Metrobank Declares Cash Dividends

Metropolitan Bank & Trust Company today disclosed the bank's declaration of cash dividends which was approved Wednesday, August 24, by its board of directors in its regular meeting.

Photo Insert: Metrobank recorded a 33% increase in net profit to P15.6 billion in the first half of 2022, as earnings surged by 95% to P7.6 billion in the second quarter.

The board passed a resolution for the fixing of 09 September 2022 as the Record Date and 23 September 2022 as the Payment Date for the second payout of regular cash dividend of Php0.80, representing the second half of the previously approved Php1.60 regular dividend last 23 February 2022.

Metrobank recorded a 33% increase in net profit to P15.6 billion in the first half of 2022, as earnings surged by 95% to P7.6 billion in the second quarter.

The bank said that its performance was better across the board— faster loan expansion, improving interest margin, robust fee income growth, stable operating costs, and lower provisions amid healthier asset quality.

“The continued improvement in the Bank’s performance cements our strategy as we enable various customers and businesses as economic activities accelerate. This also validates the recent recognitions we received from prestigious publications, naming us the country’s best bank,” said Metrobank President Fabian S. Dee.

“Our focus on serving our client needs while actively managing risks and promoting efficiencies has driven our solid operating results, and will continue to do so in the medium term as the economy expands,” he added.

Gross loans rose by 9% year-on-year to P1.3 trillion, led by a 12% growth in corporate and commercial lending and 16% increase in gross credit card receivables.

Asset quality improved with NPLs declining by 7%. The ratio of NPLs to total loans stood at 1.9% in the first half, down from 2.3% a year ago and significantly below the industry’s 3.9% NPL ratio in May.

This enabled the Bank to further trim down provisions by 46% in the first half. Metrobank’s NPL cover stood strong at 196%, a hefty buffer to protect the bank against market risks. Meanwhile, total deposits grew 13% to P2.1 trillion.

CASA deposits climbed by 10% to P1.5 trillion from a year ago, which resulted in lower funding costs. As the net interest margin recovered to 3.4%, net interest income increased by 6% to P39.8 billion.

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