METROPOLITAN Bank & Trust Co. (Metrobank) grew its first half profit by 12.92 percent to P23.6 billion, a record, from P20.9 billion last year.
The second largest lender in terms of asset said it posted an interest income of P87.05 billion, up 19.72 percent from last year’s P72.71 billion.
“Our strong capital position and robust asset profile continued to support our expanding core businesses despite market challenges. Prospects of easing inflation driven by government efforts could further spur consumer demand,” said Fabian Dee, Metrobank president.
“We are firmly on track to meet our medium-term growth aspirations as we support various public and private sector initiatives that continue to drive economic growth,” he added.
Loans grew 14.9 percent by a 15.2 percent increase in commercial loans and 13.7 percent expansion in consumer loans.
“Net credit card receivables grew by 21.4 percent, while auto loans grew by 16.6 percent, sustaining the growth momentum in the consumer segment. Net interest margins edged up to 4.0 percent from 3.9 percent last year,” the Sy Family-controlled bank said.
Net interest income grew 14.6 percent to P57.97 billion, up 14.61 percent from P50.58 billion last year, pulling
Metrobank recorded a total deposits of P2.4 trillion, up 7.8 percent from last year, with current and savings accounts accounting for 58 percent.
“Fee income was stable in the first half, with second quarter growth accelerating to 8.4 percent, supported by a continued expansion in the bank’s consumer business,” the bank said.
Non-performing loans (NPLs) ratio improved to 1.66 percent from 1.84 percent last year. Industry-wide NPL was at 3.7 percent as of May.
Metrobank said it reduced its NPL provisions to P1 billion. NPL cover is at 162.7 percent.
Metrobank closed the period with an asset of P3.28 trillion, up 14.5 percent.
Total equity reached P355.1 billion.
“The bank’s capital ratios are still among the highest in the industry, with capital adequacy ratio at 16.7 percent and common equity tier 1 ratio at 15.9 percent, all well above the BSP’s (Bangko Sentral ng Pilipinas) minimum regulatory requirements. In addition, Metrobank’s liquidity coverage ratio is substantial at 259.9 percent,” Metrobank said.
