Investing Stocks in Philippines: Bank

Showing posts with label Bank. Show all posts

Tuesday, March 12, 2013

Stock News 2013: Aboitiz group reports 2012 net income of almost P24 B

English: A logo for the Union Bank of the Philippines (Photo credit: Wikipedia)

Aboitiz Equity Ventures Inc. increased its net profit last year by 13 percent to P23.9 billion on higher earnings from its power, banking and food-related businesses.

Excluding non-recurring items, AEV’s core earnings for 2012 totalled P23.4 billion, up by 12 percent. One-time items were booked from the following: A gain of P541 million from its power business, including a one-time gain from the revaluation of dollar-denominated liabilities and placements; non-recurring net loss brought about by the higher fuel cost booked by its geothermal plants due to reimbursements made to its steam supplier; the downward revenue adjustment of a wholly owned subsidiary as a result of an Energy Regulatory Commission ruling regarding its ancillary services contract; and -the debt prepayment cost incurred at parent level.

The full-year net profit last year translated to P4.33 in earnings per share for AEV. Power continued to account for the lion’s share of earnings at 78 percent while the banking and food units contributed 16 percent and 5 percent, respectively.

For the fourth quarter alone, AEV’s consolidated net income amounted to P5.9 billion, 15 percent higher year-on-year. Adjusting for non-recurring items, AEV closed the quarter with an 8 percent year-on-year growth in core net income to P5.7 billion.

Flagship unit Aboitiz Power Corp. ended the year with an income contribution of P18.8 biliion versus last year’s P16.5 billion. Excluding non-recurring items, the power unit recorded a 13 percent increase in its earnings share to P18.2 billion.

In 2012, the power generation business contributed P17.5 billion in earnings, recording a 12 percent growth due to the higher average selling price (+3 percent) and net generation recorded for the period. Meanwhile, improved sales volumes and margin expansions supported a 19 percent increase in the power distribution group’s income contribution to P2.2 billion.

Income contribution from banking grew by 12 percent to P3.9 billion. Union Bank of the Philippines (UnionBank) ended the period with an earnings contribution of P3.3 billion, up by 14 percent on the back of higher net interest income and hefty trading gains. Non-listed thrift bank unit City Savings Bank, Inc. (CitySavings), contributed earnings of P520 million in 2012, which was lower by 2 percent year-on-year mainly attributed to the bank’s ongoing expansion program which led to a 28 percent increase in operating expenses.

http://business.inquirer.net/110917/aboitiz-group-reports-2012-net-income-of-almost-p24-b

Monday, February 25, 2013

Stock News 2013: UCPB ’12 profit up by 22%

English: The new logo of United Coconut Planters Bank (Photo credit: Wikipedia)

United Coconut Planters Bank posted a net profit of P3.73 billion last year, 22 percent higher than the previous year, on higher interest earnings and extraordinary treasury gains.

“In spite of 2012 being a demanding year both strategically and financially, we at UCPB are satisfied to have achieved these results. We are definitely looking forward to this year, being our 50th anniversary, and revisiting the basic fundamentals that have made us a reliable banking partner for our target market,” UCPB president and chief executive officer Jeronimo Kilayko said in a statement.

The bank grew its loan book by 24 percent to P87.72 billion last year, with the consumer portfolio rising by 33 percent. Corporate accounts made up 45 percent of the loan portfolio.

Net interest income rose about 4 percent to P3.56 billion year on year.

Like most of its peers, the decline in interest rates to record-low levels last year favored the treasury business. Securities trading gains jacked up UCPB’s non-interest income by 47 percent to about P5.2 billion last year.

On fee-based business, ATM transactions grew by 20 percent from the previous year. “The growth in fees will continue to be robust because of the introduction of products such as UCPB Connect, an online facility meant to provide banking flexibility and convenience to clients. This fairly advanced banking system includes a mobile banking component which allows users to access their bank statement and pay bills through mobile devices,” the bank said.

UCPB ended 2012 with total assets hitting P218.72 billion, up by 9 percent from a year before. This was attributed to “sound financial fundamentals and knowledge of the current market conditions.”

http://business.inquirer.net/109307/ucpb-12-profit-up-by-22

Wednesday, February 6, 2013

Stock News 2013: Union Bank finalizes takeover of Cebu thrift bank

English: A logo for the Union Bank of the Philippines (Photo credit: Wikipedia)

Aboitiz-led Union Bank of the Philippines has obtained board approval to take over 99.54 percent of 32-branch Cebu-based thrift bank City Savings Bank (CitySavings) for P5.7 billion.

