Metropolitan Bank & Trust Co., or Metrobank, reported a 10% year-over-year increase in net income for the year ended Dec. 31, 2017.
The bank said its full-year net income totaled 18.2 billion Philippine pesos. The bank attributed its strong performance to robust growth in loans and deposits.
Net interest income increased 16% year over year to 61.4 billion pesos. Net interest margin increased by 21 basis points to 3.75%, mainly driven by improving asset yields.
Noninterest income stood at 22.1 billion pesos, comprising 12.4 billion pesos in service charges and commissions and income from trust business, 3.9 billion pesos from trading and FX gains and 5.9 billion pesos from other income.
Further, the bank reported provisions for credit and impairment losses of 7.5 billion pesos, including one-offs.
As at Dec. 31, 2017, the bank's nonperforming loans ratio was at 1.0%. The lender's total capital adequacy ratio for the period was 14.4%, while its common equity Tier 1 ratio came to 11.8%.
As of Jan. 31, US$1 was equivalent to 51.38 Philippine pesos.
