Metrobank 2007 income jumps 27.48% to P7.04B

Metropolitan Bank and Trust Co. on Friday disclosed that its net income surged 27.48 percent to P7.04 billion in 2007. The lender, which is the country's largest in terms of assets, had P5.52 billion in profit in 2006. In a statement to the Philippine Stock Exchange, Metrobank said net interest income improved 12.29 percent to P21.45 billion while non-interest income grew 11.7 percent to P 17.04 billion. This led to a 12.03 percent increase in its total operating income of P38.49 billion in 2007, from P34.36 billion in 2006. “Lower interest costs also helped us achieve positive results, with interest expense falling 14.65 percent last year," Metrobank president Arthur Ty said. Metrobank said it maintained its ranking as the country’s largest bank with consolidated total assets at year-end reaching a record-breaking P706.89 billion. - GMANews.TV