Metrobank net profit up 2.13% in Q1

Metropolitan Bank and Trust Co. (Metrobank) reported a 2.13% increase in its first-quarter net profit, reaching P12.253 billion, driven by strong growth in fee and trading income and sustained lending.

The bank's net interest income rose by 2.37% to P29.38 billion, supported by a sustained expansion of its lending business.

Despite overall profit growth, the bank experienced a substantial increase in provisions for bad loans, although the exact figure is not provided in the new article.

Noninterest income, including fee and trading income, surged, contributing to the overall profit increase.

Metrobank's net interest margin stood at 3.62% at the end of March, a decrease from 4% in the previous year.

Metrobank president Fabian Dee expressed confidence in the bank's performance and its ability to navigate economic uncertainties due to strong capitalization and a healthy portfolio.