PSBank net income up 39% in 2021

Philippine Savings Bank (PSBank) reported a 39% increase in its 2021 bottom line, driven mainly by the double-digit increase in fee income during the year.

PSBank saw its net income jump to P1.5 billion, which it attributed to the 22% climb in fee income, along with the 3% drop in expenses, and the lower loan loss provisions as it boosted collection efforts.

Its non-performing loans ratio fell to 3.4% from 5.2% the previous year, while deposits jumped 29% to P216.80 billion from P167.46 billion.

“The last two years of the pandemic have highlighted the importance of organizational flexibility,” president Jose Vicente Alde said in an emailed statement.

“Our financial performance in 2021 is a testament of the strength of the bank’s balance sheet, and the agility of the organization to quickly adapt to volatile market conditions,” he continued.

PSBank closed 2021 with total assets worth P261.81 billion, up 19% from P219.41 billion the previous year.

The lender’s business segments include consumer banking, corporate banking, branch banking, and treasury. It also has a 30% stake in Sumisho Motor Finance Corporation, in partnership with Sumitomo Corporation.

It ended 2020 with a total of 250 branches, and 535 automated teller machines.

Shares in PSBank last traded at P56.50 on February 24, 2022. — BM, GMA News