Metrobank books P8-billion net income in Q1 2022

Metropolitan Bank and Trust Company on Friday reported a net income of P8 billion in the first quarter of 2022.

In a disclosure to the Philippine Stock Exchange, Metrobank said its first quarter performance is attributed to stable net interest income supported by recovery in loans, modest rise in non-interest income and marginal costs growth.

The bank’s first three months of 2022 bottom line is slightly higher than the P7.8 billion profit recorded in the same period last year.

“We are encouraged by the sustained pick-up in economic activities as Metrobank stands ready to support our clients in their funding plans and investment needs,” Metrobank president Fabian Dee said.

“The strategies that we have put in place should enable the Bank to achieve sustainable growth along with the expanding domestic economy,” said Dee.

Metrobank’s gross loans rose by 5% to P1.3 trillion, led by a 10% expansion in corporate lending and 8% increase in credit card receivables.

Loan growth was supported by a 17% jump in total deposits to P2.0 trillion.

CASA or current account/savings account deposits rose by 10%, resulting in a CASA ratio of 71%, the bank said.

Metrobank noted that the sustained rise in low-cost CASA helped further lower funding cost, which resulted in a net interest income of P19.3 billion.

Non-interest income grew 5%, driven by a 7% jump in service fees and commissions.

Likewise, non-performing loans (NPLs) declined by 5% to P27 billion.

The resulting NPL ratio improved to 2.2% from 2.4% last year, while NPL cover remained ample at 179%, according to Metrobank.—LDF, GMA News