Reported Earnings • Aug 01
Second quarter 2026 earnings: EPS misses analyst expectations Second quarter 2026 results: EPS: ₱2.73 (down from ₱2.80 in 2Q 2025). Revenue: ₱37.0b (up 2.1% from 2Q 2025). Net income: ₱12.3b (down 2.3% from 2Q 2025). Profit margin: 33% (down from 35% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.5%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 6% per year. Tillkännagivande • Jul 22
Metropolitan Bank & Trust Company to Report Q2, 2026 Results on Jul 31, 2026 Metropolitan Bank & Trust Company announced that they will report Q2, 2026 results on Jul 31, 2026 Recent Insider Transactions • Jun 11
Insider recently bought ₱499k worth of stock On the 8th of June, Ramon Jaime Lardizabal Del Rosario bought around 8k shares on-market at roughly ₱64.00 per share. This trade did not impact their existing holding. In the last 3 months, there was an even bigger purchase from another insider worth ₱506k. Insiders have collectively bought ₱3.4m more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 21
Insider recently bought ₱506k worth of stock On the 18th of May, Angelica Reyes bought around 8k shares on-market at roughly ₱65.20 per share. This transaction amounted to 71% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱2.9m more in shares than they have sold in the last 12 months. Reported Earnings • May 06
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: ₱2.80 (up from ₱2.73 in 1Q 2025). Revenue: ₱37.1b (up 4.7% from 1Q 2025). Net income: ₱12.6b (up 2.9% from 1Q 2025). Profit margin: 34% (in line with 1Q 2025). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 2.9%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 23
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: ₱11.06 (up from ₱10.71 in FY 2024). Revenue: ₱145.3b (up 5.9% from FY 2024). Net income: ₱49.7b (up 3.3% from FY 2024). Profit margin: 34% (in line with FY 2024). Net interest margin (NIM): 3.64% (down from 3.77% in FY 2024). Cost-to-income ratio: 50.7% (down from 53.8% in FY 2024). Non-performing loans: 1.68% (up from 1.40% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 9% per year. Declared Dividend • Feb 21
Dividend of ₱3.50 announced Dividend of ₱3.50 is the same as last year. Ex-date: 6th March 2026 Payment date: 26th March 2026 Dividend yield will be 6.6%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is well covered by earnings (27% payout ratio) and is expected to be well covered in 3 years' time (37% forecast payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 15% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions • Jan 31
Head of Financial Market Sector recently bought ₱1.8m worth of stock On the 29th of January, Fernand Antonio Tansingco bought around 25k shares on-market at roughly ₱70.20 per share. This transaction amounted to 9.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱3.3m more in shares than they have sold in the last 12 months. Tillkännagivande • Jan 15
Metropolitan Bank & Trust Company, Annual General Meeting, Apr 22, 2026 Metropolitan Bank & Trust Company, Annual General Meeting, Apr 22, 2026, at 14:00 W. Australia Standard Time. Buy Or Sell Opportunity • Nov 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.0% to ₱66.00. The fair value is estimated to be ₱83.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 31% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Reported Earnings • Nov 05
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: ₱2.76 (up from ₱2.70 in 3Q 2024). Revenue: ₱36.8b (down 1.5% from 3Q 2024). Net income: ₱12.4b (up 2.5% from 3Q 2024). Profit margin: 34% (up from 33% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 4.9%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Sep 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.4% to ₱70.00. The fair value is estimated to be ₱88.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 27% in 2 years. Earnings are forecast to grow by 18% in the next 2 years. Recent Insider Transactions • Sep 12
Head of Financial Market Sector recently bought ₱370k worth of stock On the 10th of September, Fernand Antonio Tansingco bought around 5k shares on-market at roughly ₱68.50 per share. This transaction amounted to 2.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱884k more in shares than they have sold in the last 12 months. Buy Or Sell Opportunity • Sep 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.3% to ₱69.50. The fair value is estimated to be ₱88.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 27% in 2 years. Earnings are forecast to grow by 18% in the next 2 years. Declared Dividend • Aug 26
