Loans push Metrobank’s income up 18% in 1st half of 2019
MANILA, Philippines – The Metropolitan Bank and Trust Company (Metrobank) reported a P13-billion net income in the 1st half of 2019, representing an 18% growth from its P11-billion net income in the same period last year.
Metrobank said on Friday, July 26, that the double-digit growth was on the back of consistent loan growth and margin expansion, higher fee-based income, and prudent operational expenditures.
The deposit base throughout the period stood at P1.6 trillion, supporting the 6% growth in loans and receivables to P1.4 trillion.
The bank also proved that it is investing its funds well in comparison to its expenses, as its net interest margin improved by 6 basis points to 3.83%. Net income interest grew 10% to P36.5 billion, accounting for 73% of the bank’s total revenues of P50.2 billion.
“We will continue to make strategic investments in key areas of people and technology so we can deliver more meaningful banking experiences to all our customers,” said Metrobank president Fabian Dee. (READ: How persistence got Metrobank its own banking license)
Meanwhile, its non-interest income rose by 16% to P13.7 billion.
Operating expenses slowed down to 7% in the 2nd quarter from 10% in the 1st quarter of 2019, ending the 1st half at P27.8 billion.
As of June, Metrobank’s consolidated assets stood at P2.3 trillion and equity at P296.5 billion.
“We are pleased with the results as our initiatives are bearing fruit. We anticipate that the second half will bring even better opportunities as government spending on infrastructure projects continues to accelerate,” Dee said. – Rappler.com