Metrobank Q1 profit falls 9.3% on higher loan loss provisions

Metrobank reported a 9.3% decline in net income for Q1 2020 to P6.1 billion due to increased loan loss provisions.

The bank doubled its provision for possible credit losses to P5.04 billion from P2.4 billion in the same period last year, citing the impact of the COVID-19 pandemic.

Despite this, Metrobank president Fabian Dee noted that the underlying business is strong with healthy growth in loans and deposits at the start of the year.