Metropolitan Bank & Trust Co., led by the Ty family, saw its net income soar to a record P23.6 billion, driven by robust asset expansion, stable margins, effective cost management, and strong asset quality.
President Fabian S. Dee highlighted the bank’s robust capital and asset base as key factors in overcoming market challenges. He noted that easing inflation could boost consumer demand further and expressed confidence in achieving medium-term growth targets while supporting economic development initiatives.
Gross loans increased by 14.9% year-over-year, with commercial loans up by 15.2% and consumer loans rising by 13.7%. Net credit card receivables grew by 21.4%, and auto loans saw a 16.6% increase. Net interest margins improved to 4.0% from 3.9%, contributing to a 14.6% rise in net interest income, which reached P58.0 billion.
Deposits climbed 7.8% to P2.4 trillion by mid-year, with low-cost Current and Savings Accounts (CASA) comprising 58.0% of the total.
Fee income remained stable, with a notable acceleration in the second quarter, rising by 8.4% due to growth in the consumer segment.
The bank’s non-performing loans (NPLs) ratio improved to 1.66% from 1.84% last year, well below the industry average of 3.7% as of May 2024. Provisions were reduced to P1.0 billion, with NPL coverage remaining strong at 162.7%.
Metrobank’s total assets grew by 14.5% year-over-year to P3.3 trillion, maintaining its status as the country’s second-largest private universal bank. Total equity reached P355.1 billion.
