Metropolitan Bank & Trust Co. (Metrobank) reported net earnings of P12.0 billion in first quarter 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 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 by 12.1 percent year-on-year. Commercial loans jumped by 11.2 percent, partly driven by rising capital expenditures of corporates. The bank’s 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. Meanwhile, the bank’s total deposits increased by 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.
