Metropolitan Bank & Trust Co. (Metrobank) plans to spend up to P5 billion for capital expenditures this year, with 70 percent of the total amount to be allocated for boosting its information technology (IT) system.
According to Metrobank’s preliminary information sheet, the bank estimates that its capital expenditures will range from P3 billion to P5 billion in 2023.
Last year, the bank’s capex reached P3.69 billion.
Metrobank’s profit rose by 47.9 percent to P32.77 billion in 2022, while its total provision for credit and impairment losses dropped by 31.4 percent to P8.11 billion, as its non-performing loan ratio eased to 1.9 percent from 2.2 percent.
Its NPL cover remained strong at 172.4 percent.
Metrobank ended 2022 with total consolidated assets of P2.8 trillion, a 13.6 percent increase from P2.5 trillion in 2021, making it the country’s second largest private universal bank.
The bank has a vast network of over 940 domestic branches nationwide, more than 2,300 ATMs, and 30 foreign branches, subsidiaries and representative offices.
