Metrobank posts record growth in net income to P15.6 billion in first half

ABS-CBN News

Posted at Aug 02 2022 09:22 AM | Updated as of Aug 02 2022 02:09 PM

MANILA - Metropolitan Bank & Trust Co on Tuesday said it posted a net income of P15.6 billion in the first half of 2022.

The total is 33 percent higher compared to the previous year, buoyed by the 95 percent surge in earnings in the second quarter of P7.6 billion, the bank told the stock exchange.

Metrobank said the strong performance was seen in all businesses including the faster loan expansion, improving interest margin, robust fee income growth, stable operating costs and lower provisions.

"The continued improvement in the Bank's performance cements our strategy as we enable various customers and businesses as economic activities accelerate," Metrobank president Fabian Dee said in a statement. 

"Our focus on serving our client needs while actively managing risks and promoting efficiencies has driven our solid operating results and will continue to do so in the medium term as the economy expands," he added.

Gross loans rose by 9 percent to P1.3 trillion as corporate and commercial lending as well as gross credit card receivables increase, it said. 

Non-performing loans (NPL) declined by 7 percent with the NPL ratio at 1.9 percent in the first half, lower than the 2.3 percent the previous year, it added. 

Bad loan provision was trimmed down by 46 percent while NPL coverage stood strong at 196 percent, it added.

Total deposits grew 13 percent to P2.1 trillion as CASA (Current Account Saving Account) deposits rose 10 percent.

Metrobank is the country's third largest bank in terms of assets, according to the Bangko Sentral ng Pilipinas' data as of March 2022.

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