Philippine Business Bank's First Hybrid Annual Stockholders' Meeting
July 22, 2022
Philippine Business Bank Chairman, Mr. Jeffrey S. Yao called the meeting to order on Wednesday - July 27, 2022.
Speaking at PBB's first hybrid annual stockholders' meeting since 2019, Mr. Yao confirmed and ratified at least eleven items in the agenda.
PBB's Vice Chairman and President/CEO, Mr. Rolando R. Avante discussed the financial highlights of the Bank focusing on its generation of over 1.1billion in net earnings for the year 2021, sustaining profit levels seen in 2020. "The Bank's full year net income was driven by an improving economy and slower build-up of loan loss reserves following the Bank's accelerated provisioning strategy in 2020. PBB kept expenses flat from 2020 owing to the continued success of its business process improvement program," Mr. Avante added.
For 2022, PBB is seeing the resumption of commercial activities resulting in increased loan demand. The Bank is optimistic that economic recovery will continue to drive positive results. The Bank's processes and procedures evolve as it identifies emerging opportunities to improve the way they serve their customers. As part of its strategic initiatives, PBB is working to deepen the relationships it has built with the communities and clients they have served over the last 25 years. PBB's mission to be the Bank of Choice of SMEs maintains its importance as the economy returns to normalcy.
