Metrobank booked 14% increase in first-quarter net income to P12b

Metropolitan Bank & Trust Co. (Metrobank) said Tuesday its net earnings grew 14.5 percent in the first quarter of 2024 to P12.0 billion from a year ago.

This translated into a return on equity (ROE) of 13.7 percent, higher than 13.1 percent in the same period last year.

The bank said its improving profitability was driven by consistent growth of its lending portfolio, better operational efficiencies, stable asset quality and continued execution of strategies to optimize the use of capital.

Consolidated assets expanded 10.7 percent to P3.2 trillion, the second highest asset base among the country’s private universal banks.

“As we remain focused on sustaining the bank’s profitability, our strong commitment to our customers is at the center of our growth strategy. We will consistently offer tailored financial solutions that directly address the needs and goals of those we serve to help them build a more prosperous future,” said Metrobank president Fabian Dee.

The bank’s net interest income grew 15.4 percent to P28.7 billion in the first three months of the year from the previous year, propelled by sustained growth in interest earning assets and higher net interest margin of 4.0 percent from 3.9 percent.

This was supported by the continued expansion of its gross loans, which rose 12.1 percent year-on-year. Commercial loans jumped 11.2 percent, partly driven by rising capital expenditures of corporates.

Consumer loans portfolio remained robust, recording a 15.3-percent growth, led by a 25.5-percent increase in gross credit card receivables and 18.2-percent expansion in auto loans.

The bank’s total deposits increased 4.9 percent from the same period last year to P2.4 trillion, with low-cost current and savings accounts (CASA) contributing 58.6 percent of the total.