Metrobank net income up 60% to P22.2 billion in 2021

Metropolitan Bank and Trust Company (Metrobank) saw its earnings grow by double digits in 2021 on the back of the gradual reopening of the economy amid the COVID-19 pandemic.

In a disclosure to the Philippine Stock Exchange on Thursday, Metrobank said its net income stood at P22.2 billion last year, up 60% year-on-year.

“Our positive performance in 2021 validates our strategies of fortifying our balance sheet and proactive provisioning during the pandemic. The bank has emerged stronger and well-prepared to meet the needs of our stakeholders as the economy moves towards full recovery,” said Metrobank president Fabian Dee.

The bank said that despite the challenging conditions in 2021, non-performing loans (NPLs) declined by 12% year-on-year with NPL ratio easing to 2.2% in 2021 from 2.4% in 2020.

Fees and other non-interest income, likewise, rose by 27% to P21.1 billion in 2021 “on the back of higher transaction volumes and cross selling strategies, which mitigated lower trading income.”

Metrobank also said it kept its operating costs at P59.5 billion on the back of efforts to improve efficiencies.

The bank added its low-cost current and savings accounts (CASA) grew 12% to P1.5 trillion, which continued to help trim over-all funding cost. — VBL, GMA News