MANILA - Metropolitan Bank & Trust Co (Metrobank) on Friday said its net income grew 46 percent to P16.1 billion in the first 9 months of 2021.

Earnings also rose 131 percent to P4.4 billion in the third quarter, with its non performing loans (NPL) management resulting in lower provisions, the bank said in a disclosure to the stock exchange.

“Our strategy to build a stronger balance sheet has given us the capacity to withstand prolonged risks and also enabled us to implement strategies to optimize our operating performance in the medium term,” Metrobank presiden Fabian Dee said.

Total operating income reached P75.9 billion in the first 9 months, it said.

Current account and savings account (CASA) deposits grew 13 percent, the bank said.

Metrobank said its NPL ratio further eased to 2.1 percent, below the industry total of 4.5 percent in September. Its NPL coverage increased to 191 percent, it added.

The Bangko Sentral ng Pilipinas earlier said the banking sector remains stable as assets grow. Banks also have enough coverage for bad loans.

• PH banking system 'stable' as total assets grow despite pandemic: BSP
• Banks still 'upbeat' but expect bad loans to remain high: BSP
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