Metrobank logs 45% growth in 9 months

METROBANK Bank & Trust Company (Metrobank) saw its net income rise by 45 percent to P23.4 billion in the nine months ending September 2022 from a year ago, propelled by the continued expansion of the bank’s lending portfolio, better margins, healthy fee income, stable operating costs, and lower provisions. Metrobank’s earnings surged by 77 percent to P7.8 billion in the third quarter, from the same period last year. The bank’s net interest income was up by 10 percent to P62.1 billion, with net interest margin further improving to 3.5 percent. The bank’s gross loans jumped by 12 percent year-on-year to P1.4 trillion, driven by a 15 percent growth in corporate and commercial lending and 22 percent increase in gross credit card receivables. Total deposits also rose by 11 percent to P2 trillion as current accounts/ savings accounts deposits climbed by five percent to P1.5 trillion from a year ago. (PR)