Bank of Florida bares 2013 strategic directions-A A +A
Sunday, February 10, 2013
BACOLOR -- Pampanga's top rural bank -- Bank of Florida (BOF) – bared over the weekend its strategic objectives for 2013 as part of its "vows" to serve its customers better and after fulfilling its "promises" of greater efficiency.
BOF chairman and president Teresa David-Carlos bared in her State of the Bank Address, delivered at the House of David Multi-Purpose Hall at the Mary the Queen Academy of Pampanga campus in Cabetican, Bacolor, the 20 priority directions the bank will take as a success roadmap this year.
"Our top vows for 2013 include areas in the Balanced Scorecard System, Enterprise Risk Management Framework, Business Process Re-Engineering, and Organizational Development which we commit ourselves to," she said.
David-Carlos outlined the key strategies as: sustaining BOF's leadership in rural banking in Region 3 (Central Luzon); targeting to be on the top 10 rural banks nationwide; becoming the bank of choice; building enduring rural-banking relationships with more clients; growing the bank's fee-based income; building up a deposit portfolio of P1.5 billion; targeting a loan portfolio of P1.5 billion; hitting a Return On Equity of 5-10 percent and expense ratio of 85-90 percent; and embracing a company-wide Budget Optimization Program.
The priorities also include re-calibrating the operational performances of BOF's strategic banking units; expanding operations like establishing two more branches this year alone; continuing renovation and improvement of branches; strengthening resources and improving market reach; becoming an ATM issuer; leveraging existing brand positions; strengthening customer centricity; re-defining the bank as a performance-driven organization; pushing for more defined and aggressive organizational development initiatives and embedding a risk management program; and becoming a leader and influencer as a "green and caring bank."
"Let us jointly commit that we will embrace the BOF journey towards the achievement of our set goals and realization of our mission and vision," David-Carlos urged the bank's stakeholders.
BOF recently embarked on massive transformation moves where it realized many of its "promises" like branding, the upgrading of its branches, the opening of its Dau branch, as well as the transfer of its Global City branch to Sta. Rita, Pampanga, the launch of "fruit bearing" deposit products and wealth building loan products, "migration" to a new core banking system, and green initiatives, among others.
Published in the Sun.Star Pampanga newspaper on February 11, 2013.