Publicly listed Metropolitan Bank & Trust Co. (Metrobank) reported a slight increase in its net income in the first quarter of 2016, as it continued to make strides in its core business expansion, with sustained double-digit growth in loans and low cost deposits.
In a disclosure to Philippine Stock Exchange, Metrobank said its unaudited consolidated net income of P5.25 billion for the first quarter 2016 was higher by 3 percent compared to the same period last year.
The bank’s low cost deposits increased by 11 percent in the first quarter of the year, improving the current account/savings account ratio to 59 percent of the total P1.2 trillion deposit base.
It said the continued build-up of low cost deposits fueled the 17 percent expansion in net loans and receivables to P873.4 billion, with key contributions coming from the corporate and consumer segments.
Having prioritized growth in key segments, net interest margins for the period improved to 3.6 percent, it said.
Metrobank’s non-interest income included P2.2 billion in fee-based income, P2.5 billion in trading and foreign exchange gains and P1.8 billion in miscellaneous income.
Meanwhile, its total operating expenses for the period was reported at P10.5 billion, while asset quality remains well under control with non-performing loans (NPL) ratio at 1.1 percent.
The lender ended the first quarter with consolidated assets of P1.7 trillion, and equity at P193.3 billion.
Its total capital adequacy ratio on a Basel III basis remained well above the regulatory limit at 18.3 percent, with a Common Equity Tier 1 (CET1) ratio at 15 percent.