Metrobank Hits Record-High ₱32.8 Billion Profit In 2022

Metropolitan Bank & Trust Co. (Metrobank) hit a new record-high full-year profit in 2022.

The country’s second-biggest lender said the company had a net income last year that jumped 48% to ₱32.8 billion. This was nearly 17% higher than its 2019 profit of ₱28.1 billion.

“Backed by the strategies we initiated during the pandemic, our solid performance and the recognitions we received in 2022 reflect our efforts to support our client’s growing needs as the economy reopens,” Metrobank president Fabian S. Dee said.

“With our strong balance sheet and highly capable team of Metrobankers, we stand ready to continue to be the trusted partner of all our stakeholders for the long term,” he added.

Metrobank said its earnings were due to strong loans and margins, higher revenues from fees, and lower credit expenses. Also, gross loans rose by 14% from corporate and commercial lending segments. Credit card loans expanded by 29%.

The lender said this led to an increase of 14% in the net interest income, while interest margins rose to 3.6%. Fees and other income raised non-interest income by 11% to ₱23.5 billion.

The reopening of the Philippine economy in the post-pandemic period further reduced its non-performing loans ratio to 1.9 percent from 2.2 percent the previous year. This was lower than the industry average of 3.3 percent, Metrobank said.

Coverage of bad loans stayed at 172.4%, “reflecting a strong ability to cover any potential risks to portfolio health.”

Metrobank said total deposits grew 15% to ₱2.2 trillion, mainly consisting of low-cost current and savings account deposits. For 2022, the lender had total assets of ₱2.8 trillion and total equity of ₱318.5 billion.

Source: Inquirer.net