Thursday, May 22, 2008 [ manilatimes.net ]
METROPOLITAN Bank and Trust Co. (Metrobank) said it will dispose more of its real and other properties acquired (ROPA) this year.
Jette C. Gamboa, Metrobank assistant vice president, told reporters the lender will sell from P5 billion to P10 billion of the bad assets this year.
The country’s biggest lender has sold P2.1 billion of foreclosed assets in the first quarter of the year.
Metrobank had P31 billion worth of ROPAs as of last year based on book values. Valued at the market, the bad assets however are worth P48 billion.
Gamboa said the bank expects loan growth to reach 6 percent this year, slightly lower than the 7 percent last year.
Net loans and receivables grew 15.5 percent year-on-year to P314 billion in the first quarter on the back of continued consumer loan growth.
Gamboa said the bank will focus on its lending business on the back of lower trading gains.
Metrobank’s net income fell by 15.64 percent to P1.76 billion in the first quarter of the year from P2.08 billion in the same period last year.
Arthur Ty, Metrobank president, told reporters the lender anticipates a challenging year given the uncertainty in the US economy and global financial markets.
“Loan growth will ride on the prospects of the economy, with demand expected from power, telecommunications, infrastructure, tourism and business process outsourcing sectors,” he said.
The bank president said inflation will remain a pressing concern this year, giving upward pressure to interest rates.
Ty said economic growth will slow this year but will continue to be fueled by the services industry and consumption demand.
To date, Metrobank’s consolidated resources reached P677.96 billion, up by 2.20 percent year-on-year. --Maricel E. Burgonio
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