First half dividend of ₱1.50 announced Dividend of ₱1.50 is the same as last year. Ex-date: 5th September 2025 Payment date: 23rd September 2025 Dividend yield will be 7.0%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is well covered by earnings (27% payout ratio) and is expected to be well covered in 3 years' time (33% forecast payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 25% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Aug 22
Metropolitan Bank & Trust Company Announces Second Payout of Regular Cash Dividend, Payable on 23 September 2025 The Board of Directors of Metropolitan Bank & Trust Company, in its regular meeting held on 20 August 2025, through its President, passed a resolution for the fixing of 08 September 2025 as the Record Date and 23 September 2025 as Payment Date for the second payout of regular cash dividend of PHP 1.50, representing second half of the previously approved PHP 3.00 regular dividend last 19 February 2025. Reported Earnings • Aug 02
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: ₱2.80 (up from ₱2.58 in 2Q 2024). Revenue: ₱36.3b (up 6.0% from 2Q 2024). Net income: ₱12.6b (up 8.5% from 2Q 2024). Profit margin: 35% (in line with 2Q 2024). Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 4.2%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 15% per year. Tillkännagivande • Jun 26
Metropolitan Bank & Trust Company Announces Executive Changes Metropolitan Bank & Trust Company announced the appointment of Mr. Renato K. De Borja, Jr. with the rank of Executive Vice President as Head of Financial & Control Sector effective 1 July 2025 to replace Mr. Joshua E. Naing whose fixed term engagement will end on 1 July 2025. Mr. De Borja has been with the Bank for more than 4 years as the Bank's Financial Control Deputy Sector Head and Controller. He brings 32 years of solid experience performing various roles in financial accounting & control, business finance & analytics, legal & compliance, admin services, consumer banking, remittance marketing and customer contact center operations with various banks and financial institutions. Buy Or Sell Opportunity • May 30
Now 23% undervalued Over the last 90 days, the stock has risen 2.7% to ₱73.55. The fair value is estimated to be ₱95.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 17% in the next 2 years. Buy Or Sell Opportunity • May 15
Now 21% undervalued Over the last 90 days, the stock has risen 7.4% to ₱78.00. The fair value is estimated to be ₱99.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 18% in the next 2 years. Reported Earnings • May 01
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: ₱2.73 (up from ₱2.67 in 1Q 2024). Revenue: ₱35.4b (up 2.1% from 1Q 2024). Net income: ₱12.3b (up 2.1% from 1Q 2024). Profit margin: 35% (in line with 1Q 2024). Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 7.0%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Apr 11
Head of Financial Market Sector recently bought ₱840k worth of stock On the 4th of April, Fernand Antonio Tansingco bought around 12k shares on-market at roughly ₱73.05 per share. This transaction amounted to 4.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱3.4m more in shares than they have sold in the last 12 months. Tillkännagivande • Mar 20
Metropolitan Bank & Trust Company Hires Adhunik Chug as Deputy Head of Information Technology Group, Effective May 16, 2025 The Board of Directors of Metropolitan Bank & Trust Company at its Regular Meeting held on March 19, 2025 approved the hiring of Mr. Adhunik Chug, with the rank of Senior Vice President as Deputy Head of Information Technology Group. Adhunik is a seasoned technology leader with extensive experience in APAC and global leadership roles across Big Tech and financial services. With expertise in enterprise solutions, cloud services, and Agile methodologies, Adhunik excels in building high-performing teams, driving digital transformation, and leading strategic initiatives that enhance business capabilities. Effective Date of Appointment is May 16, 2025. Tillkännagivande • Mar 14
Metropolitan Bank & Trust Company, Annual General Meeting, Apr 23, 2025 Metropolitan Bank & Trust Company, Annual General Meeting, Apr 23, 2025, at 14:00 W. Australia Standard Time. Location: via cisco webex, Philippines Buy Or Sell Opportunity • Feb 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.8% to ₱72.50. The fair value is estimated to be ₱91.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 9.6% per annum. Earnings are also forecast to grow by 3.0% per annum over the same time period. Declared Dividend • Feb 24
