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Total of 15pages (including cover)

SEC Number 102165File Number ______

_________________________________

BANKARD, INC.

_________________________________

31st Floor, Robinsons-Equitable Tower, ADB Avenue corner Poveda St.,Ortigas Center, Pasig City 1605

__________________________________________________

688 - 1888_____________________________

December 31_____________________________

(Fiscal Year Ending)(Month & Day)

SEC FORM 17 - Q QUARTERLY REPORT__________________________________________

(Form Type)

Amended SEC Form 17-Q____________________________________

Amendment Designation (if applicable)

September 30, 2011_______________________

Period Ended Date

Not Applicable________________________________________

(Secondary License Type and File Number)

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SECURITIES AND EXCHANGE COMMISSION

AMENDED SEC FORM 17-Q

QUARTERLY REPORT PURSUANT TO SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

RULE 17(2)(b) THEREUNDER

1. For the quarterly period ended September 30, 2011

2. Commission Identification Number 102165

3. BIR Tax Identification No. 000-803-498-000

4. Exact name of registrant as specified in its charter: BANKARD, INC.

5. PhilippinesProvince, Country or other jurisdiction of incorporation or organization

6. Industry Classification Code: SEC Use Only)

7. 31st Floor Robinsons-Equitable Tower, ADB Avenue corner Poveda St., Ortigas Center,Pasig City 1605Address of issuers principal office Postal Code

8. 632 / 688-1888Registrant's telephone number, including area code

9. Former name, former address, and former fiscal year, if changed since last report

10. Securities registered pursuant to Sections 8 and 12 of the Code, or Sections 4 and 8 of theRSA

Number of Shares of Common Stock

Title of Each Class Outstanding and Amount of Debt Outstanding

Common Stock, P1 par value 1,528,474,000 (as of 12/ 22/ 11)

11. Are any or all of these securities listed on the Philippine Stock Exchange.Yes [x] No [ ]

12. Indicate by check mark whether the registrant:(a) has filed all reports required to be filed by Section 17 of the Code and SRC Rule 17

thereunder or Sections 11 of the RSA and RSA Rule 11(a)-1 thereunder, and Sections26 and 141 of the Corporation Code of the Philippines, during the preceding 12months (or for shorter period the registrant was required to file such reports):

Yes [x] No [ ]

(b) has been subject to such filing requirements for the past 90 daysYes [x] No [ ]

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3rd Quarter Report 2011

Table of Contents

Page No.

Part I - FINANCIAL INFORMATION

Item 1. Financial Statements 4Item 2. Managements Discussion and Analysis of Financial

Condition and Results of Operations 10

PART II - OTHER INFORMATION 13

SIGNATURES 14

Aging of Accounts Receivables 15

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Item 1 - Financial Statements

BALANCE SHEETS(Unaudited) (Audited)

September 30, 2011 December 31, 2010

A S S E T S

CURRENT ASSETS

Cash and cash equivalents 660,229,038P 320,270,146P

Credit card and other receivables - net 57,242,558 27,368,334

Financial assets at fair value through profit or loss 48,406,868 346,934,541

Prepayments and other current assets 5,104,242 1,931,544

Total Current Assets 770,982,706 696,504,565NON-CURRENT ASSETS

Property and equipment - net 144,559,793 117,689,847

Other non-current assets - net 14,618,712 22,950,864

Total Non-current Assets 159,178,505 140,640,711

TOTAL ASSETS 930,161,211P 837,145,276P

LIABILITIES AND EQUITY

CURRENT LIABILITIES

Accounts payable andother accrued expenses 74,720,708 70,882,622

Other current liabilities 9,313,031 5,632,288

Total Current Liabilities 84,033,739 76,514,910

EQUITY

Capital stock 1,528,474,000 1,528,474,000

Deposit on future stock subscription - -

Additional paid-in capital 390,301,874 390,301,874

Treasury shares - at cost (37,875,581) (37,875,581)

Change in fair value of available-for-sale securities (375,876) (375,876)

Retained earnings (deficit) (1,034,396,945) (1,119,894,051)

Total Equity 846,127,472 760,630,366

TOTAL LIABILITIES AND EQUITY 930,161,211P 837,145,276P

PART I - FINANCIAL INFORMATION

The interim consolidated financial statements have been prepared in comformity with generally accepted accounting

principles (GAAP) and reflect amounts that are based on the best estimates and informed judgment of management

with appropriate consideration to materiality.

