Metrobank post P15.6B net income in H1, up 33%

Metropolitan Bank and Trust Company (Metrobank) saw a double-digit growth in its bottom line in the first six months of 2022.

In a disclosure to the Philippine Stock Exchange on Tuesday, Metrobank reported a net income of P15.6 billion in the first half of the year, up 33% year-on-year.

The lender attributed its first semester performance to “faster loan expansion, improving interest margin, robust fee income growth, stable operating costs, and lower provisions amid healthier asset quality.”

“The continued improvement in the bank’s performance cements our strategy as we enable various customers and businesses as economic activities accelerate. This also validates the recent recognitions we received from prestigious publications, naming us the country’s best bank,” said Metrobank president Fabian Dee.

“Our focus on serving our client needs while actively managing risks and promoting efficiencies has driven our solid operating results, and will continue to do so in the medium term as the economy expands,” said Dee.

Metrobank said its gross loans amounted to P1.3 trillion, up 9% year-on-year on the back of 12% growth in corporate and commercial lending and 16% increase in gross credit card receivables.

The ratio of non-performing loans (NPL) to total loans stood at 1.9%, down from the 2.3% a year ago and significantly below the industry’s 3.9% NPL ratio in May.

The bank said its total deposits grew 13% to P2.1 trillion.

Net interest income increased by 6% to P39.8 billion.

Non-interest income grew 8% in the first half driven by an 18% jump in fees and other non-interest earnings.

Despite volatile markets, the bank said it managed to post P3.4 billion profit from trading income from strong customer driven flows.

Metrobank is the country’s second largest private universal bank with consolidated assets of P2.7 trillion and total equity of P303.4 billion.—AOL, GMA News