Metrobank reports record high profit of P22.5 B

MANILA, Philippines — Metropolitan Bank and Trust Co. chalked up a record-high net profit of P22.5 billion in 2013 as hefty gains from the sale of shares in automotive and power generation units added to higher core earnings.

Last year’s net profit reflected a 46-percent increase over the P15.4 billion earned in 2012, the bank said in a press statement.

The banking arm of the Ty family booked one-time gains last year from the sale by First Metro Investment Corp. of its remaining 15 percent stake in Toyota Motor Philippines Corp. and a 40 percent stake in Global Business Power Corp.

Taking advantage of the strong domestic economy, Metrobank booked P611.1 billion in net loans and receivables, up 16 percent from the previous year, and faster than the 15 percent growth reported in 2012. Demand for credit accelerated consistently across all segments, the bank said.

Total operating income increased by 38 percent to reach P78.9 billion. This was achieved on the back of a 24 percent growth in net interest income to P38.3 billion, and a 55 percent growth in non-interest income to P40.7 billion.