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BANCO de Oro (BDO) said it is likely to hit its
profit target this year.
Nestor V. Tan, BDO president and
chief executive officer, said the lender may attain its projected
P7-billion net income goal this year. This is P1 billion higher than
last year.
“We’re still hoping that we
will meet the P7-billion target. If not it will be close to that. We
have a good chance to meet our target but we’re not sure,” he
told reporters.
Tan said the bank plans to
complete the integration of Equitable PCI Bank with BDO in the third
quarter of next year.
BDO has turned bullish on
consumer banking with the acquisition of EPCI Bank, which secured a
niche in the overseas Filipino market.
“December usually is a strong
month. That would be a good factor in terms of activity,” Tan
said.
He said the Christmas season is
usually strong for commercial loans and consumption growth.
For next year, Tan refused to
make a profit forecast, citing the volatility of financial markets
arising from the US sub prime mortgage market’s woes.
“The market is volatile. It’s
hard to predict because of the movement of interest rates,” he
said.
-- Maricel E. Burgonio
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