PSBank grows net profit to P1.9B at end-Sept.

Metrobank group’s thrift bank arm Philippine Savings Bank (PSBank) posted a 7.7-percent growth in nine-month net profit to P1.9 billion on the back of an expansion in core businesses.

In a disclosure to the Philippine Stock Exchange, PSBank said its core income, composed of revenues from consumer loans and investments, saw a 10.7 percent year-on-year growth during the same period.

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

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

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

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