For Metrobank, it’s Christmas in August as it forecasts ‘banner’ year
On the heels of achieving record earnings in the first half of 2024, Ty family-led Metropolitan Bank and Trust Co. (Metrobank) is expecting a banner year amid an anticipated increase in consumer loans this coming Christmas season.
Metrobank chief marketing officer Digs Dimagiba told reporters on Friday that the upward trajectory of the Philippine economy would likewise fuel growth in the latter part of the year.
“[If] the economy continues to thrive, businesses continue to thrive, it’s going to be great not just for Metrobank, but for the whole country,” Dimagiba said on the sidelines of Metrobank’s “Holideals” promo launch.
The bank’s six-month bottom line grew 13 percent to a record P23.6 billion as it expanded its assets while ensuring that costs were managed well.
Net interest income during the period grew by 14.6 percent to P58 billion, driven by demand in commercial and consumer loans.
Metrobank head of consumer lending Peaches Cuenco said they expected both loan segments to increase further. In the first semester, Metrobank’s gross loans climbed by 14.9 percent due to a 15.2-percent rise in commercial loans and 13.7-percent expansion in consumer loans.
Cuenco said they anticipated a sustained growth particularly in the auto and home loans business after Metrobank launched special deals ahead of the holiday rush.
Under the promo, Metrobank will waive up to P100,000 in fees for home and car loans, and offer interest rates of at least 6.75 percent per annum, depending on the term and type of loan.
Cuenco noted they were seeing a shift in the profile of their loan clients.
“They are a bit younger now, mostly married, but the single demographic has been increasing as well,” she said.
