PSBank nets P3.68B in 2022, up 139%

Metrobank Group's thrift banking arm Philippine Savings Bank (PSBank) saw its bottom line grow more than two folds in 2022.

In a disclosure to the Philippine Stock Exchange on Wednesday, PSBank reported a record-high net income of P3.68 billion, up 139% from P1.54 billion in 2021.

The thrift bank attributed its strong financial performance last year to higher loan demand, better asset quality, increase in non-interest revenues and prudent expense management.

The lender also booked total revenues of P15.02 billion which includes combined fees, commissions, and other income amounting to P3.97 billion, up 34% year-on-year.

The bank’s operating expenses grew 2% year-on-year amid sustained efforts in productivity, process efficiency, and automation.

The PSBank said its credit provisions declined 57% from 2021 due to improved asset quality complemented by efficient collection and recovery efforts, resulting in gross non-performing loans ratio decreasing from 6.1% in December 2021 to 3.5% in December 2022.

The bank’s assets reached P264.42 billion while total deposits amounted to P213.77 billion.

Total capital grew by 6% to P37.14 billion.

“[Year] 2022 was another milestone for PSBank as it posted a historic-high net income. Aside from a recovering economy which resulted in rising consumer loan demand, our financial performance last year clearly is a reflection of our strategic resolve to consistently be customer-focused, and enable the power of technology to increase productivity and efficiency,” said PSbank president Jose Vicente Alde.

“We have a strong and retooled workforce which demonstrates how organizational flexibility can be a key differentiator in a volatile business environment. Even as we continuously make our digital services robust and reliable, our core service principle remains the same: always make it simple and effortless for our customers,” said Alde.—AOL, GMA Integrated News