Metrobank Q1 income soars 163% to P4.3-B
MANILA, Philippines - The banking unit of tycoon George Ty saw its net income in the first quarter of 2013 nearly tripled.
In a disclosure on Thursday, May 9, Metropolitan Bank & Trust Co. (Metrobank) reported a net income of P4.3 billion, a hefty 163% jump year-on-year.
It attributed this strong performance to "steady growth in core revenues, robust expansion in treasury and investment activities and increase in miscellaneous income.
Below is a summary of its financial performance in the first quarter:
- Total operating income reached P26.9 billion, a 57% increase, or P9.8 billion more, year-on-year
- Non-interest income reached P18.7 billion, up 103%. Contributing to this was the P11.3 billion earnings from treasury and investment activities; P2.1 billion service charges, fees and commissions, and; P5.2 billion miscellaneous income (including gains from sale of 15% stake in Toyota Motors Phils Corp in January 2013)
- Interest income at P8.2 billion, up 5%
- Net interest margin at 4%, an improvement from a year ago's 3.7%. This was attributed to "more favorable deposit mix" and sustained growth in higher-yielding assets
- Loans grew to P523.3 billion, up 15%, with consumer and middle market segments fueling the demand
- Deposits grew by 11%, with low-cost deposits accounting for 62% of total (no total deposit amount provided)
- Non-performing loans ratio improved to 1.8% from 2.2% a year ago; Funds set aside for losses from non-performing loans at P1.1 billion, bringing coverage to 124% from 110%
- Total consolidated assets reached P1-trillion
- Total equity reached P133.2 billion
- Capital adequacy ratio (CAR) reached 17.3%, with Tier 1 CAR at 14.8%
Metrobank now has total 831 branches and over 1,800 ATM units in its network nationwide. - Rappler.com