Ty family-led Metropolitan Bank & Trust Co. chalked up P6.8 billion in net income for the first quarter, up by 15 percent year-on-year on the back of higher interest earnings, fee-based income and treasury gains.
“We are pleased with the favorable business results in the first three months. The year is starting on the right track, with performance metrics showing expansion in existing income streams, improving productivity, and most importantly, quality growth,” Metrobank president Fabian Dee said in a disclosure to the Philippine Stock Exchange on Tuesday.
“We remain optimistic on the prospects of the economy, which should be supportive of the thriving banking industry,” he added.
Metrobank’s net interest margin for the period rose by 9 basis points year-on-year to 3.84 percent. Net interest income came in at P18.1 billion, posting a 12-percent growth year-on-year, and accounting for 74 percent of the bank’s total revenues of P24.6 billion.
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Non-interest income rose by 8 percent year-on-year in the first three months to P6.5 billion.
This included a 9-percent increase in service fees and commissions to P3.1 billion while net trading and foreign exchange gains surged by 113.7 percent year-on-year to P1.5 billion.