Final dividend of ₱3.50 announced Shareholders will receive a dividend of ₱3.50. Ex-date: 5th March 2025 Payment date: 28th March 2025 Dividend yield will be 6.7%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is well covered by earnings (41% payout ratio) and is expected to be well covered in 3 years' time (28% forecast payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 67% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 23
Full year 2024 earnings: EPS in line with expectations, revenues disappoint Full year 2024 results: EPS: ₱7.29. Revenue: ₱137.7b (up 10% from FY 2023). Net income: ₱48.1b (up 14% from FY 2023). Profit margin: 35% (up from 34% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Banks industry in Philippines. Tillkännagivande • Jan 27
Metropolitan Bank & Trust Company Announces Executive Retirements Metropolitan Bank & Trust Company announced that the retirement of Homer Gerrard L. Ortega as Head of Human Resources Management Group and the appointment of Karen Salve L. Angeles as Head of Human Resources Management Group. Ms. Angeles has been the Deputy Head of Human Resources Management Group since her hiring date in October 16, 2024. Prior to joining Metrobank, she was with Citibank for nine years where she held multiple Senior HR Generalist and Advisory roles, supporting different businesses at a country, regional and global level. She was the HR Site Head and Advisor for Citibank N.A. PH and Citibank Regional Operating Headquarters PH and she's also had various experiences in managing huge organizational changes and transformation initiatives. Prior to Citibank, she was with BDO Unibank and HSBC. Ms. Angeles graduated cum laude from the University of Santo Tomas, and since then has pursued her continuing professional development, including an MBA from Ateneo De Manila, and a Certificate course in HR Advisory from eCornell School of Industrial and Labor Relations. Reported Earnings • Oct 29
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: ₱2.70 (up from ₱2.42 in 3Q 2023). Revenue: ₱37.3b (up 15% from 3Q 2023). Net income: ₱12.1b (up 11% from 3Q 2023). Profit margin: 33% (down from 34% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.3%. Earnings per share (EPS) missed analyst estimates by 1.7%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Oct 22
Now 21% undervalued Over the last 90 days, the stock has risen 15% to ₱79.00. The fair value is estimated to be ₱100, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 15% in the next 2 years. Recent Insider Transactions • Oct 19
Insider recently sold ₱813k worth of stock On the 17th of October, Angelica Reyes sold around 10k shares on-market at roughly ₱81.25 per share. This transaction amounted to 48% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₱2.5m more than they sold in the last 12 months. Recent Insider Transactions • Oct 05
Head of Financial Market Sector recently bought ₱487k worth of stock On the 3rd of October, Fernand Antonio Tansingco bought around 6k shares on-market at roughly ₱81.10 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱3.3m more in shares than they have sold in the last 12 months. Buy Or Sell Opportunity • Sep 30
Now 21% undervalued Over the last 90 days, the stock has risen 21% to ₱78.60. The fair value is estimated to be ₱99.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Declared Dividend • Aug 23
First half dividend of ₱1.50 announced Shareholders will receive a dividend of ₱1.50. Ex-date: 4th September 2024 Payment date: 20th September 2024 Dividend yield will be 6.7%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is well covered by earnings (30% payout ratio) and is expected to be well covered in 3 years' time (38% forecast payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 02
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: ₱2.58 (up from ₱2.32 in 2Q 2023). Revenue: ₱34.2b (up 13% from 2Q 2023). Net income: ₱11.6b (up 11% from 2Q 2023). Profit margin: 34% (in line with 2Q 2023). Revenue missed analyst estimates by 4.3%. Earnings per share (EPS) also missed analyst estimates by 3.7%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jul 16
Now 20% undervalued Over the last 90 days, the stock has risen 2.3% to ₱67.50. The fair value is estimated to be ₱84.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Buy Or Sell Opportunity • Jun 25
Now 21% undervalued Over the last 90 days, the stock has risen 2.4% to ₱66.70. The fair value is estimated to be ₱84.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Buy Or Sell Opportunity • May 30
