Friday, May 29, 2020

Bank Exec Forecasts Better 2019 Income

Bank Exec Forecasts Better 2019 Income

Spotlight

Phoenix Gas Starts Supplying Gas-Powered Gensets

Phoenix, in partnership with US-based Mesa Natural Gas Solutions, LLC, is expected to bring the first batch of its gas-powered genset units in the Philippines next month.

Celebrities And Influencers Join Love Plus Charity Foundation

These celebrities and influencers have stepped up and maximized their privilege by helping out during the COVID-19 pandemic.

DOTr Reiterates PUV Transport Protocols Under MECQ, GCQ

Department of Transportation reminds the public to follow the imposed health and safety guidelines for public transportation to prevent transmission of COVID-19.

SM Net Income At PHP9.0 Billion In Q1

SM Investments Corporation reports its first quarter net income stood at PHP9.0 billion, lower by 16% than the previous year, partially due to the ECQ.

A ranking official of Aboitiz banking arm, Union Bank of the Philippines (UnionBank), expects a good income turnout for the bank this 2019 on sustained drop of inflation and interest rates.

In a briefing by Aboitiz officials on their third-quarter 2019 performance Wednesday, UnionBank chief financial officer (CFO) Jose Emmanuel Hilado said sustained deceleration of rate of price increases bodes well for domestic interest rates.

“We expect good performance until the end of the year,” he said.

After peaking at 6.7 percent in September and October last year, inflation decelerated to 0.8 percent last October, with the 10-month average at 2.6 percent, at the lower half of the government’s 2- percent to 4-percent target.

The Bangko Sentral ng Pilipinas (BSP) slashed its key rates by a total of 75 basis points after hiking it by a total of 175 basis points last year to address inflation expectations.

In the first nine months this year, UnionBank and its subsidiaries registered a 40-percent increase in net income to PHP8.5 billion compared to the PHP6.1 billion in end-September 2018.

The rise was attributed to the double-digit growth of earnings asset and trading gains.

Total assets as of last September reached PHP685.8 billion, higher than year-ago’s PHP643 billion.

Total loans rose 10 percent year-on-year to PHP346.3 billion on credit card receivables, consumers’ loans, small and medium enterprise (SME) banking, and commercial loans.

In a disclosure to the Philippine Stock Exchange (PSE), Hilado said net interest margins in the third quarter increased by 100 basis points compared to the figures at the start of the year.

“Our digital transformation plans are ahead of schedule. We recorded solid growth across the different business segments. CitySavings also stabilized –delivering around PHP15 billion in salary loan releases and 9,000 motorcycle units during the third quarter,” he said.

“We are fortunate that the substantial improvement in margins and trading gains from favorable market conditions have converged,” he added. (PNA)

Latest News

Bulakenyos Mourn Death Of Bocaue Mayor

Thank you for your service, Mayor Tugna.

Spox. Roque: No Salons, Barbershops, Public Masses Yet

Ipinagbabawal pa rin ang salons, barbershops, at pag-attend ng misa kahit nasa modified general community quarantine na ang bansa.

Mayor Joy To Strictly Implement Order On Wearing Of Face Masks In Public Places

Belmonte urges the public to wear face masks in public places following the study that universal masking flattens the curve significantly more than maintaining a strict lockdown.

GrabCar Doubles-Down On Safety And Hygiene Standards With GrabProtect

GrabCar has released a set of guidelines for its passengers for the continuous enforcement of higher safety and hygiene standards for public transport in the country.

Home Cooks To Shine In Metro Channel’s Newest TV Show “Potluck”

“Potluck” is open to all home cooks at least 20 years old who would like to share their own recipes—from classic Pinoy favorites to fusion food and even quarantine-inspired treats and desserts! Read more of the mechanics here:

Gov. Defensor Jr.: Iloilo Is Now Preparing For MGCQ

Iloilo Province is already adjusting quarantine guidelines as its general community quarantine (GCQ) will end on May 31.

Surigao Sur Tribal Leaders Laud Progress Of School Construction

Manobo tribal leaders in the Surigao del Sur town of Lianga have commended the continuing progress of the construction of the indigenous people (IP) school in Sitio Simuwao, Barangay Diatagon.

Pres. Duterte Eases Community Quarantine Status

PRRD has placed the rest of the country under modified general community quarantine effective June 1.

Angelicum School Iloilo To Stop Operations On July

Angelicum School Iloilo announces suspension of operations starting July 31, 2020.

Lesha’s ‘Ciao, Bella’ Receives Solid Support Across Asia

Have you listened to this "Money Heist" inspired track yet?