Philippine Daily Inquirer
12:16 am | Saturday, May 17th, 2014
More banks reported a double-digit decline in first quarter net profits in line with an industry-wide trend of declining trading gains or even booking trading losses compared to the much more benign market environment early last year.
Sy family-led China Banking Corp. posted a net income of P1.16 billion in the first three months, down by 35 percent year-on-year.
The Metrobank group’s thrift banking arm Philippine Savings Bank (PSBank), on the other hand, reported a first quarter income of P469 million, down by 14 percent from the level last year.
Asia United Bank (AUB) saw a 62.3-percent year-on-year decline in first quarter net profit to P205.32 million while Philippine Business Bank (PBB) booked a net income of P112.86 million, 80.97 percent lower year-on-year.
All of these four banks reported growth in core businesses.
China Bank’s net interest income was up by 42 percent, boosted by a 20 percent increase in interest revenues from loans and a 33 percent drop in interest expense. Non-interest income, excluding trading gains, grew by 21 percent, driven by increased earnings from fee-based businesses like investment banking, private banking, non-life insurance and remittance.
The bank’s loan portfolio expanded 31 percent year-on-year to P234.98 billion, driven by strong demand from all customer segments. If Plantersbank’s portfolio were included, loan growth was higher at 49 percent. Doris C. Dumlao
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