Maybank Philippines says 2014 net income hits record P1B

Maybank Philippines Inc., the local unit of the Maybank Group, booked a record net income of P1.01 billion in 2014 from P409 million a year earlier, boosted by growth in core businesses and the realization of one-off gains.

 

The bank said its financial performance marked a new milestone in 2014 as earnings rose to a new height since it started operations in 1997. 

 

MPI’s net income translated to a return-on-average equity of 9.5% from 4.2% a year ago.

 

“2014 turned out to be an eventful year for MPI as new milestones and breakthroughs were achieved against a business environment that remained challenging not only for MPI, but the whole banking industry as well,” MPI President and CEO Herminio M. Famatigan Jr. said.

 

Loans rose 32 percent year-on-year to P49 billion from P38 billion. Consumer loans climbed 44 percent and commercial loans by 24 percent. 

 

"On top of this, our Treasury team also boosted our profit with the positions they took allowing us to realize significant interest income from investments and placements,” Famatigan said.

 

Depressed trading gains last year, however, dragged its non-interest income. Only the strong growth in net interest income allowed the bank to post a healthy growth in operating income, which rose by 26 percent to P1 billion.

 

As of end-2014, the bank registered a capital adequacy ratio of 16.7 percent – above the Bangko Sentral ng Pilipinas’ 10 percent minimum requirement. Its Tier 1 capital stood at 15.6 percent.

 

“We remain committed to our long-term aspiration of being one of the Top 10 most profitable banks in the Philippines and the Top 5 players in key consumer and enterprise financing segments,” Famatigan said. – VS, GMA News