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Metrobank sees Q1 net profit jump 3% YOY

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Metrobank sees Q1 net profit jump 3% YOY

Metropolitan Bank& Trust Co., or Metrobank, reported unaudited first-quarter consolidatednet income of 5.25 billion pesos, or 1.57 pesos per share, up 3% year over yearfrom 5.08 billion pesos, or 1.69 pesos per share.

Net interest income for the quarter totaled 12.73 billion pesos,up from 11.66 billion pesos for the prior-year quarter. Noninterest income fellto 6.51 billion pesos from 6.55 billion pesos.

Provisions for credit and impairment losses increased to 1.81billion pesos from 898 million pesos.

The bank's net interest margin on average earnings assets wentup to 3.61% as of March 31 from 3.50% a year earlier.

Metrobank's nonperforming loan ratio fell to 1.14% at the endof March from 1.28% in the prior-year period.

The group's capital adequacy ratio as of March 31 was 18.3%,compared with 16.52% a year earlier. Its common equity Tier 1 ratio went up to 15%as of March 31 from 12.60% as of March 31, 2015.

As of May 11, US$1 wasequivalent to 46.49 Philippine pesos.