Metrobank’s H1 profit up 2.5% to P9.3B

TY family-led Metropolitan Bank & Trust Co. grew net profit in the first six months by 2.5 percent year-on-year to P9.3 billion on higher interest earnings from core lending activities.

Excluding one-off items, Metrobank said first-semester core earnings rose by 30 percent year-on-year in the first semester on the back of a double-digit growth in both loans and deposits, stronger contributions from fee based-income and improved efficiencies with better cost management.

For the first half of the year, Metrobank booked P23.9 billion in net interest income, which now comprises close to 70 percent of total operating income.  This implied a 6.9 percent growth from the net interest income level of P22.36 billion booked in the same period last year. Despite continued competitive pressure and volatility in interest rates, the bank said net interest income growth improved in the second quarter as it focused on improving its asset and liability mix.  

Meanwhile, the bank reported P10.9 billion in non-interest income, slower than the P13.6 billion generated from this segment in the same period last year.

In the first six months of this year, Metrobank said non-interest earnings had come from P5 billion in service charges, fees and bank commissions, which were up 11 percent year-on-year while P2.4 billion was booked as treasury-related and trust income, also up 45 percent.

On the other hand, miscellaneous income eased to P3.5 billion compared to P13.6 billion in the first semester of 2014.