Its pre-provisioning operating profit fell 11%, however.

The Metropolitan Bank and Trust Co (Metrobank) swa its net profit grew 14% year-on-year (YoY) to $838.38m (PHP48.1b) in 2024, in line with expectations by CGS International.

The Philippine bank’s net income for the fourth quarter period was $216.13m (PHP12.4b), higher by 19% YoY.

Pre-provisioning operating profit (PPOP) fell 11% YoY on lower non-interest income (NII) and higher operating expenses, cushioned by Q3 tax benefits, CGS International said.

Gross loans and deposits grew 17% and 8%, respectively in 2024, which Metrobank attributed to double-digit increases from corporate and consumer loans.