Recently listed Philippine Business Bank (PBB) will build 26 new business units throughout the country to firm up its presence in both restricted and nonrestricted areas nationwide.
The bank at this stage has identified sites for opening in 2014, PBB said in a disclosure to the Philippine Stock Exchange.
Of these new sites, five will be in Metro Manila, 10 in Luzon, five in the Visayas region and six in Mindanao. The branches of PBB currently stands at 94.
“This expansion strategy will continue given the approval of BSP [Bangko Sentral ng Pilipinas] to grant us the sought licenses,” said Rolando Avante, president and chief executive officer of PBB.
“Our immediate vision is to strike the right balance between continuity and change. We visualize PBB to be the lender of choice of the SMEs [small and medium enterprises]in the banking industry that builds a strong and secure economic bridge between the demands of our present societies and aspirations of our future generations,” he added.
Earlier this month, PBB expressed its interest to start looking for new sites for its 2014 branch expansion. The bank realized consistent growth in its profit from the moment it listed in the local bourse earlier this year.
The bank’s net profit in the third quarter of fiscal year 2013 was up by 60.71 percent from P624 million to P1 billion. Total net loan level at the end of September stood at P28.2 billion, up by almost 35.07 percent. This resulted in an increase of P358 million in interest income. Business activity in the SME market accounted for the good asset growth.