• Metrobank drops fees on consumers loans

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    METROPOLITAN Bank and Trust Co., the banking arm of the Ty family, has waived the application fees for consumer loans until August 15 under a newly launched promo.

    The scheme, open to home buyers taking out P2 million to cover the cost of construction and P1 million for other purposes, underpins the bank’s plan to induce organic growth in the next few years.

    The bank said “borrowers should submit their applications on or before August 15, and the loan should be booked on or before December 29.”

    However, the bank has capped the amount to be waived at 1 percent of the loan and not more than P200,000.

    Metrobank aims to open at 30 branches a year in the next three years, and grow its loan portfolio by at least 18 percent this year.

    The bank booked P20.1 billion in net income last year, down from 2013’s P22.5 billion in 2013, citing lower trading gains.

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