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

In a statement, Metrobank said net income for the fourth quarter surged by 104.8 percent to P1.4 billion, from 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,? Metrobank president Arthur Ty said in the statement.

For 2009, total revenue climbed by 22.9 percent to P43.7 billion, outpacing the 6.8-percent growth in operating expense to P25.8 billion. 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 P1.

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

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

The bank?s income before provisions went up by 57.1 percent to P17.8 billion over a year ago.

Metrobank has seen a steady decline in soured loans since early 2009. Its shares have become more attractive to investors given its progress in improving asset quality.

The bank?s ratio of non-performing loans to total loans dropped to 3.5 percent at end-2009 from 4.5 percent a year ago. In peso terms, the bank pared down its stock of bad loans by P3.2 billion or 20.6 percent compared to the previous year. Doris C. Dumlao