Metropolitan Bank & Trust Company (MBT) Q2 2024 earnings summary

Executive summary

• Consolidated total assets reached P3.28 trillion as of June 30, 2024, up 5.64% from December 2023, driven by growth in investment securities and loans.

• Net income attributable to equity holders for H1 2024 was P23.61 billion, a 12.95% increase year-over-year.

• Earnings per share rose to P5.25 from P4.65 year-over-year.

Financial highlights

• Net interest income for H1 2024 was P57.97 billion, up 14.61% year-over-year.

• Total operating income grew 6.91% while operating expenses increased 8.07% year-over-year.

• Return on average equity improved to 13.27% and return on average assets to 1.48%.

• Net interest margin on average earning assets was 3.99%.

• Non-performing loans ratio improved to 1.66% from 1.84% year-over-year.

Outlook and guidance

• No material trends or uncertainties expected to impact liquidity or revenues in the near term.

• Capital expenditures for 2024 are estimated at P3.0–5.0 billion, with 70% allocated to IT.