More News
RETAIL BANKING | Tony Chua, Philippines
view(s)

Metrobank first half profit up 45% to $144.04mn

Metrobank’s profit is catching up with that of the industry leader BPI, which amounted to $146.4mn.

Metropolitan Band and Trust Co. booked P6.1 billion ($144.04 million) in consolidated net profit in the first semester, up 45 percent from a year ago, on higher earnings from core lending and other financial services.

For the second quarter alone, net profit surged 83 percent year-on-year to P3 billion ($70.84 million), the bank disclosed to the Philippine Stock Exchange on Friday.

This performance boosted the bank’s average return on equity (ROE) to 13 percent from 10.7 percent a year ago.

In terms of nominal peso profit, Metrobank is thus fast catching up with industry leader Bank of the Philippine Islands, which reported P6.2 billion ($146.4 million) in net profit (up 12 percent year-on-year) over the same period.

The banking arm of the Ty family has also grown its balance sheet by 16 percent to P965.4 billion ($22,79 billion) in consolidated resources at end-June compared with Banco de Oro Unibank’s P1.03 trillion ($24.32 billion) in resources as of the same period.

View the full story in The Philippine Daily Inquirer.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.