FMIC H1 net income tumbles 76% on industry-wide drop in trading gains

FIRST Metro Investment Corp. (FMIC), the investment banking arm of the Metrobank Group, said its consolidated net income in the first half plummeted 76 percent from a year earlier as the company reeled from an industry-wide decline in trading gains.

In a statement on Thursday, FMIC reported consolidated net income of P1.64 billion at the end of the first half, down sharply from the P6.76 billion it reported in the same period last year.