Metropolitan Bank & Trust Co., the country’s fourth largest lender by assets, said Tuesday net profit in the first quarter rose 15 percent to P12.0 billion on the back of increases in interest-earning assets and higher net interest margin.
Metrobank said net interest income rose 15 percent to P28.7 billion, with margin rising to 4.0 percent from 3.9 percent Its total loans rose 12 percent year-on-year.
Total assets expanded by 11 percent to P3.2 trillion, the second-highest asset base among the country’s private universal banks.
“As we remain focused on sustaining the Bank’s profitability, our strong commitment to our customers is at the center of our growth strategy. We will consistently offer tailored financial solutions that directly address the needs and goals of those we serve to help them build a more prosperous future,” said Metrobank president Fabian Dee in a statement.
The bank’s commercial loans rose 11 percent, driven by rising capital expenditures of corporations. Its consumer loan portfolio was up 15 percent, powered by credit card and auto loans.
Metrobank reported total deposits rising 4.9 percent to P2.4 trillion, with low-cost current and savings accounts contributing 59 percent of the total deposits.
The bank managed to tame the increase its operating expenses, improving cost to income ratio to 51.3 percent from 51.6 percent. Non-performing loans ratio eased to 1.7 percent from 1.8 percent in the first quarter of 2023, well below the banking system’s reported 3.5 percent NPL ratio in February.
Metrobank said its total equity stood at P345.7 billion.
