Quantcast

First Metro Q1 profit up 134%

By |



First Metro Investment Corp., the investment banking arm of the Metrobank group, posted a 134-percent year-on-year jump in its first quarter net profit to P2.3 billion.

This translated to a return on equity of 56.2 percent.

In a statement, FMIC said this was due to strong treasury earnings and the growth posted by its other business segments, including investment banking, strategic finance and investment advisory.

FMIC’s treasury group was the biggest income earner for the period with P1.1 billion, 126 percent higher than year-ago level. This, it said, was generated from interest income on its fixed income portfolio, trading gains from the sale and redemption of government and private securities, and fee income from securities distribution.

The investment banking group posted total fee income of P168 million, double the year-ago level. Among the deals where FMIC participated in the quarter were: Beacon Electric Asset Holdings’s P17-billion corporate notes issue; Megawide Construction Corp.’s P4-billion notes facility agreement; Philippine Business Bank’s P3.19 billion initial public offering; GT Capital Holdings’ P10-billion fixed rate bonds, and Toledo Power Co.’s P7-billion project loan facility.

The strategic finance unit registered P96 million in earnings, also more than double the P42 million posted a year ago.

The investment advisory made P216 million in net trading gains and dividend income from investments in stocks. This marked a 232-percent surge from the level a year ago.

The investment bank’s consolidated assets stood at P86.5 billion.


Follow Us






Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement
Marketplace