Metrobank Q2 earnings perk up as economy stayed open
MANILA, Philippines — Metropolitan Bank & Trust Co. reaped the benefits of a reopened Philippine economy, managing to expand its asset and loan base.
In a disclosure sent to the Philippine Stock Exchange on Wednesday, Metrobank reported its net income rose 37.1% year-on-year to P10.4 billion in the second quarter. In the first half, earnings rose by as much as 34.1%.
The bank attributed the robust growth to asset base expansion, higher margins, and fee income growth.
“As the economy further expands, we see more market opportunities that will keep our upward momentum and sustain our efforts to better serve our customers,” said Fabian S. Dee, Metrobank president.
Gross loans rose 8.6% in the first half, fueled by increases in commercial and consumer loan uptake. Broken down, net credit card receivables rose by as much as 28.8%, with auto loans advancing 17.5% in the first six months.
Total deposits inched up 9.3% to P2.3 trillion in the first half, comprised of low-cost current and savings accounts.
The bank’s non-performing loans ratio retreated to 1.8% from 1.9% in the first six months, which they said reflected “prudence” across their lending business.
Shares in Metrobank currently trade 0.09% up at P58.7 apiece as of 9:46 Wednesday morning. — Ramon Royandoyan
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