METROPOLITAN BANK and Trust Co. (Metrobank) booked a higher net income in the third quarter, with its core businesses continuing to grow.

In its quarterly earnings report disclosed to the local bourse on Monday, Ty-led Metrobank said it recorded a consolidated net income of P4.52 billion in the third quarter, up by almost 10% from the P4.11 billion reported a year ago.

Unaudited net income attributable to equity holders of the parent company, meanwhile, reached P3.7 billion for the quarter ended Sept. 30, 5.09% higher than the P3.52 billion net income reported for the same quarter of the previous year.

The report showed that the bank’s net interest income — which includes profits from loans, and trading and investment securities, among others — rose to P15.7 billion from the P13.41 billion booked in the same period a year ago. This was mostly driven by an increase in loans and receivables to P16.6 billion from last year’s P13.4 billion. The bank’s income from trading and investment securities was at P3.83 billion, up slightly from the previous year’s P3.43 billion.

Meanwhile, other operating income likewise rose to P6.51 billion in the third quarter from P4.96 billion in the comparable year-ago period. Net gains from trading, securities and foreign exchange stood at P1.55 billion, up from last year’s P675 million. Income from service charges, fees and commissions went up to P2.94 billion from P2.51 million, and miscellaneous income also rose to P2.02 billion from P1.77 billion a year ago.

Metrobank’s expenses posted a modest increase to P12.01 billion from the previous year’s P11.47 billion, failing to offset the bank’s income from its main businesses.

The third-quarter performance brought Metrobank’s nine-month consolidated net income to P15.7 billion, up from the P14.3 billion booked in the same period last year.

Unaudited net income attributable to equity holders of the parent company for the nine-month period was recorded at P13.19 billion, higher by 4.87% from the P12.58 billion net income reported in the same period in 2016.

Metrobank’s total assets grew to P1.99 trillion from the P1.88 trillion booked at end-2016.

Asset quality metrics “remained better than industry average” as its non-performing loan ratio stood at 1.07%. Provisions for credit and impairment losses for the period amounted to P5.9 billion, including one-offs.

Metrobank ended the period with total equity at P210.4 billion. Total capital adequacy ratio on a Basel III basis remained well above the regulatory limit at 16%, with its common equity Tier 1 ratio at 13.3%.

In a separate statement, Metrobank President Fabian S. Dee said the bank is “pleased to report that our core earnings results are moving ahead of plans.”

“We are also continuously improving our operations and have made the necessary enhancements to our internal processes to ensure that we become an even stronger institution,” Mr. Dee noted.

Shares in Metrobank closed at P91.05 apiece on Monday, up by P1.05 or 1.17% from Friday’s finish of P90 each. — K.A.N. Vidal