PSBank doubles H1 2022 profit
Philippine Savings Bank (PSBank), the thrift banking arm of the Ty family’s Metropolitan Bank & Trust Co., saw earnings in the first half of the year double to P1.84 billion due to a sharp drop in expenses for bad loans, a statement showed.
Net interest income sank 12 percent to P5.45 billion while service fees and commissions rose 13 percent. PSBank also recorded a 101 -percent growth in other non-interest income sources.
It underscored the significant contraction in non-performing loans in the first semester. Thus, credit provisions fell to P625 million from P2.17 billion a year go. Net non-performing loans ratio was at 1.96 percent, better than pre-pandemic levels, the lender said.
Meanwhile, PSBank said revenues were “driven by increased business activities from the opening- up of the economy, and further relaxation of mobility restrictions.”
The growth in operating expenses stood at 3 percent “as the bank continues its productivity and operational efficiency initiatives.”
“We observed a significant increase in consumer lending activity during the first semester of 2022,” said PSBank president Jose Vicente L. Alde.
“The bank remains optimistic that this can be sustained for the remainder of the year despite ongoing geopolitical events and other external factors,” he added.
PSBank ended the first half with total assets of P268 billion. Total deposits were “stable” at P220 billion with low cost deposits growing by 10 percent year-on-year. Capital improved by 4 percent to P36.06 billion.
“We will continue to be proactive in our strategy to adapt to the changing market conditions with our focus on productivity, operational discipline, innovation and customer experience,” Alde said.
“As the economy grows, we expect increased business opportunities; and the Bank is well-prepared to provide the banking needs of consumers,” he added.
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