1/

1/

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UNAUDITED INCOME STATEMENTS

3rd Quarter 2011

(July - September)

3rd Quarter 2010

(July - September)

January 01 to

September 30, 2011

January 01 to

September 30, 2010

REVENUES

Service Fee 75,906,226P 69,791,990P 220,040,246P 193,916,338P

Reversal of impairment losses on credit card receivables 6,694,186 8,570,150 19,322,469 26,102,246

Recoveries on accounts previously written-off 9,031,066 8,332,529 26,277,154 28,059,247

Other revenues 10,672,349 15,243,057 23,500,877 36,486,108

102,303,827 101,937,726 289,140,746 284,563,939

COSTS AND EXPENSES

Employee Benefits 36,961,968 39,866,974 114,277,643 117,888,535

Management and professional fees 11,265,272 6,329,900 24,132,966 24,945,099

Taxes and licenses 1,572,226 1,440,480 4,532,147 3,944,447

Communication, l ight and water 1,370,672 920,015 2,358,975 1,777,027

Occupancy and equipment-related expenses 5,337,569 5,062,669 15,307,181 14,231,945

Supplies and subscriptions 48,474 45,185 104,593 197,246

Bank and collection charges 189,199 2,010 218,585 2,010

Other operating expenses 12,830,194 10,381,022 34,622,704 23,388,552

69,575,573 64,048,254 195,554,794 186,374,861

INCOME (LOSS) BEFORE TAX 32,728,254 37,889,472 93,585,952 98,189,078

EXTRA-ORDINARY INCOME - - - -

TAX EXPENSE (BENEFIT) 2,874,242 2,764,806 8,088,845 7,381,376

NET INCOME (LOSS) 29,854,013P 35,124,666P 85,497,107P 90,807,702P

Earnings (Loss) Per Share 0.02P 0.02P 0.06P 0.06P

29,854,013P 35,124,666P 85,497,107P 90,807,702P

1,501,893,900 1,501,893,900 1,501,893,900 1,501,893,900

0.020P 0.023P 0.057P 0.060P

Divided by the weighted average number of outstanding common shares

Earnings (Loss) per share amounts were c omputed as follows:

Net income / (loss)

Earnings (Loss) per share

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STATEMENT OF CHANGES IN EQUITY

(Unaudited) (Unaudited)January 01, to

September 30, 2011

January 01, to

September 30, 2010

CAPITAL STOCK-P1.00 par valueAuthorized - 2,000,000,000 shares

Issued - 1,528,474,000 shares

Outstanding - 1,501,893,900 shares 1,528,474,000P 1,528,474,000P

ADDITIONAL PAID-IN CAPITAL 390,301,874 390,301,874

TREASURY SHARES - At cost (37,875,581) (37,875,581)

FAIR VALUE GAIN (LOSS) ON

AVAILABLE-FOR-SALE SECURITIES (375,876) (609,550)

RETAINED EARNINGS (DEFICIT)Ratained Earnings (603,541,148) (731,395,752)Ratained Earnings, Adjustments (516,352,904) (516,352,904)

Net income (loss) 85,497,107 90,807,701

Balance at end of year (1,034,396,945) (1,156,940,954)

TOTAL EQUITY 846,127,472P 723,349,789P

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STATEMENT OF CASH FLOWS

(Unaudited) (Unaudited) (Unaudited) (Unaudited)

July 01, to

September 30, 2011

July 01, to

September 30, 2010

January 01, to

September 30, 2011

January 01, to

September 30, 2010

CASH FLOWS FROM OPERATING ACTIVITIES

Income (Loss) before tax 32,728,254P 37,889,472P 93,585,952P 98,189,078P

Adjustments for:

Depreciation and amortization 1,439,727 1,081,974 3,658,658 2,437,389

Non-cash income - VISA

Reversals of capitalized expenses

Interest income (7,565,222) (2,645,843) (21,828,247) (27,085,977)

Operating income before working capital changes 26,602,759 36,325,603 75,416,363 73,540,490

Decrease/(increase) in credit card and other receivables (7,154,106) 8,447,401 (29,874,224) (8,777,838)

Decrease/(increase) in prepayments and other current assets 281,459 (297,863) (7,035,531) (6,323,122)

