In a statement, Metrobank said total deposits grew 4.6 percent year-on-year to P681 billion while net loans and receivables rose 16.5 percent to P457.4 billion, with strong growth coming from both the consumer and commercial segments.
Thus, operating income growth was supported by the 11.4-percent increase in net interest income to P29.4 billion which, in turn, was driven by the 7.3-percent growth in low cost deposits and the 16.5 percent hike in net loans and receivables.
Metrobank likewise recorded a return on average equity of 11.2 percent in 2011, from 10.3 percent the previous year.
Meanwhile, its healthy growth in assets and improved deposit mix pushed net interest margin 11 basis points higher to 3.5 percent.
In addition, service charges, fees and commissions registered a healthy 12.5 percent increase to P7.7 billion, while income from trading and foreign exchange grew to P7.7 billion.
Operating expenses grew 10.3 percent year-on-year to P30.7 billion, driven by higher manpower and occupancy-related costs.
Provisions for credit and impairment losses declined 47.5 percent to P3.8 billion, as gross non-performing loans (NPLs) were reduced by 8.3 percent, settling at P10.1 billion by the end of 2011.
Thus, the NPL ratio further declined to 2.2 percent at yearend, from 2.9 percent in 2010, while the NPL coverage was comfortably higher at 99.5 percent, from 92.3 percent in 2010.
Consolidated assets ballooned further to P958.4 billion, or eight percent more than the P887.3 billion in 2010.
Total equity reached P109.8 billion, up 25.3 percent from the previous year’s P87.6 billion.
At the end of 2011, Metrobank’s capital adequacy ratio (CAR) further improved to 17.4 percent from 16.4 percent in 2010, well above the 10 percent regulatory minimum. Tier 1 capital ratio likewise rose to 13.7 percent, from 12 percent in the previous year.
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