MANILA, Philippines - Metropolitan Bank & Trust Company (Metrobank) on Wednesday said its consolidated net income surged 46% to a record P22.5 billion in 2013.
Metrobank's total resources jumped 32% to P1.38 trillion in 2013, while its deposit base broke the P1-trillion mark. The bank saw strong deposit growth, rising 38% to P1.02 trillion.
"The strong deposit growth brought down the Bank’s
overall funding cost, which in turn helped cushion the impact of continued pressure on asset yields," the bank said.
Metrobank said it posted P611.1 billion in net loans and receivables, 16% higher than the previous year, as it saw strong demand for credit across all segments.
The bank's total operating income went up 38% to P78.9 billion, on the back of 24% growth in net interest income to P38.3 billion, and a 55% growth in non-interest income to P40.7 billion.
Metrobank said it "sustained high growth rate in net interest income from strong volumes and relatively healthy margins." Growth in non-interest income was attributed to gains in trading and the steady increase in service charges, fees and commissions.
Metrobank also booked gains from one-time sale of non-core assets in preparation for Basel III implementation. This included the sale of its remaining 15% stake in Toyota Motor Philippines Corporation (TMPC), and a 40% stake in Global Business Power Corporation (GBPC) through its subsidiary, First Metro Investment Corporation.