MANILA, Philippines?Metropolitan Bank and Trust Co. grew its 2009 net profit by 36.8 percent to P6 billion over a year ago on a double-digit growth in interest income as well as fee-based and treasury earnings.

In a press statement on Thursday, Metrobank reported that net income for the fourth quarter alone surged by 104.8 percent to P1.4 billion, compared to P702 million in the same quarter of 2008.

"The full year results reflect our continued earnings strength and more efficient operations. Our strategies continue to prove effective. We were able to take advantage of the recovery from the financial turmoil of the previous year, and we are proud to show a consistent performance throughout 2009," said Metrobank president Arthur Ty.

For 2009, total revenues climbed 22.9 percent to P43.7 billion, outpacing the 6.8 percent growth in operating expense to P25.8 billion. As such, Metrobank's efficiency ratio further improved to 60.4 percent from 70 percent in 2008 which meant that the bank was now spending only P0.60 to earn every P1.

Net interest income grew by 15.6 percent to P26.7 billion driven by sustained margins and improved funding mix.

Meanwhile, non-interest income likewise expanded by 36.2 percent to P17 billion supported by fee-based income as well as financial markets sales and trading.