Metrobank Q3 net profit up 49%

MANILA, Philippines – The Ty family-led Metropolitan Bank & Trust Co. grew its net profit in the third quarter by 49 percent year-on-year to P8.5 billion on higher interest earnings and treasury gains.

This brought the bank’s total income for the nine-month period to P21.6 billion, p by 28.9 percent from the same period last year.

Metrobank attributed its earnings growth to consistent growth in operating revenues on the back of moderate loan growth and margin expansion alongside strong trading and foreign exchange gains, and higher fee-based income.

For the nine-month period, Metrobank’s net interest income grew by 10 percent to P56.2 billion, accounting for 70 percent of the bank’s total revenues.

Net interest margin further expanded to 3.91 percent, from 3.83 percent in the first half of 2019.

On the other hand, the loan book expanded by 7 percent year-on-year to P1.4 trillion.

The bank’s non-interest income rose by 36 percent year-on-year to P23.7 billion for the nine-month period.

This included P10 billion in service fees and commissions, up from P9.1 billion in the same period last year. Net trading and foreign exchange gains surged to P8.1 billion in net trading and foreign exchange gains, quadrupling from the windfall in the same period last year. /gsg