Philippine Savings Bank, the Metrobank group’s thrift bank arm, posted a 2-percent growth in first semester net profit to P1.18 billion on the back of higher earnings from core lending.
Core earnings rose by 18 percent year-on-year to P6.06 billion in the first semester, attributed to a stable demand for consumer loans that continued to fuel the expansion of its lending portfolio.
In a regulatory filing on Tuesday, PSBank said its loan book expanded by 12.9 percent to P137.01 billion, led by auto loans which recorded a 20-percent growth in the first half.
On the funding side, total deposits rose by 32 percent to P183.61 billion, low-cost deposits increasing by 16 percent.
“Our first half results validate our core banking strategy anchored on customer experience and digitalization,” said PSBank president Vicente Cuna Jr.
The bank’s total capital adequacy ratio stood at 14.2 percent of risk assets.
On asset quality, non-performing loans ratio remained at 1.1 percent of total loans as of end-June.
PSBank has a distribution channel of 250 branches and 613 ATMs nationwide. —DORIS DUMLAO-ABADILLA