METROPOLITAN Bank & Trust Co. saw its net profit surge by 77% in the third quarter on the back of its robust lending portfolio, better margins, healthy fee income and lower loan loss provisions.
This translated to a return on average common equity of 9.96%, up from 6.7% the year prior, and a return on average assets of 1.19%, better than the 0.88% seen in 2021. Metrobank’s net interest income rose by 18.2% to P22.272 billion in the third quarter from P18.84 billion a year prior. In the first nine months, the bank’s net interest income climbed by 10% to P62.1 billion, with its net interest margin improving to 3.5%.
Total provisions for credit and impairment losses amounted to P1.87 billion for the quarter, down 37.5% from the P2.99 billion seen in the same period last year.
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