Metrobank Q2 net profit jumps by 43% to P1.7-B

ABS-CBN News

Posted at Aug 16 2010 10:25 AM | Updated as of Aug 16 2010 06:25 PM

MANILA, Philippines - Metropolitan Bank & Trust Company's (Metrobank) consolidated net profit in the second quarter jumped by 43% from a year ago to P1.7 billion, driven by higher fee-based income and trading gains.

For the first half of the year, the bank's net earnings rose by 36% from a year earlier to P4.2 billion.

In a disclosure to the Philippine Stock Exchange on Monday, Metrobank said that from January to June, its net interest income stood at P13.1 billion, while non-interest income expanded by 43% to P10.3 billion, boosted by improved fee-based income, treasury gains, along with improved performances of its key subsidairies.

Metrobank reported that its asset quality improved during the period as its non-performing loans was trimmed to P4.5 billion. As a result, its NPL ratio dropped to 3.2% from 4.8% a year ago.

In the 6 months to June, Metrobank set aside loan loss provisions of P3.8 billion.

Shares of Metrobank were trading 0.7% higher at P60.10 in early session.