MANILA, Philippines - Metropolitan Bank & Trust Co. (Metrobank) reported Thursday a 36.4% increase in its earnings last year on improved revenues and more efficient operations.

In a statement to the Philippine Stock Exchange, the country's second biggest bank in terms of assets said its net income in the final quarter of 2009 doubled to P1.4 billion, bringing full-year profit to P6 billion, higher than the P4.4 billion recorded in 2008.

"The full-year results reflect our continued earnings strength and more efficient operations. Our strategies continue to prove effective. We were able to take advantage of the recovery from the financial turmoil of the previous year, and we are proud to show a consistent performance throughout 2009," said Metrobank president Arthur Ty.

The bank's total revenues climbed 22.9% to P43.7 billion last year, while its operating expenses growth slowed to 6.8% at P25.8 billion. With revenue growth surpassing the rise in costs, Metrobank's efficiency ratio further improved to 60.4% from 70% in 2008.

Net interest income went up 15.6% to P26.7 billion, driven by sustained margins and better funding mix.

On the other hand, non-interest income expanded by 36.2% to P17 billion on the back of strong fee-based income and financial market sales and trading.

Metrobank said its efforts to improve asset quality have also shown positive results. Gross non-performing loans (NPL) in 2009 have gone down 20.6% from the previous year's level. Consequently, the NPL ratio dropped to 3.5% from 4.5%.

As of December 31, Metrobank's consolidated assets stood at P854.3 billion. Its capital adequacy ratio was strong at 14.3%, well above the minimum required by the central bank.

Metrobank currently has a network of 723 local and 35 foreign branches, and over 1,200 automated teller machines nationwide.