On October 29, 2010 Dumaguete City Development Bank (DCDB) marked its 30th year of its existence in the banking industry amidst the lingering impact of the financial meltdown in the U.S.A. and Europe that led to a worldwide recession but which was not officially felt in our country as its economy still grew. It was a continuing hurdle for our bank to take on for bigger share of the market, a stronger balance sheet and a meaningful bottom line. We endeavored to put our best foot forward to find ways to improve our bank as our competitors were also doing the same.
A 9.19 percent increase in total resources for the year 2010 was largely accounted by the increase in Due from other Banks and Loans and Receivables which posted at P288.9 million and P373.9 million respectively. Money market placements and government securities decreased by P71.1 million due to the sale and termination of matured securities. Gross loans and receivables increased by 13.04 percent compared to 2009. Core lending continued to grow, even though decelerated, on account of moderate economic expansion, prevailing market risk aversion and increased corporate bond issuances on the bank of related developments in the domestic capital markets in the country.
Total liabilities at year-end 2010 increased by P74.9 million or roughly 9.25 percent from P810.2 million to P885.1 million. The increase was mainly attributed to the rise in Deposit Liabilities by 12.16 percent. Total capital funds or net worth ended the year at P189.8 million, up by 8.90 percent compared to the 2009 balance of P174.3 million and accounted for by the additional income generated for the year. Consolidated net income for the year posted at P17.0 million.
The management worked as hard as we do, enhancing the Compliance functions and establishing our own internal Audit Unit working hand-in-hand with the upgrading of the computerization of our operations. We must always be on our toes, ready to spring up on opportunities to grow in our banking business, ever responsive to our clientele to keep them in our folds and to continue providing our Shareholders good returns. Good is not good enough in the midst of competition. We must always bear in mind to work towards exceeding expectations…soring high!