PSBank nets P1.9 billion in 9 months

Screengrab from https://www.psbank.com.ph

MANILA, Philippines — Philippine Savings Bank, the thrift-bank arm of the Metrobank group, posted a 125 percent year-on-year increase in third quarter net profit to P747.11 million, buoyed by a one-time gain from the sale of shares in Toyota Financial Services Philippines Corp.

For the nine-month period, net profit fell by 41.49 percent year-on-year to P1.9 billion in the absence of large securities trading gains that boosted earnings in the comparative period last year.

Net interest income increased by 18 percent year-on-year to P5.7 billion for the nine-month period. The bank said it continued to strengthen its foothold in the consumer loans market as it grew its loan portfolio by 14 percent year-on-year, driven by the 20-percent combined increase in auto and mortgage loans.

While PSBank expanded its earning assets, net interest margin likewise went up to 6.36 percent in the nine-month period from 5.85 percent last year.

But even as it aggressively expanded its loan portfolio, PSBank said, it continued to be prudent in lending to maintain asset quality. Net non-performing loan (NPL) stood at 0.2 percent as a ratio of total loans while NPL coverage stood at 110 percent.

Capital adequacy ratio was at 20.1 percent of risk assets compared to 18.4 percent in the same period last year.

The expansion in loan was supported by a 22-percent year-on-year increase in total deposits increased to P122.7 billion.

PSBank said it had consistently positioned customer service as the centerpiece of its business generation initiatives. “We continue to provide multi-channel banking experience with the convenience of our clients in mind. We launched our mobile banking facility last June to cater to our tech-savvy customers. Just last month, we introduced PSBank Live Chat, the first real-time chat service in the local banking industry available 24/7. Our customers can now interact with PSBank customer service assistants regarding inquiries on their loans, deposits, trust and other bank products,” PSBank president Vicente Cuna Jr. said.

PSBank was recognized for the fourth consecutive year by the Asian Banker Magazine as one of the “Top 10 strongest banks” in the Philippines. It ranked as the fifth strongest bank and the only thrift bank in the list.

The thrift bank has opened eight branches and added 30 ATMs (automated teller machines) so far this year, bringing its distribution network to 232 branches and 575 ATMs nationwide.

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