PSBank net up 25% to P641M

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

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 worth P147.18 million versus P105.51 million a year ago. —DORIS DUMLAO-ABADILLA