BPI Direct BanKo expects six-fold growth in outstanding loans this year

BPI Direct BanKo, Inc., the microfinance arm of Bank of the Philippine Islands (BPI), expects its loan book to grow six-fold this year supported by its aggressive branch expansion.
On Monday, BPI Direct BanKo President Jerome B. Minglana said the lender targets to have P3.3 billion in total outstanding loans by the end of the year, growing six-fold from last year’s P500 million.
“We will be targeting probably P2.1 billion in outstanding balance and about P3.3 billion in bookings this year, Mr. Minglana told reporters in a briefing in Quezon City.
He added that the bank expects a robust loan portfolio growth on the back of its rapid branch expansion.
“We’re not comparing apples to apples [since] we started last year with only 10 branches.”
BPI Direct BanKo said it will open 65 more branches this year to complete its target of having 200 offices by the end of the year. — Karl Angelo N. Vidal