BDO-EPCI to end the year with P7B in profit - exec

Banco de Oro-EPCI Inc., the country's second largest lender, is expecting to meet its profit targets and end the year with a net income of roughly P7 billion. "We were aiming to grow our net income by 15 percent from last year's P6 billion," Nestor Tan, BDO-EPCI president, told reporters on Wednesday. Tan said the bank's net income would be driven by remittances, and consumer spending, among others. Earlier Fitch Ratings projected that the merger of BDO and EPCI will result in higher profits but revenues will be clipped by expenses related to the integration. BDO-EPCI is controlled by the Sy family, which also owns China Banking Corp. The Sy family also owns the country's largest retailer, SM Prime Holdings. - Cheryl Arcibal, GMANews.TV