MANILA, Philippines -Philippine Savings Bank (PSBank) more than doubled its net income to a record-high of P3.68 billion in 2022 from P1.54 billion in the previous year on the back of better asset quality and increased lending.
The thrift banking arm of the Metrobank Group, in a statement on Wednesday, said its total revenue amounted to P15.02 billion, supported by combined fees, commissions and other income growing by 34 percent to P3.97 billion.
Gross nonperforming loans ratio declined to 3.5 percent from 6.1 percent in the previous year due to the bank’s “efficient collection and recovery efforts.”
Total assets amounted to P264.42 billion while capitalization reached P37.14 billion. Total deposits were at P213.77 billion.
Capital adequacy ratio and tier 1 capital ratio stood at 24.8 percent and 24.8 percent, respectively.
“[The year] 2022 was another milestone for PSBank as it posted a historic-high net income. Aside from a recovering economy which resulted in rising consumer loan demand, our financial performance last year clearly is a reflection of our strategic resolve to consistently be customer-focused, and enable the power of technology to increase productivity and efficiency,” PSBank president Jose Vicente Alde said.
“We have a strong and retooled workforce which demonstrated how organizational flexibility can be a key differentiator in a volatile business environment,” he added.