Malayan Bank exceeds 2008 target

MANILA, Philippines - Malayan Bank Savings and Mortgage Bank achieved a 37 percent growth in net income year-on-year. Malayan Bank attributes this to the increased in net interest income ending at P168 million in 2008. Real estate loans registered triple-digit growth for the bank, most of which are covered by sovereign guarantee. The bank’s focused marketing strategies and innovative sales techniques brought a 57 percent increase in SME loans and salary loans. On a consolidated basis, total resources of the bank stood strong at P3.6 billion, reflecting an increase of 16 percent versus 2007 figures.

During its recently concluded shareholders and board of directors meeting, the bank’s investors decided to increase its capitalization to P2 billion, subject to the approval of the Bangko Sentral ng Pilipinas. George J. Martirez, Malayan Bank president, stated, “amidst these uncertain times, Malayan Bank adapts a back-to-basics strategy where focus lies in our core products. Our shareholders trust that the bank will continue to produce record income achievements, which will translate into higher yield for them.” Martirez expressed belief that with the opening of five additional branches this 2009, Malayan Bank will surely gain prominence and foothold in the local banking industry.

Malayan Bank is a savings and mortgage bank established in 1996 by the shareholders of GMA-7 Broadcast Network, Majalco Group of Companies, Liberty Flour Mills and LINQ Information Quadrant Corp. The bank provides comprehensive and flexible financial assistance with its array of loans and deposit products. Malayan Bank’s customer service officers may be reached at (632) 814-0884.