PSBank nets P1.2B
PHILIPPINE Savings Bank (PSBank), the thrift bank arm of the Metrobank group, grew its first semester net income by 2.2 percent year-on-year to P1.2 billion on the back of a double-digit growth in core businesses.
In a disclosure to the Philippine Stock Exchange on Tuesday, PSBank said the six-month bottom-line was supported by a 10-percent increase in core income, composed of revenues from consumer loans, investments and fee-based income.
“The ’customer-centric’ mindset continues to give us positive financial results through prudent lending and increased stable funding. The bank also received local and international recognitions as a testament to its efforts to introduce innovation and for being the market standout in delivering top-quality customer service. Understanding the needs of our clients remains our priority,” PSBank president Vicente Cuna Jr. said in a press statement.
PSBank expanded its loan book by 13.2 percent year-on-year to end the semester at P121.3 billion, fuelled by auto and mortgage loans.
Notwithstanding the double-digit growth of its loan portfolio, PSBank kept its non-performing loans (NPL) as a ratio of total loans at 1.2 percent, with NPL coverage at 82 percent.
Total resources rose by18.4 percent to P176.5 billion as of June 2016.
On the funding side, deposits rose by 17 percent to P139.3 billion, anchored on a 21.7-percent expansion in low-cost deposits.
The bank’s capital base stood at P20.2 billion with total capital adequacy ratio of ratio of 11.7 percent. Core or tier 1 capital adequacy ratio stood at 14.8 percent.