Philippines Digest: Listed firm Belle, Metrobank post higher net income in Q1

PSE-listed Belle Corporation announced that it has realized a consolidated net income of P477 million for the three months ended March 31, 2022, which was 7% higher than its consolidated net income of P447 million for the three months ended March 31, 2021.

The company said its real estate revenues increased by 144%, from P351 million in the first quarter of 2021 to P857 million in the first quarter of 2022.

The share in the gaming revenues at City of Dreams Manila of Belle’s subsidiary Premium Leisure Corp decreased by 20%, from P431 million in the first quarter of 2021 to P344 million in the first quarter of 2022. Full story here > Belle Corporation posts 7% higher net income on strong real estate growth

Metrobank, meanwhile, disclosed that a stable net interest income supported by recovery in loans, modest rise in non-interest income, and marginal costs growth buoyed its performance in the first quarter of this year, according to the bank’s disclosure.

Metrobank said its net income in the first quarter reached P8 billion and its asset quality remains health, prompting further decline in provisions.

“We are encouraged by the sustained pick-up in economic activities as Metrobank stands ready to support our clients in their funding plans and investment needs,” said Metrobank President Fabian S. Dee. “The strategies that we have put in place should enable the Bank to achieve sustainable growth along with the expanding domestic economy.” Full story here > Metrobank’s net profit hits P8bn in Jan-March 2021