Metrobank nets P18.2B
FILE PHOTO
Ty family-led Metropolitan Bank & Trust Co. grew its core net profit last year by 10 percent to P18.2 billion on a double-digit expansion in earnings from lending activities.
Last year’s net profit was flat compared to the net profit attributable to equity holders of parent company amounting to P18.09 billion in 2016.
“We are pleased to report positive results in our core business. The strength of our deposit franchise continues to support our loan growth, particularly in the commercial space as we help finance the expansion plans of our customers. Core revenues increased at a healthy rate, while operating expense growth was capped to single-digit.” Metrobank president Fabian Dee said in a press statement.
“Our momentum continues to build up, and we are well-positioned to accelerate our growth plans moving forward,” he added.
Metrobank’s total resources closed last year at a new high of P2.1 trillion.
Article continues after this advertisementThe bank reported a robust growth in loans and deposits, which in turn resulted in improved margins as well as better operating leverage.
Article continues after this advertisementTotal deposits ended the year at P1.5 trillion, with low cost deposits increasing by 12 percent to P950 billion equivalent to 62 percent of total. This provided the stable low cost funding to fuel its healthy loan expansion, the bank said.
Metrobank grew its loan book by 19 percent to P1.3 trillion last year. The commercial segment, mainly the middle market and small and medium enterprises, led the growth with 20-percent gain while consumer loans increased by 17 percent.
Net interest margin moved up by 21 basis points to 3.75 percent, attributed to improving asset yields. As a result, net interest income increased by 16 percent to P61.4 billion, accounting for 73 percent of the bank’s P83.6 billion total operating income.
Meanwhile, non-interest income reached P22.1 billion, consisting of P12.4 billion in service charges and commissions and income from trust, P3.9 billion from trading and foreign exchange gains, and miscellaneous income of P5.9 billion.
