Metropolitan Bank and Trust Company (Metrobank) posted P9.1 billion in net income for the first half of the year as it increased loan provisions for potential risks to P22.8 billion. This 30-percent decline from last year’s P13.0 billion income was a result of proactive measures to secure the bank from further economic slowdown that may result from the continuing coronavirus disease 2019 (Covid-19) pandemic.
“Our core business remains strong. Pre-provision operating profit grew 61 percent and the balance sheet is solid, with good deposit levels. We have faced crisis events in the past, and while the current pandemic is unprecedented, our substantial capital position combined with prudent strategic actions will enable us to weather forthcoming challenges,” Metrobank President Fabian Dee said.