Ty-led Metrobank 9-mo profit up 15% to P10.2-B

MANILA, Philippines – Metropolitan Bank & Trust Co. (Metrobank), the universal bank controlled by tycoon George Ty, reported a net income of P10.2 billion for the first 9 months, a 15.2% increase from a year ago.

In a disclosure to the stock exchange on Monday, November 5, Metrobank said its operating income during the January-to-September period increased by 8.9% to P41.0 billion.

Its net interest income grew 6.7% growth to P23 billion. Fee-based income, higher contributions from associates, and earnings from treasury and investment activities hiked non-interest income by 11.7%.

Other measures of financial health are as follows:

• Consolidated assets at P953.7 billion 
• Total equity at P114.4 billion
• Total capital adequacy ratio (CAR) was at 18.3% with Tier 1 CAR at 14.3%
• Return on average equity at 12.2%
• Net loans and receivables were at P481.4 billion, up 11.2% 
• Low cost deposits reached P384.5 billion, accounting for 58.1% of the deposit base from 51.7% in the comparative period last year. 
• Nonperforming loans (NPL) ratio stood at 2.2% 
• NPL coverage at at P3.4 billion, translating to 110.5%

– Rappler.com