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ONB assets rise 20% in Q3

ONB assets rise 20% in Q3

DAVAO CITY — One Network Bank (ONB) of the Consunji group reported P28 billion in total resources as of end-third quarter this year, 20% higher than the same period last year, it said in a statement over the weekend.

The bank also announced a higher equity of P4.14 billion, while its capital adequacy ratio stood at 17.56%.

Two more branches were opened during the third quarter, both located in Panay Island in the Visayas, bringing the bank’s total network to 104.

ONB, the country’s largest rural bank, has set a network target of 112 branches by the end of 2014.

The Mindanao-based bank first ventured in the Visayas region in 2012 when it consolidated with the six-branch Rural Bank of San Enrique.

Alex V. Buenaventura, bank president, told BusinessWorld that even with the lender’s foray in Visayas, ONB will continue to look for other areas in Mindanao, where there are 20 growth areas that remain unbanked.

New branches are expected to be opened before the end of the year in the cities of Tandag and Bislig in Surigao del Sur and a third branch in General Santos City. — Carmelito Q. Francisco

Source: http://www.bworldonline.com/content.php?section=Finance&title=onb-assets-rise-20%-in-q3&id=96693