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Metrobank Q2 net income inches up 3.3% YOY

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Metrobank Q2 net income inches up 3.3% YOY

Metropolitan Bank & Trust Co., or Metrobank, posted a 3.3% year-over-year growth in net income for the second quarter ended June 30.

The bank said net income attributable to equity holders rose to 3.93 billion Philippine pesos, from 3.81 billion pesos in the prior-year period.

Net interest income for the quarter increased to 15.10 billion pesos from 12.88 billion pesos, while provision for credit and impairment losses amounted to 1.41 billion pesos, up from 1.39 billion pesos a year earlier.

For the first half, Metrobank reported net income attributable to equity holders of 9.50 billion pesos, or 2.99 pesos per share, up 4.8% year over year from 9.06 billion pesos, or 2.77 pesos per share.

Net interest income for the first half increased to 29.62 billion pesos from 25.61 billion pesos. The bank's net interest margin on average earning assets clocked in at 3.72% for the first half, up from 3.54% in the year-ago period.

The bank attributed the increase in net interest margin and net interest income to the expansion of its loan book in target segments and overall increase in asset yields.

The group recorded a nonperforming loan ratio of 0.93% at the end of June, compared to 1.08% in the year-ago period.

The group's capital adequacy ratio declined year over year to 16% from 17.75%, while its common equity Tier 1 ratio fell to 13.18% from 14.61% over the same period.

As of Aug. 4, US$1 was equivalent to 50.28 Philippine pesos.