Metrobank profit grows 39% in Q1

MANILA, Philippines – Metropolitan Bank & Trust Co. (Metrobank) has reported a consolidated net income of P4.3 billion in the first three months of 2012, up 38.7 percent compared to P3.1 billion in the same period last year.

For the whole of 2011, the bank’s net earnings reached P11 billion, 31.9 percent higher than the P8.4 billion in 2010.

In a statement, Metrobank said the strong growth from January to March 2012 was due mainly to robust gains from treasury and investment activities.

Total operating income rose to P16.6 billion from P11.8 billion while net interest income expanded to P7.8 billion. Low cost deposits expanded 11 percent while net loans and receivables grew 18 percent.

 Non-interest income jumped 95 percent to P8.7 billion while service charges, fees and commissions reached P2 billion, up eight percent.

Trading and foreign exchange profits ballooned to P5.2 billion.

Operating expenses, however, grew 27 percent to P8.9 billion.

Thus, non-performing loan (NPL) ratio was registered at 2.2 percent. Nonetheless, the bank set aside P1.5 billion as provisioning for probable losses.

Tier 1 capital adequacy ratio (CAR) was recorded at 14.3 percent while total CAR stood at 18.5 percent.

Consolidated assets rose to P909.1 billion and total equity of P109.7 billion.

Its consolidated branch network reached 800 as well as 39 foreign branches, subsidiaries and representatives offices. Automated teller machine (ATM) network totaled 1,624 in end-March 2012.