Metropolitan Bank and Trust Company (Metrobank), in its disclosure to the Philippine Stock Exchange, announced that its consolidated net income for the first quarter amounted to P2.5 billion, up by 31.7 percent from P1.9 billion last year.
The bank ended the quarter with consolidated resources of P833.4 billion, or 9.1 percent higher year-on-year.
This is mainly driven by the 8.6-percent growth in deposits to P602.1 billion.
Meanwhile, net loans and receivables increased by 2.1 percent to P338.7 billion, on the back of increased demand in the corporate segment, particularly for power generation and distribution and real estate development, as well as the sustained volumes from the consumer and middle market segments.
Total operating income increased by 6.8 percent to P11.4 billion due to higher fee income, sustained remittance flows and financial markets sales and trading.
Meanwhile, operating expenses grew 9.4 percent to P7.0 billion, driven by the 9.1-percent increase in manpower cost.
Metrobank maintained its prudent provisioning policy, setting aside P1.4 billion in provisions for impairment and credit losses.
At the end of the quarter, loan loss cover increased to 86.0 percent from 63.6 percent in the first quarter of 2009.
Asset quality continued to improve this quarter as gross non-performing loans (NPLs) further declined by P4.7 billion, thus NPL ratio was down to 3.5 percent from 5.0 percent in the first quarter of 2009.
Metrobank’s capital position rose by 8.4 percent to P75.1 billion, from the P69.3 billion registered in 2009.
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Topic: Metrobank Financial Report (Read 650 times)