Money

Metrobank income surges as of end-Sept

Metrobank’s adds P17.5-B to own debts

This bank saw profits soar by more than half in the third quarter.

This bank saw profits soar by more than half in the third quarter.

The Metropolitan Bank & Trust Co. (Metrobank) broke industry trend as they posted a 55 percent increase in net income, which grew to P5.7 billion in the third quarter.

This also pushed the nine-month profit tally to P16.8 billion, up 27 percent year-on-year.

?The strong performance during the nine-month period is very encouraging especially amidst inflation concerns and rising interest rates. Credit demand remains healthy, and the Bank continues to grow cautiously its consumer, business and infrastructure-related loan portfolio without incurring unnecessary risks to asset quality and profitability,? Metrobank Chairman Arthur Ty said in a disclosure.

Total loans grew 15 percent to P1.3 trillion, driving net interest income up to P51 billion.

This counted higher operating costs, which grew by a tenth to hit P33 billion due to bigger manpower costs and tax payments.

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