Decrease/(increase) in prepayments and other non-current assets (570,932) (7,088,610) 8,332,152 120,852

Increase/(decrease) in accounts payable

and other accrued expenses 5,679,363 16,712,661 3,838,086 30,074,740

Increase (decrease) in other current liabilities 1,400,246 1,532,101 3,680,743 3,111,460

Cash used in operations 26,238,789 55,631,293 54,357,589 91,746,582Cash paid for income taxes (1,499,119) (1,568,655) (4,226,013) (4,011,010)

Net Cash From (Used in) Operating Activities 24,739,670 54,062,638 50,131,576 87,735,572

CASH FLOWS FROM INVESTING ACTIVITIES

Increase/(decrease) in financial assets at fair value throug profit & loss 5,712,590 (47,778,360) 298,527,673 (150,312,194)

Acquisitions of property and equipment (8,632,874) (550,000) (30,548,831) (8,537,351)

Proceeds from sale of property and equipment (61,246) - 20,227 -

Acquisitions of property and equipment - - - (76,554,662)

Interest received 7,565,222 2,645,843 21,828,247 27,085,977

Net Cash Used in Investing Activities 4,583,692 (45,682,517) 289,827,316 (208,318,230)

NET INCREASE (DECREASE) IN CASH

AND CASH EQUIVALENTS 29,323,362 8,380,121 339,958,892 (120,582,658)

CASH AND CASH EQUIVALENTSAT BEGINNING OF THE PERIOD 630,905,676 337,301,533 320,270,146 466,264,312

CASH AND CASH EQUIVALENTS

AT END OF THE PERIOD 660,229,038P 345,681,654P 660,229,038P 345,681,654P

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Additional Disclosures to Item I - Financial Statements

NOTES TO FINANCIAL STATEMENTSFOR THE QUARTER ENDED SEPTEMBER 30, 2011

SEC REQUIREMENT DISCLOSURE

Disclosure that the issuers interim financialreport is in compliance with Generally Accepted

Accounting Principles

The interim consolidated financial statementshave been prepared in accordance with generally

accepted accounting principles in the Philippines

as set forth in the PFRSs and reflect amounts that

are based on the best estimates and informed

judgment of management with appropriate

consideration to materiality.

The following information, as a minimum, should

be disclosed in the notes to financial statements,

if material and if not disclosed elsewhere in the

interim financial report:

A statement that the same accounting

policies and methods of computation are followed

in the interim financial statements as compared

with the most recent annual financial statements

or, if those policies or methods have been

changed, a description of the nature and effect of

the change

The Company has consistently followed

the same accounting policies and methods of

computation for its interim financial statements

as with its most recent annual financial

statements.

The Company has decided not to earlyadopt either PFRS 9 (2009) or PFRS 9 (2010) forthe 2011 and 2012 annual financial reportingdue to the deferment by the InternationalAccounting Standards Board of the mandatoryeffectivity date of IFRS 9 from January 1, 2013to January 1, 2015. The Company shall conductearly in 2012 another impact evaluation using

the December 31, 2011 balances. The Companyshall disclose in its March 31, 2012 interimfinancial statements if the company will decideto early adopt either PFRS 9 for its 2012reporting.

Explanatory comments about the

seasonality or cyclicality of interim operations. Refer to item G of Material Event/s and

Uncertainties

The nature and amount of items affecting assets,

liabilities, equity, net income, or cash flows that

are unusual because of their nature, size, or

incidents

Please refer to managements discussion

on the financial statements.

The nature and amount of changes in

estimates of amounts reported in prior interim

periods of the current financial year or changes in

estimates of amounts reported in prior financial

years, if those changes have a material effect in

the current interim period

There are no changes in accounting

estimates affecting this interim period.

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Issuances, repurchases, and repayments of

debt and equity securities

The Board of Directors, in its meeting last

July 19, 2011, approved the issuance of Bankard

Inc.'s treasury shares relative to the minimum

public ownership requirements of the Philippine

Stock Exchange. The company holds 26,580,100

treasury shares.

Dividends paid (aggregate or per share)

separately for ordinary shares and other shares

There were no dividends paid for ordinary

or other shares as of 2nd quarter ending

September 30, 2011.

Segment revenue and segment result for

business segments or geographical segments,

whichever is the issuers primary basis of segment

reporting. (This shall be provided only if the issuer

is required to disclose segment information in its

annual financial statements)

The Company is not required to disclose

segment information in its annual financial

statements.

