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BPI Family Bank upbeat on 2010 performance

- Ted P. Torres () - July 9, 2010 - 12:00am

MANILA, Philippines - BPI Family Savings Bank, the thrift banking unit of the Ayala-controlled Bank of the Philippine Islands, remains bullish on posting double-digit in its income and loan portfolio this year, the bank’s top executive said.

Newly-installed BPI Family, president Teodoro K. Limcaoco said loan portfolio is forecast to balloon by at least 20 percent while its net income is seen to grow between 10 to 15 percent this year.

Net earnings in 2009 amounted to P1.795 billion, putting the yearend target numbers in the vicinity of a little over P2 billion for 2010. Last year’s loan portfolio, meanwhile, reached P90 billion, and is seen to expand to about P118 billion.

Lending to small and medium enterprises (SME) is expected to be the fastest growing segment of BPI Family’s loan portfolio. “It is the backbone of the Philippine economy,” Limcaoco said during the press launch of Ka-Negosyo Expo, an exposition the bank is co-sponsoring with the Association of Filipino Franchisers Inc. (AFFI).

Part of Limcaoco’s optimism hinges on the fact that the AFFI members represent over 80 brands or 5,000 stores nationwide.

BPI Family is offering a collateral-free, 14-percent interest rate loan to the AFFI members, and all BPI Family or BPI clients with at least a two-year active banking record. The SME promotional loan also comes with a free, one-year business insurance package that can protect the business, the employers and employees.

Underwriters of the non-life insurance policies will be BPI/MS, also a member of the Ayala Group. It is the same insurer of comprehensive auto insurance coverage, which included the Acts of God (AOG) feature, during the bank’s Auto Madness program early this year.

BPI Family’s optimistic outlook for the rest of the year is buoyed by the improving economic conditions as seen by the 7.3 percent growth in gross domestic product (GDP) in the first quarter of the year, and the peaceful May election leading to the assumption into power of the Aquino administration.

Limcaoco, who also served as chief executive of BPI Capital, also expects their synergy with BPI and the rest of the Ayala Group of Companies to continue to pay dividends for the largest thrift bank in the country.

ACTS OF GOD ASSOCIATION OF FILIPINO FRANCHISERS INC AUTO MADNESS AYALA GROUP AYALA GROUP OF COMPANIES BANK OF THE PHILIPPINE ISLANDS BPI FAMILY SAVINGS BANK KA-NEGOSYO EXPO LIMCAOCO YEAR
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