Metrobank allots P4 B for 2019 capex

MANILA, Philippines — Metropolitan Bank & Trust Co. (Metrobank) is spending as much as P4 billion for its capital expenditures this year, half of which has been earmarked for information technology (IT).

“For 2019, the bank is allocating up to P4 billion capital expenditures, of which 50 percent is estimated to be allocated for information technology,” Metrobank said.

Last year, the country’s second largest lender in terms of assets spent P4.5 billion for capital expenditures, about 73 percent of which or P3.32 billion went to other expenditures including IT spending.

The consumer banking segment spent about P884 million followed by the treasury with P130 million, and bank branching with P110 million. Likewise, P91 million was spent for corporate banking.

Earnings of Metrobank jumped by 21 percent to P22 billion last year from P18.2 billion in 2017 as the bank continues to lay the groundwork for further growth.

Metrobank’s strong performance in 2018 was driven by the healthy growth in loans complemented by margin expansion, higher service charges, fees and commissions, and manageable expense growth.

The bank recorded a 10 percent expansion in loan book to P1.4 trillion from P1.3 trillion.