Metropolitan Bank & Trust Co.’s (Metrobank) net income rose 14.0 percent year-on-year to a record P48.1 billion in 2024, supported by robust asset expansion and improving asset quality.
This translated to a 13.0% return on equity, higher than the 12.5 percent recorded in the same period last year.
The Board also approved a total cash dividend of P5 per share for the year. Aside from the regular dividend of P3 per share that will be paid out on a semi-annual basis, a special cash dividend of P2 was declared. The first payout of P3.50 will be given to shareholders on record as of March 6, 2025.
“The hard work that all Metrobankers put in growing our corporate, middle market, retail and wealth segments as well as our investments in technology and human resources and risk management initiatives continue to bear fruit,” said Metrobank President Fabian S. Dee. “This positive momentum and our strong balance sheet set us up very well to continuously meet the growing needs of our clients and to pursue our medium-term strategies.”
The Bank’s net interest income rose 8.7 percent to P114.1 billion on the back of a strong 17 percent expansion in gross loans, outpacing industry growth of 12.5 percent. Commercial loans surged by 17.7 percent as corporates continued to increase capital spending. Consumer loans grew by 14.4 percent driven by an 18.6 percent rise in net credit card receivables and an 18.2 percent growth in auto loans.
Total deposits rose 8.0 percent to P2.6 trillion from a year ago, of which low-cost Current and Savings Accounts (CASA) accounted for 57.8 percent. Fee and trust income edged up to P18.1 billion supported by growth in consumer business. In addition, the Bank booked a combined trading and foreign exchange gain of P5.6 billion in 2024, a 39 percent year-on-year improvement.
Operating costs grew 11 percent, year-on-year, to P77.2 billion driven by transaction-related taxes as well as manpower, technology, and marketing costs as the bank continued to invest for growth.
Metrobank’s non-performing loans (NPLs) ratio further eased to 1.43 percent from 1.69 percent in 2023, which enabled the Bank to reduce provisions by 29.2 percent year-on-year. NPL cover, nonetheless, remains high at 163.5 percent, providing a substantial buffer against any emerging risks to the portfolio.
Metrobank’s total consolidated assets stood at P3.52 trillion, maintaining its status as the country’s second largest private universal bank. Total equity reached P385.5 billion.
The Bank’s fortress balance sheet remains evident with a capital adequacy ratio of 16.7 percent and Common Equity Tier 1 (CET1) ratio of 15.9 percent, all well above the BSP’s minimum regulatory requirements. Metrobank’s Liquidity Coverage Ratio (LCR) is also high at 256.1 percent.
Metrobank was thus, recognized by the Asian Banker as the country’s Strongest Bank for the fourth consecutive year.
During the Euromoney Awards for Excellence 2024, it was also named the Best Bank for Corporate Responsibility for its efforts via Metrobank Foundation to support the country’s education, arts, and social sectors. The Asian Banker also noted Metrobank as the Most Recommended Retail Bank in the Philippines, based on the results of The Asian Banker’s Annual BankQuality™ Consumer Survey in January 2024. PR
