Maybank unit sees 20% profit hike

MANILA, Philippines - With a fresh $100-million capital infusion, Maybank Philippines Inc. said it sees its net income growing about 20 percent and its branch network expanding by 25 in 2013.

In a press conference at its new headquarters at the heart of the Fort Bonifacio business district, Maybank president and CEO Herminio Famatigan Jr. said the new capital will enable the bank to grow its branches to 200 from the existing 55.

“Our intention is to double our network to 100 branches by 2014 and thereafter to 200 branches by 2018,” he said.

For 2012, the bank’s income grew substantially, or almost doubled to P690 million from P363 million in 2011.

Its assets likewise expanded to P51 billion last year from P46.6 billion in 2011.

Deposits and loan levels went up 25 percent and 34 percent, respectively to P37.1 billion and P31.5 billion in end-2012.

The improvement in the bank’s financials could be attributed to the steady growth in consumer and commercial lending as well as trading gains.

Malaysia’s Maybank president and CEO, Dato’ Sri Abdul Wahid Omar, for his part, said they remain bullish on the Philippine banking industry, as they are willing to further jack up the existing P9.7 billion capital of its local subsidiary Maybank Philippines if the need arises.

He said alongside the capital infusion is a long-term investment contract for its new headquarters, the MPI Corporate Centre, worth $48 million.

Wahid said the group “had for long recognized the Philippines as another frontier of growth” in the Asia Pacific region.

“The additional capital injection of $100 million was aimed at strengthening its franchise to support the booming economic growth as well as supporting the increasing trade and investment flows within ASEAN,” he said.

Maybank, he said, had been operating in the Philippines via MPI since 1997 and over the years, had strengthened its operations by streamlining its network, building its IT and systems infrastructure as well as up-skilling its human resource capabilities.