Metrobank Q1 income drops to P5.7-B


Posted at May 12 2014 02:02 PM | Updated as of May 12 2014 10:02 PM

MANILA – The Metropolitan Bank & Trust Company (Metrobank) reported a drop in its consolidated net income for the first quarter of this year.

In a statement, the Ty-led bank said its unaudited consolidated net income plunged to P5.7 billion for the first quarter of 2014 from the P11.1 billion it posted in the same period last year due to one-time gains.

For the first three months of 2014, the bank said its key performance driver was the double-digit increase in core revenues which came at the back of sustained volume growth in loans and deposits.

Total operating income for the period reached P20.1 billion, comprised of P11.1 billion in net interest income, and P9 billion in non-interest income.

Its total deposits, meanwhile, increased 50 percent to P1 trillion on the back of the 19 percent expansion in net loans and receivables to P623.5 billion.

Total operating expenses for the period hit P10.3 billion, and provisions for credit and impairment losses reached P1.2 billion.

Metrobank opened 5 new branches and 15 ATMs in the first quarter, bringing its total to 861 and 1,951, respectively.

The bank was also recently upgraded by Fitch Ratings to investment-grade status.

Its long-term issuer default rating was upgraded to BBB- from BB+, with a stable outlook, putting Metrobank at par with the Republic of the Philippines.