PSBank nets P1.9B

The Metrobank group’s thrift bank arm Philippine Savings Bank posted a 7.7 percent growth in nine-month net profit to P1.9 billion on a double-digit expansion in core businesses.

PSBank disclosed to the Philippine Stock Exchange that its core income–composed of revenues from consumer loans and investments—saw a double-digit growth of 10.7 percent year-on-year during the nine-month period.

The bank said it “remained focused on strengthening its core businesses for long-term sustainability.”

Consumer loan portfolio rose by 14.7 percent year-on-year to P113.7 billion, propelled
by auto and mortgage businesses.

While growing its risk assets, the bank kept non-performing loans (NPLs) in check at a ratio of 1.1 percent of total loans, with NPL coverage at 85 percent.

On the funding side, low-cost deposits increased by 20.9 percent from a year ago.

By the end of September, PSBank’s total resources stood at P183.8 billion, expanding by 15.3 percent year-on-year. It had 255 branches and 611 automated teller machines nationwide.

Total capital adequacy ratio—a measure of a bank’s financial strength– was at 15 percent while tier 1 stood at 12 percent. Both are well-above the Bangko Sentral ng Pilipinas’ minimum required level.

“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. We focus our efforts in providing a positive customer experience to our clients, which entails being highly responsive and making banking an effortless experience,” said PSBank president Vicente Cuna Jr.