Metrobank posts double-digit earnings growth

Metropolitan Bank & Trust Co. (Metrobank) on Tuesday reported double-digit growth in its net income for the first nine months of the year, which the lender attributed to its strong asset expansion, recovery in non-interest income, and improved asset quality.

Metrobank said its third-quarter net income increased to P12.390 billion from P11.068 billion, as interest income climbed to P44.863 billion from P39.726 billion, and net interest income grew to P27.752 billion from P26.658 billion.

This brought the year-to-date net income up 12.4% to P36.410 billion from P32.274 billion. Interest income jumped to P131.911 billion from P112.434 billion, while net interest income grew to P85.721 billion from P77.236 billion.

The bank said it took advantage of favorable market developments in the third quarter, generating combined trading and foreign exchange gains of P5.6 billion in the nine-month period. It also recorded P12.5 billion in fee income.

Its non-performing loans (NPLs) ratio eased to 1.59%, bringing provision costs down 48.2% year-on-year. The NPL cover ratio, however, remained high at 161.9%.

“Our robust results reflect our strong drive to continue supporting the growing needs of our clients, all while preserving the health of our portfolio,” Metrobank president Fabian Dee said.

“We look forward to the positive impact of recent regulatory measures on the banking industry alongside improving economic outlook,” he added.

Metrobank ended September 2024 with 956 branches, 1,303 on-site automated teller machines (ATMs), and 1,001 ATMs in other locations. — Jon Viktor D. Cabuenas/RSJ, GMA Integrated News