Metropolitan Bank and Trust Co. (Metrobank) said on Tuesday it recorded a 46-percent increase in consolidated net income in 2013 from the year-earlier level.
In a statement, Metrobank said its consolidated net income last year rose to P22.5 billion from the P15.4 billion earned in 2012.
Total resources peaked at P1.38 trillion, a 32-percent surge from the previous year’s P1.05 trillion.
The bank’s deposit base broke the P1-trillion mark to close the year at P1.02 trillion, registering a 38-percent year-on-year increase.
“The strong deposit growth brought down the bank’s overall funding cost, which in turn helped cushion the impact of continued pressure on asset yields,” it stated.
Taking advantage of the strong domestic economy, Metrobank said it booked P611.1 billion in net loans and receivables, up 16 percent from the previous year, and faster than the 15-percent growth reported in 2012, as demand for credit accelerated consistently across all segments.
Meanwhile, the bank’s total operating income grew 38 percent to reach P78.9 billion on the back of a 24-percent increase in net interest income to P38.3 billion, and a 55-percent jump in non-interest income to P40.7 billion.
“Metrobank sustained its high growth rate in net interest income from strong volumes and relatively healthy margins. Meanwhile, growth in non-interest income was driven by the resilient gains in trading and the steady increase in service charges, fees and commissions,” it said.
Furthermore, the bank booked gains from a one-time sale of non-core assets in preparation for Basel III implementation
It added that last year’s asset sales consisted of the bank’s remaining 15-percent stake in Toyota Motor Philippines Corp., and its 40-percent stake in Global Business Power Corp. through its subsidiary, First Metro Investment Corp.
On a Basel II basis, Metrobank’s total capital adequacy ratio (CAR) remained well above the regulatory limit at 16.7 percent with Tier 1 CAR at 15.0 percent.
The bank also said that it entered 2014 fully compliant with the new Basel III requirements of the Bangko Sentral ng Pilipinas, while its domestic network spanned to 856 branches and close to 2,000 ATMs nationwide.