FMIC says consolidated net income surged 176% to P7.12B in Jan.-Sept.

First Metro Investment Corp. (FMIC) on Wednesday said consolidated net income surged by 176 percent to P7.12 billion in the first nine months from P2.58 billion a year earlier.

 

“There is a mad rush among local firms to raise money from both debt and equity capital markets in anticipation of higher rates beginning next year and possible QE [quantitative easing] tapering which will depress the equity market,” president Roberto Juanchito Dispo noted in an e-mailed statement. 

 

“We are, in fact, involved in nine major capital markets transactions which are for execution between now and the end of the year,” Dispo added.

 

The investment banking arm of the Metrobank Group said resources totaled P89.03 billion as of end-September.

 

The various groups within First Metro Investment – Treasury, Investment Banking, Strategic Finance,  and Investment Advisory – contributed positively to the company's bottom line. – VS, GMA News