In a disclosure to the Philippine Stock Exchange on Wednesday, Union Bank said it would buy the controlling stake in CitySavings from parent conglomerate Aboitiz Equity Ventures (AEV) and Pilmico Foods Corp. at 2.5 times the thrift bank’s book value.

AEV, which owns 45 percent of Union Bank, owns CitySavings together with its wholly owned subsidiary Pilmico Foods Corp. After the acquisition, CitySavings will remain as a separate corporate entity, keeping its company name as well as its brand identity of simple and straightforward banking.

Union Bank will buy the combined 194,371 shares of AEV and Pilmico in CitySavings, marking a consolidation of the banking interests of the Aboitiz group under Union Bank.

Its acquisition of CitySavings is seen in line with Union Bank’s long-term strategy of beefing up its retail banking base and consumer-based portfolio.

Established in 1966, CitySavings has more than 300 employees, a stockholders’ equity of about P1 billion and total resources exceeding P9 billion, based on the bank’s website. It has 99,000 borrowers and a depositors’ base of about 59,000.

http://business.inquirer.net/106393/union-bank-finalizes-takeover-of-cebu-thrift-bank

Wednesday, January 2, 2013

Stock News 2013: EastWest doubles branch network in 2012

Visayas, Philippines (Photo credit: Andy*Enero)

Gotianun-led East West Banking Corp. doubled its branches to 245 last year from 122 in 2011 amid aggressive expansion efforts, the bank said in a disclosure Wednesday.

The bank opened 123 new stores in 2012 in various locations in Metro Manila, Luzon, Visayas and Mindanao.

"EastWest's commitment to its shareholders was to open new stores around the country at a rapid pace, which it has fervently pursued," the bank said.

"The bank plans to continue with its store expansion and grow its network to at least 350 by 2014."

EastWest saw its net income grow by 12% to P1.36 billion in the nine months to September last year from the same period in 2011, buoyed by trading gains and profits from lending.

http://www.abs-cbnnews.com/business/01/02/13/eastwest-doubles-branch-network-2012

Friday, November 30, 2012

Stock News 2012: Banks’ NPL Ratio Improves Further To 2.05% In Third Quarter

English: Central Bank of the Philippines (Main) (Photo credit: Wikipedia)

The Bangko Sentral ng Pilipinas (BSP) yesterday reported that the 37 major banks’ non-performing loans (NPL) ratio improved to 2.05 percent as of the end of the third quarter as soured loans continue to decline.

BSP’s latest data showed that NPL ratio as of end-September was 0.03 percentage point lower compared to end-August and by 0.41 percentage point lower than last year’s 2.46 percent. Net of interbank loans, the NPL ratio was lower by 0.03 percentage point to 2.15 percent.

Borrowers or debtors with unpaid loans for 30 days are considered NPL accounts while unpaid loans of more than 90 days will generally be considered in default.

The central bank in October revised the rules on banks’ NPL by including the net amount of NPLs as a “complementary measure” to gross NPLs. Net NPLs are gross NPLs less specific allowance for credit losses on the total loan portfolio.

In the first nine months of the year, the 37 universal/commercial banks have reported R69.94 billion-worth of borrowers’ past due loans. This is lower than August’s R70.43 billion and the same period in 2011 of R74.33 billion.

The big banks’ total loan portfolio, in the meantime, increased to R3.41 trillion from R3.378 trillion in the previous month and R3 trillion last year.

The BSP said NPL ratio improved because of the 0.69 percent reduction in total bad loans and the 0.96 percent expansion in total loan portfolio.

“The industry’s provisioning against potential credit losses remained adequate,” stated the BSP.

The NPL coverage ratio or loan loss reserves to NPLs strengthened to 136 percent from 135.81 percent in August and from last year’s 123.70 percent ratio.

The coverage ratio for non-performing assets (NPA) narrowed to 69.39 percent from 69.44 percent in August but it was higher compared to last year’s 62.68 percent ratio. As of end-September, the big banks’ NPAs declined to R176.34 billion from R177.12 billion in the previous month and R191.06 billion the same period in 2011.