Now 21% undervalued Over the last 90 days, the stock has risen 6.7% to ₱65.05. The fair value is estimated to be ₱82.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 13% in the next 2 years. Tillkännagivande • May 18
Metropolitan Bank & Trust Company Announces Retirement of Leandro Antonio Gianzon Santillan as Senior Vice President/Deputy Head, Effective June 01, 2024 Metropolitan Bank & Trust Company announced retirement of Mr. Leandro Antonio Gianzon Santillan as SVP/Deputy Head, Financial Markets Sector, Effective June 01, 2024. Reported Earnings • May 02
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: ₱2.67 (up from ₱2.33 in 1Q 2023). Revenue: ₱34.7b (up 13% from 1Q 2023). Net income: ₱12.0b (up 14% from 1Q 2023). Profit margin: 35% (in line with 1Q 2023). Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 4.4%. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Apr 16
Now 20% undervalued Over the last 90 days, the stock has risen 16% to ₱64.30. The fair value is estimated to be ₱80.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 37%. For the next 3 years, revenue is forecast to grow by 9.1% per annum. Earnings are also forecast to grow by 5.7% per annum over the same time period. Upcoming Dividend • Feb 29
Upcoming dividend of ₱3.50 per share Eligible shareholders must have bought the stock before 07 March 2024. Payment date: 25 March 2024. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 8.1%. Within top quartile of Filipino dividend payers (5.6%). Higher than average of industry peers (3.4%). Tillkännagivande • Feb 29
Metropolitan Bank & Trust Company Announces Retirement of Lita Salonga Tan as SVP/Deputy Head, Branch Banking Sector, Effective March 1, 2024 Metropolitan Bank & Trust Company announced retirement of Ms. Lita Salonga Tan as SVP/Deputy Head, Branch Banking Sector, effective March 1, 2024. Reported Earnings • Feb 28
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: ₱9.40 (up from ₱7.29 in FY 2022). Revenue: ₱125.0b (up 20% from FY 2022). Net income: ₱42.2b (up 29% from FY 2022). Profit margin: 34% (up from 31% in FY 2022). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.90% (up from 3.56% in FY 2022). Cost-to-income ratio: 52.1% (down from 54.3% in FY 2022). Non-performing loans: 1.72% (down from 1.86% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Declared Dividend • Feb 24
Dividend increased to ₱3.50 Dividend of ₱3.50 is 59% higher than last year. Ex-date: 7th March 2024 Payment date: 25th March 2024 Dividend yield will be 7.0%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is well covered by earnings (17% payout ratio) and is expected to be well covered in 3 years' time (26% forecast payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 16% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Jan 25
Now 21% undervalued Over the last 90 days, the stock has risen 11% to ₱57.50. The fair value is estimated to be ₱72.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 36%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 18% in the next 2 years. Tillkännagivande • Jan 22
Metropolitan Bank & Trust Company Announces the Resignation of David Peter Buckley Holmes as SVP/Head, Branch Operations Support Group, Effective February 11, 2024 Metropolitan Bank & Trust Company announced the resignation of Mr. David Peter Buckley Holmes as SVP/Head, Branch Operations Support Group. Effective Date of Resignation: February 11, 2024. Reason(s) for Resignation: Personal reasons. Tillkännagivande • Jan 18
Metropolitan Bank & Trust Company, Annual General Meeting, Apr 24, 2024 Metropolitan Bank & Trust Company, Annual General Meeting, Apr 24, 2024, at 14:00 Singapore Standard Time. Tillkännagivande • Dec 27
Metropolitan Bank & Trust Company Announces Demise of Richard Benedict Sha So, Executive Vice President, and Head of Products, Channels and Overseas Banking Group Metropolitan Bank & Trust Company announced that Richard Benedict Sha So with the rank of Executive Vice President, and Head of Products, Channels and Overseas Banking Group passed away on December 25, 2023. Reported Earnings • Oct 29
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: ₱2.42 (up from ₱1.75 in 3Q 2022). Revenue: ₱32.4b (up 28% from 3Q 2022). Net income: ₱10.9b (up 39% from 3Q 2022). Profit margin: 34% (up from 31% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.5%. Earnings per share (EPS) also surpassed analyst estimates by 2.3%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.4%. The fair value is estimated to be ₱67.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 29%. Revenue is forecast to grow by 27% in 2 years. Earnings is forecast to grow by 20% in the next 2 years. Buying Opportunity • Sep 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 1.1%. The fair value is estimated to be ₱67.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 29%. Revenue is forecast to grow by 27% in 2 years. Earnings is forecast to grow by 20% in the next 2 years. Upcoming Dividend • Aug 31
