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.