Friday, 12 March 2010

Metrobank net income up 37% to P6 billion

Manila Bulletin

The Metropolitan Bank and Trust Company's (Metrobank) net income grew 36.8 percent last year to P6 billion from P4.4 billion a year ago due to improved revenues and efficient operations.

In a disclosure to the Philippine Stock Exchange Thursday, the country's second biggest bank in terms of assets, said that Metrobank's net income doubled to P1.4 billion in October to December alone.

“The full-year results reflect our continued earnings strength and more efficient operations. Our strategies continue to prove effective. We were able to take advantage of the recovery from the financial turmoil of the previous year, and we are proud to show a consistent performance throughout 2009,” Arthur Ty, Metrobank president said.

Last year, the bank's revenues increased 23 percent to P43.7 billion, while operating expenses grew at slower pace 6.8 percent to P25.8 billion.

With revenue growth surpassing the rise in costs, Metrobank's efficiency ratio further improved to 60.4 percent from 70 percent in 2008.

Net interest income, meanwhile, rose 15.6 percent to P26.7 billion driven by sustained margins and better funding mix.

Non-interest income also expanded by 36.2 percent to P17 billion due to strong fee-based income and financial market sales and trading.

Metrobank said its efforts to improve asset quality have also shown positive results, as gross non-performing loans gone down 20.6 percent last year. Consequently, the NPL ratio dropped to 3.5 percent from 4.5 percent.

At end-December, its consolidated assets stood at P854.3 billion, while capital adequacy ratio was strong 14.3 percent, which is well above the minimum required by the Bangko Sentral ng Pilipinas (BSP).

Metrobank currently has a network of 723 local and 35 foreign branches, and over 1,200 automated teller machines nationwide.

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