Metrobank allots up to P5 billion capex this year
MANILA, Philippines — Metropolitan Bank & Trust Co. (Metrobank) is spending as much as P5 billion for its capital expenditures this year, half of which has been earmarked for information technology (IT).
In its preliminary information sheet submitted to the Philippine Dealing and Exchange Corp. (PDEx), the country’s second largest bank said it expects to incur capital expenditures of up to P5 billion for 2020.
Metrobank’s capital expenditures jumped by 35.5 percent to P4.77 billion last year from P3.52 billion in 2018.
Spending for IT and other expenditures increased by 22.8 percent to P3.45 billion last year from a year ago level of P2.81 billion.
Likewise, Metrobank also spent P649 million for its consumer banking segment last year, followed by P538 million for corporate banking and P95 million for its treasury department.
The bank also spent P35 million for its branches.
Metrobank ended 2019 and 2018 with 707 branches as it believes that it has reached its optimal state in terms of its branch network. It is confident that it has the size and scale to pursue its growth plans.
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