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FICOBank Breaches the Billion-Peso Mark in Capital

Starting with a small paid-up capital of Php0.5 million at the time its Authority to Operate, numbered B-1000, was issued by the Bangko Sentral in December 1979, FICOBank has eventually breached its first billion-peso mark in capital. This signals an important historical achievement for the Bank, as it is a mark of strength and a yardstick of success.

On May 31, 2019, FICOBank booked a net worth amounting to Php1.00 billion. It’s a capital build-up endeavor that has been about 40 years in the making. As it cannot expect capital increases of a consequential magnitude from its cooperative-stockholders, the Bank relies heavily on the strength and success of its business operations. With such situation, the Bank zeroed in its focus on generating sufficient levels of annual net income from its business activities—financial intermediation and other related services—to build up its capital. The Bank intends to continue growing and protecting its internal funding through profitable business operations. It will also keep drawing on the business flexibility and adaptability it has developed over the years.

For the record, FICOBank is the first-ever cooperative bank in the Philippines to break the billion-peso-capital barrier. It is worth mentioning, too, that the Bank’s capital adequacy ratio (CAR) of 21.69 percent, as of end-May 2019, is twice the 10-percent minimum regulatory requirement of the Bangko Sentral on CAR.

Of course, this great feat wouldn’t be made possible without the continuing support of the Bank’s key stakeholders—the coop-stockholders, directors, employees, regulators, creditors and clients.

 

 

 

 

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