Metropolitan Bank & Trust Company (Metrobank) reported consolidated net income of P10.2 billion for the first nine months of 2012, or 15.2% higher over the P8.9 billion earned in the same period last year. As a result, Metrobank’s return on average equity was recorded at 12.2%.

Total operating income increased by 8.9% to P41.0 billion, on the back of a 6.7% growth in net interest income to P23.0 billion. Amid intensified market competition and declining interest rates, the Bank’s net interest margin showed a marked improvement from last year. This is attributed mainly to the 11.2% year-on-year expansion in net loans and receivables to P481.4 billion, coupled with a healthy mix in deposits. Total low cost deposits reached P384.5 billion, accounting for 58.1% of the deposit base from 51.7% in the comparative period last year.

Revenue growth was likewise supported by the 11.7% hike in non-interest income, in turn driven by steady growth in fee-based income, higher contributions from associates, and earnings from treasury and investment activities.

The Bank continued to improve on efficiency as operating expenses registered a slightly above-inflation growth from the same period last year. For the first nine months of 2012, operating costs inched up by 5.0% to P23.6 billion. As revenues grew faster than expenses, Metrobank’s pre-provision operating profit rose 14.7% year-on-year to P17.3 billion.