MT Bank Corporation (MTB-PH) delivered a solid Q3 2024 showing resilient profitability, meaningful net interest income (NII) momentum, and continued capital strength. Reported revenue of $3.391 billion, net income of $721 million, and diluted EPS of $4.02 for the quarter, with a NII of approximately $1.74 billion and a net interest margin (NIM) of 3.62%. The company also showcased robust capital generation, lifting the CET1 ratio to 11.54% at quarter-end and resuming a $200 million share repurchase as part of capital return, underscoring a disciplined financial framework amid a dynamic rate and credit environment.
Management framed the quarter as a demonstration of a diversified, resilient, and capital-rich business model: growth in C&I and consumer lending offsetting CRE contractions, a deposit base anchored by core, rate-sensitive deposits, and a diversification of non-interest income (NII expansion supported by mortgage and trust-related activity). Asset quality continued to improve with lower non-accrual balances and a 35 bp quarterly decrease in net charge-offs, while the company maintains a prudent reserve position. Looking forward, management communicated expectations for fourth-quarter NII around the top end of prior guidance (at least $1.73 billion) and NIM in the low-3.60s, with about $600 million of expected fourth-quarter non-interest income and limited incremental expense pressures, albeit with ongoing project-related investment. The plan also contemplates CRE portfolio stabilization and targeted loan growth into 2025, supported by a constructive capital trajectory and ongoing share repurchases.