PSBank H1 net income up 18%

Philippine Savings Bank (PSBank), the thrift banking arm of Metrobank Group, on Monday reported an 18% growth in its net income for the first half of the year, as the firm reported a continued uptrend in consumer loans.

In an emailed statement, PSBank said its net income increased to P2.17 billion from P1.84 billion, as its core revenues — composed of net interest income from loans and investments — jumped 8% to P6.8 billion.

“The continuing uptrend in the bank’s consumer loan releases, improvement in credit quality, and gains realized from productivity and efficiency initiatives further strengthened the bank’s platform for sustainable earnings in the post-pandemic era,” the bank said.

Total loan portfolio rose by 9% to P120 billion, on the back of the 21% increase in auto loans. Its gross non-performing loans (NPLs) fell by 11%, bringing the NPL ratio to 3.5%.

Total resources were recorded at P235 billion, while total deposits reached P187 billion. Capital grew by 7% to P39 billion, with the Total Capital Adequacy Ratio at 24.6% and the Common Equity Tier 1 Ratio at 23.7%.

“The Bank, through its recalibrated strategies and focus on enhanced customer experience, was able to benefit from the continued expansion of the economy and the sustained growth in consumer demand for the first six months,” PSBank president Jose Vicente Alde said.

“We are hopeful, despite the external headwinds, that this can be sustained for the rest of the year,” he added.

The lender ended the first half of the year with 250 branches, and 557 in-branch and offsite automated teller machines (ATMs). —Jon Viktor D. Cabuenas/KBK, GMA Integrated News