Ty family-led Metropolitan Bank & Trust Co.’s profit grew by 55 percent year-on-year to P5.7 billion in the third quarter as core businesses made up for the slack in treasury gains.
This brought its nine-month profit to P16.8 billion, up by 27 percent last year.
The double-digit growth in loans and high ratio of low-cost deposits lifted margins, while the increase in operating expenses was kept at a manageable level.
Metrobank grew its total loan book by 15 percent year-on-year to P1.3 trillion. The commercial segment led the growth at 17 percent, driven by growth across all segments from top corporate accounts, to the middle market and small and medium enterprises. Demand continues to be positive in the manufacturing, wholesale and retail trade, and real estate sectors, the bank reported.
Total deposits rose by 5 percent to P1.5 trillion at end-September, of which low-cost deposits accounted for 62 percent.
Net interest margin for the nine-month period was at 3.88 percent, higher by nine basis points from the comparative figure last year. Net interest income grew by 13 percent to P51 billion, which accounted for 75 percent of the bank’s total revenue of P68.4 billion.
Noninterest income rose by 4 percent to P17.4 billion.
Operating expenses, excluding taxes and licenses, rose by 10 percent to P33 billion. Manpower-related costs grew by 12 percent to P16 billion. —DORIS DUMLAO-ABADILLA