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By Maricel E. Burgonio, Senior Reporter
METROPOLITAN Bank & Trust Co.said its net
income increased slightly in the first quarter as a result of a
recovery in trading gains and better credit growth. In a statement,
Metrobank said its consolidated profit rose to P2.086 billion at
end-March this year from P1.988 billion in the same period last
year.
Income attributable to equity holders grew by
10.2 percent year-on-year to P1.94 billion this year.
“We are encouraged by the strong performance
of our core banking operations amidst the global financial
crisis,” Arthur Ty, Metrobank president said.
Ty said the growth was driven mainly by the
lender’s net interest income and trading portfolio.
Net interest income jumped 41.5 percent to P7.03
billion due to higher interest income in loans and advances, trading
and investment securities, and deposits with banks.
Its trading portfolio rebounded, with trading
and foreign exchange gains surging 68.5 percent year-on-year to
P1.44 billion.
“Volumes grew steadily in tandem with our
thrust to preserve credit quality, while margins expanded as a
result of better credit spreads and improved deposit mix,” Ty
said.
Operating expenses inched up 1.6 percent
reaching P6.37 billion at end-March.
Its cost-to-income ratio improved to 59.1
percent from 61.4 percent in the same three-month period last year.
“Although it seems conditions may be improving
globally, until the outlook is more certain we will continue to take
a cautious stance in our provisioning policy as reflected in the
P1.46 billion provisions set aside for the quarter,” Ty said.
Consolidated deposits expanded by 12.3 percent
to P554.39 billion, while net loans and receivables rose 5.7 percent
to P331.75 billion.
Metrobank’s consolidated equity position
increased to P69.25 billion from P65.09 billion at end-2008.
Its capital adequacy ratio stood at 13.5
percent, comfortably higher than the Bangko Sentral ng Pilipinas (BSP)
minimum of 10 percent. Its non-performing loan ratio improved to
4.92 percent from 4.98 percent last year as a result of the sale of
bad loans and the write-off of accounts.
Its total assets rose 12.69 percent to P764.007
billion, higher than P677.963 billion in March last year. Net loans
and receivables represent 43.42 percent and 46.28 percent of the
assets.
For this year, Metrobank expects to incur
capital expenditures of about P2.01 billion, of which P1.27 billion
would be spent on information technology.
Last month, it raised P4.5 billion in additional
capital due to strong investor demand for its peso-denominated
step-up callable subordinated notes issuance. The bank prompted to
close the order book after just three days despite the nine-day
offer period.
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