PSBank nets P641M

Philippine Savings Bank, the thrift bank arm of the Metrobank group, booked a 25-percent year-on-year growth in first quarter net profit to P641.1 million, driven by higher earnings from lending activities and fee-based businesses.

“The improvement in our performance this quarter is a result of the year-on-year momentum brought about by our strategy to focus on exceptional customer experience, digitization of products and channels, and automation of backroom processes. These resulted to an expansion of our market stronghold and good bottom line performance,” PSBank president Jose Vicente Alde said in a press statement on Thursday.

PSBank posted a 15-percent growth in total operating income year-on-year, to P3.7 billion in the first quarter. Its total loan portfolio rose by 11.7 percent to P149.2 billion, driven by the consumer loan business

Net interest income in the first quarter rose by 10.2 percent year-on-year to P2.92 billion.

Net service fees and commission income also increased by 8.42 percent year-on-year to P362.16 million for the quarter.

Meanwhile, other operating income increased by 77.32 percent year-on-year to P405.75 million due to lower trading loss recorded this quarter. The bank reflected a P56.04 million trading loss versus P97.45 million loss in the same period last year.

The bank also booked a net gain on foreclosure and sale of chattel mortgage amounting to P147.18 million versus P105.51 million a year ago. PSBank posted P81.50 million in total gains on foreclosure and sale of investment properties versus P63.94 million a year-ago. Miscellaneous income also went up by P60.43 million to P205.74 million.

Total capital adequacy ratio was at 13.7 percent of risk assets while common tier 1 ratio ended at 11 percent of risk assets. Both are well-above the Bangko Sentral ng Pilipinas’ minimum required level.