Metrobank Q1 net income up 30%

Metropolitan Bank & Trust Co., the country's largest lender, reported on Friday that its net income jumped 30 percent for the first three months of the year on the growth of its low cost deposits, improved deposit mix and lower interest costs. In a statement posted at website of the Philippine Stock Exchange, the company said its net income grew to P1.25 billion for the first quarter. Metrobank said its net interest income in the first quarter improved by 5.39 percent to P3.61 billion from last year's P3.43 billion. The bank added that the aggressive campaign to grow its low cost deposits and other measures reduced interest expense by 15.11 percent. - Cheryl Arcibal, GMANews.TV