Nine-month profit at the country's second largest lender fell by a third from a year ago.
In a disclosure to the Philippine Stock Exchange, George Ty-owned Metropolitan Bank & Trust Co reported earnings of P15.534 billion in the January to September period, down 31 percent from the P22.713 billion in the same nine months of last year.
For the third quarter alone, net income however rose 73 percent to P4.728 billion this year from P2.725 billion last year.
Lifting third-quarter results was net interest income of P11.656 billion, a 12 percent increase from last year's P10.322 billion. Net interest income largely emanates from the bank's gains from its lending business less the cost of money lent out.
For the first nine months, net interest income rose by 23 percent to P34.015 billion this year from P27.595 billion in 2013.
The bank's loans and receivables portfolio increased by 14 percent to P697.3 billion at end-September this year from P611 billion at end-December last year. The increase was funded by a 9 percent uptick in low-cost deposits to P1.106 trillion from P1.016 trillion over the same period.
Metrobank said loan demand was strong among its commercial clients, including the middle market and SMEs. Despite the increase in lending, the bank's consolidated non-performing loan ratio of 1.12 percent at end-September was below the 1.39 percent last year.
“The robust core income growth reflects positively on our strategy. Our thrust is to maximize returns from traditional revenue sources while prudently managing balance sheet growth," said Metrobank president Fabian Dee.
Non-interest income, which includes gains from trading and fee-based income, climbed by nearly a third to P5.420 billion in the third quarter of this year from P4.128 billion in the same three months of last year.
Year-to-date, non-interest income rof P19.030 billion was still behind P32.722 billion a year ago when banks enjoyed strong trading gains.
“We remain optimistic about the prospects of the domestic economy. We are continuously building our capabilities, and we will accelerate our expansion into new growth areas, increase sales coverage and strengthen client relationships to ensure sustainable profitability and capital efficiency," Dee said.
Metrobank opened 31 local branches this year to bring the total to 887, still the largest in the industry.
- Interaksyon
In a disclosure to the Philippine Stock Exchange, George Ty-owned Metropolitan Bank & Trust Co reported earnings of P15.534 billion in the January to September period, down 31 percent from the P22.713 billion in the same nine months of last year.
For the third quarter alone, net income however rose 73 percent to P4.728 billion this year from P2.725 billion last year.
Lifting third-quarter results was net interest income of P11.656 billion, a 12 percent increase from last year's P10.322 billion. Net interest income largely emanates from the bank's gains from its lending business less the cost of money lent out.
For the first nine months, net interest income rose by 23 percent to P34.015 billion this year from P27.595 billion in 2013.
The bank's loans and receivables portfolio increased by 14 percent to P697.3 billion at end-September this year from P611 billion at end-December last year. The increase was funded by a 9 percent uptick in low-cost deposits to P1.106 trillion from P1.016 trillion over the same period.
Metrobank said loan demand was strong among its commercial clients, including the middle market and SMEs. Despite the increase in lending, the bank's consolidated non-performing loan ratio of 1.12 percent at end-September was below the 1.39 percent last year.
“The robust core income growth reflects positively on our strategy. Our thrust is to maximize returns from traditional revenue sources while prudently managing balance sheet growth," said Metrobank president Fabian Dee.
Non-interest income, which includes gains from trading and fee-based income, climbed by nearly a third to P5.420 billion in the third quarter of this year from P4.128 billion in the same three months of last year.
Year-to-date, non-interest income rof P19.030 billion was still behind P32.722 billion a year ago when banks enjoyed strong trading gains.
“We remain optimistic about the prospects of the domestic economy. We are continuously building our capabilities, and we will accelerate our expansion into new growth areas, increase sales coverage and strengthen client relationships to ensure sustainable profitability and capital efficiency," Dee said.
Metrobank opened 31 local branches this year to bring the total to 887, still the largest in the industry.
- Interaksyon
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