PAMPANGA'S CLARK FREEPORT - Last year, the Clark Development Corporation (CDC) earned PHP1.30 billion in…
Metrobank announces a 45% increase in Q3 net income.
The third quarter of 2022 saw a 45 percent year-over-year increase in net income for Metropolitan Bank & Trust Company (Metrobank) due to growth in loans and interest revenue.
The bank reported Thursday that its earnings for the three months ending in September increased by 77% yearly to PHP7.8 billion.
According to the report, the net interest income increased by 10% to PHP62.1 billion, and the net interest margin increased by 3.5%.
To reach PHP1.4 trillion, total loans increased by 12 percent on an annual basis, mostly as a result of a 15 percent increase in corporate and commercial loans and a 22 percent increase in credit card receivables.
Due to the 15% increase in charges throughout the same time frame, non-interest income holds steady.
Operating expenses came to PHP44.5 billion, while the cost-to-income ratio decreased from 59 percent last year to 54.4 percent this year.
According to the bank, non-performing loans (NPLs) made up 2.1 percent of all loans, which was less than the industry’s rate of 3.6 percent in August.
Fabian S. Dee, president of Metrobank, attributed these changes to the bank’s choice to “take on opportunities when the economy reopened while maintaining a healthy balance sheet and raising efficiency levels.”
He continued, “Our position of strength and significant reserves will allow us to continue assisting our clients as they navigate the effects of the global external challenges.”
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