Metrobank: Q1 2026 net profit up 2.4%, but growth slowed on higher provisions

31 марта 2026 года Metrobank раскрыла результаты за первый квартал 2026 года: чистая прибыль выросла на 2,4% год к году до 12 811 млн песо, при этом чистый процентный доход прибавил 6,4%, а EBITDA – 3,4%. Акции торгуются по P/E 5,8 и дают дивидендную доходность 7,6%, что выглядит привлекательно, но рост прибыли сдерживается увеличением резервов и снижением маржинальности.

Key takeaways

— Чистый процентный доход Q1 2026 вырос на 6,4% до 40 505 млн песо, но темпы замедлились с 9,6% год назад

— EBITDA Q1 2026 увеличилась лишь на 3,4%, а маржа по EBITDA снизилась с 52,9% до 51,4%

— Чистая прибыль Q1 2026 выросла на 2,4% до 12 811 млн песо, но доля прибыли в процентном доходе упала с 32,9% до 31,6%

— Резервы под кредитные убытки в Q1 2026 выросли на 29,4% до 3 374 млн песо, что замедлило рост прибыли

— За последние 12 месяцев чистая прибыль составила 50 278 млн песо, а P/E LTM – 5,8, что ниже среднего за 3 года

— Дивидендная доходность за 12 месяцев – 7,6%, что выше среднего уровня по рынку

— По модели портала потенциал роста акции составляет +17% от текущей цены

Attractiveness

Key figures, PHP bn

Q1 2026 net interest income rose 6.4% to PHP 40,505 million, but growth slowed from 9.6% a year ago

In Q1 2026, Metrobank's net interest income reached PHP 40,505 million, up 6.4% from the same quarter of 2025. This is a noticeable slowdown from the 9.6% growth in Q1 2025, when the bank reported higher momentum.

Interest income rose 6.3% to PHP 47,906 million, mainly driven by income from loans and investment securities. Interest expenses, however, increased 7.5% to PHP 14,545 million, partially offsetting the revenue growth. Nevertheless, the bank continues to grow net interest income, albeit at a more moderate pace.

Q1 2026 EBITDA rose only 3.4%, and EBITDA margin fell from 52.9% to 51.4%

EBITDA for Q1 2026 stood at PHP 20,826 million, up only 3.4% from a year earlier. Operating profit rose 3.0% to PHP 19,360 million, reflecting pressure on operating efficiency.

EBITDA margin declined from 52.9% in Q1 2025 to 51.4% in the reporting period. This indicates that operating expenses, including compensation and other costs, are growing faster than revenues, squeezing operating profitability.

Q1 2026 net profit rose 2.4% to PHP 12,811 million, but profit share in interest income fell from 32.9% to 31.6%

Net profit for Q1 2026 reached PHP 12,811 million, up 2.4% from the same period last year. However, the share of net profit in net interest income declined from 32.9% to 31.6%, indicating lower efficiency in converting interest income into final profit.

This decline is due to higher provisions and operating expenses, which grew faster than net interest income. Earnings per share stood at PHP 2.80 versus PHP 2.72 a year earlier.

Q1 2026 credit loss provisions rose 29.4% to PHP 3,374 million, slowing profit growth

Provisions for credit and impairment losses in Q1 2026 amounted to PHP 3,374 million, up 29.4% from PHP 2,608 million a year earlier. This significant increase in provisioning directly reduced net profit.

The rise in provisions may reflect deteriorating loan portfolio quality or a conservative approach to risk assessment. Combined with a 9.8% increase in operating expenses, this led to profit growth significantly below the growth in interest income.

Trailing twelve-month net profit was PHP 50,278 million, and P/E LTM is 5.8, below its 3-year average

For the trailing twelve months (April 2025 – March 2026), Metrobank's net profit was PHP 50,278 million. The bank's market capitalization is PHP 290,083 million, implying a P/E LTM of 5.8.

This multiple appears below its three-year average, suggesting potential undervaluation. However, one must consider the slowdown in profit growth and possible asset quality deterioration.

Trailing twelve-month dividend yield is 7.6%, above market average

Metrobank pays generous dividends: over the last twelve months, the dividend yield stood at 7.6%. This provides a solid cash flow to shareholders even with moderate profit growth.

The high dividend yield combined with a low P/E makes the shares attractive for income-oriented investors. However, it is important to monitor capital adequacy and loan portfolio quality to ensure dividends are sustainable.

On the portal's model, the share has +17% upside from the current price

According to the portal's model at «Усиленные Инвестиции», the fair value of Metrobank's share is 17% above the current market price. This is based on the ROE (12.2%) and P/B ratio, suggesting undervaluation.

The portal's model is not a market consensus and does not constitute a target price, but it indicates potential attractiveness at current levels. The share is included in the 'PH Banks (potential)' strategy on the portal, reflecting its fit with certain investment criteria.

Valuation on the latest reported figures

Bottom line

В первом квартале 2026 года Metrobank показала умеренный рост чистой прибыли на 2,4%, что значительно ниже темпов роста чистого процентного дохода (6,4%). Основными сдерживающими факторами стали рост резервов на 29,4% и увеличение операционных расходов. Тем не менее, банк сохраняет высокую дивидендную доходность (7,6%) и торгуется с P/E 5,8, что ниже среднего за три года. По модели портала акции имеют потенциал роста +17%, что делает их привлекательными для долгосрочных инвесторов, но требует внимания к качеству активов и динамике маржи.