• Metrobank Q3 income reaches P20.7B


    Metropolitan Bank and Trust Co.’s (Metrobank) unaudited consolidated net income reached P20.7 billion for the third quarter of the year.

    In a statement, Metrobank said on Thursday that its income more than doubled compared to the P10.2 billion it earned in the same period last year.

    “Key performance drivers include the steady growth in core revenues, robust expansion in treasury and investment activities, and increase in other noninterest income,” it stated.

    The bank’s total operating income grew by 45 percent to reach P60.3 billion on the back of a 20-percent growth in net interest income to P27.6 billion, because of the sustained double-digit growth in net loans and deposits.

    Metrobank’s growth momentum accelerated as net loans and receivables expanded by 19 percent to P574.6 billion. Its credit demand was consistent across all sectors, with the consumer segment leading the growth.

    Meanwhile, the bank’s total deposits reached P896.9 billion, or a 36-percent increase year-on-year, predominantly comprised of current and savings accounts.

    “This has brought the cost of deposits further down, which helped cushion the impact of continued pressure on asset yields,” it stated.

    On the other hand, resilient gains in trading and foreign exchange, and the steady growth in service charges, fees and commissions drove Metrobank’s noninterest income increased to P32.7 billion, or an increment of P14.0 billion year-on-year.

    “The increase in other noninterest income was mainly due to gains from one-time sale of noncore assets in previous quarters,” it said.

    Furthermore, the bank’s operating expenses were mainly attributed to manpower-related costs, in turn driven by the renewal of the collective bargaining agreement with unionized employees, and the tax-related expenses resulting from the sale of noncore assets and higher income for the period.

    Its asset quality continued to be well under control as the bank’s nonperforming loans (NPL) ratio further improved to 1.4 percent from 2.2 percent as of the same period last year.

    The bank’s provisions for credit and impairment losses amounted to P4 billion on a consolidated basis, raising NPL coverage to 140 percent from 111 percent previously.

    Metrobank ended the third quarter with consolidated assets reaching P1.3 trillion, and equity at P137.9 billion, while its total capital adequacy ratio (CAR) remained well above the regulatory limit at 17.4 percent with Tier 1 CAR at 15.2 percent.


    Please follow our commenting guidelines.

    Comments are closed.