NPAs are computed including NPL and real and other properties and acquired or ROPA

The banks’ restructured loans, on the other hand, totaled R35.5 billion, hardly changed on a monthly basis but considerably lower compared to last year’s R40.98 billion.

http://www.mb.com.ph/articles/383808/banks-npl-ratio-improves-further-to-205-in-third-quarter#.T8GjbOSmj3w

Thursday, October 25, 2012

Stock News 2012: Union Bank profit up 17% to P6.3B in Jan-Sept

English: A logo for the Union Bank of the Philippines (Photo credit: Wikipedia)

Union Bank of the Philippines, the financial arm of the Aboitizes, has posted a net income of P6.3 billion in the first nine months of 2012, up 17 percent from P5.4 billion in the same period in 2011, a company report said.

In its report submitted to the Philippine Stock Exchange (PSE), UnionBank’s net income for the third quarter declined to P2.2 billion from P2.5 billion last year.

Net interest income rose to P5.4 billion in the first three quarters of the year compared to P5.2 billion last year. However, net interest income for the quarter alone dropped to P1.78 billion from P1.82 billion in 2011.

UnionBank’s gains from trading increased to P5.28 billion as against P4.45 billion in the comparative period last year.

The bank’s basic earnings per share stood at P13.13 in January to September 2012 from P11.24 in the same period 2011.

This year, the bank is expecting its income to grow 10 to 15 percent from last year.

Loan growth for the year is likely to hit 20 to 25 percent, said UnionBank president and COO Vic Valdepeñas.

UnionBank started operations in 1981 and became a commercial bank by Jan. 19, 1982.

In July 1992, it was granted the license to operate as a universal bank.

The bank acquired the International Corporate Bank (Interbank) in 1994.

At present, it has multiple channels that are available for transaction and information access such as through its 190 branches nation wide, 224 ATMs as of January 2012), a call center and Internet bank.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=863405

Wednesday, May 9, 2012

Stock News 2012: BDO takeover seen as best solution to EIB problem

Logo of Exportbank (Photo credit: Wikipedia)
The best commercial solution to rehabilitating Export and Industry Bank (EIB) is to negotiate and sell all its assets and liabilities to the only white knight, BDO Unibank Inc., the troubled bank’s top official said.

EIB chairman Jaime Gonzales said their interest is to protect their depositors, and allowing the largest bank in the Philippines to take over will be beneficial to the depositors and government.

“To us, the best commercial solution is to allow BDO to acquire the bank,” Gonzales said.

If the bank is liquidated, government will have to pay its over 50,000 depositors. Data shows that only up to P4-billion worth of deposits is covered by insurance while bulk at P10 billion is uninsured. Thus, the thousands of depositors will go home with only P500,000 each.

But a deal with BDO would mean saving both the depositors and government for losses and anxiety since the “white knight” would be assuming all the liabilities.

The decision, however, lies in the hands of the Philippine Deposit Insurance Corp. (PDIC) since it was appointed by the BSP as the EIB receiver last month. This was preceded by the voluntary “surrender” of the bank by its major stakeholders last month.

EIB admitted last month that it would not be able to service maturing deposits worth an estimated P800 million.

The government deposit insurer has received a proposal from BDO regarding its renewed bid to acquire EIB.

Prior to the receivership, the BSP approved an incentive package for BDO offering 30 branch licenses outside of the existing 50 branch licenses held by the troubled commercial bank. It will likewise get a “financial relief” with regards the anticipated liabilities BDO will inherit from the acquisition worth over P10 billion.

Majority of the existing 50 branches are located in the so-called restricted areas, which are basically located in the deposit-rich Metro Manila areas. 30 new licenses will also be for the restricted areas.

BDO president Nestor V. Tan said that the universal bank of the SM Group remains interested in “helping in the rehabilitation of the bank.”

“We are interested in helping government rehabilitate the bank,” Tan said, clarifying however that much will still depend on talks with the receiver.

As this developed, the state-run PDIC said it is set to tap a financial auditor to determine the valuation of EIB that was ordered closed by the BSP late last month.

PDIC said in a statement that the agency is now coming up with a terms of reference for all interested parties including BDO of retail and banking magnate Henry Sy that have expressed interest in acquiring the shuttered bank.

The state-run deposit insurer pointed out that it has 90 days to determine whether the proposal submitted by BDO is most advantageous to depositors, creditors, and taxpayers.

PDIC pointed out that BDO submitted a proposal to rehabilitate EIB with certain conditions.

However, officials refused to divulge the contents of the proposal including the conditions being sought by the country’s largest bank as it has to be approved by the PDIC Board and the BSP’s Monetary Board.

