Business

Metrobank 2011 Income Up 32% to PhP11B

Makati–(PHStocks)–Metropolitan Bank & Trust Company (PSE: MBT) reported consolidated net income of PhP11 billion for the full year 2011, up 31.9% from the PhP8.4 billion earned in 2010. As a result, return on average equity improved to 11.2% from 10.3% in the previous year.

Operating income growth was supported by the 11.4% increase in net interest income to PhP29.4 billion, in turn driven by the 7.3% growth in low cost deposits and the 16.5% hike in net loans and receivables. Despite fierce competition, Metrobank’s healthy growth in assets and improved deposit mix pushed net interest margin by 11 basis points higher to 3.5%. In addition, service charges, fees and commissions registered a healthy 12.5% increase to PhP7.7 billion, while income from trading and foreign exchange were better than expected at PhP7.7 billion.

As of December 31, 2011, Metrobank posted consolidated sales assets of PhP984 billion, or 8% higher than the PhP887.3 billion declared in 2012. Total deposits grew by 4.6% to YoY to PhP681 billion, while net loans receivables rose by 16.5% to PhP457.4 billion, with strong growth coming from both consumer and commercial segments.

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