Banco de Oro, Equitable report healthy Q1 income

Banco de Oro Universal Bank and Equitable PCI Bank on Wednesday reported strong income growth for the first quarter of 2007. In a joint statement, Banco de Oro, which has purchased and is soon to merge with Equitable, said its net income for the period increased 19 percent to P due to P838 million. In the same statement, Equitable said its profit for the quarter surged 32 percent to P937 million. “We’re very pleased that, amid the hectic integration planning activities, both banks are proving their mettle and performing beyond expectations. And this is just the beginning," Banco de Oro president and Equitable officer-in-charge Nestor V. Tan said in the statement. - GMANews.TV