Postbank Estimates a P120 Million Net Profit in 2014

The Philippine Postal Savings Bank, or Postbank, estimates a net profit of 120.74 Million for the year 2014.  This marks the first time that the Bank will register a three-digit profit performance since its founding over a century ago.  It shows a gigantic leap with net profit increasing by over 2,000 per cent from the 5 Million net profit recorded in 2011, or a short three-year span after the Bangko Sentral sent alarm signals and President Aquino changed its management.  Appointed was former DILG Secretary and GSIS President Cesar N. Sarino who forthwith organized a team and implemented a Five-year Strategic Plan to put the Bank back on track.

While in industry terms the achievement may look puny, especially when compared with the two other public banks (Landbank and the DBP), it nevertheless demonstrates that, following a straight path and with good management, Postbank has the potential for remarkable growth.  The Bank has had a lackluster performance for the last one hundred years because it has not been driven to exploit its full potential.  Its smallness became excuse for remaining small.

The current Bank management strongly believes that its vision of a countryside bank and playing a more significant role in helping in the government goal of financial inclusion are a step in the right direction.  Postbank’s thrust towards achieving financial strength, a priority of its five-year strategic plan, remains an obsession to be able to continue to pursue its ambitious program of establishing a financial network of Micro-Finance Banking Offices throughout the country.

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