Philippine Savings Bank (PSBank), the thrift bank arm of the Metrobank Group, saw its net income rise 7.7 percent to P1.9 billion from a year earlier on the back of strong loan and deposits growth.
The bank’s core income – consisting of revenues from consumer loans and investments – grew 10.7 percent year-on-year.
PSBank said its profit was driven by an expansion in its loan books and deposits, with its consumer loan portfolio up by 14.7 percent at P113.7 billion due to its strong auto and mortgage businesses.
Non-performing loans (NPL) were kept low, with the NPL ratio at 1.1 percent, with 85 percent coverage.
Low-cost deposits climbed by 20.9 percent from the year-earlier level.
By end-September, PSBank’s total resources were up by 15.3 percent at P183.8 billion.
Its capital adequacy ratio – a measure of a bank’s financial strength – stood at 15 percent, while Tier-1 was at 12 percent. Both are well above the Bangko Sentral ng Pilipinas’ minimum required level of 10 percent.
“Consistent growth in our core business is a result of the bank’s customer-centric culture. We recognize that customers want things done simpler, faster, and delivered by people who truly care. We focus our efforts on providing a positive customer experience to our clients, which entails being highly responsive and making banking an effortless experience,” PSBank President Vicente R. Cuna Jr. said.
This month, PSBank launched e-Trust, a service that allows clients to apply for and manage their trust accounts online as part of the bank’s ongoing efforts to make banking services more accessible and convenient.
PSBank is the country’s eighth largest consumer bank by balance sheet, as indicated by Asian Banker’s AB500 annual ranking 2015-2016 Edition, the only savings bank that made it to Top 10 banks in the country.
To date, the bank operates 255 branches and 611 automated teller machines nationwide.