Business and Economy
Metrobank nets P18.2-B in 2017
FILE: The Bank ended the year with total deposits of PHP1.5 trillion, with low cost deposits rising 12 percent to PHP950 billion for a 62 percent of total. This provided the stable low cost funding to fuel its healthy loan expansion.
(Photo: Metrobank/Facebook)
MANILA — Net income of Metropolitan Bank & Trust Company (Metrobank) rose 10-percent to PHP18.2 billion in 2017, Metrobank President Fabian Dee reported Thursday to the Philippine Stock Exchange (PSE) Thursday.
“We are pleased to report positive results in our core business. The strength of our deposit franchise continues to support our loan growth, particularly in the commercial space as we help finance the expansion plans of our customers,” said in a statement to PSE.
The Bank ended the year with total deposits of PHP1.5 trillion, with low cost deposits rising 12 percent to PHP950 billion for a 62 percent of total. This provided the stable low cost funding to fuel its healthy loan expansion.
Its loan portfolio expanded by 19 percent year-on-year to hit PHP1.3 trillion.
The commercial segment, mainly the middle market and small and medium enterprises (SMEs), led the growth with 20 percent while consumer loans increased by 17 percent.
Meanwhile, non-interest income reached PHP22.1 billion, consisting service charges and commissions and income from trust, trading and foreign exchange gains, and miscellaneous income.
With the greater focus on improving efficiency, expenses for Bank-related operations were kept at a reasonable level with recurring cost growth at only 6 percent.
“Core revenues increased at a healthy rate, while operating expense growth was capped to single-digit,” Dee said. “Our momentum continues to build up, and we are well-positioned to accelerate our growth plans moving forward.”
On a consolidated basis, Metrobank ended the year with 952 branches and 2,352 automated teller machines (ATMs) nationwide.
More than half of these branches are located outside Metro Manila, putting the Bank in a good position to gain market share in the country’s high growth areas. (PNA)
