MANILA, Philippines - The Metropolitan Bank & Trust Company (Metrobank) posted a net profit of P7.4 billion in the first half of the year, up 21 percent from a year ago boosted by growth in core revenues and rationalization of operating expenses.
Total operating income earned for the up 15 percent to P29.1 billion from P25.4 billion in same period of 2011.
Net interest income grew to P15.3 billion from P14.7 billion on the back of the 16 percent hike in gross loan portfolio and more favorable funding mix.
Funding cost further improved as low cost deposits now account for 56 percent of the total deposit base from 48 percent last year, while demand for credit was primarily led by the corporate and consumer segments.
Non-interest income rose 30 percent to P13.8 billion from P10.7 billion previously, driven by sustained growth in fee-based income, higher contributions from associates and strong treasury and investment activities.
Service charges, fees and commissions amounted to P4.1 billion from P3.9 billion, while income from trust operations grew 38 percent year on year to P0.4 billion. Share in net income of associates came in at P1.4 billion from P0.5 billion, on account of higher income generated by various associates. Trading and foreign exchange profits reached P6.1 billion from P4.1 in the same period last year.