Metrobank nets record P48.1 billion in 2024

Metropolitan Bank & Trust Co. (Metrobank) reported Thursday a 14.0% growth in its bottom line for 2024, on the back of higher net interest income as the lender posted an expansion in gross loans during the period.

Metrobank said its net income grew to a record P48.1 billion in the past year, translating to a 13.0% return on equity which compares with the 12.5% in 2023. Net interest income for the year grew 8.7% to P114.1 billion.

Gross loans expanded by 17.0% to outpace the industry growth of 12.5%—commercial loans rose by 17.7% as corporate clients increased capital spending, and consumer loans rose by 14.4% as net credit card receivables grew by 18.6% and auto loans increased by 18.2%.

Fee and trust income hit P18.1 billion supported by the consumer business, while posting a 39% improvement in trading and foreign exchange gains to P5.6 billion.

Operating costs for the year stood at P77.2 billion, reflecting an 11.0% increase due to transaction related taxes, along with manpower, technology, and marketing costs.

Metrobank ended 2024 with total consolidated worth P3.52 trillion, and a total equity of P385.5 billion.

"This positive momentum and our strong balance sheet set us up very well to continuously meet the growing needs of our clients and to pursue our medium-term strategies," Metrobank president Fabian Dee said in an emailed statement. — VDV, GMA Integrated News