Material events subsequent to the end of

the interim period that have not been reflected in

the financial statements for the interim period

Nothing to disclose.

The effect of changes in the composition

of the issuer during the interim period, including

business combinations, acquisitions or disposals of

subsidiaries and long-term investments,

restructurings, and discontinuing operations

Please refer to managements discussion

on the financial statements.

Changes in contingent liabilities or

contingent assets since the last annual balancesheet date

The Company does not have any

contingent assets or liabilities.

Existence of material contingencies and

any other events or transactions that are material

to an understanding of the current interim period.

Nothing to disclose.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

INCOME STATEMENT

The net income of Bankard, Inc. for the third quarter of 2011 posted a decrease of 15.0% from P35.1million last year to P29.8 million this year due mainly to lower return on Bankards investment

portfolio. Bankard generated total revenues of P102.3 million in the third quarter of 2011 versus last

years P101.9 million boosted by the service fees posted at P75.9 million, registering a 8.8% increase

from same period last year, and revenues from transactions acquired from CUP issued cards amounting

to P2.6 million. Income from recoveries and collections of fully provisioned and previously written-off

credit card receivables amounted to P15.7 million while gains from Bankards investment portfolio

amounted to P5.3 million.

Costs and expenses for the third quarter of 2011 totalled P69.6 million, 8.6% higher than same period

last year. Expenses of Bankard consist mainly of manpower costs for servicing the credit card

operations of Rizal Commercial Banking Corporation (RCBC).

BALANCE SHEET

Bankard, Inc.s total assets which amounted to P930.2 million as of September 30, 2011 registered an

increase of 11.1% from P837.1 million as of December 31, 2010. Cash & cash equivalents increased by

P339.9 million from P320.3 million as of December 31, 2010 to P660.2 million as of September 30, 2011

due to the shift of investment portfolio from Financial Assets at fair value through profit or loss to

short-term investment. Financial Assets at fair value through profit or loss decreased to P48.4 million

as of end of September 2011 from P346.9 million as of December 31, 2010. The fully provisioned credit

card receivables are still in the Companys Balance Sheet amounting to P2.5 billion as of September

2011. Total Liabilities as of September 2011 were P84.0 million while the Equity account rose to

P846.1 million as of September 2011 from P760.6million in December 2010 as a result of the profitable

operations.

Discussion of the companys and its majority-owned subsidiaries top five (5) key performanceindicators. It shall include a discussion of the manner by which the company calculates oridentifies the indicators presented on a comparable basis.

Key Performance Indicators

3Q 2011 3Q 2010 YTD Sep

2011

YTD Sep

2010

Return on Assets (%) 1 13.1 17.5 13.0 16.2

Return on Equity (%) 2 14.3 19.9 14.2 18.1

1/ Return on assets (ROA) was computed based on the ratio of annualized net income/(net loss) to average assets.2/ Return on equity (ROE) was computed based on the ratio of annualized net income/(net loss) to average equity.

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FINANCIAL RISK DISCLOSUREa. Assess the financial risk exposure of thecompany and its subsidiaries particularly oncurrency, interest, credit, market andliquidity risks. If any change thereof wouldmaterially affect the financial condition andresults of operation of the Company,provide a discussion in the report on thequalitative and quantitative impact of suchrisks and include a description of anyenhancement in the Companys riskmanagement policies to address the same.

Bankards Investment Management Account (IMA) isexposed to financial risk through its financial asset.The principal financial assets of the Fund are Cash inBank, Special Deposit Accounts with the Bangko Sentralng Pilipinas (BSP SDA), Time deposits with Universaland Savings Banks, Government Treasury Notes at FairValue thru Profit/Loss (FVPL). These open positionsgive rise to credit risks, interest rate risks and liquidityrisks.

The Funds overall risk management program focuseson the unpredictability of financial markets and seeksto minimize potential adverse effects on the Fundsfinancial performance.

The Fund manages credit risks by implementing astandard operating procedure in evaluating the creditquality of an issuer and setting limits for

counterparties. Credit exposures are closely monitoredso as to ensure that payments are made on time.

