Metrobank earnings reach record P48.1B in 2024

MANILA, Philippines — Metropolitan Bank and Trust Co. (Metrobank) booked a 14-percent growth in its 2024 net income to a record P48.1 billion on “robust asset expansion.”

In a stock exchange filing on Thursday, Metrobank said its net interest income likewise climbed by 8.7 percent to P114.1 billion, driven by a 17-percent increase in total loans.

READ: BIZ BUZZ: Metrobank still ‘strongest bank’ in PH

Commercial loans surged by 17.7 percent due to increased capital spending of corporations, while consumer loans grew by 14.4 percent on a rise in credit card receivables and auto loans.

“This positive momentum and our strong balance sheet set us up very well to continuously meet the growing needs of our clients and to pursue our medium-term strategies,” Metrobank president Fabian Dee said in their disclosure.

Nonperforming loans ratio eased to 1.43 percent from 1.69 percent in 2023. This slashed Metrobank’s loan provisions by 29.2 percent.

As of end-December, the bank’s total assets stood at P3.52 trillion, while total equity was at P385.5 billion.