MANILA, Philippines – Net income of Metropolitan Bank & Trust Co (Metrobank), the country’s second-largest lender by assets, grew 21% in the first half of 2012 to P7.4 billion from P6.1 billion in the same period last year.
“The strong performance was attributed to the healthy growth in core revenues coupled with the rationalization of operating expenses,” Metrobank said in a statement.
The bank’s net interest income or income from lending rose 4% to P15.3 billion from P14.7 billion last year, thanks to a 16% expansion in its gross loan portfolio and a better funding mix.
Trading gains and fee-based income, meanwhile, boosted its non-interest income. Trading and foreign exchange earnings jumped 48% to P6.1 billion from P4.1 billion, while service charges, fees and commissions rose 5% to P4.1 billion from P3.9 billion.
Metrobank said growth of its operating expenses “slowed down” in the first quarter, resulting in a small 9% increase to P16.3 billion in the first half.
As of end-June, Metrobank had P942.8 billion in consolidated assets and a capital adequacy ratio of 18.5%, well above the central bank’s minimum requirement of 10%.
Metrobank has a network of 814 branches nationwide, and 36 foreign branches, subsidiaries and offices overseas. – Rappler.com
Metrobank H1 profit grows 21% to P7.4-B
Growth came from higher revenues and slow increase in operating expenses
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