In observance of the Holy Week, the Philippine News Agency’s online news service will be off on March 29, Good Friday, and March 30, Black Saturday. Normal operations will resume on March 31, Easter Sunday.

— The Editors

Metrobank consolidated net income up 5%

By Joann Villanueva

November 6, 2017, 6:25 pm

MANILA -  -  Growth of loans and low-cost deposits boosted Metropolitan Bank & Trust Company’s (Metrobank) unaudited consolidated net income in end-September 2017 by five percent year-on-year to PHP13.2 billion.

“Fee income drivers continued to improve and operating expenses were again capped at a single-digit growth rate,” the bank said in a disclosure with the Philippine Stock Exchange (PSE) Monday.

Metrobank President Fabian S. Dee, in the disclosure said, their core earnings “are moving ahead of plans.”

“And we are also continuously improving our operations and have made the necessary enhancements to our internal processes to ensure that we become an even stronger institution. We would like to thank our customers for their support as we move forward and continue to deliver premium customer experience to them,” he said.

The bank said low-cost deposits grew by 15 percent, with the current account and savings accounts (CASA) sharing 62 percent of the PHP1.5 trillion total deposits.

“This healthy mix of funding supported the 20 percent year-on-year growth in net loans and receivables to reach PHP1.2 trillion,” it said, citing that “the commercial segment was again at the forefront of this growth as the Bank continued to provide funding to both corporate and middle market clients in support of the local economy.”

Net interest margin got better at 3.8 percent because of loan growth, it said, noting the 16 percent rise in net interest income, which accounted for 72 percent of the bank’s PHP62.9 billion revenues.

Non-interest income amounted to PHP17.6 billion, PHP9.1 billion of which are from service fees and commission, PHP4 billion from net trading and grains from foreign exchange, and PHP4.5 billion in miscellaneous income.

Operating cost reached PHP35.8 billion during the nine-month period, eight percent higher year-on-year while provisioning for credit and impairment loss reached PHP5.9 billion.

Non-performing loan (NPL) ratio stood at 1.07 percent, better than industry average.

Total equity to date reached PHP210.4 billion and capital adequacy ratio (CAR), a gauge of bank’s financial health, is at 16 percent, higher than 10 percent regulatory requirements. Common Equity Tier 1 (CET1) ratio is 13.3 percent. (PNA)

Comments