Metrobank net income down 49.7% in 2014 H1

MANILA, Aug. 11 (PNA) — Loans and deposits continued to be robust but unaudited net income of Metropolitan Bank & Trust Company (Metrobank) in the first half of 2014 fell almost 50 percent to P9.1 billion from year-ago’s P18.1 billion.

In a disclosure with the Philippine Stock Exchange (PSE), the Ty-led bank said its total operating income from January to June 2014 reached P36 billion, down from the P45.9 billion in the same period in 2013.

Consolidated deposits grew 23 percent year-on-year to P1.1 billion and loan growth expanded by 19 percent to about P647.5 billion.

”Lending activities were driven by the strong demand from the commercial segment, which continues to benefit from robust economy and investment climate,” the bank said.

Headline operating expenses grew by six percent to P19.8 billion, slower year-on-year resulting to the 30 percent drop in credit and impairment losses to P1.9 billion.

However, the bank said its asset quality “remains well under control,” citing that non-performing loans (NPL) ratio improved to 1.3 percent with the coverage rising to 159.8 percent from 125.3 percent previously.

In the first half of the year, the bank opened 16 branches, bringing the total to 872 while 52 automated teller machines (ATMs) were added, which brought its total ATMs to 1,988. (PNA)