Metrobank posts higher Q2 net income

METROPOLITAN BANK & Trust Co. (Metrobank) posted a higher net income in the second quarter on the back of its robust core business.

In a statement sent to reporters on Thursday, the Ty-led lender said its net profit stood at P5.2 billion in the second quarter, 31% higher than the P3.9 billion recorded in the same period last year.

This brings Metrobank’s firsthalf net income to P11 billion, up 16% year-on-year.

Metrobank attributed the solid second quarter performance to its core business “as double-digit growth in loans and sustained CASA (current account and savings account) ratio lifted margins even higher,” keeping the growth of its recurring expenses at a manageable level.

Metrobank’s net interest income stood at P33.3 billion, accounting for bulk of the bank’s total revenue of P45.1 billion.

The bank’s loan portfolio stood at P1.3 trillion as of end-June, expanding by 18% from the year-ago level.

The commercial segment led loan growth at 21% buoyed by “strong performance” of the bank’s top corporate accounts. This was followed by the middle market as well as loans for small and medium enterprises.

“The consumer portfolio maintained its mid- teens growth,” Metrobank noted.

Total deposits meanwhile grew to P1.6 trillion in the said period, while the lender’s CASA ratio was maintained at 62%.

Meanwhile, non- interest income grew 14% to P11.8 billion, supported mainly by service fees and commissions as well as income from trust operations amounting to P6.8 billion, up 16%.

Net trading and foreign exchange gains as well as miscellaneous income also contributed to Metrobank’s non-interest income at P1.4 billion and P3.6 billion, respectively.

The lender’s second- quarter performance was boosted by modest operating expenses, which excluding taxes and licenses grew at a slower pace of 10% to P21.7 billion, while manpowerrelated costs expanded to P10.5 billion by 11%. •