Metropolitan Bank & Trust Co., the financial arm of the Ty family, said Thursday it booked a record net income of P48.1 billion in 2024, up 14 percent from 2023, led by robust asset expansion and improved asset quality.
The bank’s return on equity (ROE) stood at 13 percent, up from 12.5 percent in the previous year.
“The hard work that all Metrobankers put in growing our corporate, middle market, retail and wealth segments as well as our investments in technology and human resources and risk management initiatives continue to bear fruit,” said Metrobank president Fabian Dee.
“This positive momentum and our strong balance sheet set us up very well to continuously meet the growing needs of our clients and to pursue our medium-term strategies,” he said.
Its board of directors approved a total cash dividend of P5 per share, which includes a regular dividend of P3 and a special dividend of P2.
Net interest income rose 8.7 percent to P114.1 billion on the back of a 17-percent increase in gross loans.
“Commercial loans grew by 17.7 percent, while consumer loans rose by 14.4 percent, driven by an 18.6-percent increase in credit card receivables and an 18.2-percent rise in auto loans,” the bank said.
Total deposits reached P2.6 trillion, up 8 percent year-on-year with low-cost current and savings accounts (CASA) accounting for 57.8 percent of the total.
Fee and trust income reached to P18.1 billion, reflecting growth in the consumer business.
Operating expenses rose 11 percent to P77.2 billion, driven by transaction-related taxes and increased spending on manpower, technology, and marketing as the bank continued to invest in growth.
The bank’s non-performing loan (NPL) ratio improved to 1.43 percent from 1.69 percent in 2023. This reduced provisions by 29.2 percent year-on-year.
The NPL coverage ratio stood at 163.5 percent.
Total consolidated assets reached P3.52 trillion as of end December 2024, maintaining its position as the second-largest private universal bank in the country. Total equity reached P385.5 billion.
Its capital adequacy ratio was 16.7 percent, and its common equity tier 1 (CET1) ratio at 15.9 percent, both above regulatory requirements.
