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FICOBank Ends 2019 with the Biggest Net Income Ever

Despite the challenges and uncertainties it encountered in 2019, which were brought about by the knock-on effects of the Rice Tariffication Law, the African swine fever, the occurrence of natural calamities and so forth, FICOBank ended the year in review with the biggest net income ever.

The Bank remained profitable in its business operations, as it posted a record-high net income of Php145.07 million. This represents a growth of 4.67 percent, in comparison with the Php138.60-million bottom line for the same period in 2018. It also surpassed the net-income target for end-December 2019 by Php2.07 million. Such operational performance was largely driven by the robust revenue-generating activities and effective cost-cum-risk management approaches of the Bank. The 2019’s net income translates further to a Return on Equity of 13.46 percent and Return on Assets of 3.34 percent.

For 2020, FICOBank believes that the sustained effort in strengthening its core business, as well as in carrying out its institutional mandate of providing its multi-sectoral clientele with innovative banking services and financial solutions, will result to another positive performance. With it, the various stakeholders of the Bank can expect for an even better net income at year-end 2020.

 

 

 

 

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