Metropolitan Bank & Trust Co. (Metrobank) posted a mid-year record profit of P23.6 billion, up from P20.9 billion seen in the first half of 2023.

In a disclosure to the Philippine Stock Exchange on Thursday, Metrobank said the growth reflected a 14 percent increase in gross loans.

Accordingly, net interest income rose by 14.6 percent to P58 billion.

Lending segments posted double-digit growth as credit card receivables jumped by 21.4 percent, auto loans by 16.6 percent, commercial loans by 15.2 percent, and consumer loans by 13.7 percent.

Non-performing loans (NPL) ratio improved to 1.66 percent from 1.84 percent, resulting in lower credit provisions of P1 billion.

Total deposits

Meanwhile, total deposits rose by 7.8 percent to P2.4 trillion, consisting mostly of current and savings accounts with 58 percent share and low savings rate.

Operating cost grew by 8.1 percent to P36.4 billion as Metrobank made investments to improve its customer service.

Total consolidated assets expanded by 14.5 percent to P3.3 trillion, making it the country’s second largest private universal bank.

Meanwhile, total equity reached P355.1 billion. As a result, return on equity improved to 13.3 percent from 12.9 percent.

“Our strong capital position and robust asset profile continued to support our expanding core businesses despite market challenges. Prospects of easing inflation driven by government efforts could further spur consumer demand,” Metrobank president Fabian Dee said.