FICOBank Gives Its Best Shot to Stay as an Evergreen Bank during Its 2016 Mid-Year Performance Assessment

This year’s theme of “Staying Evergreen in the Eye of the Market” reverberated well not only in the 36th Annual General Assembly Meeting of FICOBank but also during its 2016 Mid-Year Performance Assessment, which was held on 2 August 2016 at the Japi Travellers Hotel in Cauayan City, Isabela. This assessment-cum-planning activity was attended by the Bank’s Board of Directors, Senior Management, department/office heads, area/branch managers and other key personnel.

Being in a competitive and changing business environment, the achievement of the result- and impact-based plans and programs of the Bank for the first half of CY 2016 was both driven and challenged by various internal/external factors and market forces. Though some of its business/operating units exhibited behind-target performances, others performed well and were able to record on-target, and even beyond-target, accomplishments.

‘Twas in the same manner that the departments/offices of the Bank—albeit being distracted by, among others, the ill-timed regulatory requirements that need to be complied with—were able to provide significant support services, as well as relevant control functions.

These include the: technical documentation of manuals, plans, policies, systems and reports (as required by the BSP); development and upgrading of technology infrastructures; enhancement of internal controls and risk management; standardization of treasury management; improvement of lending operation; strengthening of marketing communication; enforcement of risk-based internal auditing and compliance testing; and so forth. As to its overall business operations, for the period under assessment, the Bank exhibited an outstanding operational performance, as reflected by its 145-percent (against the mid-year budget) and 56-percent (versus the whole-year target) accomplishments on its bottom line—the net income.

These achievements of the Bank during the first six months will be its benchmark of doing things better and making its business lines go further. Hence, the Bank is now fully geared up to take bolder production thrusts and better reform initiatives that will keep it afloat in performing its banking function and business operations for the semester ahead.

FICOBank will never be complacent about its present standing. It will aspire for more and make every single effort in achieving its corporate goals of attaining its financial and non-financial targets and, of course, staying as an evergreen bank in the eye of the banking public.