PHILIPPINE Savings Bank (PSBank), the thrift bank arm of the Metrobank Group, reported a net income of P2.35 billion in 2015, up 2.17 percent from P2.3 billion a year earlier, buoyed by the growth of its core businesses.
The thrift bank said its net income last year translated to a return-on-average equity of 12.7 percent.
Total loan portfolio rose to P116 billion, propelled by the growth of its auto and mortgage lending businesses, which posted a combined annual increase of 24 percent.
The bank said this was complemented by a 15-percent jump to P134 billion in total deposits, with low-cost funds climbing by 23 percent.
PSBank said its deposit-taking initiatives focused on new customer acquisition and active cross-selling in line with its commitment to provide customers with products that cater to their banking needs.
Despite the recorded expansion of its loan book, the bank said it managed to keep non-performing loans (NPL) in check, with net NPL ratio at 1.2 percent as of end-2015.
PSBank’s capital adequacy ratio–a measure of a bank’s financial strength–stood at 18.0 percent, well above the central bank’s 10 percent minimum requirement. Its Tier 1 ratio was at 12.4 percent.
By end-2015, PSBank’s total assets had expanded by 16 percent to P169 billion, while its distribution network stood at 248 branches and 614 automated teller machine units nationwide.