Saturday, December 27, 2008

Asiatrust Dev. Bank Reports Lower Net Loss of P5M

Asiatrust Development bank is one of the Philippine's leading thrift and development bank for entrepreneurs and SMEs, reported that they were having a lower net loss of P5 million in the first quarter of its fiscal year ending June 2009.

In a statement, the bank said the unaudited loss incurred from July to September 2008 was a contraction from a net loss of P21.4 million in the same period a year earlier. For the bank's fiscal year ending June 2008, the bank posted a net income of P125 million.

The bank said, loans decreased by P32.71 million in its fiscal quarter due to conservative lending strategy in the light of the current financial market turmoil.

"During the same period, other receivables also posted a net decrease amounting to P55.48 million, bulk of which was due to reversal of accrued interest receivable on paid off loans," it said.

However, real and owned properties acquired (ROPA) showed a net decrease of P128 million mainly due to the sale of investment properties.

In addition, the non-performing asset (NPA) ratio stood at 17.78 percent while a non-performing loan (NPL) ratio was at 11.22 percent.

Moreover, the total resources decreased 5.31 percent to P11.56 billion from P12.2 billion in end June this year. According to the bank the drop in resources was mainly due to the decrease in deposit levels by P441.3 million" as the bank continued efforts to rationalize its deposit mix concentrating on lower cost retail deposit to reduce cost of funds, disposal of US dollar denominated private bonds of P28.69 million, and the sale of investment properties amounting to P88.25 million.

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