Metrobank earnings climb 27% to P16.8 B
Published Nov 14, 2018 12:00 am
By James A. Loyola
Metropolitan Bank & Trust Company (Metrobank) posted a 27 percent hike in net income for the first nine months of the year to P16.8 billion on the back of its strong third quarter performance.
Metrobank Chairman Arthur Ty (Source: https://www.metrobank.com.ph)
In a disclosure to the Philippine Stock Exchange, the bank said it earned a net income of P5.7 billion in the third quarter of 2018, representing a robust 55 percent increase from the P3.7 billion in the same period last year.
Metrobank said the growth was driven by the solid performance its core business, as double-digit growth in loans and sustained CASA ratio lifted margins even higher, while the increase in operating expenses was kept at a manageable level.
“The strong performance during the nine-month period is very encouraging especially amidst inflation concerns and rising interest rates,” said Metrobank Chairman Arthur Ty.
He noted that, “credit demand remains healthy, and the Bank continues to grow cautiously its consumer, business and infrastructure-related loan portfolio without incurring unnecessary risks to asset quality and profitability.”
“We will continue to be a key player in the country’s economic development, anchored on our long-term strategy of growth, good governance and sustainability,” added Ty.
The bank’s total loan portfolio expanded by 15 percent year-on-year to P1.3 trillion, well within the company guidance.
The commercial segment led the growth at 17 percent, driven by the consistent performance across the board, from the top corporate accounts, to the middle market and SMEs.
Demand continues to be positive in the manufacturing, wholesale and retail trade, and real estate sectors.
Net interest margin for the nine-month period was at 3.88 percent, higher by nine basis points against the comparative figure last year, and 11 basis points better than the 3.77 percent reported in the first half this year.
Net interest income grew by 13 percent to P51.0 billion, which accounted for 75 percent of the Bank’s total revenue of P68.4 billion.
Non-interest income rose by 4 percent to P17.4 billion, comprised of P10.2 billion in service fees and commissions and income from trust operations, which was up 11 percent; P2.1 billion in net trading and foreign exchange gains; and, P5.1 billion in miscellaneous income.
Fee-related revenues benefited from steady customer-driven flows and boosted by the large corporate deals that were booked in the early part of the year.
Metrobank Chairman Arthur Ty (Source: https://www.metrobank.com.ph)
In a disclosure to the Philippine Stock Exchange, the bank said it earned a net income of P5.7 billion in the third quarter of 2018, representing a robust 55 percent increase from the P3.7 billion in the same period last year.
Metrobank said the growth was driven by the solid performance its core business, as double-digit growth in loans and sustained CASA ratio lifted margins even higher, while the increase in operating expenses was kept at a manageable level.
“The strong performance during the nine-month period is very encouraging especially amidst inflation concerns and rising interest rates,” said Metrobank Chairman Arthur Ty.
He noted that, “credit demand remains healthy, and the Bank continues to grow cautiously its consumer, business and infrastructure-related loan portfolio without incurring unnecessary risks to asset quality and profitability.”
“We will continue to be a key player in the country’s economic development, anchored on our long-term strategy of growth, good governance and sustainability,” added Ty.
The bank’s total loan portfolio expanded by 15 percent year-on-year to P1.3 trillion, well within the company guidance.
The commercial segment led the growth at 17 percent, driven by the consistent performance across the board, from the top corporate accounts, to the middle market and SMEs.
Demand continues to be positive in the manufacturing, wholesale and retail trade, and real estate sectors.
Net interest margin for the nine-month period was at 3.88 percent, higher by nine basis points against the comparative figure last year, and 11 basis points better than the 3.77 percent reported in the first half this year.
Net interest income grew by 13 percent to P51.0 billion, which accounted for 75 percent of the Bank’s total revenue of P68.4 billion.
Non-interest income rose by 4 percent to P17.4 billion, comprised of P10.2 billion in service fees and commissions and income from trust operations, which was up 11 percent; P2.1 billion in net trading and foreign exchange gains; and, P5.1 billion in miscellaneous income.
Fee-related revenues benefited from steady customer-driven flows and boosted by the large corporate deals that were booked in the early part of the year.