Metropolitan Bank & Trust Co. (Metrobank) is expecting “strong” growth in credit card billings next year, as customer sentiment is expected to be resilient despite elevated interest rates and inflation.
“We’re quite confident actually. When we were doing our planning session for 2024, and using our ending projection for 2023 as our launch point, the targets for 2024 reflect our confidence in how we’re going to perform for the next year,” Metrobank Head of Usage Miguel L. Beltran told reporters on Thursday.
Head of Credit Card Product and Segment Strategy Melissa Samson said the lender will continue to strategize credit card deals and rewards around travel and dining next year.
“Again, that reflects the level of confidence we have. We’re a very data-driven group so we’re really focusing our energy on certain things that we know are gonna hold and we’re really trying to fight for our market share,” Mr. Beltran said.
He added that the lender’s confidence going into 2024 stems from the economy’s continued recovery and resilient consumer spending despite prices seen remaining elevated next year.
“Inflation this year is not at its best,” Mr. Beltran said, adding that growth is still seen in consumer spending.
“So I think we’re a little bit more resilient when it comes to certain market forces,” he said.
“I’m just giving you the trend that we’re observing. With the numbers that we’re seeing and the assumptions for next year, we feel like it will still continue,” he added.
Ms. Samson said Metrobank has an active credit card portfolio valued at P1.4 billion, making it the third-most active credit card provider or servicer in the Credit Card Association of the Philippines.
Metrobank saw its net income rise by 38.7% to PHP 10.89 billion in the third quarter as the growth in its revenues outpaced its expenses.
Its shares dipped by 85 centavos or 1.6% to end at P52.40 apiece on Friday. — Aaron Michael C. Sy