Metropolitan Bank & Trust Co. (Metrobank) vowed to continue providing banking services to its clients amid the recently imposed stricter lockdown measures.
“While Metro Manila and surrounding areas are under modified enhanced community quarantine [MECQ], we will continue to provide meaningful banking,” the listed bank said in an advisory.
The government placed the capital region, along with Cavite, Laguna and Rizal, under MECQ again from August 4 to 18 amid the recent surge in Covid-19 cases.
Metrobank also advised its clients to continue using the bank’s digital platforms for their transactions.
“For your convenience, you may continue your transactions on Metrobank Online or the Metrobank Mobile App,” it added.
In the first semester, the Ty-led bank saw its net earnings decline by 30 percent to P9.1 billion, from last year’s P13 billion on the back of higher loan loss buffer. Metrobank raised its provisions for credit risks to P22.8 billion to shield its loan portfolio from the impact of the current economic downturn. This figure is five times more than P4.6 billion it booked in the comparable period last year.
“Consistent with our conservative business strategy, we are very mindful of future risks that will likely impact the entire banking industry, so we are doing an early build-up of larger provisions to ensure our readiness,” Metrobank President Fabian S. Dee said.
For the period, the bank’s net loans and receivables dipped by 5 percent to P1.3 trillion while deposits rose by 5 percent to P1.7 trillion.