Metrobank trust operations expand by 20%

The Metropolitan Bank and Trust Corp. (Metrobank) recorded the highest growth rate in the trust banking industry with a 20-percent increase in its assets under management (AUM) in the first six months of 2003.

From P71 billion, its AUM grew by another P14.7 billion. Thus its total trust assets stood at P85.7 billion as of end June.

In the 73rd Watson Wyatt survey, it reported that Metrobank was the leading fund manager in the first three months of the year. It topped the All Trusteed category (fund manager having at least five funds), from among the selected fund managers in the industry.

Growth of its assets was attributed to the launching of new products, consistent delivery of higher returns and improved relationship management service.

Metrobank consistently outperformed the market benchmark delivering between 10- to 12-percent per annum net for peso assets for the past five years and an average of five- to seven-percent p.a. net on dollar investments.

This delivery of high returns amid lower interest rates experienced by the industry is attributed to extensive market research, active trading and fund management handled with prudence and conservatism," Josefina E. Sulit, Metrobank executive vice president and head of the trust banking group, said.

Meanwhile, Metrobank continues to develop various common trust fund products such as the Metrobank Invest Plus which encourages students to start investing at an early age for a minimum of P5,000.

Metrofund and Metro Common Wealth Fund, on the other hand, are peso-denominated funds invested mainly in government securities, other high-grade commercial papers, and Triple-A corporate loans.

MetroFund Extra is a five-year tax-exempt fund ideal for the retirees who need higher monthly regular income while Metro Dollar Trust Fund is an alternative investment instrument for clients who wish to maximize the earning potential of their dollar funds with a minimum $10,000. Meanwhile, the bank once again received the best collecting commercial bank award from the Social Security System (SSS). This is the fifth consecutive time it received the award since 1999 for having posted the highest collections and displayed exemplary performance in SSS contribution remittances and services to a considerable number of SSS members. The award was given during the 46th anniversary celebration of SSS held at its headquarters in Diliman, Quezon City.