Philippine Savings Bank (PSBank), part of the Metrobank Group, increased its net income by 18 percent to P2.56 billion in the first half of the year, up from P2.17 billion last year, resulting in an annualized return on equity of 12.5 percent.
The bank’s strong performance was driven by high demand for consumer loans and improved credit quality.
Net interest income grew by 4 percent to P6.08 billion, while total operating income reached P7.74 billion. Operating expenses rose by 5 percent to P4.62 billion.
The gross loan portfolio increased by 10 percent to P132 billion, driven by an 18 percent rise in auto loans. Asset quality improved, with the gross non-performing loans ratio dropping to 2.9 percent from 3.5 percent.
PSBank’s total assets were P220 billion, with deposits at P170 billion and capital at P42 billion. The bank’s capital adequacy ratio was 24.3 percent, and the common equity tier 1 ratio was 23.2 percent, both well above regulatory requirements.
What management says
“By prioritizing customer-centricity and a proactive sales approach in our strategy, the Bank has seen consistent growth in its core business,” said PSBank President Jose Vicente Alde.
“We are hopeful that the positive performance in the first half will be sustained for the rest of the year,” he added.
