• Metrobank doubles first half profit to P18 billion

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    Metropolitan Bank and Trust Co. (Metrobank) has more than doubled its net profit during the first half of this year, after registering steady growth in its core revenues, among other drivers.

    In a disclosure to the Philippines Stock Exchange, Metrobank reported an unaudited consolidated net income of P18.1 billion for the first half of 2013, more than doubling the P7.4 billion it earned in the same period in 2012.

    This increase in net income even exceeded Metrobank’s full-year 2012 net income of P15.4 billion.

    According to the bank, the key performance drivers to its net income include the steady growth in its core revenues, robust expansion in treasury and investment activities, and increase in miscellaneous income.

    For the first half of the year, the bank’s total operating revenue expanded by P16.6 billion to reach P45.9 billion, which was achieved on the back of a 13-percent rise in its net interest income and noninterest income.

    Metrobank also sustained its momentum with year-on-year loan growth of 16 percent to close the period at P545.8 billion.

    Also, the bank ended the first semester with P1.2 trillion in consolidated assets and P135.6 billion in equity, while its total capital adequacy ratio (CAR) remained well above the regulatory limit at 18.1 percent, with Tier 1 CAR at 15.7 percent.

    Metrobank said that it is continuing its branch expansion strategy to expand coverage and provide better accessibility to its client base.

    Metrobank maintains the largest consolidated domestic network of 832 branches, supplemented by 1,822 automated teller machines nationwide.

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