It aims to double its $1.63b in SME loans in three years.
Bank of the Philippine Islands (BPI) is directing its focus towards the profitable SME segment with the goal of doubling its $1.63b (PHP85b) SME loan segment in three years.
Loans are similarly expected to grow 17% in 2018/19 with -12bps net interest margin expansion annually, according to a report from Maybank Kim Eng. This comes as the bank streamlines its consumer loan processes to meet market standards. In fact, the bank recently cut the turnaround time of auto loans from two weeks to less than one week in its bid to stay competitive.
The bank also plans to add 90 more branches to its microfinance unit BanKo to its current 102 branches within the year.
BPI’s financials remain healthy as earnings rose 1.7% YoY to $429.63m (PHP22.4b) with loans increasing 15.5% in 2017.
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