Metropolitan Bank registers US$600 000 net profit

surged eight percent to US$70 million.
Cost to income ratio remained stable at 74 percent attributed to increased revenue and tight expenditure control.
In a statement accompanying the financial results, bank chairman Mr Wilson Manase said the bank’s capital position remained strong in 2011.
“Impairment of loans and advances for the half-year amounted to US$101 382 and the group says progress was made during the period under review to ensure that the loan book is not compromised.
“The highly collaterised nature of our exposures together with good progress on management has resulted in satisfactory levels of impairment of the loan book,” he said. The bank has attributed the decrease in bad debt provision to the tight risk management and pro-active account management.
Mr Manase said the bank is well capitalised and complies with the regulatory authority’s capital requirements applicable to commercial banks.
Total shareholders’ equity was US$19 million as at June 30 2011, representing 28 percent of period end assets of US$70 million.
“Capital adequacy ratio stood at 31 percent which is well above the minimum prescribed ratio of 10 percent,” he said
During the period under review, Mr Manase said the bank had successfully launched a mobile banking service and a prepaid Visa card. The bank also expects to launch internet banking products this month.