MANILA - Metropolitan Bank & Trust Company on Friday said it posted a net income of P8 billion in the first quarter of 2022.

The solid performance is attributed to stable net interest income as well as recovery in loans, modest rise in non-interest income and marginal costs growth, the bank said in a disclosure to the stock exchange.

"We are encouraged by the sustained pick-up in economic activities as Metrobank stands ready to support our clients in their funding plans and investment needs," Metrobank president Fabian Dee said.

"The strategies that we have put in place should enable the bank to achieve sustainable growth along with the expanding domestic economy," he added.

Gross loans reached P1.3 trillion, up 5 percent year-on-year, it said. Total deposits also jumped 17 percent to P2 trillion, it added.

Non-performing loans (NPL), meanwhile, declined by 5 percent to P27 billion, Metrobank said. NPL ratio improved to 2.2 percent from 2.4 percent last yearm while NPL cover remained ample at 179 percent.

Metrobank is among the largest banks in the country in terms of assets.

• Metrobank says net income up 60 percent in 2021 to P22.2B
• 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

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