Metrobank posts record P35.7B net income in first nine months

Metropolitan Bank and Trust Co. (Metrobank) achieved a record net income of P35.7 billion in the first nine months of 2024, a 12.4% increase from the previous year.

The bank's profit growth was driven by strong loan growth, an 11 percent increase in net interest income to P85.7 billion, and a decrease in coverage for bad loans.

Gross loans saw a substantial 15.6% year-on-year increase, with commercial loans rising by 16.6% and consumer loans growing by 12.3%.

Credit cards and auto loans mainly drove higher consumer loans, with a combined 16.6 percent growth.

Metrobank's financial performance resulted in a return on equity of 12.9%, and its total assets stood at P3.34 trillion as of end-September.

Metrobank President Fabian S. Dee expressed optimism about the banking industry's outlook, looking forward to the positive impact of recent regulatory measures, such as the Bangko Sentral ng Pilipinas' easing of its policy rate and lowering of reserve requirements.