LISTED Philippine Savings Bank (PSBank) saw its net income in 2017 grow 8 percent to P2.7 billion from P2.5 billion in 2017 on the back of strong growth in core revenues.
PSBank told the Philippine Stock Exchange on Monday core revenues were supported by a 14.6 percent increase in net interest income and 19.9 percent increase in fee-based income.
The bank’s loan portfolio expanded by 13.3 percent to P146.3 billion from P129.2 billion in the previous year.
“Auto and mortgage loans continue to be the main contributors for growth in consumer lending, while an increase in SME (small and medium enterprises) loans strengthened growth in commercial lending,” the company said.
Despite the expansion of its loan portfolio, the bank managed to keep non-performing loans (NPL) in check, with NPL ratio at 1.2 percent as of end-2017.
Deposits, on the other hand, rose 19.3 percent to P188.9 billion from P158.4 billion in 2016 with low-cost funds growing 16.3 percent.
PSBank ended 2017 with total assets of P223.3 billion, while total equity stood at P22.4 billion.
Earlier, the company launched a new cardless withdrawal scheme through a mobile application which includes “PayMe”—which allows clients to request for money from other users without ATM cards.
PayMe also allows clients to request and collect funds from other PSBank mobile app users in real time, making collecting payments quick and easy.
“We are pleased to see that the results of our efforts in digitization and customer service are becoming evident with the year in and year out strong performance of our core business, making our growth stable and sustainable” PSBank President Vicente Cuna, Jr. said.
The Metrobank Group’s savings bank arm currently has over 250 branches nationwide and over 600 onsite and offsite ATMs.