Metrobank nets P10.5B in Q1, up 31.3%

Metropolitan Bank and Trust Co. (Metrobank) saw its bottom line grow by a double-digit percentage during the first quarter of 2023.

In a disclosure to the Philippine Stock Exchange on Friday, Metrobank reported a net income of P10.5 billion in the January to March period, up 31.2% year-on-year.

The bank said its financial performance was “propelled by the combination of the expansion of its lending portfolio, higher margins, and healthy fee income amid improved asset quality.”

“Metrobank’s solid performance in the first three months of the year reflects our continued efforts to capture opportunities of a growing economy while we strive to keep our balance sheet strong against risks of volatile market conditions,” said Metrobank president Fabian Dee.

“For the rest of the year, we will continue making progress in further improving our products and services and implement strategies in line with our promise of keeping our customer in good hands,” said Dee.

Metrobank booked a net interest income of P24.9 billion, up 28.8%, on the back of higher loans and a 54-basis point hike in net interest margin to 3.9%.

Total deposits also grew by 10.8% to P2.3 trillion from a year ago, of which low-cost Current and Savings Accounts (CASA) accounted for 62.1%.

Trading and foreign exchange gains stood at P2.1 billion, while fee income rose by 13.4% to P4.1 billion.

Metrobank said its total consolidated assets stood at P2.9 trillion. —VAL, GMA Integrated News