“BDO has submitted a proposal to rehabilitate EIB with certain conditions. PDIC is reviewing the legal and economic viabilities of said proposal. Some of the conditions as proposed are not within the authority of PDIC,” the statement read.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=805333

Monday, May 7, 2012

Stock News 2012: EastWest Bank gains in market debut, sets P2-B capex

Gotianun-led lender East West Banking Corp. is setting aside P2 billion to more than double its branch network to 350 by 2014, in line with its bid to become one of the largest banks in the country.

EastWest Bank bucked the broader market’s downward trend yesterday and ended higher on its first day of trade. The stock hit an intra-day high of P20.70 prior to closing at P19.78, up 6.9 percent over its initial public offering (IPO) price of P18.50 each share.

In a briefing following the listing of the bank’s shares, EastWest Bank chairman Jonathan Gotianun said the bank has mapped out an ambitious growth plan aimed at further widening its customer base and geographical footprint.

From the existing 150 branches, EastWest Bank intends to add another 100 branches this year and further increase this to 350 by 2014.

Funding will come from the recently concluded maiden offering of shares, which generated P5.22 billion in total proceeds, inclusive of the greenshoe option.

Gotianun said the IPO underwriters decided to exercise the overallotment option due to strong demand from institutional investors. The offer shares account for about a quarter of the company.

“Our IPO and our listing today will give us growth capital to bring EastWest Bank to the next level of its development. We are very happy for the enthusiastic and positive response to our IPO, both here and abroad,” Gotianun said.

The IPO was the second biggest this year after banking tycoon George S.K. Ty’s GT Capital Holdings Inc.’s P21.6-billion share sale.

“We have undertaken this exercise to enable the bank to grow. We want to be a more relevant and significant player and one that contributes significantly to the country’s growth,” Gotianun said.

Gotianun said EastWest Bank prefers to grow organically first before considering further acquisitions.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=804637

Stock News 2012: UCPB net profit up 34% in Q1

Loans (Photo credit: zingbot)
Coming on the heels of the formal extension of its corporate life as granted by its shareholders recently, UCPB announced a robust performance for the first quarter of 2012 as its consolidated net income grew by 34 percent to P883.7 million from a year ago attributing it to the strong trading gains and high interest income posted by its business units.

“Businesses normally slow down during this period but we still managed to sustain our growth in 2011. Our strong first quarter performance bodes well for the future of the bank,” UCPB president and CEO Jeronimo Kilayko said.

UCPB took advantage of the volatile fixed income market thereby expanding its trading gains by more than three hundred folds during the first three months of the year to P486.9 million from P111.2 million in the same period last year.

Meanwhile, interest income from loans rose by 15 percent as the bank expanded its loan portfolio to P73.6 million by end of March 2012 from P62.1 as of March 2011.

Consumer loans from the parent company went up at a faster rate primarily due to the bank’s tie-ups with major real estate developers. This provided the bank access to more clients who would like to borrow money for their dream house.

Funding for these loans came from the inexpensive checking and savings accounts (CASA) which amounted to P102.2 million as of end of March 2012 from P98 million a year ago.

CASA comprised 63 percent of the total deposits which rose by nine percent to P162 million in the first quarter versus P148 million in 2010.

And as UCPB’s business grew, management successfully kept the growth of its operating expense at a minimum.

By end of the first quarter, UCPB’s total assets stood at P204 million, 13 percent higher than a year ago while total capital increased by 23 percent to P17.9 million.

UCPB’s first quarter feat comes on the heels of its robust income growth in 2011 which reached P3.05 billion or 25 percent higher than the previous year.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=804441

Monday, April 30, 2012

Stock News 2012: UCPB posts 34% profit growth in Q1

The new logo of United Coconut Planters Bank (Photo credit: Wikipedia)
The United Coconut Planters Bank (UCPB) has reported a 34-percent increase in net income to P883.7 million for the first quarter of 2012.

UCPB president and chief executive officer Jeronimo Kilayko attributed the increase to the bank’s ability to take advantage of the volatile fixed income market.

“The bank took advantage of the volatile fixed income market thus expanding its trading gains by more than three hundred folds during the first three months of the year to P486.9 million from P111.2 million in the same period last year,” Kilayko said.

He further explained that despite the normally weak banking activities in the first three months of a given year, UCPB surmounted this by taking advantage of all opportunities.

