METROPOLITAN Bank & Trust Co., the second-largest lender in terms of assets, said net profit in 2016 fell 3 percent to P18.1 billion from P18.6 billion a year ago.
The bank, however, said in a disclosure to the stock exchange Friday net income in the fourth quarter rose 3 percent to P5.5 billion year-on-year.
“Metrobank’s 2016 performance was driven by sustained low-cost funds generation, which in turn supported the rapid expansion of commercial loans. Last year, the bank grew its loan book faster than industry, and strategically re-positioned its balance sheet to provide a steady source of recurring income,” it said in a statement.
The bank’s current and savings account (Casa) deposits kept a high growth rate of 21 percent to reach P846 billion. Casa ratio improved to 61 percent of the total P1.4-trillion deposit base, from 56 percent a year ago, and again provided the liquidity to support loan growth.