.93	19,853,808.87	146,781,367.52	13.53%
RB OF TANGUB CITY (MIS OCC) INC	25,461,112.45	37,395,873.88	11,934,761.43	85,843,919.76	13.90%
RB OF SAN MATEO(ISABELA) INC	16,587,481.24	31,833,485.80	15,246,004.56	109,125,303.56	13.97%
RB OF BAMBANG (NUEVA VIZCAYA) INC	34,108,191.53	48,671,473.53	14,563,282.00	98,798,026.60	14.74%
COMMTY RB OF DAPITAN CITY INC	33,859,200.81	50,350,694.86	16,491,494.05	111,425,725.79	14.80%
MARAYO BANK INC (A RURAL BANK)	34,822,255.66	128,502,381.84	93,680,126.18	570,231,488.06	16.43%
RB OF MABALACAT INC	34,745,685.35	45,010,766.01	10,265,080.66	59,901,107.13	17.14%
PBCOM RURAL BANK INC	333,717,076.64	444,105,521.78	110,388,445.14	477,024,660.97	23.14%
PROGRESSIVE BANK INC (PROGRESSIVE A RURAL BANK INC)	90,911,044.62	108,249,860.53	17,338,815.91	73,083,839.47	23.72%
RB OF MABITAC (LAGUNA) INC	68,996,762.70	77,893,277.82	8,896,515.12	23,978,742.46	37.10%
VALIANT BANK INC (A RURAL BANK)	160,568,119.72	222,031,938.64	61,463,818.92	79,178,165.58	77.63%
Grand Total	9,832,753,005.66	9,428,702,913.65	-404,050,092.01	39,308,541,019.47	-1.03%

Source: www.bsp.gov.ph

All three banks highlighted in yellow have been flagged as one of the "The Top Distressed Philippine Rural and Cooperative Banks as of December 31, 2018 ".

Are Philippine Rural and Cooperative Banks Under Provisioning Loan Losses? - As of December 31, 2018

Which Philippine Rural and Cooperative Banks have not adequately provisioned for loan losses at their current levels? Those highlighted in yellow (below 80% NPL Coverage Ratio) are prime candidates.

Philippine Rural and Cooperative Banking System
NPL Coverage Ratio
December 31, 2018
Bank	Loan Loss Provisions	Gross NPLs	NPL Coverage Ratio
GRAND-AGRI RURAL BANK	10,088,170.55	76,087,462.05	13.26%
AMA RURAL BANK OF MANDALUYONG INC	154,372,964.62	522,441,985.47	29.55%
EAST WEST RURAL BANK INC	367,276,368.12	1,239,377,114.60	29.63%
AGRIBUSINESS RURAL BANK INC	165,835,623.00	484,528,257.00	34.23%
LAGAWE HIGHLANDS RB INC	17,612,753.56	51,402,782.94	34.26%
RB OF DOLORES (QUEZON) INC	3,004,947.88	8,416,443.89	35.70%
RB OF ALABEL (SARANGANI) INC	15,347,625.97	42,893,144.69	35.78%
GOLDEN RURAL BANK OF THE PHILIPPINES INC	9,508,706.89	26,118,973.44	36.41%
RB OF BAY INC	7,299,662.61	19,104,261.44	38.21%
RB OF MIAGAO (ILOILO) INC	17,298,952.02	43,825,325.72	39.47%
BALANGA RURAL BANK, INC.	11,390,143.09	27,122,432.61	42.00%
BENGUET CENTER BANK INC A RB	12,076,759.51	28,052,368.51	43.05%
RANG-AY BANK INC (A RURAL BANK)	48,340,672.47	105,948,482.96	45.63%
BANCO SANTIAGO DE LIBON INC	25,343,906.16	53,568,004.12	47.31%
BANGKO MONTANOSA INC (A RURAL BANK)	12,136,118.96	24,735,366.96	49.06%
