Top Philippine banks expected to break profit targets

CLSA Asia-Pacific expects Banco de Oro, Metrobank, BPI and Security Bank to break their respective profit targets this year.

In a report, the financial giant majority owned by Credit Agricole, France’s largest retail banking group, said the Philippine banking sector’s 18.8 percent loan growth figure, net of reverse repurchase agreements, as of May was running ahead of its original forecast.

“All told, we are comfortable with our earnings forecast for all banks in our coverage,” it said.

Hong Kong-based financial services group CLSA is a major brokerage, investment banking and private equity group in the Asia-Pacific markets, with more than 1,500 dedicated professionals across 13 Asian cities, aside from Dubai, London and New York.

CLSA expects BDO to earn P10.08 billion, 48 percent of which had been attained in the first six months. It projects
Metrobank to post a net income of P10 billion, 58 percent of which had been met in the first six months.

CLSA said BPI’s first-half net income already accounts for 49 percent of its 2011 net income target of P12.64 billion.

Meanwhile, the six-month net profit of Security Bank was already 57.85 percent of the bank’s 2011 net income forecast of P4.22 billion.

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