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BPI sees loans up 12-15 pct in 2008

Post n°92 pubblicato il 17 Novembre 2009 da PERENT

Tag: cronaca, curiosita, economia, eventi, gossip, internet, italia, lavoro

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Bank of the Philippine Islands, the country's third-largest lender by assets, expects loan growth of 12 to 15 percent this year, the highest in eight years, despite economic certainty and stock market turmoil.

But rising inflation has hit BPI's first-half earnings, knocking a third off its net profit. The Philippine central bank expects annual inflation in July to come in at up to 12 percent -- a more modest increase on the year, but still a 14-year high.

Consumer loans would likely power lending growth this year, together with healthy growth from the medium-sized businesses, Aurelio Montinola, president of BPI, a unit of conglomerate Ayala Corp and Singapore's DBS Group, told reporters.

We're very pleasantly surprised, the first-half loan demand has been strong, Montinola said. I think going forward, depending on how the economy turns out..., we think we can still do somewhere between 12 and 15 percent for the whole year.

BPI's loan growth in 2007 reached 11 percent, after six straight years of single-digit growth.

But the rise in loan demand in the first half of 2008 was not enough to offset the impact of rising inflation on BPI's revenues, with the bank's first half net income down a third at 3.8 billion pesos from a year earlier.

The good news is that everyone has been able to hold their costs. The bad news is we are revenue challenged everywhere, Montinola said.

With inflation, there is margin compression and we are suffering it, but it encourages us to work harder, he said.

Housing loans in the first half climbed 28 percent from a year earlier and loans to the trade and industrial sectors were up 22 percent, mainly due to higher prices of imported goods.

On Thursday, the central bank said Philippine banks' outstanding loans in May climbed 15.4 percent from a year earlier, the highest since 1998 before loan demand started falling with the onset of the Asian financial crisis.

But the central bank turned hawkish in June, raising its policy rates by 25 basis points and a further 50 basis points in July, a move that could impact on loan demand in the second half.

Shares of BPI climbed 3.7 percent on Friday, outpacing the main index which gained just 0.13 percent in late trade.