Metrobank 2009 profit up 36.8% at $131mln

Double-digit surge in interest income and more efficient operations jacked up lender’s net profit.

Metropolitan Bank and Trust Co. grew its 2009 net profit by 36.8 percent to P6 billion ($130.77 million) over a year ago on a double-digit growth in interest income as well as fee-based and treasury earnings.

In a press statement on Thursday, Metrobank reported that net income for the fourth quarter alone surged by 104.8 percent to P1.4 billion ($30.51 million), compared to P702 million ($15.3 million) in the same quarter of 2008.

"The full year results reflect our continued earnings strength and more efficient operations. Our strategies continue to prove effective. We were able to take advantage of the recovery from the financial turmoil of the previous year, and we are proud to show a consistent performance throughout 2009," said Metrobank president Arthur Ty.

For 2009, total revenues climbed 22.9 percent to P43.7 billion ($952.48 million), outpacing the 6.8 percent growth in operating expense to P25.8 billion ($562.34 million). As such, Metrobank's efficiency ratio further improved to 60.4 percent from 70 percent in 2008.

View the full story in the Philippine Daily Inquirer.