Metrobank ’13 profit soars by 46%

LOCAL banking giant Metropolitan Bank and Trust Co. posted a record-high net profit of P22.5 billion in 2013, as hefty gains from the sale of shares in automotive and power generation units added to higher core earnings.

Last year’s net profit marked a 46-percent jump over the P15.4 billion bottom line posted in 2012, which was supported by the banner performance of investment banking unit First Metro Investment Corp. First Metro ended 2013 with a consolidated net income of P11.54 billion, 253 percent higher than the level a year ago.

The Metrobank group booked one-time gains last year from the sale of its remaining 15-percent stake in Toyota Motor Philippines Corp. and the unloading of FMIC’s 40-percent stake in Global Business Power Corp. Noncore assets were sold in preparation for the implementation of Basel 3 capital adequacy ratio (CAR) framework this year.

On its 2013 results, Metrobank’s total operating income rose by 38 percent to P78.9 billion. Thiswas achieved on the back of a 24-percent growth in net interest income to P38.3 billion and a 55-percent growth in non-interest income to P40.7 billion.

Taking advantage of the strong domestic economy, Metrobank expanded its loan book by 16 percent to P611.1 billion last year. This was faster than the 15-percent loan growth reported in 2012 as demand for credit accelerated consistently across all segments, the bank said.

“Metrobank sustained its high growth rate in net interest income from strong volumes and relatively healthymargins,” the bank said.

The bank’s total resources peaked at P1.38 trillion—32 percent higher than that of the previous year. On the funding side, Metrobank’s deposit base closed the year with P1.02 trillion, which represented a 38 percent year-on-year increase. The strong deposit growth brought down the bank’s overall funding cost.