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April 24, 2024

Metrobank spending P3B to P5B for 2022 capex

Metropolitan Bank & Trust Co. (Metrobank) led by bankero Fabian Dee is spending between P3 billion and P5 billion for its capital expenditures this year.

Of the total amount, Metrobank said about 70 percent would be used to boost the listed bank’s information technology (IT) system.

The capital expenditures of the Ty-led bank amounted to P3.82 billion last year, close to 30 percent higher than the P2.96 billion in spent in 2020.

The country’s second largest private bank spent P3.36 billion for various expenditures including IT upgrades and modernization. The rest went to various segments including consumer banking, corporate banking, treasury, among others.

Metrobank’s earnings jumped by more 60 percent to P22.2 billion in 2021 from P13.83 billion in 2020 as provision for potential loan losses plunged by 71 percent to P11.8 billion form P40.7 billion as the country continues to recover from the impact of the COVID-19 pandemic.