Philippines' best domestic bank 2023: Metrobank
Metrobank turned 60 in 2022, but still reported record earnings – up 48% year on year to P32.8 billion ($590 million).
Chief executive Fabian Dee notes that there were gains across the board: healthy loan growth, improving margins, robust fee income and a swelling user base for digital apps. Add in carefully controlled operating expenses and lower provisions thanks to stable asset quality and it was quite the banner year.
The bank’s gross loan portfolio rose 14% year on year, outpacing the industry average of roughly 11%. Growth in corporate and commercial loans was even stronger at 15.2%. In part, it is a sign that the economy’s post-Covid rebound is gaining momentum as businesses expand their inventories and resume investment spending.
The Philippine economy demonstrated impressive resilience in 2022, when it grew 7.6% and outpaced much of Asia.
For its part, Metrobank got back to the business of expanding the franchise. Plans that had been put on hold because of the pandemic were revisited.
The bank provided P4.34 billion to key SME clients, primarily in the agricultural sector and in the hinterlands, to support rural development.