Metropolitan Bank & Trust Company (MBT) Q3 2024 earnings summary

Executive summary

• Net income attributable to equity holders rose 12.40% year-over-year to P35.73 billion for the nine months ended September 30, 2024, driven by higher interest and non-interest income.

• Total assets increased 7.41% to P3.34 trillion from December 31, 2023, with growth in loans and investment securities.

• Return on equity improved to 12.93% and return on assets to 1.48% for the period.

Financial highlights

• Net interest income for the nine months reached P85.72 billion, up 10.99% year-over-year.

• Other operating income rose 4.95% to P24.09 billion, mainly from trading and fee-based income.

• Total operating expenses increased 11.22% to P56.99 billion, mainly due to higher manpower and miscellaneous costs.

• Provision for credit and impairment losses dropped to P3.52 billion from P6.80 billion year-over-year.

• Earnings per share increased to P7.95 from P7.07 year-over-year.

Outlook and guidance

• Management expects capital expenditures of P3.0 to P5.0 billion for 2024, with 70% allocated to IT.

• No significant trends or uncertainties are expected to materially impact liquidity or revenues.