Tuesday, 24 May 2011

Six banks posted over P1-b profit each in Q1

by Roderick T. dela Cruz
Manila Standard
http://www.manilastandardtoday.com/insideBusiness.htm?f=2011/may/24/business2.isx&d=2011/may/24

Philippine banks continued to enjoy strong profit after a record performance last year, with six of them declaring a net income of at least P1 billion each in the first quarter of 2011.

Metropolitan Bank & Trust Co. was the most profitable bank in the January-March period, when it booked a net income of P3.1 billion, up 21.2 percent on year.

Bank of the Philippine Islands, the most profitable bank in 2010, booked a net income of P2.8 billion in the first quarter, up 4.5 percent year-on-year. The Ayala-controlled bank reported a record net income of P11.3 billion last year.

It was followed by state-owned lender Land Bank of the Philippines which reported that profit grew 10 percent to P2.77 billion in the first quarter, on the back of higher loans and investments.

Banco de Oro Unibank Inc., the largest bank with assets of more than P1 trillion, also saw its profit soar by 18 percent to P2.44 billion, as a result of the bank’s diversified revenue stream and tempered growth in operating expenses and conservative provisioning.

Rizal Commercial Banking Corp., the country’s fifth-largest private bank, declared a net income of P1.02 billion in the first quarter of 2011, on higher trading gains.

Security Bank Corp., the 10th largest private domestic bank, reported that net income rose 8.5 percent to P1.01 billion during the January-March period, as assets jumped 27.8 percent to P183.5 billion.

While it did not achieve the P1-billion profit threshold for the period, United Coconut Planters Bank said net income rose 11 percent to P640 million in the first quarter, which put it “on track to surpassing the P2.4-billion full-year net income reported in 2010.”

Other universal banks, however, reported slimmer profits in the first quarter. Union Bank of the Philippines, the banking unit of the Aboitiz Group, said first-quarter net income fell 17.2 percent to P708.28 million.

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