Upcoming dividend of ₱0.80 per share at 5.5% yield Eligible shareholders must have bought the stock before 07 September 2023. Payment date: 22 September 2023. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 5.5%. Lower than top quartile of Filipino dividend payers (5.6%). Higher than average of industry peers (3.3%). Tillkännagivande • Aug 24
Metropolitan Bank & Trust Company Announces Regular Cash Dividend, Payable on 22 September 2023 The Board of Directors of Metropolitan Bank & Trust Company, in its regular meeting held on 23 August 2023, passed resolution for the fixing of 08 September 2023 as the Record Date and 22 September 2023 as Payment Date for the second payout of regular cash dividend of PHP 0.80, representing second half of the previously approved PHP 1.60 regular dividend last 22 February 2023. Buying Opportunity • Aug 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.6%. The fair value is estimated to be ₱68.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 29%. Revenue is forecast to grow by 28% in 2 years. Earnings is forecast to grow by 20% in the next 2 years. Reported Earnings • Aug 03
Second quarter 2023 earnings: EPS in line with expectations, revenues disappoint Second quarter 2023 results: EPS: ₱2.32 (up from ₱1.69 in 2Q 2022). Revenue: ₱30.4b (up 19% from 2Q 2022). Net income: ₱10.4b (up 37% from 2Q 2022). Profit margin: 34% (up from 30% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jun 02
Head of Financial Market Sector recently bought ₱2.8m worth of stock On the 31st of May, Fernand Antonio Tansingco bought around 50k shares on-market at roughly ₱56.50 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱3.5m more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 21
Non-Executive Chairman of the Board recently bought ₱2.7m worth of stock On the 12th of May, Arthur Ty bought around 45k shares on-market at roughly ₱60.00 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Arthur has been a buyer over the last 12 months, purchasing a net total of ₱1.7m worth in shares. Tillkännagivande • May 18
Metropolitan Bank & Trust Company Announces Resignation of Ricardo D. Peña as SVP/Head, Strategic Support and Transformation Division, Effective May 27, 2023 Metropolitan Bank & Trust Company announced the resignation of Mr. Ricardo D. Peña as SVP/Head, Strategic Support and Transformation Division. Effective date is May 27, 2023. Tillkännagivande • May 16
Metropolitan Bank & Trust Company Announces Management Changes Metropolitan Bank & Trust Company announced the retirement of Mr. Paul Robert Y. Murga as Head, Operations Group and the appointment of Mr. Jose Antonio O. Vasco as Head, Operations Group. Mr. Vasco has been the Deputy Head of Operations Group since February 16, 2021. Prior to this, he was the Vice President, Deputy Head of Treasury Operations Support Division. He also held roles in Global Business Services at Deutsche Knowledge Services and Global Markets Operations at Standard Chartered Bank. He obtained his Bachelor of Science, Major in Business Management, at the De La Salle University-Manila. The retirement of Paul Robert Y. Murga is effective May 16, 2023. The appointment of Jose Antonio O. Vasco is effective May 16, 2023. Reported Earnings • May 06
First quarter 2023 earnings: EPS in line with analyst expectations despite revenue beat First quarter 2023 results: EPS: ₱2.33 (up from ₱1.78 in 1Q 2022). Revenue: ₱30.6b (up 20% from 1Q 2022). Net income: ₱10.5b (up 31% from 1Q 2022). Profit margin: 34% (up from 31% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 18% per year and the company’s share price has also increased by 18% per year. Recent Insider Transactions • Apr 29
President & Executive Director recently sold ₱1.8m worth of stock On the 24th of April, Fabian Dee sold around 31k shares on-market at roughly ₱58.12 per share. This transaction amounted to 98% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Fabian's only on-market trade for the last 12 months. Upcoming Dividend • Mar 07
Upcoming dividend of ₱2.20 per share at 5.0% yield Eligible shareholders must have bought the stock before 14 March 2023. Payment date: 31 March 2023. Trailing yield: 5.0%. Lower than top quartile of Filipino dividend payers (5.4%). Higher than average of industry peers (2.3%). Reported Earnings • Mar 03
