Metrobank posts P2.12-B profit in 2001

Publicly-listed Metropolitan Bank and Trust Co. (Metrobank) posted a net income of P2.117 billion last year.

Documents at the Securities and Exchange Commission (SEC) indicated that the bank’s interest income amounted to P28.810 billion with interest on receivables from customers amounting to P19.939 billion.

Interest on investment securities, interbank loans, deposits with banks and others, on the other hand, amounted to P8.87 billion.

According to Metrobank’s statement of income and expenses for the year ended Dec.31, 2001, its interest expense amounted to P19.524 billion, leaving a net interest income of P9.285 billion.

During the period, the bank made provisions for probable losses amounting to P1.530 billion, leaving a net interest income after the provision in the amount of P7.755 billion.

The bank reported income from exchange profit, commissions, trading and investment securities gains of roughly P5.188 billion.

Less expenses amounting to a total of P10.826 billion, Metrobank said its actual net income for the year amounted to P2.117 billion.

Last year, Metrobank bought into Solidbank by putting out P3.9 billion in cash as payment for the 40-percent stake of Bank of Nova Scotia.

The deal completing Metrobank’s bid to acquire 91 percent of Solidbank, created the country’s biggest bank with total resources estimated at P339.784 billion, combined capital of P51.561 billion and 825 branches.

Before buying out the Bank of Nova Scotia, Metrobank had acquired the combined shares of the Madrigal and Lim families in Solidbank, amounting to 51 percent.

The banks earlier agreed on a 50-percent payment in cash and 50 percent through a share swap, but Metrobank decided to pay the full value in cash to effect the merger sooner and to make better use of its capital. — Des Ferriols