Metrobank’s 9-month profit drops to P13 B
MANILA, Philippines - Metropolitan Bank & Trust Co. has reported a net income of P13.1 billion in the first nine months of 2014, down roughly 36 percent from P20.7 billion in the same period last year.
The bank attributed the drop in earnings to one-time gains in the sale of holdings in Global Power Business and Toyota Financials last year.
But the third quarter net earnings grew 57 percent to P4 billion.
“Net interest margins are steady at 3.8 percent not only in the third quarter but it has remained that way in the last three quarters,” Metrobank senior vice president and Strategic Planning Division head Jett C. Gamboa said.
“It is the highest in the industry,” he added.
Net interest income increased 23 percent to P34 billion, and contributed 64 percent to the P53-billion total operating income.
Loans and receivables portfolio expanded 21 percent year-on-year to P697.3 billion.
Demand was particularly strong from commercial clients, including middle market and SMEs.
Total deposits grew 23 percent to P1.1 trillion.
Non-interest income amounted to P19 billion, consisting of P6.6 billion in service charges and commission, P1.5 billion from trading and forex gains, and other income worth P10.9 billion.
Operating expense was kept at reasonable levels. Provisions for credit and impairment losses was registered at P3.3 billion, lower by 17 percent from the previous period.
Non-performing loans (NPLs) ratio fell to just 1.1 percent this year, from 1.4 percent last year.
Consolidated assets P1.5 trillion and total equity of P142.2 billion.
Basel III capital adequacy ratio (CAR) remained at 16.2 percent with common equity Tier 1 at 12.1 percent.
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