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: ₱7.29 (up from ₱4.93 in FY 2021). Revenue: ₱104.9b (up 18% from FY 2021). Net income: ₱32.8b (up 48% from FY 2021). Profit margin: 31% (up from 25% in FY 2021). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.56% (up from 3.39% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.2%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 4% per year. Tillkännagivande • Jan 26
Metropolitan Bank & Trust Company, Annual General Meeting, Apr 26, 2023 Metropolitan Bank & Trust Company, Annual General Meeting, Apr 26, 2023, at 14:00 Singapore Standard Time. Tillkännagivande • Dec 29
Metropolitan Bank & Trust Company Announces Executive Changes Metropolitan Bank & Trust Company announced the appointment of Officers. Angelica S. Reyes with the rank of Senior Vice President was appointed as Deputy Head of Trust Banking Group effective 1 January 2023. Ms. Reyes has been at the helm of Treasury Group from January 1, 2020 to present. Previously, she was Markets Sales Group Head from 2013 to 2019. She joined Metrobank in 2010 to set up the Sales and Structuring Division of Treasury Group. Her experience outside Metrobank includes Head of Financial Markets Sales at Standard Chartered Manila and Southeast Asia Regional Structurer at Standard Chartered Singapore. A CFA Charterholder, Jikee obtained a BA in Management Economics from the Ateneo de Manila University and a Master of Science in International Business and Finance from the University of Reading, UK as a Chevening Scholar. Rommel Enrico C. Dionisio with the rank of Senior Vice President was appointed as Head of Treasury Group effective 1 January 2023. Mr. Dionisio has been Markets Sales Group Head since January 1, 2020. Previously, Rommel held various roles within the group: Head of Institutional Sales Division, Deputy Head of Sales and Structuring Division, and Head of Corporate Sales Department. He also had a 3-year stint in Corporate Banking Group as concurrent Division Head for Multinational Corporations and Financial Institutions. Prior to joining Metrobank in 2011, Rommel was Director, Financial Markets for Standard Chartered Bank Manila. Rommel earned a BS in Business Management from the Ateneo De Manila University and a Master in Business Management from the Asian Institute of Management. Ricardo Leon N. Pedrosa with the rank of Senior Vice President was appointed as Head of Institutional Sales effective 1 January 2023. Mr. Pedrosa is presently the concurrent head of Client Solutions Division and IDD-Metro Manila Division under Markets Sales Group. He has been with the bank for 10 years, having started as Corporate and Financial Institution Sales Department Head in Treasury Group. Before moving to Metrobank, he worked for various foreign banks including Credit Agricole, Credit Suisse, JP Morgan Chase and HSBC. Ric graduated from the London School of Economics with a Bachelor of Science in Economics. Christian D. San Juan with the rank of Senior Vice President was appointed as Head of Risk Management Group/Chief Risk Officer and Sustainability Officer effective 1 January 2023. Mr. San Juan has been the Head of Risk Management Group and Chief Risk Officer since February 1, 2021. He joined the Bank on July 1, 2017 as Deputy Head of Risk Management Group (RMG). He has been in the banking industry for over 25 years and has gained extensive experience in Risk Management. Prior to joining Metrobank, he has held individual and key leadership roles in the areas of Basel /Enterprise Risk Management, Credit, Market & Liquidity, and Operational Risk, and Remedial Management in RCBC (2010 - 2017); Export and Industry Bank (2006 - 2010); Security Bank (2000 - 2006); BPI former FEB (1997 - 2000). He graduated with a Bachelor's Degree in Economics from the Ateneo de Manila University. Tillkännagivande • Dec 16
Metropolitan Bank & Trust Company Announces Resignation of Ms. Marie Edgette Simonette C. Gamboa as SVP / Head, Strategic Planning Division Metropolitan Bank & Trust Company announced the resignation of Ms. Marie Edgette Simonette C. Gamboa as SVP /Head, Strategic Planning Division with effect from January 1, 2023. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Director Marcelo Fernando was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 06
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: ₱1.75 (up from ₱0.99 in 3Q 2021). Revenue: ₱25.3b (up 19% from 3Q 2021). Net income: ₱7.85b (up 77% from 3Q 2021). Profit margin: 31% (up from 21% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates by 6.3%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 8% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Aug 30
