Metrobank nets P9.1 B in first half of 2014

FILE PHOTO

MANILA, Philippines – Metropolitan Bank and Trust Co. posted a first-semester net income of P9.1 billion, half the level chalked up in the same period last year when earnings were bloated by extraordinary treasury gains and one-time gains from divestment of shares in car and power generation businesses.

In terms of core earnings, the performance for the period was marked by double-digit growth in loans and deposits, steady margins, and better cost management, the bank disclosed to the Philippine Stock Exchange.

Net interest income was up 29 percent year-on- year to P22.28 billion, supported by strong volume take-up.

Consolidated deposits increased by 23 percent year-on-year to end the semester at P1.1 trillion, while loan growth was sustained at 19 percent to reach P647.5 billion.

Non-interest income, on the other hand, was reported at P13.6 billion, sliding from the previous year’s P28.59 billion level.

In the first six months, Metrobank generated P4.4 billion in fee-based income, about 5 percent better than the level in the previous year. However, trading and foreign exchange gains shrunk to only P1.1 billion from the previous year’s P14.3 billion.

Meanwhile, the bank booked miscellaneous income of P8.1 billion which included a property sale and divestments of non-core assets booked in the first quarter. However, this was still slower than the miscellaneous income of P10.7 billion last year when the bank sold its remaining 15 percent stake in Toyota Motor Philippines Corp. while a 20 percent stake in Global Business Power Corp. was unloaded by subsidiary First Metro Investment Corp.