In 2023, Metropolitan Bank & Trust Co. (Metrobank) saw a 28.9% surge in net income, reaching P42.2 billion, with a return on equity of 12.5%. Total assets rose to P3.1 trillion, maintaining its position as the country’s second-largest private universal bank.
The Board of Directors approved a cash dividend of P5 per share, up from P1.60, with P3 distributed semi-annually and an additional special dividend of P2 per share. Shareholders on record as of March 8, 2024, will receive the first payout of P3.50.
“Our solid performance in 2023 was strongly driven by our asset expansion, higher margins, improving efficiency levels, and better asset quality,” said Fabian Dee, president, Metrobank. “This indicates that we are firmly on track with our long-term growth strategies supported by our highly capable and resilient team of Metrobankers and strong balance sheet.”
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Net interest income increased by 22.7%, fueled by higher loan demand and a net interest margin of 3.9%. Consumer loans surged by 15.9%, outpacing commercial loans’ growth of 5.5%.
Fee income rose by 9% to P16.4 billion, driven by expanding consumer business, while trading and forex gains remained steady at P4.0 billion. Despite a 14% increase in operating expenses, the cost-to-income ratio improved to 52.1%.
Asset quality continued to strengthen, with the non-performing loans ratio dropping to 1.7%, well below the industry average of 3.3%, and an NPL cover of 180.3%. Metrobank’s total equity reached P356.7 billion, with capital adequacy and Common Equity Tier 1 ratios standing at 18.3% and 17.4%, respectively, surpassing regulatory requirements.