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Metrobank first-half net profit up 30% year on year
Posted: 6:11 PM | Jul. 18, 2005
Erik de la Cruz
METROPOLITAN Bank & Trust Co (Metrobank), the country's largest bank in terms of assets, said it posted a 30-percent year-on-year rise in first half net profit, aided mainly by higher non-interest gains.
First-half net profit came in at 2.25 billion pesos compared with 1.73 billion in the same period in 2004, the bank said in a statement.
The bank did not give a complete set of results nor details of its second quarter performance.
"This bottom line reflects an improvement of over 30 percent, and is on top of increased provisions for the first six months amounting to 1.66 billion pesos, " Metrobank president Antonio Abacan Jr said.
"Non-interest income rose by 23.0 percent, while net interest income grew by 4.0 percent. The gains [in profit] were also attributed to reduced operating expenses, which were down by 1.8 percent as of June 30," he added.
Metrobank had total resources of 472.8 billion pesos at end-June compared to 462.8 billion a year earlier.
Abacan said the bank's loans portfolio grew 5.7 percent, while deposits increased 8.8 percent from a year-ago.
Meanwhile Cesar Lugtu, Metrobank senior vice-president for specialized accounts, said the bank will auction some 2.2 billion pesos worth of non-performing loans (NPLs) on July 20.
The Metropolitan Bank and Trust Co. (Metrobank) introduces Superbilis Padala, a money remittance service that utilizes an electronic transfer system to ensure prompt and safe delivery. Remittance beneficiaries also receive a text message or e-mail confirming the transaction.
Superbilis Padala offers three ways to receive remittances. For one, money can be credited directly to a beneficiary's Metrobank ET account via online credit to account. Superbilis Padala is currently the only remittance service available that guarantees real-time turnaround if money is sent through Metrobank foreign branches and remittance subsidiaries abroad. If remittance is sent through Metrobank's correspondent banks, it will be credited to a beneficiary's Metrobank account within the next banking day.
Next, non-Metrobank accountholders may receive their money through over-the-counter payment, which can be claimed as soon as the next banking day after money is remitted from abroad. Recipients also benefit from the convenience of retrieving their money from any Metrobank branch in the country.
A third way to receive remittance is through a door-to-door delivery service. Money can be remitted directly to the beneficiary's doorstep, a convenience offered to non-Metrobank accountholders in Metro Manila and the provinces.
Beneficiaries without a Metrobank ET account just have to present two valid IDs for prompt identification.
Superbilis Padala is Metrobank's way of addressing common problems faced by Filipinos who are awaiting money transfers from relatives and friends abroad. These include bank-to-bank remittance services that can take days, even weeks, due to lengthy clearing processes, computer system failures, bank holidays, calamities, and accidents, and others. Another common cause of delay is the absence of a local bank's correspondent bank in the country or state where relatives live or are consigned. This is most inconvenient especially if family members need immediate cash.
Superbilis Padala is available at Metrobank foreign branches, offices, subsidiaries, exclusive remittance partners and correspondent banks in Europe, USA, China, Hong Kong, Japan, Singapore Taiwan, and Korea.
In addition, receiving remittances from the Middle East is now easier as Metrobank has joined forces with Al Rajhi Banking and Investment Corp., one of the leading established banks in Saudi Arabia. Al Rajhi has over 400 branches all over the Middle East that are ready to accept Superbilis Padala remittances.
METROPOLITAN Bank & Trust Co. (Metrobank) has sold 6.8 billion pesos worth of non-performing loans (NPLs) to the Singapore branch of Hypo-und Vereins Bank AG of Germany, a statement from Metrobank said.
No other details were given.
The country's largest bank in terms of assets booked total NPLs of 30.45 billion pesos as of end-September, representing 11.13 percent of total loans.
METROPOLITAN Bank AND Trust Co. declared a two-percent cash dividend payable to stockholders of record as of Dec. 8.
This translates to P0.40 per share or a total of P653 million to be taken out of the bank's accumulated profits.
The bank has total outstanding shares of 1,633,650,950 with a par value of P20.00 per share. Payment date will not be later than Jan. 6, 2006.
METROPOLITAN Bank & Trust Co., the largest Philippine lender by assets, expects profit to rise at least 10 percent in 2006, boosted by higher income from loans and treasury operations, bank president Antonio Abacan said Wednesday.
This year, the bank may meet its P4.5-billion profit forecast, Abacan said. The bank had P3.6 billion net income last year. For the first nine months of 2005, profit rose 21 percent to P3.2 billion.
"We will just keep on punching," Abacan told reporters at an event in Manila . "We won't just put our gloves down."
The lender will sell as much as P15 billion of bad loans, those at least 90 days overdue, and nonperforming assets next year through auctions, Abacan said. This year, the bank has sold about P9.8 billion of bad loans, he said.
Ma. Elisa P. Osorio and Iris Cecilia C. Gonzales
Metropolitan Bank & Trust Co. (Metrobank) is looking at getting hold of P1 billion worth of real property tax collections of the Quezon City government for 2006.
In an interview, a ranking Metrobank official said the country's largest lender is looking at closing the deposit deal with the local government unit.
Getting the P1-billion account, the source said, could help the bank achieve its goal of increasing its capital and savings accounts unit.
Quezon City Treasurer Victor Endriga placed Quezon City's collection in basic real property taxes for 2006 at P1 billion.
As of last Dec. 22 real property tax collections had reached P998 million, an increase of 18.37% or about P154 million over the same period in 2004.
The deposit deal, which was supposed to be finalized last week, was snagged after the central bank supposedly questioned the transaction.
According to the official, the central bank wants to know why the Quezon City government would use a private bank when there are state-run banks like the Development Bank of the Philippines and Land Bank of the Philippines.
The official refused to name who in the Quezon City government the bank was talking to since the deal was yet to be finalized.
Quezon City said it had not yet authorized George Ty-owned Metrobank to collect the city's real property tax collections. City Treasurer Victor B. Endriga yesterday said local officials had invited Metrobank to be among its authorized banks, but the bank had yet to secure accreditation from the Bangko Sentral ng Pilipinas (BSP).
"Our primary requirement is an accreditation from Bangko Sentral," he said. He added that once Metrobank secures the accreditation from monetary authorities, it can start collecting real property tax payments to Quezon City.
The local government earlier passed an ordinance allowing accredited banks to collect tax payments.
by Maricel E. Burgonio
The Manila Times
METROPOLITAN Bank and Trust Co. (Metrobank), the Philippines’ largest lender, plans to bid for some of the generation assets of the National Power Corp. (Napocor) in the Visayas area in central part of the country, George Ty, bank president, said.
“We have been always looking for great opportunities in the power sector,” Ty said.
“[But] we have to assess the problem and situation [in the Visayas area] first before we can make the necessary investment,” he said.
An estimated $1 million in investments is needed for the acquisition or establishment of one megawatt of power-plant capacity.
In 2004 the Metrobank group, through Global Business Holdings Inc., teamed up with Mirant Philippines to acquire the 72-megawatt Panay Power Corp. through the joint venture Mirant Global Philippines Corp. The acquisition of Panay Power in 2004 boosted the group’s earnings to a record-high of P1.4 billion.
The local unit of US-based Mirant is the Philippines’ largest private producer of electricity, operating over 2,500 megawatts of generating capacity.
Two projects are now in the pipeline—a 5-MW project and another 7.5-MW facility, both in Aklan province.
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