Metrobank posts 14% increase in net income to P12 billion

Metrobank posts 14% increase in net income to P12 billion

METROBANK Bank and Trust Co. (Metrobank) reported net earnings of P12 billion in the first quarter of 2024, 14.5 percent higher year-on-year.

This translated to a return on equity (ROE) of 13.7 percent, higher than 13.1 percent a year ago.

The bank’s 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.

The bank’s total consolidated assets expanded by 10.7 percent to P3.2 trillion, which is the second-highest asset base among the country’s private universal banks.

The bank’s net interest income grew by 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 a higher net interest margin of four percent from 3.9 percent.

This was supported by the continued expansion of its gross loans, which rose by 12.1 percent year-on-year. / PR

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