RB OF CAUAYAN INC	25,430,330.34	51,812,662.80	49.08%
BANGKO MABUHAY (A RURAL BANK) INC	48,057,788.08	93,915,928.64	51.17%
ENTREPRENEUR RB INC	25,919,101.46	49,638,699.65	52.22%
CEBUANA LHUILLIER RB INC	12,706,509.93	24,257,220.57	52.38%
PLANBANK "RB OF CANLUBANG PLANTERS INC"	42,671,518.80	81,374,492.04	52.44%
FIRST ISABELA COOP BANK INC(FICOBANK)	83,068,693.59	157,459,420.62	52.76%
MOUNT MAKILING RURAL BANK INC	26,709,517.60	50,243,509.44	53.16%
RB OF GENERAL TRIAS INC	21,467,676.19	38,521,318.36	55.73%
MALLIG PLAINS RURAL BANK (ISABELA) INC	12,580,524.53	22,360,129.05	56.26%
RB OF ITOGON (BENGUET) INC	19,748,870.59	35,029,090.80	56.38%
NEW RB OF SAN LEONARDO(N.E.) INC	36,602,425.69	64,814,185.08	56.47%
COOP BANK OF CAGAYAN	55,136,475.94	97,505,072.36	56.55%
RBG IMPERIAL BANK INC(A RURAL BANK)	24,050,302.59	42,239,116.99	56.94%
METRO SOUTH COOP BANK	178,660,629.11	304,330,938.27	58.71%
SAVIOUR RURAL BANK INC	18,648,792.82	31,302,870.69	59.58%
BHF RURAL BANK INC	33,467,216.26	56,133,313.48	59.62%
GM BANK OF LUZON INC (A RURAL BANK)	148,404,961.66	248,037,301.92	59.83%
RB OF SAN LUIS (PAMPANGA) INC	12,549,937.14	20,867,212.92	60.14%
RB OF STA ROSA DE LIMA (PANIQUI TARLAC) INC	14,948,963.63	24,507,249.49	61.00%
MVSM BANK (A RURAL BANK SINCE 1953) INC	18,698,731.40	30,069,083.17	62.19%
RB OF MARIA AURORA (AURORA) INC	32,290,057.15	51,835,086.21	62.29%
OPPORTUNITY KAUSWAGAN BANK INC (A MICROFINANCE RURAL BANK)	12,262,860.16	19,640,373.04	62.44%
RB OF MAGDALENA (LAGUNA) INC	32,671,305.63	52,207,062.59	62.58%
LIBERTY BANK (A RURAL BANK) INC	16,451,758.45	26,013,372.35	63.24%
COOPERATIVE BANK OF BOHOL	39,213,773.85	61,367,388.46	63.90%
MACTAN RURAL BANK (LAPU-LAPU CITY) INC	31,099,280.35	47,591,430.77	65.35%
RB OF PILAR (SORSOGON) INC	11,636,588.85	17,778,214.08	65.45%
MALARAYAT RB INC	26,330,776.28	39,429,806.38	66.78%
SUMMIT BANK (RB OF TUBLAY INC)	101,519,240.65	148,084,738.47	68.55%
INSULAR SAVERS BANK INC (A RURAL BANK)	85,909,245.33	122,168,501.45	70.32%
NATIONAL TEACHERS & EMP. COOP BANK	18,154,052.59	25,587,096.40	70.95%
ALIAGA FARMERS RURAL BANK INC	84,941,452.55	119,281,650.44	71.21%
RB OF PILAR (BATAAN) INC	24,297,369.32	33,467,511.00	72.60%
CAMALIG BANK INC (A RURAL BANK)	34,116,554.88	46,960,745.31	72.65%
RB OF MIDSAYAP INC	8,131,943.18	11,124,953.42	73.10%
RB OF BAGABAG (N.V.)INC	36,906,232.19	50,032,139.96	73.77%
COOP BANK OF QUEZON PROVINCE	29,495,456.91	38,969,085.43	75.69%
RB OF SAN PASCUAL(OBANDO BULACAN)INC	18,856,011.54	24,593,989.83	76.67%
RB OF SOLANO (NUEVA VIZCAYA) INC	17,938,819.41	23,058,942.45	77.80%
PEOPLES BANK OF CARAGA INC (A RURAL BANK)	306,682,396.53	388,898,164.94	78.86%
BOF INC (A RURAL BANK)	68,062,179.17	85,138,893.35	79.94%
