Balance Sheet

BALANCE SHEET

Assets

Our total assets as of 31 December 2011 stood at

Php120.25 billion, 15.46% higher than the Php104.15 billion

the previous year. The growth was primarily due to the

expansion of our loan and investment portfolios.

Loans and Receivables, Net

Our loans and receivables grew 9.36% to Php58.19 billion as

the volume of our top loan products, Auto and Mortgage,

increased by 13.33% and 8.72%, respectively. This came even

with supply bottlenecks among Japanese carmakers and the

intense competition in the mortgage loan market that drove

down interest rates.

Securities and Investments

Held-to-maturity investments climbed by 34.39% to

Php12.31 billion as of 31 December 2011 compared to

year-ago level of Php9.16 billion as we accumulated longterm portfolio investments in government securities and

Republic of the Philippines (ROP) bonds. Our available-forsale investments were higher by 15.39% to Php18.69 billion.

Meanwhile, fair value through proit or loss investments was

lower by 93.69% at Php54.79 million.

There was a 49.20% increase in our investments in an

associate and joint venture to Php1.24 billion due to the

Php400.00 million additional investments in Sumisho Motor

Finance Corp. (SMFC) in August 2011. This represents our

40.00% stake in SMFC. Our 25.00% stake in Toyota Financial

Services Philippines Corp. (TFSPC) remained intact.

Property and equipment increased by 13.04% or

Php274.84 million to Php2.38 billion due to the expansion

of our ATM network, new branches, and renovation.

Goodwill and intangible assets increased by 6.02% to

Php255.18 million from Php240.68 million during the

period.

Capital

Capital funds increased by 33.87% to Php15.54 billion as

we beneitted from higher net income for the period.

We declared quarterly dividends of Php0.15 per quarter,

consistent with our dividend policy.

On 28 January 2011, we exercised the call option on our

Php2.00-billion unsecured...