Metrobank Q1 net income up 14.5%

Metropolitan Bank & Trust Co. (Metrobank) opened the year with double-digit growth in its bottom line, on the back of the improved performance of its lending portfolio and operational efficiencies during the period.

In an emailed statement, Metrobank said its net income rose by 14.5% to P12.0 billion in the first quarter, equivalent to a return on equity of 13.7% versus the 13.1% posted the same period in 2023.

Net interest income climbed 15.4% to P28.7 billion, as interest earning assets increased by 4.0% and net interest margin by 3.9%.

This comes as gross loans expanded by 12.1% as commercial loans grew by 11.2% and consumer loans by 15.3%, with gross credit card receivables up by 25.5%.

The bank’s non-performing loans (NPL) ratio stood at 1.7%, slightly lower than the 1.8% the previous year. Provisions for the quarter were recorded at P562 million, versus P2.4 billion in 2023.

“As we remain focused on sustaining the bank’s profitability, our strong commitment to our customers is at the center of our growth strategy,” Metrobank president Fabian Dee said.

Metrobank ended 2022 with 962 branches, along with 1,759 automated teller machines and 169 cash accept machines.

Shares in the company were last traded at P71.15 apiece, up by P1.15 or 1.64% from Monday’s finish of P70.00.—AOL, GMA Integrated News