“Businesses normally slows down during this period but we still managed to sustain our growth in 2012. Our strong first quarter performance bodes well for the future of the bank,” he said, refusing to make a new forecast regarding the bank’s income prospects.

Kilayko said that UCPB would remain focused on its original full year 2012 target of P3.5 to P4 billion in net income.

Net income in 2011 amounted to P3.05 billion and P2.45 billion in 2010.

Meanwhile, interest income from loans rose 15 percent as the bank expanded its loan portfolio to P73.6 million by end of March 2012 from P62.1 as of March 2011.

Consumer loans, mainly the mortgage loans, rose at a faster rate primarily due to the bank’s tie-ups with major real estate developers. This provided bank access to more clients who would like to borrow to build their dream house.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=801988

Friday, January 20, 2012

Stock News 2012: Filinvest Dev't subscribes to P3-B East West Bank shares

Portage Ave EastWest 06-10-07 (Photo credit: Wikipedia)
Gotianun-led Filinvest Development Corp. (FDC) has subscribed to P3 billion or a fourth of the increase in capitalization of its banking arm EastWest Bank Corp.

EastWest Bank raised its capitalization from P8 billion to P20 billion.

In a disclosure to the stock exchange, FDC said it subscribed to 300 million common shares of EastWest Bank with a par value of P10.

The Filinvest Group is one of the country’s leading conglomerates, with interests in real estate through Filinvest Land, financial and banking services, and sugar manufacturing through Pacific Sugar Holdings.

EastWest Bank posted a net income of P1.5 billion as of October last year, down 6.1 percent from the previous level, due to lower trading gains. Net revenues also fell 5.1 percent to P5.9 billion as a result of lower trading income.

Net interest income, however rose 11.4 percent to P3.9 billion as the bank improved its lending businesses and management of its cost of funds.

http://www.philstar.com/Article.aspx?articleId=769320&publicationSubCategoryId=

Friday, September 2, 2011

Stock News 2011: Gotianun bank sees assets growing to P100B this year

Image by randz via Flickr
Gotianun-led East West Bank seeks to scale up its auto-lending business by offering attractive gas freebies as part of its goal of hitting P100 billion in total bank resources this year.

In a briefing Friday, East West Bank president Antonio Moncupa Jr. unveiled a car-financing program that offers up to P50,000 in free gas for clients availing themselves of auto loans with a size of more than P2 million. The offering is seen very timely and attractive given the upswing in global fuel prices.

The bank’s auto loan package carries a fixed interest rate of between 8 and 12 percent depending on the tenor, which ranges between 36 and 40 months. “We make sure we’re very competitive,” Moncupa said, noting that with narrowing loan spreads due to stiff competition in the banking system, it was a must to expand business volume.

East West Bank has expanded its car lending business by 26.2 percent in the first semester compared with a year ago, cementing its position as the country’s sixth biggest auto loan provider.

About P8 billion of the bank’s loans was devoted to car lending, Moncupa estimated. This represented about 18 percent of the bank’s P44-billion loan portfolio as of end-June.

http://business.inquirer.net/16391/gotianun-bank-sees-assets-growing-to-p100b-this-year

Monday, June 6, 2011

Stock News 2011: Robinsons seeks comm’l bank license

Seal of Bangko Sentral ng Pilipinas (1993-2010)

Image via Wikipedia
Robinsons Bank Corp. will operate as a commercial bank once the Bangko Sentral ng Pilipinas grants it the necessary license.

A KB license will allow RobinsonsBank to offer its clients a wider array of innovative financial products such as foreign letters of credit and other trade instruments and put the bank in an even greater capacity to serve as it aims to be among the country’s top 10 commercial banks.

The Securities and Exchange Commission’s recent approval of the merger between Robinsons Savings Bank and Robinsons Bank Corp. completes the legal and regulatory requirements needed by the BSP to award Robinsons Bank Corp., the surviving commercial bank entity from the merger of the two Gokongwei-owned banks, a KB license.

http://mb.com.ph/node/321434/robin

Thursday, March 17, 2011

Stock News 2011: Chinatrust’s net profit grows 20% to P410M

Image via Wikipedia
The Philippine unit of Taiwan-based banking giant Chinatrust Commercial Bank grew its net profit in 2010 by 20.84 percent to P410 million, on the back of improved interest margins and large treasury earnings.

This translated to 7.3 percent return on equity and 1.6 percent return on assets of Chinatrust (Philippines) Commercial Bank.

