Metropolitan Bank & Trust Co., the second-largest lender in terms of assets, said Thursday net income in the first quarter jumped 6 percent to P5.6 billion from a year ago, sustaining the growth momentum in core businesses.
Total revenues hit P19.9 billion, while operating expenses grew 6 percent to P11.1 billion.
“Our first quarter results reflect our capability to consistently deliver quality earnings from our core business. We are moving as planned in terms of diversifying revenues through sustained growth in net interest income and higher contributions from fee-related initiatives” Metrobank president Fabian Dee said in a statement.
Metrobank’s total deposits grew 16 percent year-on-year to reach P1.4 trillion, while loans climbed 26 percent to P1.1 trillion.
Metrobank ended the first quarter with consolidated assets of P1.9 trillion, and equity at P200.5 billion.