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By Likha C. Cuevas-Miel, Reporter
THE country’s biggest bank disclosed to the
Philippine Stock Exchange on Friday that its profit last year rose
on improvements in income earned from its lending and nonlending
businesses.
Citing unaudited figures, Metropolitan Bank and
Trust Co. said its consolidated net income grew by 27.48 percent to
P7.04 billion from a year ago. Net interest income climbed 12.29
percent to P21.45 billion while non-interest income rose by 11.7
percent to P17.04 billion on the back of improving fee-based income
and higher trading and securities gains. These improvements pushed
total operating income to rise by 12.03 percent to P38.49 billion.
According to Arthur Ty, Metro-bank president,
the bank’s full-year performance was driven partly by its efforts
to promote low-cost deposits and improve the deposit mix. In
addition, low interest costs helped the bank to achieve positive
results, with interest expense falling by 14.65 percent in 2007.
“Taking advantage of positive market
conditions, our aggressive effort to drive sales and focus on key
market segments has shown favorable results. The business
development initiatives we have put into place allowed for greater
efficiency and productivity. Recent improvements in our branches
especially in customer service and operations have also helped us
sustain our growth,” Ty said.
The bank’s consolidated net loans and
receivables experienced an uptick of 5.17 percent to P300.29 year on
year as loans to companies across all industries increased. In
addition, the lender’s consumer home and auto loan portfolio
expanded due to increased demand, better product offers like the
Great Rates Sale and the prevailing attractive loan rates.
Metrobank cleaned out its books last year by
disposing some P4.69 billion in nonperforming loans, P4.16 billion
of which were foreclosed properties, 237 percent higher than the
amount of real and other property acquired (ROPA) sold in the prior
year.
Consolidated total assets by year-end reached a
record high of P706.89 billion, or 10.19 percent better than the
previous year, helping the bank maintain its lead in the industry.
Consolidated total deposits also rose to P530.03 billion in 2007
from P489.88 billion in 2006, an increase of 8.19 percent.
Stockholders’ equity at year-end stood at
P70.13 billion. The group paid about 20 percent higher taxes and
licenses year on year.
Metrobank has over 800 international and
domestic branches, offices, subsidiaries and affiliates in 21
countries.
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