Philippine Daily Inquirer
11:49 pm | Thursday, August 1st, 2013
Metropolitan Bank and Trust Co. of taipan George Ty chalked up a record high net profit of P18.1 billion in the first half of 2013, more than double the level of a year ago, marking the highest ever earnings attained by a local bank.
The unprecedented profit level in the first six months was driven by higher net interest earnings, treasury gains and one-time gains from the sale of the Ty group’s interests in the car and power generation businesses.
The first semester figure has exceeded most expectations and is not too far from the P19.3 billion profit forecast for Metrobank for the whole of 2013.
Total operating income for the six-month period expanded by P16.6 billion to reach P45.9 billion on the back of a 13-percent year-on-year rise in net interest income to P17.3 billion, along with a P14.7-billion increase in non-interest income to P28.6 billion, the bank yesterday reported.
Metrobank sustained its momentum by growing its loan book by 16 percent year-on-year to end the first semester with P545.8 billion.
Total deposits reached P876.6 billion, 32 percent higher year-on-year, predominantly from low-cost current and savings accounts. The bank reported a spike in deposits in the second quarter brought on by excess liquidity in the financial system.
Non-interest income was driven by strong earnings from investment and treasury activities, which reached P14.3 billion. The steady increase in service charges, fees and commissions contributed P4.2 billion, while miscellaneous income accounted for P10.1 billion.
Miscellaneous income included a one-time gain from the sale of non-core assets, namely, Metrobank’s remaining 15-percent stake in Toyota Motor Philippines Corp., which was sold in January 2013, and a 20-percent stake in Global Business Power Corp., which Metrobank subsidiary First Metro Investment Corp. sold in June 2013.
“The transactions were done to strengthen Metrobank’s capital base in preparation for Basel III implementation next year,” the bank said.
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Tags: Business , George Ty , Metrobank , Metrobank profits
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