SUGBUANON RB INC	23,558,415.58	29,319,306.98	80.35%
RB OF POLA (ORIENTAL MINDORO) INC	40,015,329.62	49,636,853.62	80.62%
CAVITE UNITED RURAL BANK CORP	22,370,382.70	27,652,765.64	80.90%
CANTILAN BANK INC (A RURAL BANK)	227,603,882.55	279,883,664.22	81.32%
RB OF POZORRUBIO INC	16,919,271.54	20,470,159.03	82.65%
GUAGUA RURAL BANK INC	140,250,669.34	169,241,705.98	82.87%
IMUS RURAL BANK INC	9,913,978.76	11,822,954.21	83.85%
RB OF CENTRAL PANGASINAN (BAYAMBANG) INC	37,753,857.14	44,777,828.98	84.31%
COMMON WEALTH RURAL BANK INC	20,956,799.63	24,771,728.25	84.60%
COOPERATIVE BANK OF NUEVA VIZCAYA	28,393,743.80	33,212,708.48	85.49%
CONSOLIDATED COOPERATIVE BANK	369,565,210.42	427,596,656.95	86.43%
TANAY RB INC	180,363,310.20	206,505,822.36	87.34%
MT CARMEL RURAL BANK INC	192,204,097.46	219,468,418.50	87.58%
COOP BANK OF BENGUET (CBB)	61,436,922.85	69,727,366.10	88.11%
DUNGGANON BANK (A MICROFINANCE RURAL BANK) INC	29,635,813.26	33,410,173.22	88.70%
RB OF LEBAK (SULTAN KUDARAT) INC	34,651,708.90	38,854,000.17	89.18%
RB OF MABITAC (LAGUNA) INC	77,893,277.82	86,245,953.37	90.32%
ONE NETWORK BANK INC (A RURAL BANK OF BDO)	1,942,880,561.62	2,125,645,171.10	91.40%
COUNTRY BUILDERS BANK INC (A RURAL BANK)	45,191,870.21	49,280,451.41	91.70%
ASPAC RURAL BANK INC	93,270,513.39	100,006,101.26	93.26%
QUEZON CAPITAL RB INC	57,840,046.53	61,458,419.53	94.11%
RB OF CARDONA (RIZAL) INC	68,912,910.65	72,853,579.59	94.59%
BANCO LAGUNA INC (A RURAL BANK SINCE 1965)	24,994,121.31	26,376,783.97	94.76%
PROGRESSIVE BANK INC (PROGRESSIVE A RURAL BANK INC)	108,249,860.53	113,638,805.77	95.26%
VILLAGE BANK INC (A RURAL BANK)	36,467,491.18	37,870,821.93	96.29%
LAGUNA PRESTIGE BANKING CORPORATION (A RURAL BANK)	13,556,709.28	13,995,854.32	96.86%
RB OF PORAC (PAMPANGA) INC	49,045,037.39	50,039,314.48	98.01%
GUAGUA SAVERS BANK(A RB) INC	10,460,371.42	10,583,466.34	98.84%
COMMTY RB OF CATMON (CEBU) INC	39,472,886.65	39,620,065.84	99.63%
RB OF MARAGONDON INC	30,807,425.10	30,745,438.34	100.20%
RURAL BANK OF PLACER (SURIGAO DEL NORTE) INC	36,707,016.93	36,473,807.82	100.64%
D' ASIAN HILLS BANK INC (A RURAL BANK)	162,642,653.42	160,686,650.64	101.22%
RB OF BAYOMBONG INC	12,889,330.41	12,644,217.77	101.94%
RB OF ANGELES INC	110,054,247.30	107,659,197.24	102.22%
RB OF PARACALE(CAMARINES NORTE) INC	24,105,176.39	23,556,259.43	102.33%
ILOCOS CONSOLIDATED COOPERATIVE BANK	72,798,755.46	71,019,218.03	102.51%
RB OF MABALACAT INC	45,010,766.01	43,432,106.69	103.63%
SOUTH BANK (A RURAL BANK) INC	29,347,532.83	27,799,387.09	105.57%
ARDCIBANK INC A RURAL BANK	8,089,173.43	7,612,166.28	106.27%
PBCOM RURAL BANK INC	444,105,521.78	417,146,345.80	106.46%