Interest rate risks are managed by keeping theweighted average duration of the portfolio short.Treasury bond purchases are limited to highly tradedissues to minimize liquidity risks.

b. Evaluate whether the company couldprovide clearer and more transparentdisclosure regarding its financial instrumentsincluding but not limited to the followinginformation:

1. A description of the financial instrumentsof the Company and the classification andmeasurements applied for each. If materialin amount, provide detailed explanation oncomplex securities particularly onderivatives and their impact on the financialcondition of the company.

Investment Management Account are classified in theBalance Sheet based on the nature of the placement,i.e. TCD placements with Banks Cash in Bank; SpecialDeposit accounts with BSP Due from BSP; FX TreasuryNotes, Retail TBonds & SMB Bonds Financial AssetsHeld for Trading. They are measured at fair values ateach reporting period and the corresponding amount ofgains and losses are clearly identified in the financialstatements.

2. the amount and description of theCompanys investments in foreign securities

Not applicable.

3. The significant judgments made inclassifying a particular financial instrument

in the fair value hierarchy

Not applicable. The fair values of available for sale offinancial assets have been determined directly by

reference to published/quoted prices in active market.

4. An explanation of how risk isincorporated and considered in thevaluation of assets or liabilities

Placements in non-tradable investments such asdeposits are subject to loan loss provisions when cashflows are not received as they fall due. Price/interestrisk of tradable notes is presumed to be reflected inthe depreciation of observed market prices and will bereported as mark to market losses.

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5. A comparison of the fair values as of dateof the recent interim financial report and asof date of the preceding interim period, andthe amount of gain/loss recognized for eachof the said periods;

Dec. 10 Sep 11

Investment Management Account P481.5M P485.6MIncome for the period 27.0M 4.9M

6. The criteria used to determine whether

the market for a financial instrument isactive or inactive, as defined under PAS 39-Financial instruments

A market is considered active when there are actual

and regularly occurring market transactions on anarms length basis.

MATERIAL EVENT/S AND UNCERTAINTIES

Aside from the above discussions:

a. Any known trends, demands, commitments, events or uncertainties that will have a material

impact on the issuers liquidity.

Nothing to disclose

b. Any events that will trigger direct or contingent financial obligation that is material to the

company, including any default or acceleration of an obligation.

Nothing to disclose

c. All material off-balance sheet transactions, arrangements, obligations (including contingent

obligations), and other relationships of the company with unconsolidated entities or other

persons created during the reporting period.

Nothing to disclose

d. Any material commitments for capital expenditures, the general purpose of such commitmentsand the expected sources of funds for such expenditures.

Bankard, Inc. invested in three (3) floors of the RCBC Savings Bank Building Project. Theestimated amount of the investment of Bankard in this project is P305 million to be fundedover the construction period. The project is estimated to be completed by second quarter of2013.

e. Any known trends, events or uncertainties that have had or that are reasonably expected to

have a material favorable or unfavorable impact on net sales/revenues/income from

continuing operations.

Collection and recovery of fully provisioned and written-off credit card receivables left in the

books of Bankard, Inc. is one of the revenue sources of the Company. Over time, thesereceivables for collection will run-down since the company is no longer engaged in the business

of issuing credit card. The run-down of the credit card receivables will consequently affect

future revenues that it derives from the collection of said credit card receivables.

f. Any significant elements of income or loss that did not arise from the issuers continuing

operations.

Nothing to disclose

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g. Any seasonal aspects that had a material effect on the financial condition or results of

operations.

The companys service fee income is affected by the seasonality of RCBCs credit card business

which Bankard, Inc. services. The amount of service fee recognized is equivalent to thecompanys operating costs for processing RCBCs credit card transaction plus a certain

percentage of the gross monthly revenues from the credit card issuing and merchant acquiring

businesses. Any increase or decrease in gross billings and transactions affect the revenues of

the card business and consequently the service fee income of the company.

PART II - OTHER INFORMATION

The issuer may, at its option, report under this item any information not previously reported in

a report on SEC Form 17-C. If disclosure of such information is made under this Part II, it need not be

repeated in a report on Form 17-C which would otherwise be required to be filed with respect to such

information or in a subsequent report on Form 17-Q.

Nothing to disclose

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AGING OF ACCOUNTS RECEIVABLE

As of September 30, 2011

(In million pesos)

Credit Card Receivables *

Current -

Past Due

Less than 180 days -

180 days or more 25,485.4

Total 25,485.4

* Fully-provisioned