PSBank eyes P2.6-B net income this yearBy Doris C. Dumlao |Philippine Daily Inquirer
MANILA, Philippines—Philippine Savings Bank, the thrift bank of the Metrobank group, aims to end this year with another record-high net profit of P2.6 billion on the back of double-digit growth in consumer lending.
The profit goal for this year is 13 percent higher than the profit of P2.3 billion posted by the bank last year, when gains in its investment portfolio added to a steady stream of earnings from core lending activities.
This year, a robust lending business is seen supporting another banner year for PSBank with its P2.6-billion profit goal.
“We are looking to grow loan book by 24 percent driven by stronger demand for auto and mortgage loans,” PSBank president Pascual Garcia III said on the sidelines of the annual convention of the Chamber of Thrift Banks on Wednesday.
PSBank grew its loan book by 21.4 percent last year to P73.5 billion, citing record gains for its top loan products on account of increased consumer confidence and sustained economic growth. Auto loans rose by 24.3 percent compared to the previous year while mortgage loans expanded by 19 percent.
The thrift bank opened 20 additional branches last year, bringing its branch network to 220. PSBank also expanded its ATM network and now has 532 onsite and offsite ATMs all over the country, making its ATM network the sixth largest among all Philippine banks and its branch network the ninth largest.