Upcoming dividend of ₱0.80 per share Eligible shareholders must have bought the stock before 06 September 2022. Payment date: 23 September 2022. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 5.6%. Within top quartile of Filipino dividend payers (5.2%). Higher than average of industry peers (2.5%). Tillkännagivande • Aug 25
Metropolitan Bank & Trust Company Announces Dividend, Payable on September 23, 2022 The Board of Directors of Metropolitan Bank & Trust Company, in its regular meeting held 24 August 2022, passed a resolution for the fixing of 09 September 2022 as the Record Date and 23 September 2022 as Payment Date for the second payout of regular cash dividend of PHP 0.80, representing second half of the previously approved PHP 1.60 regular dividend last 23 February 2022. Tillkännagivande • Aug 17
Metropolitan Bank & Trust Company Appoints Aline A. Novilla as Senior Vice President / Deputy Head of Internal Audit Group Metropolitan Bank & Trust Company announced the appointment of Ms. Aline A. Novilla with the rank of Senior Vice President as Deputy Head of Internal Audit Group effective 16 August 2022. Ms. Novilla started her career in Manabat San Agustin & Co. She joined KPMG (Hong Kong) and was seconded to the Financial Advisory Services team. She also served as Senior Manager for Isla Lipana & Co. Prior to joining Metrobank, she was the Chief Audit Executive and Head of Internal Audit Group of RCBC. She obtained her Bachelor of Science in Business Administration and Accountancy from University of the Philippines - Diliman and graduated Cum Laude. She is a Certified Public Accountant. Reported Earnings • Aug 03
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: ₱1.69 (up from ₱0.87 in 2Q 2021). Revenue: ₱25.6b (up 28% from 2Q 2021). Net income: ₱7.60b (up 95% from 2Q 2021). Profit margin: 30% (up from 20% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates by 8.1%. Over the next year, revenue is forecast to grow 19%, compared to a 25% growth forecast for the industry in Philippines. Over the last 3 years on average, earnings per share has fallen by 8% per year and the company’s share price has also fallen by 8% per year. Recent Insider Transactions • Jun 21
Non-Executive Chairman of the Board recently bought ₱756k worth of stock On the 13th of June, Arthur Ty bought around 15k shares on-market at roughly ₱50.41 per share. This was the largest purchase by an insider in the last 3 months. This was Arthur's only on-market trade for the last 12 months. Reported Earnings • May 02
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ₱1.78 (up from ₱1.73 in 1Q 2021). Revenue: ₱25.6b (up 4.5% from 1Q 2021). Net income: ₱7.99b (up 2.6% from 1Q 2021). Profit margin: 31% (in line with 1Q 2021). Revenue exceeded analyst estimates by 6.3%. Earnings per share (EPS) also surpassed analyst estimates by 2.5%. Over the next year, revenue is forecast to grow 23%, compared to a 21% growth forecast for the industry in Philippines. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 8% per year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Marcelo Fernando was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Mar 17
Insider recently bought ₱1.3m worth of stock On the 15th of March, Renato De Borja bought around 25k shares on-market at roughly ₱51.60 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱6.6m more in shares than they have sold in the last 12 months. Upcoming Dividend • Mar 07
Upcoming dividend of ₱2.20 per share Eligible shareholders must have bought the stock before 14 March 2022. Payment date: 31 March 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Filipino dividend payers (3.8%). In line with average of industry peers (1.7%). Recent Insider Transactions • Dec 11
Insider recently bought ₱1.1m worth of stock On the 7th of December, Angelica Reyes bought around 21k shares on-market at roughly ₱50.95 per share. In the last 3 months, there was an even bigger purchase from another insider worth ₱4.0m. Insiders have collectively bought ₱8.8m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Nov 20
Insider recently bought ₱103k worth of stock On the 18th of November, Ferlou Evangelista bought around 2k shares on-market at roughly ₱51.25 per share. In the last 3 months, there was an even bigger purchase from another insider worth ₱4.0m. Insiders have collectively bought ₱7.7m more in shares than they have sold in the last 12 months. Reported Earnings • Nov 06
