PSBank posts P1.9-B net income in first 9 months

The Metrobank Group's thrift bank arm, Philippine Savings Bank (PSBank), posted a net income of P1.9 billion in the first nine months of 2016, up 7.7 percent from P1.73 billion a year earlier.

PSBank said in a filling on Wednesday its financial results were mainly supported by its core income – composed of revenue from consumer loans and investment – which grew by 10.7 percent year-on-year.

Its consumer loan portfolio reached P113.7 billion, up 14.7 percent driven by the auto and mortgage components. Low-cost deposits grew by 20.9 percent.

The bank managed to keep its non-performing loans (NPL) ratio at 1.1 percent with a coverage provision at 85 percent.

“The consistent growth in our core business is a result of the bank’s customer-centric culture. We recognize that customers want things done simpler, faster, and delivered by people who truly care," said PSBank President Vicente R. Cuna Jr.

Resources totaled P183.8 billion, up 15.3 percent, translating to a capital adequacy ratio of 15.0 percent and Tier 1 at 12.0 percent.

"Both are well-above the Bangko Sentral ng Pilipinas’ minimum required levels," PSBank noted. — Ted Cordero/VDS, GMA News