Metrobank sets transaction limit

MANILA, Philippines — Metropolitan Bank & Trust Co. is set to impose a cumulative daily limit on certain transactions via its app and online banking platforms, as part of initiatives to further boost clients security.

In an advisory, the Ty led bank said a P250,000 cumulative daily limit would be implemented soon.

“For your security, a cumulative daily limit of P250,000 for all your deposit accounts will be implemented soon on the new Metrobank App and online banking platforms,” Metrobank said.

The bank said affected transactions include sending money to enrolled Metrobank account, as well as sending money to other banks via PESONet, both with a daily transaction limit of P200,000.

Other transactions covered by the cumulative daily limit of P250,000 include sending money to unenrolled Metrobank account with a daily limit of P50,000, sending money to other banks and bills payment via InstaPay with a limit of P50,000, payments to merchant via QR (quick response), with P50,000, domestic remittance with P30,000, buying load with a limit of P3,000 and ordering checkbook with a limit of P2,250.

Metrobank said transactions not covered by the cumulative daily limit include bills payment with a daily cap of P250,000, cardless withdrawal with a limit of P30,000, as well as moving money and paying taxes that currently have no cumulative daily limit.

The Ty-led bank reported a 34-percent jump in earnings to almost P21 billion in the first semester as its core businesses further grew following the continuous recovery of the economy.

The bank attributed the strong performance to asset expansion, better margins, and healthy fee income growth as it kept its asset quality stable.

In the second quarter alone, Metrobank raked in P10.4 billion in profit, jumping by nearly 40 percent.

Metrobank president Fabian Dee said its core businesses continued to grow and benefit from the bank’s strong balance sheet.

“As the economy further expands, we see more market opportunities that will keep our upward momentum and sustain our efforts to better serve our customers,” Dee said.

Metrobank’s net interest income rose by 27 percent to P50.6 billion from January to June, with net interest margin further improving to 3.9 percent, while operating expenses picked up by 14.5 percent to P33.7 billion on higher transaction related taxes and technology related costs.

The improvement in the bank’s revenues alongside stable costs led to a 24.4-percent rise in pre-provision operating profit to P31.8 billion. The bank’s non-performing loan (NPL) ratio further eased to 1.8 percent amid prudence in its lending business.

The bank also recorded an 8.6-percent increase in total loans, fueled by a 7.2-percent growth in commercial loans and 14.1 percent expansion in commercial lending. Net credit card receivables likewise grew almost 30 percent while auto loans rose by 17.5 percent.

Likewise, total deposits grew by nearly 10 percent to P2.3 trillion, of which current account and savings account deposits accounted for a little over 60 percent.

The bank’s assets stood at P2.9 trillion, while total equity amounted to P329.9 billion.