Metrobank opens more branches in Cebu

CEBU CITY, Philippines — Metropolitan Bank & Trust Co. (Metrobank) Friday opened two more branches in Cebu, optimistic of deposit growth amid the slowing economy. The two new branches are located at Parkmall@168 in Mandaue City and Mactan Economic Zone 1 in Lapu-Lapu City. In a statement, Metrobank Executive Vice-President Fabian Dee said the expansion was part of a plan to increase the bank’s retail customers and improve service. To date, the bank has 553 local branches, 63 PS Bank branches, and 37 international branches and offices in 21 countries. Last year, the bank opened 28 branches. "Our branch network continues to demonstrate renewed energy and competitivenes, delivering exemplary performance in generating low-cost deposits, consumer loans, and cross-sales of Metrobank subsidiary products," Mr. Dee said. He added that the bank had completed reengineering all branches into sales-driven brick and mortar outlets. Metrobank is also promoting its electronic banking service to retail customers who can easily adapt to self-service channels such as automated teller machines (ATMs), phone and Internet banking. As of September, Metrobank deposits went up by 7.6% to P541.4 billion. Low-cost deposits grew by a tenth, accounting for almost half of its total deposit base. An increase in ATMs also led to the growth in ATM transactions. As of September, the bank reported 85.4 million ATM transactions, about a third of which were from the use of Metrobank ATMs by local and international non-Metrobank cardholders. Metrobank posted consolidated resources at P726.1 billion and a consolidated net income of P3.6 billion. - BusinessWorld