Producers Bank generated a net income of Pesos: Five Hundred One point Eight Million (P501.8M) as of end of 2021. The Bank’s earnings for 2021 showed an increase of Pesos: One Hundred Fifty Two point Nine Million (P152.9M) compared to its 2020 net income of Pesos: Three Hundred Forty Eight point Eight Million (P348.8M).
Mr. Andres M. Cornejo, President & CEO is proud to announce that despite the effect of the pandemic, Producers Bank is able to exceed its target income of Pesos: Five Hundred Million (P500M) for 2021.
Furthermore, Producers Bank also ended 2021 with a total branch network of two hundred fifty one (251) operating branches nationwide.
Producers Bank was able to move forward with its plans to expand its branches, opening three (3) branches namely: Madrid in Surigao Del Sur, Trento in Agusan del Sur, and Surigao in Surigao Del Norte for 2021.
In addition, Producers Bank remains active in its mergers and acquisitions strategy as the mergers with Bangko Carrascal, Inc., People’s Bank of Caraga, Inc., Rural Bank of San Quintin, Inc., PBCOM Rural Bank, Inc., and Masuwerte Rural Bank of Bacoor, Inc., were all approved in 2021.
The development of Producers Bank’s branch network has resulted in consistent rise in asset profitability. Furthermore, it assisted Producers Bank in obtaining different incentives and regulatory benefits from the BSP, including but not limited to, new branch licenses.