Philippines

The lender looks forward to a 12% loan growth this year as it focus on its consumer lending business.

Despite relatively low interest rate environment, the lender was able to surpass last year’s $62.67mn profit.

Banco de Oro reported that its earnings for the January to March period grew by 18 per cent.

The lender targets more than 500,000 users of Investment 3.0 in an effort to educate and empower Filipinos on building wealth through investments.

Higher non-interest income and trading gains pushed PNB's net income 61 per cent higher. The bank recorded an US$82 million net income in 2010 from US$50.9 million in 2009.

38 employees of ING Bank Manila's trust department will be absorbed as a separate division under BPI, which became the manager, adviser and administrator of 32 investment funds.

Philam Life bought 5% stake in PELAC a year after the former’s bancassurance agreement with BDO expired.

China Bank introduced a new peso savings account developed specifically for overseas Filipino workers.

Metrobank posted a 39 per cent growth in its net profit in 2010. This is attributed to a surge in non-interest earnings. Officials disclosed that Metrobank earned US$193.55 million.

RCBC is selling a minority stake worth about $100 million to an undisclosed investor as part of efforts to boost its capital.

China Bank has selected SunGard’s Ambit Asset Liability Management solution.

 Banco De Oro's consolidated resources has breached the US$ 22.8 billion mark at the end of 2010. The figure is a 16-percent increase from the previous year's level of US$19.69 billion.

Metrobank concluded a US$228.5 million stock rights offering.

There are now 33 less banks operating in the Philippines due to consolidation and closure.

The lender is cautiously optimistic on Philippine banking industry as concern for troublesome global economy contagion still remains.

Bigger gains in trading and lower funding costs boosted the bank’s profit.