Equitable PCI profits shrink

Manila: Profits at Equitable PCI Bank, the nation's third-largest lender, fell 21 per cent last year as margins were squeezed by higher financing charges. Equitable PCI, formed after Equitable Banking's merger with Philippine Commercial International Bank last year, said profit for 1999 was 1.25 billion pesos (about HK$236.75 million), down 21 per cent compared with 1.59 billion pesos in 1998. Earnings per share were 2.73 pesos, 38 per cent down from 4.40 pesos in 1998. PCI Bank, which Equitable acquired in May, earned 2.68 billion pesos in 1998.