Metropolitan Bank & Trust Company booked ₱12.3 billion in the first quarter of the year, driven by higher loans and non-interest earnings.

In a statement, the bank said earnings improved from ₱12 billion in the first quarter of 2024 as its pre-provision operating profit grew by 8.8 percent to ₱18.8 billion during the period under review.

“Our first quarter performance keeps us on track in achieving our medium-term growth strategies even as global uncertainties continue to persist,” said Metrobank President Fabian S. Dee.  

He added that, “Our strong capitalization and healthy portfolio give us and our clients the assurance on our ability to navigate the changing economic landscape.”

The Bank’s net interest income edged up to ₱29.4 billion in the first three months of the year, supported by sustained growth of its lending business.

Metrobank’s gross loans expanded substantially, rising by 16.1 percent year-on-year on strong performance across all segments. Commercial loans grew by 16.1 percent, driven by the sustained rise in corporate capital expenditures.  

Consumer loans portfolio similarly grew at a robust pace of 16.0 percent, driven by auto loans and gross credit card receivables, which jumped 21.4 percent and 17.9 percent year-on-year, respectively. 

Meanwhile, total deposits amounted to ₱2.2 trillion, of which 64.4 percent are low-cost current and savings accounts (CASA).

Non-interest income posted a solid growth of 31.9 percent to ₱8.7 billion during the quarter.  Fee income jumped by 10.5 percent to ₱4.3 billion, supported by the expanding consumer business. Meanwhile, combined trading and foreign exchange gains leaped nearly fourfold to ₱2.6 billion.

Operating cost growth was kept at a moderate pace of 7.0 percent, keeping the cost-to-income ratio at 50.8 percent. 

Non-performing loans (NPL) accounted for just 1.6 percent of total loans, below the industry’s reported 3.5 percent NPL ratio as of February this year. 

The Bank booked ₱2.6 billion in provisions during the quarter, with NPL cover remaining 150.9 percent, providing a substantial buffer against potential portfolio risks.

Metrobank’s total consolidated assets expanded by 9.1 percent to ₱3.5 trillion, making it the second largest in terms of assets among the private universal banks.  

Total equity stood at ₱377.2 billion, with Capital Adequacy Ratio at 15.4 percent and Common Equity Tier 1 (CET1) ratio at 14.7 percent, all well above the minimum regulatory requirements.

The bank’s notable performance in wealth management was recognized once again with Metrobank clinching the Philippines’ Best Bank for Ultra-High-Net-Worth clients at Euromoney’s Global Private Banking Awards 2024.  

Moreover, last March, Fitch Rating upgraded the Bank’s viability rating to bbb-/stable from bb+/stable, signifying its credit strength or superior asset quality relative to the industry and healthy capital buffers against risks associated with high credit growth.  

Fitch Rating likewise affirmed Metrobank’s Issuer Default Rating of BBB- with a stable outlook.