Metrobank consumer loans up
The Metropolitan Bank & Trust Co. (Metrobank) has reported double digit growth in its consumer lending efforts in the first eight months of 2008.
Auto loans grew by 30.65 percent while mortgage loan availments expanded by 27.65 percent.
“Compared with the volume generated for the first eight months of 2007, our car and home loan availments for the same period this year grew substantially by 30.65 percent and 27.65 percent, respectively. We were able to maximize the marketing capabilities of our extensive branch network which are our primary distribution channels for consumer loans,” Rowena R. Oliveros, Metrobank senior vice president and head of the bank’s Consumer Lending Group said.
Likewise, August year-to-date booking volume posted a 112.75 percent attainment rate versus the bank’s eight-month target.
The consumer loan production volume has shown consistent month-to-month growth with the months of June and July 2008 registering the highest volume.
Oliveros boasted that nearly 87 percent of the bank’s home and car loans were branch-generated. “We have been successful at mining existing clients and depositors, enjoying a lot of repeat business,” she added.
Meanwhile, the bank’s past due rate for MetroCar loans favorably stood at 0.47 percent as of end-August 2008 and 1.72 percent for MetroHome. This was attributed to a good mix of an automated system, strong product policy and credit procedures to address the requirements of target.
Majority of loans still come from Metro Manila, although countryside loan volume is growing coming mainly from the overseas Filipinos.
Metrobank’s net loans and receivables in the first semester expanded by 21.6 percent, or P60.1 billion, due to increased loans in growth sectors such as energy, utilities, telecommunications, financial services, property, and consumer lending.
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