Metrobank's Net Income Surges 14% To PHP12 Billion In Q1 2024

Metrobank, recognized as the Philippines' second-largest private universal bank, has announced a notable increase in net income to PHP12.0 billion during the first quarter of 2024, marking a robust uptick of 14.5% year-on-year.

Metrobank's positive performance was attributed to the consistent expansion of its lending portfolio, alongside enhanced operational efficiencies, stable asset quality, and the continued execution of strategies aimed at optimizing its capital utilization. I Photo: Metrobank

In a disclosure to the Philippine Stock Exchange (PSE), the bank attributed this positive performance to the consistent expansion of its lending portfolio, alongside enhanced operational efficiencies, stable asset quality, and the continued execution of strategies aimed at optimizing its capital utilization.

Additionally, Metrobank highlighted that its total consolidated assets grew by 10.7% to PHP3.2 trillion, underscoring its position as the second-highest asset base among the country's private universal banks.

Fabian S. Dee, President of Metrobank, emphasized the company’s steadfast commitment to placing its customers at the forefront of its growth strategy, stating, “We will consistently offer tailored financial solutions that directly address the needs and goals of those we serve to help them build a more prosperous future.”

Mr. Dee further revealed that the bank’s net interest income surged by 15.4% to PHP28.7 billion in the first three months of the year compared to the previous year.

This growth was supported by the continued expansion of its gross loans, particularly in commercial and consumer loans portfolios, including gross credit card receivables and auto loans.

Meanwhile, the bank's total deposits increased by 4.9% from the same period last year to PHP2.4 trillion.

Mr. Dee also noted that Metrobank successfully concluded its offering of a landmark USD1 billion dual-tranche of 5-year and 10-year U.S.-denominated notes in March 2024, marking the longest senior dated note by a private domestic bank in the Philippines and the largest non-sovereign note issuance of USD1 billion.

Furthermore, Mr. Dee stressed that Metrobank's performance in wealth management was recently recognized at the 2024 Euromoney Global Private Banking Awards, where it was named the Best Bank for Ultra-High-Net-Worth, while The Asian Banker also dubbed Metrobank as the Most Recommended Retail Bank in the Philippines.