One of the biggest banks and largest companies in the Philippines, Metrobank reported a consolidated net income of P18.2 billion in 2017, up 10% on a core basis.
Total resources closed at a new high of P2.1 trillion. Metrobank’s strong performance was driven by robust growth in loans and deposits, which in turn resulted in improved margins as well as better operating leverage.
Metrobank ended the year with total deposits of P1.5 trillion, with low cost deposits increasing 12% to P950 billion.
Sustaining the momentum from previous quarters, the loan portfolio expanded by 19% year-on-year to hit P1.3 trillion. Net interest margin has been steadily moving up to 3.75% or 21 basis points higher from 2016.
As a result, net interest income increased 16% to P61.4 billion, and accounted for 73% of the bank’s P83.6 billion total operating income.
With a greater focus on improving efficiency, cost growth was kept at only 6%.