Metrobank first quarter profit up 21% to $71.77mn

The lender looks forward to a 12% loan growth this year as it focus on its consumer lending business.

The Metropolitan Bank & Trust Co. (Metrobank) booked a consolidated net income of P3.1 billion ($71.77 million) in the first quarter, 21.2% higher than in the same period last year.

In a statement to the stock exchange on Friday, Metrobank, the country’s second largest bank in asset terms terms, said the profit growth was propelled by the "steady growth in [the bank’s] core revenues...and sustained improvement in asset quality."

Total operating income amounted to P11.8 billion ($273.11 million) on the back of net interest earnings that climbed by 13.1% to P7.3 billion ($168.96 million).

It did not say if its non-interest income rose or fell, saying only that gains from securities and foreign exchange trading fell to P1.3 billion ($30.08 million) from P1.9 billion ($43.97 million) but service charges, fees and commissions rose to P1.9 billion ($43.97 million) during the three-month period.

On the expenditure side, the bank’s operating expenses inched up by 0.9% to P7 billion ($162 million).

Bank shares closed at P67.65 ($1.56) apiece on Friday, 65 centavos ($0.015) higher than the previous day.

View the full story in Business World.