Metropolitan Bank and Trust Company (Metrobank) saw its full-year 2020 net income plunge by 50% to P13.8 billion, as it guarded itself from bad loans.
"In line with its strategy to better prepare for the risks associated with the pandemic, the bank booked provisions of P40.8 billion," Metrobank said.
The provision for bad loans was 4 times more than the P10.1 billion it set aside in 2019.
Metrobank's non-performing loan ratio went up to 2.41%.
Total deposits reached P1.8 trillion.
Due to its substantial capital, Metrobank declared a special cash dividend of P3 per share in addition to its regular dividend of P1 per share.
The record date for the dividends will be on March 5 and the payout will be on March 18.
Metrobank was the most actively traded stock on Thursday, February 18, surging by 5.8% due to the announcement of its dividends.
"Despite the events of 2020, our core business remains solid and we remain ready to be a key partner in economic recovery. Our high capital buffer has given us the opportunity to distribute more dividends this year," said Metrobank president Fabian Dee.
Metrobank is the country's 2nd largest bank with consolidated assets of P2.5 trillion. – Rappler.com