Better margins were on account of lower cost of funds while income from treasury operations substantially increased, the bank in a disclosure to the Philippine Stock Exchange on Thursday.

"The favorable economic environment that prevailed last year allowed Chinatrust to take advantage of the opportunities in the bond markets," the bank. Trading gains and foreign exchange gains thus amounted to P307 million, an increase of 90.33 percent from a year ago.

http://business.inquirer.net/money/breakingnews/view/20110317-325976/Chinatrusts-net-profit-grows-20-to-P410M

Monday, February 28, 2011

Stock News 2011: BDO net income soars 46% to P8.8 B

Banco De Oro Unibank, Inc. (BDO) reported a 46 percent jump in audited net income last year to P8.8 billion from the P6 billion it earned in 2009, exceeding its initial earnings guidance of P8.1 billion.

The Bank, prior to the income release, has reported that its consolidated resources hit the P1-trillion mark at the end of 2010, making it the first Philippine bank to achieve that milestone.

In a disclosure to the Philippine Stock Exchange, BDO said its strong performance was a result of a more diversified and sustainable earnings stream from its core lending, deposit-taking and service businesses.

Gross customer loans expanded 15 percent to P541.5 billion with firm growth across all business segments. Total deposits, meanwhile, rose 13 percent to P782.6 billion.

A larger earning asset base coupled with lower funding costs resulted in the 12-percent increase in net interest income to P34.2 billion.

The bank’s fee-based service income likewise grew to P10.4 billion on strong contributions from trust, private banking, remittance, transaction banking, insurance, investment banking, and credit cards.

http://www.mb.com.ph/node/306767/bdo-net-income-

Saturday, February 26, 2011

Stock News 2011: Chinabank profit rises 22% to P5 billion

Image via Wikipedia
China Banking Corporation reported robust gains in 2010 with its audited net income improving by 22 percent to P5 billion on the back of continued loans growth and improved trading gains.

The bank said its fee-based businesses such as bancassurance, private banking, cash management and remittances also contributed to the earnings growth.

China Bank’s 2010 financial ratios underscore its sustained profitability in 2010: return on equity of 16.69 percent from 15.36 percent, return on assets of 2.15 percent from 1.90 percent.

“2010 was a year of dynamic growth for China Bank. We continued to pursue our aggressive expansion program ‘ branch openings, ATMs and even exceeded our income target of P4.4 billion,” said China Bank president Peter S. Dee.

http://www.mb.com.ph/node/306355/chinabank-profit-ri

Wednesday, January 26, 2011

Stock News 2011: PSBank net profit up 46% to P1.8 billion

Image via Wikipedia
Philippine Savings Bank (PSBank), the thrift bank arm of the Metrobank Group, expects net income to hit P2 billion this year after it reported a 46 percent surge in its 2010 audited net income to P1.8 billion from the P1.2 billion recorded in 2009.

In a disclosure to the Philippine Stock Exchange, the Bank said it had breached its P1.4 billion 2010 net income target as early as the third quarter last year. Earnings this year is expected to be driven by continuing improvements in its core revenues.

The 2010 net income of the country’s second largest thrift bank is supported by the growth in assets from P93.1 billion to P104.1 billion. Of this amount, gross loans expanded by 15 percent to P55.6 billion with auto loans rising by 27 percent, mortgage loans by 11 percent and personal loans by 9 percent.

On the other hand, the Bank’s investments portfolio, contributed an increase of 13 percent to P26.2 billion.

“The Bank’s outstanding performance and growth in market share in 2010 were due to strong consumer demand, backed by product improvements and excellent customer service. Price is not the only factor that customers consider, they also look for speed in delivery, convenience and reliability,” PSBank president Pascual M. Garcia III said.

http://www.mb.com.ph/node/300716/p

Monday, January 17, 2011

Stock News 2011: Banks now offering 25-year housing loans

The Department of Finance (DoF) said Monday that some local banks are now willing to provide housing loans of up to 25 years after the government successfully sold longer-dated debts.

Finance Secretary Cesar V. Purisima said, in an interview, that some local banks came to him and have showed interest in introducing housing loans that are payable in 25 years.

“Banks now are telling me that they’re looking at offering consumers 25-year housing loans. Before, loans outside Pag-IBIG [Home Development Mutual Fund] can only be 15 years,” Purisima said.

In December last year, the Aquino government issued debt notes maturing in 2035, in the process creating a new benchmark rate for 25-year bonds.

http://www.mb.com.ph/node/299057/bank

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