Close  

First Metro Investment net profit up 31.6% to P1.8B

/ 05:57 PM November 10, 2011

MANILA, Philippines—The First Metro Investment Corp., the investment banking arm of the Metrobank group, grew its net profit in the first nine months by 31.6 percent year on year to P1.8 billion on robust treasury earnings.

“Similar to the second-quarter result, the treasury group is again the biggest profit driver, contributing P2.8 billion in gross income. This is 14.5 percent, or P352.3 million, higher than the income it generated in the same period of last year,” First Metro president Roberto Juanchito Dispo said.

ADVERTISEMENT

The treasury income was generated from interest income earned from fixed income portfolio amounting to P1.9 billion, trading gains from the sale of government securities worth P840 million, and other income totaling P38.1 million.

Investment banking fees totaled P356.1 million, 2.2 percent lower than the income generated in the same period in 2010. This quarter’s successful deals involving FMIC included the Bureau of the Treasury’s P323.5 billion domestic debt consolidation program, SM Investment Corp.’s P5-billion fixed rate corporate notes, and Pancake House Inc.’s P800 million fixed and floating rate notes.

“Third quarter turned out to be quite lean in terms of completed deals but between now and the end of the year, we are looking at completing several capital market transactions, which include PLDT, Beacon and our very own First Metro Bonds,” Dispo disclosed.

Total assets as of the end of September stood at P79.5 billion, expanding by 24.2 percent from the end-2010 level.

Capital funds reached P10.6 billion, translating to 16.75 percent in capital adequacy ratio, which is higher than the 10 percent minimum requirement set by the Bangko Sentral ng Pilipinas for non-bank financial intermediaries with quasi-banking function.

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, company, Earnings, First Metro Investment Corp., investment bank, investment banking, Metrobank Group, Profit
For feedback, complaints, or inquiries, contact us.
entertainment

Paulo mines past relationships for latest romantic drama

September 21, 2019 12:30 AM

entertainment

Martin del Rosario supports LGBTQ’s right to love

September 21, 2019 12:25 AM

entertainment

Kylie and Maxine tell their sides of the ‘spitting’ issue

September 21, 2019 12:10 AM

usa

Jon Wong, the youngest Fil-Am elected official

September 20, 2019 11:05 PM



© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.