2 0 0 4 A N N U A L R E P O R T 1
F I N A N C I A L H I G H L I G H T S
F o r t h e y e a r ( i n m i l l i o n p e s o s , e x c e p t p e r s h a r e a m o u n t s )
A t y e a r - e n d ( i n m i l l i o n p e s o s )
2 E Q U I T A B L E P C I B A N K
A Year of Growth and Transformation
In a year that saw the Philippine economy
rebound with over six percent GDP
growth, Equitable PCI Bank performed
above expectations on all fronts and took
major strides in its reorganization program
for sustained growth.
This remarkable financial and
operating performance was the result of
dedicated and extraordinary effort by our
management and staff to meet key
objectives of improving products, services
and distribution network, and maintaining
financial discipline to ensure financial
health and profitability. At the same time,
it vindicated our continuing program of
transformation to reshape the
T O O U R S T O C K H O L D E R S
WE COULD SEE DEFINITIVE
PROGRESS IN REALIZING
OUR VISION OF OUR
COMPANY AS A BANK
PREFERRED BY CUSTOMERS
ACROSS THE BOARD
Antonio L. Go
Chairman of the Board
organization for the new challenges and
opportunities, and strengthen our
capability to thrive wherever we are in the
economic cycle.
At the close of the past year and on
the eve of the new, we could see
definitive progress in realizing our vision of
our company as a bank preferred by
customers across the board because of
products and services that help them
realize their financial goals, a bank that
delivers exemplary standards of service to
customers every day, and a bank that
produces strong, consistent financial
returns for its shareholders.
Remarkable Financial Performance
The financial results in 2004 provide a
vivid yardstick of the progress we are
making. During the year, we increased net
income by 39% over the previous year to
a record P—1.8 billion, as operating income
grew 20% to P—16.4 billion. Return on
average equity (without appraisal and
goodwill) improved to 9.18% from 7.33%
in 2003, while return on avera