Metro Manila (CNN Philippines, August 2) — Metrobank enjoyed a stronger bottom line in the first half of 2023, with the group expecting this momentum to continue amid the Philippine economy’s growth.
In a disclosure Wednesday, the country’s second-biggest lender said its earnings in the January-June period jumped by 34% to ₱20.9 billion, owed to “asset expansion, higher margins, and healthy fee income growth.”
For the second quarter alone, Metrobank saw its net income reach ₱10.4 billion, higher by 37% from a year ago.
“Our core businesses continued to grow and benefit from our strong balance sheet. As the economy further expands, we see more market opportunities that will keep our upward momentum and sustain our efforts to better serve our customers,” said Metrobank President Fabian Dee.
Metrobank said its net interest income in the period climbed 27% to ₱50.6 billion following a 50-basis point increase in net interest margin.
Gross loans, meanwhile, also went up by 8.6%, propelled by the expansion in both commercial and consumer loans.
Total deposits, on the other hand, hit ₱2.3 trillion in the period.
