Metrobank posted P13B in net income in 9 months

Ty family-led Metropolitan Bank and Trust Co. reported a 4.87-percent year-on-year growth in its nine-month net profit to P13.19 billion on higher earnings from core lending activities.

For the third quarter, net profit attributable to equity holders of parent firm hit P3.69 billion, 5 percent up from year-ago level, the bank said in a regulatory filing on Monday.

“We are continuously improving our operations and have made the necessary enhancements to our internal processes to ensure that we become an even stronger institution,” Metrobank president Fabian Dee said.

The group’s return on equity as of end-September was higher at 8.66 percent than the 8.49 percent in the same period last year.

For the third quarter, the bank reported a 17.07-percent rise in net interest income to P15.69 billion. Other operating income for the quarter also rose by 31.24 percent year-on-year to P6.51 billion as net trading and securities and foreign exchange gains surged by 130 percent while fee-based income—referring to service charges, fees and commissions—rose by 17.11 percent. —DORIS DUMLAO-ABADILLA