Third quarter 2021 earnings released: EPS ₱0.99 (vs ₱0.43 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₱21.4b (up 18% from 3Q 2020). Net income: ₱4.44b (up 131% from 3Q 2020). Profit margin: 21% (up from 11% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Oct 16
Independent Director recently sold ₱130k worth of stock On the 14th of October, Angelica Lavares sold around 3k shares on-market at roughly ₱49.95 per share. In the last 3 months, there was an even bigger sale from another insider worth ₱690k. Despite this recent sale, insiders have collectively bought ₱24m more than they sold in the last 12 months. Recent Insider Transactions • Sep 25
Head of Financial Market Sector recently bought ₱4.0m worth of stock On the 23rd of September, Fernand Antonio Tansingco bought around 90k shares on-market at roughly ₱44.35 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱25m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Aug 17
Insider recently bought ₱467k worth of stock On the 12th of August, Bernardino Ramos bought around 10k shares on-market at roughly ₱46.65 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱22m more in shares than they have sold in the last 12 months. Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS ₱0.87 (vs ₱0.67 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ₱20.0b (down 1.5% from 2Q 2020). Net income: ₱3.91b (up 30% from 2Q 2020). Profit margin: 20% (up from 15% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 12% per year. Executive Departure • Jul 02
Senior VP & Head of Credit Group Charlotte Bilongilot has left the company On the 1st of July, Charlotte Bilongilot's tenure as Senior VP & Head of Credit Group ended. We don't have any record of a personal shareholding under Charlotte's name. A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 7.50 years. Major Estimate Revision • May 12
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from ₱6.85 to ₱5.67 per share. Revenue forecast steady at ₱109.1b. Net income forecast to grow 71% next year vs 9.6% growth forecast for Banks industry in Philippines. Consensus price target broadly unchanged at ₱58.60. Share price fell 2.6% to ₱43.60 over the past week. Reported Earnings • May 04
First quarter 2021 earnings released: EPS ₱1.73 (vs ₱1.36 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₱24.5b (up 8.3% from 1Q 2020). Net income: ₱7.78b (up 27% from 1Q 2020). Profit margin: 32% (up from 27% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 15% per year. Executive Departure • May 04
Independent Director has left the company On the 29th of April, Jesli Lapus' tenure as Independent Director ended after 10.8 years in the role. As of December 2020, Jesli personally held only 28.42k shares (₱1.4m worth at the time). A total of 7 executives have left over the last 12 months. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS ₱3.08 (vs ₱6.24 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₱80.5b (down 16% from FY 2019). Net income: ₱13.8b (down 51% from FY 2019). Profit margin: 17% (down from 29% in FY 2019). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 3.98% (up from 3.84% in FY 2019). Cost-to-income ratio: 49.6% (down from 54.6% in FY 2019). Non-performing loans: 2.36% (up from 1.28% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Recent Insider Transactions • Feb 25
Insider recently bought ₱502k worth of stock On the 23rd of February, Fernand Antonio Tansingco bought around 10k shares on-market at roughly ₱50.20 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱24m more in shares than they have sold in the last 12 months. Executive Departure • Feb 03
Head of Human Resources Management Group & Executive VP has left the company On the 1st of February, Vivian Lee-Tiu's tenure in the role of Head of Human Resources Management Group & Executive VP ended. We don't have any record of a personal shareholding under Vivian's name. A total of 6 executives have left over the last 12 months. Executive Departure • Feb 03
Chief Risk Officer, Head of Risk Management Group & Executive VP has left the company On the 1st of February, Maritess Antonio's tenure as Chief Risk Officer, Head of Risk Management Group & Executive VP ended after 12.6 years in the role. We don't have any record of a personal shareholding under Maritess' name. A total of 6 executives have left over the last 12 months. Tillkännagivande • Jan 22
Metropolitan Bank & Trust Company Announces Management Changes, Effective February 1, 2021 Metropolitan Bank & Trust Company announced retirement of Maritess B. Antonio as Head, Risk Management Group/Chief Risk Officer and the appointment of Christian D. San Juan as Head, Risk Management Group/Chief Risk Officer, effective from February 1, 2021. 
