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Metrobank posts 48% growth in 2022 net income

Metropolitan Bank & Trust Co. (Metrobank) saw a 48% growth in its bottom line for the full year 2022, driven mainly by the growth of its corporate and consumer lending businesses during the period.

In an emailed statement, Metrobank reported earnings of P9.3 billion in the fourth quarter of 2022, bringing its full-year net income up to P32.8 billion.

Net interest income jumped 14% on the back of higher loan demand and an improved net interest margin of 3.6%, while gross loans improved by 14% as corporate and consumer loans expanded by 15%.

Its non-performing loans ratio declined to 1.9% from 2.2% in 2021, and compares with the industry’s 3.3%. Its NPL cover was recorded at 172.4%.

“Backed by the strategies we initiated during the pandemic, our solid performance and the recognitions we received in 2022 reflect our efforts to support our clients’ growing needs as the economy reopens,” Metrobank president Fabian Dee said.

The bank ended 2022 with P2.8-trillion worth of assets, keeping its status as the second-largest private universal bank in the country. Total equity stood at P318.5 billion.

Metrobank’s subsidiaries include First Metro Investment Corp., Philippine Savings Bank, Metrobank Card Corporation, and ORIX METRO Leasing and Finance Corp.

The bank ended 2021 with 701 branches, 1,770 automated teller machines, and 178 cash accept machines.

Shares in Metrobank were trading down by P0.05 or 0.08% at P60.15 apiece as of 11:17 a.m. on Thursday.—AOL, GMA Integrated News