Metrobank Q1 profit up 2.5% to P12.3B
Metrobank
MANILA, Philippines — Metropolitan Bank and Trust Co. (Metrobank) booked a 2.5-percent growth in its first-quarter earnings to P12.3 billion as lending across all segments rose, although growth was tempered by higher expenses for bad loans.
The Ty family-led bank disclosed on Wednesday that its net interest income in the first three months of the year edged up by 2.4 percent to P29.4 billion.
“Our first quarter performance keeps us on track in achieving our medium-term growth strategies even as global uncertainties continue to persist,” Metrobank president Fabian Dee said in their disclosure.
Gross loans rose by 16.1 percent, buoyed by growth in the commercial and consumer segments.
Auto loans and gross credit card receivables expanded by 21.4 percent and 17.9 percent, respectively.
The loan book expansion, however, resulted in Metrobank’s provisions ballooning by 362 percent to P2.6 billion.
Noninterest income surged by 31.9 percent to P8.7 billion. Fee income likewise climbed by a tenth to P4.3 billion.
Overall growth was also tempered by a 7-percent increase in operating cost.
As of end-March, Metrobank’s total assets reached P3.5 trillion, up by 9.1 percent.
READ: Metrobank earnings reach record P48.1B in 2024
