Wednesday, 19 May 2010

Allied Bank, Land Bank, report earnings

Allied Bank’s income up 150%; LBP nets P2.5b
by Roderick T. dela Cruz
Manila Standard
http://www.manilastandardtoday.com/insideBusiness.htm?f=2010/may/19/business2.isx&d=2010/may/19

Land Bank of the Philippines, the fourth-largest bank in the country, reported a record net income of P2.52 billion in the first quarter of 2010, up 48 percent from a year ago, as total deposits jumped by a quarter year-on-year.

The government-owned bank said profit in the first quarter eclipsed the P1.7 billion registered a year ago and its target of P1.8 billion for the period.

Bank president and chief executive Gilda Pico, in a news briefing at the bank’s headquarters in Manila, said gross revenues surged 21 percent to P9.21 billion in the January-March period from P7.61 billion a year earlier, led by a 71-percent increase in investment revenues.

Investment revenues rose to P3.77 billion in the first quarter of 2010 from P2.21 billion in the first quarter of 2009.

Allied Banking Corp., a bank controlled by taipan Lucio Tan, meanwhile, reported a net income of P377.45 million in the first quarter of 2010, up by 150 percent from P150.90 million it declared a year ago.

The bank said the growth in net income was triggered by net interest profit, which went up P46.153 million due to a hike in deposit in banks and interbank loans receivable by P13.346 million.

Net interest income rose to P1.694 billion in the first quarter from P1.647 billion a year ago.

It said the higher profit was also helped by a favorable decline in interest expense by P233.380 million or 23.22 percent, especially deposit liabilities that fell P237.521 million or 26.4 percent.

The profit was also augmented by the P123.724 million turnaround in trading and investment securities from P66.274 million loss in 2009 to a gain of P57.450 million as foreign exchange losses went down by P8.371 million while miscellaneous income rose P110.057 million.

LandBank’s Pico said revenues from loans posted a flat growth to reach P3.89 billion in the first three months, despite a 12-percent increase in the loan portfolio to P212.37 billion.

She said the bank registered new depositors this year, including large corporate accounts that helped push its deposit and asset base to record levels.

LandBank’s total assets expanded by 22 percent to P521.5 billion as of March 2010 from P426.84 billion a year ago. Deposits jumped 25 percent to P407.83 billion from P325.94 billion.

Capital was up 29 percent to P49.9 billion from P38.7 billion, solidifying LandBank’s status as the fourth-largest bank in the country, behind Banco de Oro Unibank, Metrobank, and Bank of the Philippine Islands.

Allied Bank’s total assets grew P7.4 billion or 4.09 percent to reach P188.238 billion as of March from P180.834 billion posted in the first quarter of 2009.

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