First Metro reports 2007 income at record-high P1.41B

MANILA, Philippines- Profit at First Metro Investment, the investment banking arm of the Metrobank Group reached P1.41 billion in 2007, 33 percent higher than its 2006 level.
In a statement sent to the Philippine Stock Exchange, First Metro said this is the highest income level it has achieved in its 35-year history.
Net income was recorded at P1.06 billion in 2006."The company’s performance is reflective of the Philippine economy’s 7.3-percent growth in 2007 which is the fastest in 31 years. This growth resulted in a strong revival of capital markets, both fixed income and in particular the Philippine stock market which rose by 21 percent in 2007 to reach 3,621, beating its previous historical index high posted 10 years ago in 1997,"
First Metro said. Metrobank is the largest bank in the country in terms of assets.

source: GMANews.TV