RB OF ANTIPOLO INC	17,852,534.19	16,416,216.28	108.75%
RB OF PANDI (BULACAN) INC	17,807,984.78	16,187,629.14	110.01%
VALIANT BANK INC (A RURAL BANK)	222,031,938.64	200,710,149.65	110.62%
NORTH PACIFIC BANKING CORPORATION (A RB OF STA MARIA ISABELA	6,980,472.60	6,302,204.58	110.76%
FILIDIAN RURAL BANK OF ANTIPOLO INC	8,032,029.88	7,231,559.78	111.07%
FIRST TAGUM RURAL BANK INC	57,390,748.78	51,643,391.14	111.13%
RB OF DULAG (LEYTE) INC	13,215,360.44	11,733,061.73	112.63%
HIGHLAND RURAL BANK INC	19,749,937.35	17,474,070.89	113.02%
RB OF BAMBANG (NUEVA VIZCAYA) INC	48,671,473.53	42,635,239.41	114.16%
BANGKO CARRASCAL INC (A RB)	9,311,822.23	8,138,743.86	114.41%
RB OF GATTARAN (CAGAYAN) INC	29,639,780.53	25,736,313.78	115.17%
RB OF DIGOS INC	31,993,694.25	27,405,173.48	116.74%
RB OF TANGUB CITY (MIS OCC) INC	37,395,873.88	31,826,390.56	117.50%
COMMTY RB OF DAPITAN CITY INC	50,350,694.86	42,324,001.01	118.96%
BANKWAYS INC (A RURAL BANK)	35,835,788.90	29,945,734.69	119.67%
SECURED BANK INC (A RB)	20,729,485.55	16,869,944.93	122.88%
GATEWAY RURAL BANK INC	28,178,813.44	22,632,720.81	124.50%
RURAL BANK OF SAN ANTONIO INC	51,221,501.93	39,209,616.32	130.64%
RB OF GUINOBATAN INC	24,690,405.01	18,077,286.56	136.58%
RB OF JAEN INC	9,234,067.79	6,374,705.22	144.85%
RB OF DUMANGAS INC	17,820,297.64	12,075,052.15	147.58%
MANOR BANK - A RURAL BANK CORP	6,438,338.05	4,353,293.59	147.90%
CARD MRI RIZAL BANK INC A MICROFINANCE-ORIENTED RURAL BANK	71,922,426.22	47,366,496.32	151.84%
RB OF MONTALBAN INC	5,160,255.06	3,366,832.74	153.27%
RB OF SAN MATEO(ISABELA) INC	31,833,485.80	20,734,351.55	153.53%
RB OF GLORIA (OR MIN) INC	4,772,647.47	3,052,978.40	156.33%
STA MARIA RURAL BANK INC	5,408,692.40	3,428,083.16	157.78%
CARD BANK INC (A MF RB)	326,698,254.52	205,625,833.04	158.88%
RBT BANK INC A RURAL BANK	13,283,976.72	8,356,569.91	158.96%
COOP BANK OF COTABATO	130,044,526.03	79,061,167.24	164.49%
RB OF BARILI (CEBU) INC	41,633,501.43	24,584,520.66	169.35%
RB OF RIZAL (ZAMBOANGA DEL NORTE) INC	24,903,722.37	14,528,947.37	171.41%
RB OF ROSARIO (LA UNION) INC	5,853,952.39	3,412,766.28	171.53%
LIFEBANK- A RURAL BANK	19,045,803.50	10,709,749.51	177.84%
RB OF BROOKE'S POINT (PALAWAN) INC	4,404,030.46	2,253,183.69	195.46%
CENTURY RURAL BANK INC	14,009,123.00	6,974,697.58	200.86%
RNG COASTAL BANK INC(A RURAL BANK)	17,629,252.45	7,721,975.84	228.30%
KATIPUNAN BANK INC "A RURAL BANK"	52,822,332.89	23,034,871.18	229.31%
INNOVATIVE BANK INC (A RURAL BANK)	4,668,671.14	1,599,349.78	291.91%
MARAYO BANK INC (A RURAL BANK)	128,502,381.84	43,527,819.58	295.22%
RB OF STA IGNACIA INC	7,716,485.19	2,286,497.89	337.48%
Grand Total	9,428,702,913.65	12,290,941,257.08	76.71%

 Source: www.bsp.gov.ph