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June 23, 2024

Metrobank execs get 6% salary, bonus hike

Top executives of Metropolitan Bank & Trust Co. (Metrobank) led by Fabian Dee are looking forward to higher take-home pay and bonuses this year after a strong financial performance last year.

The salary of Dee, senior executive vice presidents Vicente Cuna Jr., Joshua Naing, and Fernand Antonio Tansingco as well as Mary Mylene Caparas went up by six percent to P226.2 million for this year from P213.39 million last year.

Likewise, the bonuses of the bank president and four other highest paid executives also increased by six percent to P15.23 million from P14.37 million.

The Ty-led bank also raised the salaries of all executive officers by six percent to P513.03 million from P483.99 million, while their combined bonuses grew by six percent to P25.16 million from P23.73 million.

On the other hand, all directors took a 2.2 percent pay cut to P66.5 million for this year from P68 million last year.

The net income of the Ty-led bank jumped by 60.2 percent to P22.2 billion in 2021 from P13.83 billion in 2020 as allocation for credit losses dropped sharply.

The provision for credit and impairment losses of the country’s second largest private lender plunged by 71 percent to P11.83 billion last year from the previous year’s P40.76 billion as the Philippines recovered from the impact of the global health crisis.