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Philippines, Japan, US foreign officials prepare for tri-summit
As the Philippines prepares for a trilateral summit with Japan and the US on April 11, Foreign Affairs Undersecretary Ma. Theresa Lazaro met on Thursday in Tokyo with Japanese Vice Foreign Minister Okano Masataka and US Deputy Secretary of State Kurt Campbell to discuss regional security issues and economic cooperation......»»
Philippines rating unchanged in women, business and law index
The Philippines has made no progress in providing equal economic opportunities for women as it kept its previous year’s rating in the latest Women, Business and Law report of the World Bank......»»
Security Bank automates wealth management business
Security Bank Corp. has signed a five-year contract to automate its wealth management processes in line with efforts to become one of the most technologically advanced banks in the Philippines......»»
China Bank nets record P22 billion
Higher core business revenues boosted the net income of Sy-led China Banking Corp. by 15 percent to hit an all-time high of P22 billion in 2023......»»
Security Bank drives digital transformation of wealth management business with Avaloq
Security Bank drives digital transformation of wealth management business with Avaloq.....»»
45 crore Jan Dhan accounts have accumulated Rs 2.1 lakh crore: Anurag Thakur
New Delhi [India], February 17 (ANI): Union Minister Anurag Thakur on Friday inaugurated the 2024 Annual Government and Institutional Business Meet of the Federal Bank and asserted that under the Jan Dhan scheme around 45 crore bank accounts have been opened. Addressing an audience of the officials and employees of the bank, the Minister at the very outset, congratulated Federal Bank for an all-time high share price. Reca.....»»
45 crore Jan Dhan accounts have accumulated Rs 2.1 lakh crore: Anurag Thakur
New Delhi [India], February 17 (ANI): Union Minister Anurag Thakur on Friday inaugurated the 2024 Annual Government and Institutional Business Meet of the Federal Bank and asserted that under the Jan Dhan scheme around 45 crore bank accounts have been opened. Addressing an audience of the officials and employees of the bank, the Minister at the very outset, congratulated Federal Bank for an all-time high share price. Reca.....»»
BPI renews alliance with Mizuho Bank
The Bank of the Philippine Islands has renewed its alliance with Japan’s Mizuho Bank Ltd., expanding and strengthening the scope of business cooperation between the two banks......»»
UnionBank profit down 28 percent to P9.2 billion in 2023
The earnings of Union Bank of the Philippines dropped by 27.8 percent to P9.2 billion in 2023 from P12.74 billion in 2022, as the listed bank booked higher provisioning and integration costs from the takeover of the retail banking business of global banking giant Citi in the Philippines......»»
PLDT arm strengthens tieup with Tarlac rural bank
The business arm of PLDT Inc. has strengthened its partnership to further boost the digitalization journey of Signabank Rural Bank of Sta. Ignacia based in Tarlac......»»
PLDT arm strengthens partnership with tarlac rural bank
The business arm of PLDT Inc. has strengthened its partnership to further boost the digitalization journey of Signabank Rural Bank of Sta. Ignacia based in Tarlac......»»
China Bank beefs up remittance business
China Banking Corp. is further beefing up its global remittance business through a partnership with a leading financial technology service business in Thailand......»»
BanKo disburses P14.2 billion loans to small businesses
The microfinance arm of Ayala-led Bank of the Philippine Islands has disbursed over P14 billion in business loans to self-employed microentrepreneurs this year......»»
UnionBank investing P1.8 billion in digital banking arm
Union Bank of the Philippines is infusing an additional P1.8-billion capital to support the ongoing business operations and sustain the expansion of UnionDigital Bank Inc......»»
UnionBank unveils 2 new wealth programs
Union Bank of the Philippines has unveiled two new wealth programs following the P72-billion buy out of the retail banking business of global banking giant Citi......»»
Up to 7 percent growth possible next year
Philippine economic growth may expand by six to seven percent next year as the continued deceleration in inflation should improve business and consumer sentiment, paving the way for interest rate cuts by the Bangko Sentral ng Pilipinas,according to the research unit of the Metropolitan Bank & Trust Co.......»»
