Record high: Metrobank 9-month profit topped P37B
Metropolitan Bank and Trust Co. (Metrobank) realized a record profit in the first nine months, as more clients took loans amid cheaper borrowing costs following the central bank’s interest rate cuts.
The bank said on Tuesday that its January to September net income attributable to equity holders of the company had inched up by 4 percent to P37.28 billion from P35.73 billion in the same period last year.
Net interest income grew 7 percent to P91.8 billion.
Metrobank said its gross loans continued to grow, increasing by 10.8 percent to P1.9 trillion. Consumer loans expanded by 15.8 percent, while institutional loans also saw a 9.5 percent growth.
So far, the Bangko Sentral ng Pilipinas (BSP) has made four consecutive rate cuts this year, with think tank BMI expecting further reductions amid the sluggish local economy.
With lower borrowing costs, consumers and businesses are encouraged to spend more, lifting demand for goods and services.
Noninterest income also rose by 5.3 percent to P25.4 billion. This was as trading and foreign exchange gains jumped 18 percent to P6.6 billion.
“Our prudent approach in expanding our core businesses continued to support our performance in the first nine months. We’re confident that the Philippines’ long-term growth story remains strong,” said Metrobank president Fabian Dee.
“We continue to be committed to helping our clients seize opportunities for growth as we navigate together any challenges and uncertainties on our journey ahead,” he added.
Operating costs, on the other hand, just went up by 1.7 percent.
Meanwhile, Metrobank’s total deposits reached P2.5 trillion, up 7.6 percent.
The bank’s capital adequacy ratio and common equity tier 1 ratio stood at 17 percent and 16.3 percent, respectively, well above the minimum regulatory requirements.
As of end-September, its total consolidated assets climbed by 8.9 percent to P3.6 trillion, further marking its status as the second-largest private universal bank in the country.
