Total operating income for the six- month period expanded by POP. Billion to reach POP. 9 billion on the back off 13- percent year-on-year rise in net interest income to Pl 7. 3 billion coupled with a POP. 7 billion increase in non-interest income to POP. 6 billion, the bank reported on Thursday. Metronome sustained its momentum by growing its loan book by 16 percent year-on-year to end the first semester at IPPP. 8 billion. Credit demand was consistent across all sectors, with the consumer segment leading the growth, the bank reported.
Total deposits reached IPPP. 6 billion, 32 percent higher year-on-year, predominantly from low-cost current and savings accounts. The bank reported a pike in deposits in the second quarter as excess liquidity in the financial system scouted for outlets. Non-interest income was driven by strong earnings from treasury and investment activities of POP. 3 billion, the steady increase in service charges, fees and commissions to UP. 2 billion, and miscellaneous income of POI. I billion.
Miscellaneous income included the one-time gain from sale of non-core assets, namely, Metronomes remaining 15 percent stake in Toyota Motor Philippines Corp.. Which was sold in January 2013, and a 20 percent stake in Global Business Power Corp.. Which Metronome subsidiary First Metro Investment Corp.. Sold in June 013. “The transactions were done to strengthen Metronomes capital base in preparation for Basel Ill implementation next year,” the bank said. By unloading non- core assets, Metronome has beefed up capitalization in preparation for stringent requirements under the Basel 3 framework.
In a recent interview, Metronome chair Arthur TTY said the bank would be “ready to comply with Basel 3. ” Meanwhile, operating expenses increased mainly due to manpower related costs, in particular the renewal of a three-year collective bargaining agreement with unionized employees. The bank also incurred an increase in miscellaneous expenses for taxes elated to the sale of non-core assets. REACTION: Metronome doing well in terms of high performance in recording net profit this 1st semester. I think they doing this to influence more investor to invest in their bank.
Metronome right now is the 2nd largest Philippine bank, & always trying to stave TOT competently to stay as one AT ten count largest Dank Its mall competitor Is Banc De ROR (BAD) of tycoon Henry Sys and Bank of the Philippine Islands (BPI) of the Loyal group. But other major competitors include Racial Commercial Banking Corporation (RCA), Land Bank of the Philippines and Philippine National bank of Yukon Lucia Tan. Metronome exert more efforts to be back as the largest bank in the Philippines. Gag-lbs. Fund Home Development Mutual Fund Vision For every Filipino worker to save with Page-lbs. Fund and to have a decent shelter. MISSION To generate more savings from more Filipino workers, to administer a sustainable Fund with integrity, sound financial principles, and with social responsibility, and to provide accessible funds for housing of every member. Corporate values The governing values that will steer the Page-lbs. Fund in pursuit of its vision include Integrity, Excellence, Professionalism, and Service.