Metrobank’s 2019 profit up 27% to P28.1B
Ty family-led Metropolitan Bank & Trust Co. chalked up a net profit of P28.1 billion in 2019, up by 27 percent from the previous year, on the back of higher interest and fee-based earnings alongside strong treasury gains.
“The bank performed significantly well in 2019, and all our initiatives contributed to the strong finish,” Metrobank president Fabian Dee disclosed to the Philippine Stock Exchange on Thursday.
Net interest income expanded by 12 percent to P77 billion, accounting for 72 percent of the bank’s total revenues of P106.9 billion, bringing net interest margin to 3.84 percent.
Meanwhile, non-interest income rose by 26 percent to P29.9 billion, driven by higher customer flows in fixed income and foreign exchange, on top of a favorable financial market environment.
Service fees and commissions grew by 12 percent to P14.3 billion, while trading and foreign exchange gains more than tripled to P9.3 billion.
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