AUB 9-month profit hits record-high
The profit of Asia United Bank jumped by 32 percent to a record P6.1 billion from January to September compared to last year’s P4.6 billion on sustained business volume and margin growth, and higher non-interest income......»»
Chinabank’s 9-month net income reaches P16.2B
China Banking Corporation, also known as Chinabank, reported a net income of P16.2 billion for the first nine months of 2023, a 10% increase compared to the same period last year. The bank's strong performance was attributed to growth in core businesses and lower loan loss provisions. In the third quarter alone, Chinabank recorded profits of P5.4 billion, a 16% increase from the previous year. The bank's President and CEO, Romeo D. Uyan, Jr., credited the success to effective business strategies and efficient operations. Net interest income grew by 16% to P39.2 billion, while total credit provisions were reduced to P1.3 billion. Despite this, Chinabank maintained a better-than-industry non-performing loans (NPL) cover of 126%. Operating expenses increased by 14% to P20.5 billion, driven by manpower and inflation-related expenses. Chinabank remains the 4th largest private domestic bank with total assets of P1.4 trillion. Gross loans grew by 10% to P765 billion, with consumer loans experiencing a 19% expansion. The bank's NPL ratio remained manageable at 2.2%. Total deposits increased by 14%.....»»
Quick takes from around the market
Union Bank plans to phase out all “Citi” branding from the consumer banking business that it bought from Citi Group for $1.3 billion......»»
Robinsons retail unit posts profit rise
Listed Gokongwei group’s Robinsons Retail Holdings Inc. proved its resilience in the first nine months as it reported a core profit of P3.8 billion, up 4 percent. Net sales during the period were at P138.2 billion, which rose by 8.7 percent year-on-year. The company was able to generate growth in net sales and core net earnings despite the impact of inflation on consumption and a challenging base last year which benefited from economic reopening and election-related spending. Core net earnings exclude foreign exchange gains and losses, interest income from bonds, equity in earnings from associates, interest expense related to the Bank of Philippine Islands acquisition financing, BPI cash dividends, and others. The growth in net sales was supported by blended same store sales growth of five percent and store expansions. The core businesses supermarkets and drugstores were the main revenue growth drivers in the first nine months. These two segments accounted for almost 75 percent of Robinsons Retail’s revenues for the period. Meanwhile, a bright spot in the discretionary portfolio was the department store segment, which was able to deliver double-digit topline growth due to back-to-school and continued out-of-home activities. The company’s consolidated gross profit continued to grow faster than revenues, increasing by 9.4 percent year-on-year to P32.9 billion in the first nine months. This was enabled by improvements in category mix and higher penetration of private label brands. Meanwhile, operating income grew by 3.7 percent year-on-year to P6.1 billion. Net income attributable to equity holders of the parent company fell by 41.4 percent year-on-year to P2.6 billion until September. The decline in net income to parent was weighed by equitized losses from minority startup investments which continue to ramp up, the derecognition of Robinsons Bank’s net income under equitized earnings following the ongoing merger with the Bank of the Philippine Islands, interest expense from the acquisition financing of the BPI shares that were purchased earlier this year, and the absence of cash dividends from BPI in the third quarter of 2023. Dividends set BPI has historically paid dividends in the second and fourth quarters of each year. The expected cash dividends from BPI in the fourth quarter should fully cover for the acquisition related financing interest expense for the purchase of the BPI shares. “Our defensible business model has enabled us to continue growing and remain relevant among Filipino consumers. This is notwithstanding near-term macroeconomic challenges, particularly the impact of inflation on consumer sentiment. These headwinds are temporary, in our view, and we thus remain positive on the long-term potential of the domestic retail industry given the Philippines’ attractive demographics. We will continue to invest with a long-term view and in a sustainable manner — core strategies that we firmly believe will translate to greater stakeholder value,” Robina Gokongwei-Pe, president and CEO of Robinsons Retail Holdings Inc., said. The post Robinsons retail unit posts profit rise appeared first on Daily Tribune......»»