First Metro profits hit P1.9 billion in H1

MANILA, Philippines- Listed First Metro Investment Corp. posted a 76 percent increase in its profits for the first half of the year, a disclosure to the Philippine Stock Exchange showed Tuesday.

The consolidated net income of Metrobank Group’s banking arm grew to P1.9 billion from the P1.1 billion in the first half of 2011.

“Our first half result was supported by favorable macroeconomic conditions. The debt and equity volume for the first half reached P424.0 billion and First Metro accounted for P291.0 billion or a notable 70.0% market share. In 2011, total capital markets fundraising reached P1.04 trillion and we contributed P805 billion or 78 percent of the total funds raised,” First Metro President Roberto Juanchito Dispo said.

The company said its consolidated resources stood at P75 billion as of June 30, 2012, 5 percent lower than its year-end balance of P79 billion. This is due to the net effect in deposits from the change in the reserve requirement on deposit substitute liabilities, it said.

Meanwhile, capital funds hit P14 billion, 23 percent or P2.6 billion higher than the end of year balance. Capital adequacy ratio remains competitive at 27.33 percent, the company said.

“The second half of the year poses an even more positive backdrop for the domestic debt capital market with the first quarter GDP (gross domestic product) at 6.4 percent and predicted to grow at 7 percent in the second quarter. Inflation is at its record low of 2.8 percent as of June 2012, historic low rates with 25-year government securities  below 6.0 percent,  GIR (gross international reserves) levels of $76 billion  and a surging peso at 41-42 backed by strong OFW (overseas Filipino workers) remittances and  a robust BPO (business process outsourcing) income,” Dispo said.



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