Double-digit growths in credit card transactions, auto loans and trading pushed Metropolitan Bank and Trust Co. or Metrobank posting a net income of P31.8 billion or 35.6 percent more in the first nine months from a year ago.

In the third quarter alone, the bank posted a P10.9-billion net income which was 38.7 percent higher than that of the same period last year.

"The sustained growth of the bank shows we remain strong and resilient despite the unpredictable market conditions," Metrobank president Fabian Dee said.

Based on the bank's report to the Philippine Stock Exchange, net interest income from January to September jumped by 24 percent to P77.2 billion as gross loans rose by 7.1 percent on the back of higher transaction volumes of the bank's multiple loan businesses,

Credit card receivables surged by 29.5 percent, while auto loans rose by 21.6 percent in the same period. Consumer loans grew 16.5 percent.

Meanwhile, growth in corporate loans was weaker at 4.8 percent as many business owners were still recovering from the pandemic and demand for certain goods and services tempered.

NPLs cut to 1.7%

Non-performing loans ratio improved to 1.7 percent from 2.1 percent, with a minimal share of restructured loans at 0.4 percent of total.

Provisions for bad loans expanded to 187.1 percent as Metrobank remained prudent amid some persisting economic uncertainties.

Income from trading and foreign exchange surged by 45.5 percent to P3.6 billion, while earnings from service fees grew by 9.7 percent to P12.2 billion.

"We will continue to work on keeping our sound capital and liquidity positions as we look for more market opportunities," Dee said.

Deposits increased by 14.5 percent to P2.3 trillion. The bulk of which were low-cost current and savings accounts with 59.2 percent share.

Operating expenses grew by 15.1 percent which the bank attributed to tax-based transactions and technological enhancements, among others.

However, cost-to-income ratio improved to 51.5 percent from 54.5 percent as Metrobank saw a higher double-digit growth in total earnings.

Total assets stood at nearly P3 trillion, making Metrobank the country's second largest private universal bank.

Meanwhile, total equity stood at P342.2 billion, bringing a better return on equity at 12.8 percent from 10 percent.

Metrobank remained well-capitalized, with capital adequacy ratio of 18.4 percent and common equity tier 1 ratio of 17.6 percent, above the minimum requirements of the Bangko Sentral ng Pilipinas.