Maybank ATR net income down

MANILA, Philippines - Maybank ATR Kim Eng Financial Corp. incurred a four percent decrease in its net income to P309 million in the first nine months of 2012 from P322 million in the comparative period in 2011.

In a disclosure to the Philippine Stock Exchange, the company reported that its total income also decreased by four percent to P2.1 billion from to P2.2 billion in the same period last year.

The company said the drop in income was due to significant decrease in premium incomes from insurance business, interest income, advisory and underwriting fees and sale of real estate inventories.

The financial company’s total assets likewise decreased by 14 percent to P5.9 billion from P6.8 billion, due mainly to huge decline in receivables, insurance receivable and investment properties.

The drop in assets level was a result of the effects of deconsolidation of Asianlife Financial Assurance Corp. (ALFA), an insurance subsidiary, at the end of May this year.