Metrobank nine month profit up 47.6% to $205.08mn

The lender's performance brought the bank’s annualized return on equity to 12.3%.

The Metropolitan Bank and Trust Co. jacked up its nine-month net profit by 47.6 percent year-on-year to P8.9 billion as higher interest income and fee-based earnings offset slower treasury gains.

For the July to September period alone, net profits jumped by 52.8 percent to P2.8 billion compared to the third quarter of last year.

The robust nine-month performance brought the bank’s annualized return on equity to 12.3 percent from 10 percent a year ago, Metrobank disclosed to the Philippine Stock Exchange on Monday.

“Our numbers continue to reflect our long-term strategy of managing balance sheet strength and solid earnings growth. We closely monitor developments in the global markets, while looking for opportunities that will help strengthen our position in a competitive domestic environment,” Metrobank president Arthur Ty said in a press statement.

“Our capital position remains strong, asset quality is in check and core revenues are growing sustainably,” Ty added.

The bank expanded its total operating income by 4.4 percent to P37.7 billion, aided by a 7.3-percent growth in net interest income to P21.5 billion compared to a year ago. This was because the bank extracted slightly better margins compared to a year ago despite stiff competition. It also expanded its earning assets and improved its funding mix.

View the full story in The Philippine Daily Inquirer.