Maniolas

MANILA, Philippines – Metropolitan Bank & Trust Co. (Metrobank) reported a consolidated net income of P22.5 billion in 2013, a hefty 46 percent increase from P15.4 billion the previous year, the bank said in a statement. Total resources reached P1.38 trillion, a 32-percent hike from the previous year’s P1.05 trillion, representing another record-breaking performance in Metrobank’s 52-year history. Deposits breached the P1-trillion mark to close the year at P1.02 trillion for a 38-percent year-on-year increase. Net loans and receivables meanwhile, ballooned to P611 billion. Total operating income increased 38 percent to reach P78.9 billion. This was achieved on the back of a 24 percent growth in net interest income to P38.3 billion and a 55 percent growth 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. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Meanwhile, growth in non-interest income was driven by the resilient gains in trading and the steady increase in service charges, fees and commissions. In addition, the bank booked gains from one-time sale of non-core assets in preparation for Basel III implementation. In 2013, asset sales consisted of the bank’s remaining 15-percent stake in Toyota Motor Philippines Corp. (TMPC), and a 40-percent stake in Global Business Power Corp. (GBPC) through its subsidiary, First Metro Investment Corp.  On a Basel II basis, total capital adequacy ratio (CAR) remained well above the regulatory limit at 16.7 percent with Tier 1 CAR at 15 percent. Read More …