Metrobank 2012 net income jumps 40%
MANILA, Philippines - Metropolitan Bank & Trust Company, the banking unit of tycoon George Ty's business group, registered a 40% increase in its 2012 consolidated net income to P15.4 billion, up from P11 billion a year ago.
In a disclosure to the PSE on Thursday, March 7, Metrobank attributed its healthy financial performance to the 33% jump in non-interest income and 5% growth in net interest income.
It ended 2012 with the following:
- Total assets reached P1.04 trillion, a 9% increase from P958.4 billion in 2011. This is the first time the universal bank broke the P1-trillion mark
- Total deposits reached P738.7 billion, an 8% increase. Low-cost variety accounted for about 56% and increased 3% from a year ago
- Total net loans and receivables reached P525.7 billion, a 15% increase
- Net interest margin was higher at 3.6% from 3.5% a year ago, bucking declining interest rates and strong market competition. Metrobank attributed the increase to a favorable deposit mix
- Return on average equity (ROAE) was at 13.4% from 11.2% a year ago. ROAE measures a company's profitability in terms of the average equity of shareholders. It indicates how effective a company is in generating additional profits through investments.
Metrobank is the country's 3rd-largest bank in terms of assets. Its affiliate, PSBank, is the 2nd-largest thrift bank in the Philippines. - Christian Bautista/Rappler.com