GSIS ready to extend loans in areas hit by ST Egay

SMEs [small-scale and medium-sized enterprises].”

The bank reported that its core income reached P1.41 billion while PBB’s pre-tax pre-provision profit was at P1.51 billion, 28.3 percent growth from P1.18 billion in the same period last year.

Total loans and receivables reached P103.8 billion as of 1H23.

Total resources stood at P137.2 billion as of end-June 2023. On the funding side, deposit liabilities were at P112.3 billion as of 1H2023.

Shareholders’ equity was at P17.1 billion, equivalent to a book value per share of P20.18 net of preferred shares. Annualized returns on assets and equity improved to 1.27 percent and 10.14 percent, respectively, owing to better profit margins.

The bank’s capital adequacy ratio was 13.3 percent and the minimum liquidity ratio at 21.99 percent as of June 30, 2023, above the adjusted statutory requirement of 20 percent.

“In the first half of 2023, PBB sustained solid top-line growth owing to better interest rate margins, healthy loan growth, and improved income on trading. The growth in the Bank’s deposits and loans were satisfactory, given the current market uncertainties evident in today’s environment,” Avante said.

“PBB saw signs of tightening competition, especially in the lending business, but its customers have remained loyal to the Bank despite the aggressive stance of other banks,” he added.

All of the bank’s line business showed continued growth in the first half of 20-23. Interest income increased by 57 percent year on year, resulting in a net interest income growth of 26.6 percent to P3.2 billion in June 2023, the lender added.

In addition, PBB earned trading gains of P104.8 million in 2023 from the P204.6-million loss in 2022. This helped boost PBB’s net income to P869.2 million, a 40.1-percent increase year on year.

RCBC named trade finance bank for 2023

THE publishing arm of Singapore-based Charlton Media Group (CMG) Pte. Ltd. recognized Yuchengco-led Rizal Commercial Banking Corp. this year for leading initiatives in the area of trade finance, trade finance services, and digital transformation in the Philippines. For the second consecutive year, the bank won as the Philippines’s “Domestic Trade Finance Bank of the Year” at the “Asian Banking and Finance Wholesale Banking Awards 2023” organized by CMG. Trade services offered by RCBC includes processing all modes of trade payments for both importer and exporter clients. The bank also supports infrastructure projects in the Philippines, issuing standby letters of credit and bank guarantees to finance private sector contractual obligations for such projects. VG Cabuag

THE Government Service Insurance System (GSIS) announced it is prepared to extend emergency loans to its members and pensioners in North Luzon who are affected by Super Typhoon (ST) Egay.

GSIS President and General Manager Jose Arnulfo A. Veloso was quoted in a statement as saying that the state-run pension fund manager has set aside a total of P6 billion for the GSIS’s emergency loan budget this year.

”We want to ensure sufficient funds to offer loan assistance to those who need help during disasters,” Veloso added.

The GSIS said through the statement it issued last Wednesday that the emergency loan carries an interest rate of six percent and has a repayment period of three years.

The GSIS added the loan also includes redemption insurance coverage, which will pay off the loan balance in case of the borrower’s death during the loan term, for as long as the payments are updated.

The GSIS explained that its members with existing emergency loan balance may borrow up to P40,000 to clear the balance of their previous emergency loan and receive a maximum net amount of P20,000.

Meanwhile, pensioners and those without an existing emergency loan may apply for a P20,000 loan, it added.

The eligible members for the emergency loan must be active and be residing or working in the calamity-affected areas. Furthermore, the interested borrowers must not be on unpaid leave, have no pending legal cases, and have made at least three monthly premium payments in the six months before applying.

They must also have no outstanding loans, and their net take-home pay should not be lower than the amount required under the General Appropriations Act after all monthly obligations are deducted, the GSIS said.

Old-age and disability pensioners residing in the calamity areas may also avail of the loan provided their net monthly pension after availing the loan is at least 25 percent of their basic monthly pension, the GSIS added.

The GSIS said the members and pensioners may apply for the loan using the state pension fund’s mobile application. Jasper

Emmanuel Y. Arcalas