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AGRIBANK ends 2014 with Another Remarkable Performance

Consistent with the performance delivered during the earlier months of 2014, the Bank ended the year with a record Net Income of P87 Million, higher by 32% over previous year’s income of P59 Million.

Improvement in the bank’s bottom line can be traced to the affordable loan products made available to the public.  Total number of borrowers for the year increased to 53,163 from the previous year’s borrowing accounts numbering to 46,008.  Increased borrower base pushed Total Loans to register at P2.604 Billion or 7.87% more than the previous year’s level of P2.414 Billion. Total Resources on the other hand increased to P2.930 Billion or P454 Million better than 2013 ending level of P2.466 Billion last year.  Deposit Liabilities likewise grew in 2014, Total Deposits coming from over 35,000 depositors showed an increase of over 36% to reach P793 Million last December 2014, this is P213 Million more than the previous year-end level of P580 Million.

As of December 31, 2014, Total Capital Accounts registered P458 Million versus the previous year’s level of P371 Million.  Key Financial ratios remained high, posting Return on Equity at 21.1% and Return on Assets at 4.2% versus the Rural Banking Industry Ratios of 11.09% and 1.89% respectively.

Branch expansion continued to be an integral part of the growth of AGRIBANK.  Three (3) new branches were added to the branch network for the year, allowing the Bank to provide affordable banking services to the countryside and small businesses in the provinces.  The launching of Sablayan Branch increased the network of branches in the area and are now operating three (3) full service branches in Mindoro.   Coron Branch, AGRIBANK’s second branch in the Province of Palawan, added another full service office to support the banking requirements of the people of the island.  The opening of Gen. Santos Branch in South Cotabato is a major step undertaken by the bank to expand its reach not only in Luzon but also to support and deliver quality banking products and services to the communities of Mindanao.  As of year-end 2014, AGRIBANK is operating 21 branches and 10 other banking offices nationwide.