By Ted Torres (The Philippine Star) Updated February 07, 2012 12:00 AM
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MANILA, Philippines - One Network Bank (ONB), the country's largest
rural bank, posted a record P428 million net income last year, a growth
of 37.62 percent from P311 million in 2010.
Total resources likewise expanded 33 percent to P15.7 billion, from
P11.8 billion in 2010, the bank said in a statement.
Its net capital even stood at P2.5 billion during the period, higher
than the minimum capital required by the Bangko Sentral ng Pilipinas
(BSP) for commercial banks.
However, ONB president and chief executive officer Alex V. Buenaventura
said the bank has no plans of applying for a commercial bank license.
"ONB will not convert to commercial banks status principally because of
the lower three percent legal reserves required by BSP from rural banks
as against the 21-percent legal reserves for commercial banks,"
Buenaventura said.
ONB operates an 82-branch network in Mindanao. It has a branch in Metro
Manila and is looking to expand to the Visayas region.
It operates 114 Megalink ATMs and is pilot-testing its new Internet
banking service.
ONB is a product of three-way consolidation between Network Rural Bank
(Davao del Sur) Inc., the Rural Bank of Panabo (Davao del Norte) Inc.,
and the Provident Rural Bank of Cotabato (North Cotabato) Inc. Last
year, ONB completed and received regulatory approval for the
consolidation of Rural Bank of New Corella Inc. into its network.
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