Metrobank profit up 23% to $56mln

Lender said growth attributed to approximately $33mln rise in other operating income.

Metropolitan Bank and Trust Company reported that its unaudited net income attributable to equity holders of the parent company rose 31.69 percent to P2.55 billion ($56.37 million) in the first quarter of the year from the P1.94 billion ($42.89 million) in the same quarter of 2009.

In a disclosure to the Philippine Stock Exchange Friday, the bank said the increase was attributed mainly to the P1.5 billion ($33.16 million) or 39.5 percent increase in other operating income.

On the other hand, net interest income went down by P0.53 billion ($11.71 million) (or 7.57 percent), total operating expenses increased by P0.60 billion ($13.26 million) (or 9.44 percent), while provisions for income tax and impairment and credit losses decreased by P0.32 billion ($7.07 million) (or 37.69 percent) and P42 million ($928,485) (or 2.88 percent), respectively.

The net interest income of P6.50 billion ($143.66 million), which represents 55.41 percent of the Group’s total operating income for the first quarter of the year declined by P0.53 billion ($11.71 million) (or 7.57 percent) from P7.03 billion ($155.36 million) in 2009.

The decrease resulted from the drop in interest income by P1.38 billion ($30.5 million) (or 11.47 percent) offset by the decline in interest expense of P0.85 billion ($18.78 milllion) (or 16.92 percent).

View the full story in Manila Bulletin.