MANILA, Philippines – The Metropolitan Bank and Trust Company (Metrobank) saw its net income rise by 60% to P22.2 billion in 2021, as provisions for loan losses declined and fee income remained robust.
In a stock exchange filing on Thursday, February 24, Metrobank reported a 27% increase in non-interest income to P21.1 billion on the back of higher transaction volumes and cross selling strategies.
Non-performing loans declined 12%, with the NPL ratio easing to 2.2% in 2021 from 2.4% in 2020.
Metrobank ended 2021 as the Philippines’ second largest private universal bank with consolidated assets of P2.5 trillion and total equity of P318.5 billion.
“Our positive performance in 2021 validates our strategies of fortifying our balance sheet and proactive provisioning during the pandemic,” said Metrobank president Fabian Dee.
Due to better profits in 2021, Metrobank increased its regular cash dividends from P1 to P1.60 per share, payable on a semi-annual basis at P0.80 per share. It also declared a special cash dividend of P1.40 per share. – Rappler.com