Metropolitan Bank & Trust Co. said its earnings grew by almost half in the first nine months of the year owing to revenues from its core businesses and other fee-based income.

In a statement, Metrobank reported a consolidated net income of P8.9 billion at end-September, up 48 percent from P6 billion in the same period last year. For the third quarter alone, profit grew 52.8 percent to P2.8 billion from P1.8 billion last year.

“Our numbers continue to reflect our long-term strategy of managing balance sheet strength and solid earnings growth,” Arthur Ty, Metrobank president, said.

Total operating income went up 4.4 percent to P37.7 billion on the back of a 7.3-percent hike in net interest income to P21.5 billion.

Despite competitive pressures, net interest margin showed an improvement from last year buoyed by the 14.8 percent expansion in loans and receivables to P432.8 billion, “coupled with a more favorable deposit mix.”

Low-cost deposits accounted for 51.7 percent of the total deposit base from 46.2 percent last year, he added.

Growth in operating income was attributed to the 10.8-percent increase in service charges, fees and bank commissions to P5.8 billion, as well as the 17.6-percent growth in trust income and profits from assets sold which hit P1.5 billion.

Trading and foreign exchange gains reached P6 billion, which were lower year-on-year.

The bank’s shares climbed to P71.30 on Monday from P70.70 last Friday.