Record US$415 million profit for Metrobank in H1

Also the highest ever by a local bank.

The net profit reported by Metropolitan Bank and Trust Company for the first half was more than double the level a year ago.

The record profit was driven by a combination of higher net interest earnings, treasury gains and one-time gains from the sale of interest in the car and power generation businesses of the Metrobank group.

Total operating income for the six-month period increased by US$381 million to US$1.06 billion. It was boosted by a 13% year-on-year rise in net interest income to US$370 million and a US$337 million increase in non-interest income to US$656 million.

Metrobank grew its loan book by 16% year-on-year to US$12.5 billion. Credit demand was consistent across all sectors, with the consumer segment leading growth.

Total deposits reached US$20.1 billion, 32% higher year-on-year, mostly due to low-cost current and savings accounts. The bank reported a spike in deposits in the second quarter due to excess liquidity in the financial system.