MANILA, PHILIPPINES – Maybank Philippines Inc (MPI), the local unit of Malaysia’s largest bank and financial group, posted a record net income of Php1.01 billion (USD22.6 million) in 2014.
The 2014 net income was more than double the Php409 million (USD9.25 million) that the bank booked in 2013, thanks to the growth of its core businesses and the realization of one-off gains.
“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.
Based on the figures released by the bank, MPI’s loans went up 32 percent to Php49 billion in 2014 from Php38 billion a year ago.
Consumer loans also rose 44 percent while commercial loans went up 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.
Meanwhile, MPI’s Global Markets Group was named by the PDS Group as one of the elite Fixed-Income Brokering Participant in 2014.
This is the Global Markets Group’s first award from the country’s secondary fixed-income bourse.
The Fixed Income Brokering Participant Award is given to financial institutions that have generated the most number of trade tickets for the year as measured by the total volume turnover of securities transacted by face amount.
The award was received by Famatigan and MPI Global Markets Heads Atty. Arlene T. Agustin.
Since 2006, the PDS Annual Awards has been recognizing members of its community and market stakeholders that exhibit outstanding performance, leadership, innovation and continued pursuit in contributing to a robust domestic capital market. – BusinessNewsAsia.com