FMIC earns P2.34B in 2014

MANILA, Philippines - First Metro Investment Corp. (FMIC) reported a consolidated net income of P2.34 billion last year, roughly 80 percent lower than the P11.54 billion in 2013.

FMIC president Roberto Juanchito Dispo said they expect this year as a resurgent year as the bond market resumes its strong showing.

“As we have forecasted, there will be a rush into bond issuances due to the bunching of maturity bonds previously issued and the usual issuers have already exceeded their single borrower’s limit (SBL),” Dispo said in a statement.

Total resources stood at P69.88 billion, while capital funds ended at P18.31 billion.

Capital adequacy ratio (CAR) under Basel III remains healthy at 30.44 percent.

The Financial Markets Group made P1.27 billion for the year. The group’s income was generated from interest income of fixed income securities, trading gains from the sale of government securities, distribution and brokering fees.

The Investment Banking Group produced a total fee income of P512 million, seven percent higher than its previous year’s result of P479 million.

The bulk of this revenue was generated through various significant deals that included, the P3.16-billion initial public offering (IPO) of Century Pacific Food, where FMIC was joint lead underwriter, and the P33.3-billion ($750 million) lending facility of Pagbilao Energy Corp., where FMIC was the mandated lead arranger.

The Asset of Hong Kong cited the Century Pacific IPO as the Philippines’ Deal of the Year while another regional publication, Alpha Southeast Asia, recognized the Pagbilao lending facility as the Best Project Finance Deal of the Year.

The Investment Advisory & Trust Group generated P32 million in advisory and trust fees, 10 percent higher than last year’s income of P29 million.