Latest posts by Stock Signals Philippines (see all)
- SM Prime Holdings, Inc. (SMPH) – Analysis – 11 May 2018 - May 12, 2018
- GT Capital Holdings, Inc. (GTCAP) – Analysis – 11 May 2018 - May 12, 2018
- BDO Unibank, Inc. (BDO) – Analysis – 11 May 2018 - May 12, 2018
MANILA, Philippines – Metrobank Bank and Trust Co. (Metrobank) registered its unaudited consolidated net income in the first nine months at P12.6 billion.
The nine-month net income of Metrobank declined by 12.56 percent from its P14.41 billion record of last year’s third quarter.
By the end of September, the bank has a total of P201.4 in equity and P1.7 trillion of consolidated assets. Its Common Equity Tier 1 ratio rose to 14.5 percent, but its total capital adequacy ratio remained at 17.6 percent.
Despite decline in profit, non-interest returns increased to P17.4 billion, which is a rise by 23 percent. The returns include net trading and foreign exchange revenue of P4.2 billion; commissions, fees, and services charges amounting to P7.7 billion; and miscellaneous returns of P5.5 billion.
Metrobank’s Current Account Savings Account (CASA) increased to P790.8 billion, which is an increase by 21 percent. Ratio of its low cost current account also rose to P1.2 trillion deposit base or 63 percent increase from 2015’s record of 56 percent.
A rise by 26 percent was also seen in the bank’s net loans and receivables, amounting to P965.1 billion. This improvement accounts for 10 percent more of its total assets compared to last year. Despite the growth in its lending activities, its non-performing loans increased to 0.9 percent.
The financial health of Metrobank is stated to have outperformed expectations, particularly in loan demand and low cost deposits growth. Metrobank Senior Vice President, Jette Gamboa, cited loan demand increased faster and reached its 17.7 percent mark in July. She also expressed gallant feeling due to the improved net interest margin at 3.65 from 3.5 percent.
The bank had a 29 percent year-on-year growth in commercial loan portfolio and 17 percent in consumer segment. The growing infrastructure developments and high capital expenditures in the country contributed to this.
Metrobank President, Fabian Dee, stated that the company is satisfied with its core business positive trend. In addition, irrespective of competition, margins are improving and low cost funding sustains its condition.
Until 2017, the bank looks into hiring about a thousand of new employees. The third quarter involved hiring front line personnel and sales and marketing staff, which led to P33.3 billion operating expenses.