Published:
Metrobank's gross NPLs down 9% to US$178m in 3Q16
NPL ratio improved to 0.93%.
According to Maybank Kim Eng, in spite of Metropolitan Bank & Trust Co.'s higher credit costs in 9M16, NPLs remained benign. Gross NPLs dropped 9% QoQ to PHP8.9b (US$178m) in 3Q16, which improved its NPL ratio to 0.93% from 1.08% last quarter.
"We believe the rise in credit costs came from a build-up of impairment reserves, not any asset deterioration. To mirror its guidance of 50-60bp credit costs, we raise our assumptions to 57bps for FY16E from 56bps and to 52bps for FY17E from 48bps."
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