Metrobank still largest bank in RP

Metropolitan Bank and Trust Co. (Metrobank) remains the country’s biggest bank as it registered consolidated assets of P641.5 billion as of end-2006.

In its published statement of condition for the bank and its subsidiaries and affiliates as of Dec. 29, 2006, Metrobank’s total assets increased by another P55 billion, or 9.4 percent from the P586.5 billion recorded in 2005.

Its deposit base grew to P492 billion last year from P424.3 billion in 2005, up 16 percent. Consolidated net loans for the year stood at P276 billion.

Metrobank also disclosed that its unaudited net income increased substantially by 27.7 percent to P5.5 billion compared to P4.3 billion in 2005.

"We deliberately focused on attracting new business especially in deposits, increasing our corporate lending business, and strengthening our banking operations," Metrobank president Arthur Ty said. "We also explored new approaches to increase our remittance volume through new product offerings and expanding our partnerships abroad."

Total capital accounts increased to P60.7 billion compared to the P49.5 billion recorded in 2005. Capital stock was at P36.1 billion with a surplus of P14.6 billion for 2006.

The bank concluded two major capital raising initiatives last year to meet new regulatory requirements, particularly Basel II. Both activities were met with strong investor demand as the offerings were oversubscribed. Metrobank also became the first and only Philippine company to engage on an overnight capital raising exercise.

Bank officials also said that strengthening risk management and building long term shareholder value reflected in its impressive financial performance. Its balance sheet improved with non-performing loans (NPLs) decreasing to P15.7 billion, or 5.2 percent of the bank’s total loan portfolio.

"Strengthening of our balance sheet through the sale of almost P10 billion in non-performing assets complemented our expansion," Ty said.