One Network Bank (ONB), the Mindanao’s largest rural bank has recorded a 36 percent increase in deposits during the first four months of 2011. According to the latest financial report of the ONB, the amount of deposits rose to Php 9.8 billion higher than last year’s period at Php 7.2 billion.
One Network Bank President Alex B. Buenaventura stated that ONB offers a higher interest rate on time deposits compared with commercial banks. The high deposit volume enable ONB to grow its total resources to Php 12.1 billion, or 33 percent higher than the Php 9.116 billion registered with the same period last year. ONB also recorded a better performance in its loans department.
By the end of 2012, the bank capital is expected to reach Php 2.4 billion—the minimum capital required of commercial banks. ONB further believes that the it would be able to sustain its income in the second quarter of this year as there is a positive growth in credit demand in its business loan applications.
One Network Bank currently operates more than 80 branches in Mindanao and planning to establish 10 more branches this 2011. It also plan to open its first branch in Visayas and Luzon to capture more market.