PSBank 9-mth net income falls 40%

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LISTED thrift bank Philippine Savings Bank (PSBank) saw a 40-percent decline in net income for the nine months to September on the lack of one-off trading gains which boosted earnings last year.

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In a statement, PSBank said it booked a net income of P1.9 billion for the first nine months, 40 percent lower than last year’s P3.2 billion.

Net interest income for the period, however, grew 18 percent to P5.7 billion from P4.9 billion last year on the increase in its loan portfolio and total deposits.

Loan portfolio increased 14 percent on year, boosted by auto and mortgage loans that grew 20 percent. Total deposits improved 22 percent to P122.7 billion from P100.2 billion a year ago.

The bank’s total assets rose 21 percent to P151.2 billion as of end-September.

PSbank’s non-performing loan (NPL) ratio was at 0.2 percent in the first nine months, while its NPL coverage stood at 110 percent. Its capital adequacy ratio stood at 20.1 percent from 18.4 percent last year.

PSBank president Vicente Cuna Jr. said the bank continues to provide good customer service through its new projects for various clients, namely the launching of a mobile banking facility in June and the PSBank Live Chat launched in July.

PSBank opened eight branches and 30 automated teller machines (ATM) in the first nine months of the year. To date, the bank has 232 branches and 575 ATMs nationwide. KRISTYN NIKA M. LAZO

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