Metrobank's net income climbs to P12.43 billion in third quarter

METROPOLITAN Bank & Trust Co. (Metrobank) booked a higher net profit in the third quarter that brought its ninemonth income to a record for the period as its growing consumer business supported its loan growth.

- Bettina V. Roc

The bank's attributable net income rose by 2.56% year on year to P12.43 billion in the three months ended September from P12.12 billion, it said in a disclosure to the stock exchange on Tuesday.

This brought its earnings for the first nine months to P37.28 billion, up 4.34% from P35.73 billion, which it said was an all-time high for the period and attributed to "solid loan growth, improving margin trend, healthy trading income alongside well-managed cost growth."

This translated to a return on equity of 12.53% versus 12.93% a year prior, and a return on assets of 1.39% from 1.48% last year.

"Our prudent approach in expanding our core businesses continued to support our performance in the first nine months. We're confident that the Philippines' long-term growth story remains strong," Metrobank President Fabian S. Dee said.

"We continue to be committed in helping our clients seize opportunities for growth as we navigate together any challenges and uncertainties on our journey ahead."