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Metrobank nets P13.2B.

Ty family-led Metropolitan Bank and Trust Co. grew its nine-month net profit by 4.87 percent year-on-year to P13.19 billion on higher earnings from core lending activities.

For the third quarter alone, net profit attributable to equity holders of parent firm amounted to P3.69 billion, 5 percent higher than the level on the same period last year, the bank said in a regulatory filing on Monday.

The group's return on equity (ROE) for the period ended September was higher at 8.66 percent compared with 8.49 percent for the same period last year due to the net effect of the increase in net income attributable to equity holders of the parent company and the 2.84 percent increase in the average equity.

For the third quarter alone, the bank reported a 17.07-percent improvement in net interest income to P15.69 billion. Other operating income for the quarter also rose by 31.24 percent year-on-year to P6.51 billion as net trading and securities and foreign exchange gains surged by 130 percent while fee-based income - referring to service charges, fees and commissions - rose by 17.11 percent. Miscellaneous income increased by 13.64 percent.

For the nine-month period, the increase in income was driven by a 16.14-percent year-on-year growth in net interest income to P45.31 billion. This was mostly due to higher higher interest income on loans and receivable.

Other operating income rose by 1.18 percent to P17.63 billion in the nine-month period due to the increase in fee-based income.

Total operating expenses for the nine-month period increased by 7.52 percent year-on-year to P35.76 billion on higher compensation and fringe benefits alongside higher occupancy and equipment-related and miscellaneous expenses.

Provision for credit and impairment losses increased by P1.2 billion to P5.91 billion while provision for income tax was higher by P1.69 billion to P5.91 billion year-on-year.

Consolidated total assets amounted to P1.99 trillion as of end-September.

Loans and receivables represented 58.14 percent of the group's total assets, expanding by 9.09 percent year-on-year driven by the strong demands for loans from all segments. I

Deposits amounted to P1.47 trillion as of end-September, of which low-cost deposits represented over 60 percent.

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Publication:Philippines Daily Inquirer (Makati City, Philippines)
Date:Nov 6, 2017
Words:426
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