PSBank books P1.84B net income in H1

Philippine Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, saw its bottomline more than double in the first half of 2022.

In a statement, PSBank said it booked a net income of P1.84 billion, up 109% from P880 million in the period last year.

“The rise in profit was propelled by continuous improvement in loan portfolio quality, expansion of revenues from other operating income, and controlled operating expenses,” the bank said.

PSBank said its net interest income reached P5.45 billion while net service fees and commissions grew by 13%.

The bank added that its gross non-performing loans contracted by almost half since the first half of last year, thus reducing credit provisions to P625 million from P2.17 billion a year ago.

Net non-performing loans ratio was at 1.96%, better than pre-pandemic levels, it said.

Total deposits stood at P220 billion with low cost deposits growing by 10% year-on- year. —NB, GMA News