MANILA - Metropolitan Bank and Trust Company on Thursday said its net income rose 60 percent in 2021 partly driven by its strong earnings performance.

Net income last year reached P22.2 billion, Metrobank said in a disclosure to the stock exchange.

"Our positive performance in 2021 validates our strategies of fortifying our balance sheet and proactive provisioning during the pandemic," Metrobank president Fabian Dee said.

"The bank has emerged stronger and well-prepared to meet the needs of our stakeholders as the economy moves towards full recovery," Dee added.

Low-cost current and savings accounts grew 12 percent to P1.5 trillion, Metrobank said.

For the year, the bank said it has sustained recovery of corporate and credit card loans, signaling improved consumer confidence.

Non-performing loans declined by 12 percent with the ratio easing to 2.2 percent in 2021 from 2.4 percent the previous year, Metrobank said.

Its NPL coverage improved to 174.7 percent from 163 percent the previous year, it added.

• Metrobank net income up 46 percent to P16.1 billion in first 9 months of 2021
• Metrobank net income drops by half in 2020 as provisions for bad loans spike
• Metrobank says H1 net income down due to COVID-19 'proactive measures'

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