MANILA, Philippines - Metropolitan Bank and Trust Company (Metrobank) reported its consolidated net income fell 10 percent in 2014.
In a statement, Metrobank said its consolidated net income slipped 10 percent to P20.1 billion, from the record P22.5 billion profit it recorded in 2013.
In the fourth quarter, the bank said it posted a P7 billion income.
Metrobank said its total resources hit a new high of P1.6 trillion in 2014, 16 percent higher than a year ago.
Net interest income jumped 20 percent to P45.8 billion, accounting for 61 percent of the bank's total operating income.
"The strong performance in the Bank’s core business was driven by robust growth in loans and deposits, and relatively stable spreads
amidst the low interest rate environment and tough competition. Metrobank’s recent investments in its branch network, coverage expansion, and internal system enhancements were catalysts for its sustained balance sheet growth," the bank said.
Deposits also rose 7 percent to P1.2 trillion, while loans and receivables jumped 24 percent to P759.5 billion to end the year.
Non-interest income was reported at P29.6 billion, consisting of P8.9 billion in service charges and commissions, P3.2 billion from trading and forex gains, and miscellaneous income of P17.5 billion.
In 214, Metrobank opened 64 branches to boost its domestic presence to 920 branches, the largest in the industry.