Metrobank group’s thrift banking arm, Philippine Savings Bank, grew its net profit in the first semester by 14.7 percent year-on-year to P1.35 billion on higher earnings from lending and fee-based businesses.
Net interest income in the first six months improved by 8.8 percent year-on-year to P5.85 billion in the first six months as the bank expanded its loan book by 10.7 percent year-on-year to P151.62 billion.
PSBank’s six-month performance translated to a return on equity of 11.83 percent.
Total resources expanded by 7.4 percent year-on-year to P234.76 billion as of end-June.
“Our first half performance is a continuous realization of our institutional strategy which focuses on the strength of our brand promise of consistently providing exceptional end-to-end customer experience. We have likewise tapped on the latest available digital technology to improve on process efficiencies to bring the cost of operations down while maximizing the full potential of our sales distribution channels in generating more business for the bank,” PSBank president Jose Vicente Alde said in a statement.
Common Equity Tier 1 ratio stood at 11 percent of risk assets and capital adequacy ratio was at 13.7 percent—both above the minimum required set by the Bangko Sentral ng Pilipinas.