Metrobank reports net income up 10% in 2017

Metropolitan Bank & Trust Co. (Metrobank) reported on Thursday a 10-percent rise in consolidated net income last year, driven by higher lending and deposits.

In a regulatory filing submitted by Metrobank vice president and head of Investor Relations Juan Placido III Mapa, the bank said consolidated net income totaled P18.2 billion.

The increase in loans and deposits resulted in better margins and operating leverage, it said.

“The strength of our deposit franchise continues to support our loan growth, particularly in the commercial space as we help finance the expansion plans of our customers,” president Fabian Dee noted.

“Core revenues increased at a healthy rate, while operating expense growth was capped at single-digit,” he said.

The lender closed 2017 with of P1.5 trillion in total deposits. Low-cost deposits were up 12 percent at P950 billion.

The bank’s loan portfolio expanded by 19 percent to P1.3 trillion.

Metrobank shares closed at P98.60 per share on the Philippine Stock Exchange, down P0.90 or 0.90 percent from P99.60 on Wednesday. —Jon Viktor Cabuenas/VDS, GMA News