Jin Liqun: China’s Internationalist
12 April, 2017
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Euromoney, April 2017

There is an uncomfortable acceptance in Philippine business right now. People will tell you, conspiratorially, that they did not vote for firebrand president Rodrigo Duterte; that his extrajudicial killings of suspected drug dealers are abhorrent; that insulting former US president Barack Obama was unnecessary and counterproductive and that his strong-man image jars on the world stage.  But here’s the thing: bank share prices are up, profits are growing and customers are happy. For all the political noise, business is good for banks in the Philippines.

“Fundamentally, there seems to be a generally positive outlook for business,” says Fabian Dee, president of Metrobank. “A lot of us are quite bullish.”

Metrobank has good reason to be. In February, it reported full-year consolidated net income for 2016 of P18.1 billion ($520 million), with fourth-quarter earnings up 3% year on year and record levels of total assets, deposits and total loans. Revenues for the year were up 16% on 2015.

Metrobank is not alone. At BDO Unibank, the biggest bank in the Philippines, net income for 2016, at P26.1 billion, was up 4.3% year on year and total resources (a term used locally for assets) by 14.5%; non-interest income shot up by 30.3% in a year. Bank of the Philippine Islands saw full-year net income climb 20.9% from 2015 to P22.05 billion, with every important metric up and non-performing loans  down. And at Land Bank of the Philippines, 2016 brought double-digit growth in both assets and deposits, with net income up 2% for the year at P13.6 billion.

Read the whole article here

Chris Wright
Chris Wright
Chris is a journalist specialising in business and financial journalism across Asia, Australia and the Middle East. He is Asia editor for Euromoney magazine and has written for publications including the Financial Times, Institutional Investor, Forbes, Asiamoney, the Australian Financial Review, Discovery Channel Magazine, Qantas: The Australian Way and BRW. He is the author of No More Worlds to Conquer, published by HarperCollins.

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