Metrobank earns R5.9 B in first quarter, up by 5%

Metropolitan Bank & Trust Company (Metrobank) reported unaudited consolidated net income of billion for the first quarter 2018, up 5.3% compared with the same period last year.

Metrobank’s solid performance was attributed to sustained growth in the core business, as double-digit growth in loans and lowcost deposits contributed to better margins, while recurring expense growth continued to be kept at a manageable level.

Metrobank President Fabian S. Dee commented: “We have started the year on the right direction and we are moving forward as planned. Our recently completed capital raise reflects our continued optimism on the prospects of the economy. This positive backdrop together with our growth strategy should allow us to achieve our targets for the year and sustain our momentum in the medium term.”

At the end of the first quarter, total deposits increased 9% to trillion driven by an 11% growth in the low cost component. With its strong deposit franchise, the Bank’s CASA ratio was maintained at 62%.

Despite the volatile market conditions, loan growth sustained its mid-teens pace, up 14% year-on-year to trillion. The consumer portfolio maintained its growth of 17%, while the commercial segment grew 14% year-on-year with key contributions from middle market and SMEs customers as well as top corporate accounts.