Bank of Makati (A Savings Bank), Inc. (BMI) netted P507 million in the first three months of the year supported by loans on motorcycles and small businesses.
In a statement Monday, July 2, the thrift bank said it booked P507.062 million in net income in the first quarter. BMI President Luis M. Chua said motorcycle loans supported the bank’s “growth” during the January-March period.
“Motorcycle loans continued to be a main driver of our growth during the first quarter of the year,” Mr. Chua was quoted as saying in the statement.
“At the same time, more entrepreneurs have availed of our financing products designed to help micro, small and medium enterprises (MSMEs) grow and succeed.”
BMI booked P1.592 billion in interest income during the said period, of which loans and receivables accounted for P1.592 billion.
As of end-March, BMI posted about P22.942 billion in net loans and receivables. — Karl Angelo N. Vidal