Metropolitan Bank and Trust Co. (Metrobank) reported P7.4 billion in consolidated net income for the first half of 2012, representing a 21 percent growth from the P6.1 billion earned in the same period last year. 
The strong performance for the semester was attributed to the healthy growth in core revenues coupled with the rationalization of operating expenses.
Total operating income earned for the first six months of the year increased by 15 percent to P29.1 billion from P25.4 billion in the same period last year.
Net interest income grew  to P15.3 billion from P14.7 billion, on the back of the 16 percent hike in the gross loan portfolio and a more favorable funding mix. 
Funding cost further improved as low cost deposits now account for 56 percent of the total deposit base from 48 percent last year, while demand for credit was primarily led by the corporate and consumer segments.
Non-interest income rose 30 percent to P13.8 billion from P10.7 billion previously, driven by sustained growth in fee-based income, higher contributions from associates, and strong treasury and investment activities.  
Service charges, fees and commissions amounted to P4.1 billion from P3.9 billion, while income from trust operations grew 38 percent year-on-year to P0.4 billion.  
Share in net income of associates came in at P1.4 billion from P0.5 billion, on account of higher income generated by various associates.  Trading and foreign exchange profits reached P6.1 billion, from P4.1 billion in the same period last year.  
Operating expense growth slowed down from the first quarter this year. For the first six months of 2012, operating costs increased by 9 percent to P16.3 billion. 
In line with the overall business growth, manpower and occupancy-related expenses increased to support the network expansion and initiatives for improved sales coverage. 
As operating income expanded faster than costs, Metrobank’s pre-provision operating profit rose 23 percent year-on-year to P12.9 billion, from P10.5 billion previously.
Asset quality remained in check even with the continued business expansion. 
The non-performing loans (NPL) ratio stood at 2.2 percent, from 2.6 percent in the first half of 2011, or an absolute reduction of P0.4 billion year-on-year.
The Bank set aside provision for credit and impairment losses amounting to P2.5 billion, pushing NPL coverage to 109 percent from 95 percent in the comparative period last year.
At end-June 2012, Metrobank had P942.8 billion in consolidated assets and retained leadership in total equity at P111.2 billion.