PSBank: Auto loans to drive 2015 profit

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Philippine Savings Bank (PSBank), the thrift bank arm of the Metrobank Group, expects to surpass its 2014 net income on the back of strong auto loans.

“Last year, we [recorded]P2.3 billion. This year, we’re looking to surpass that. I cannot give forward looking statements… but we hope to surpass last year’s net,” Vicente R. Cuna Jr., president of PSBank, told reporters on Wednesday.

Next year, he said, the bank sees more consumer lending mainly in auto loans as well as growth in clientele base.

“For consumer lending, [we see]double digit growth for next year. I think auto loans will continue to be strong. This year, that was our main driver. And I think next year, it will be more of the same,” he said.


“More volume, in terms of new customers and in terms of new loans that would be driving our growth,” he added.

The PSBank official said the bank is rooting for an expansion in customer base, mostly with the ramping up of its mobile and online banking business.

“We have our core business which is consumer lending, auto loans and mortgages. Second, expansion of our customer base. We intend to do that through our digital channels. And then thirdly, customer experience. [We’re] making a big push to improve the customer
service,” Cuna said.

“Right now, we have about half a million [clients]. So a 20 something in excess of the 20 percent clientele growth would be something we [can]grow back,” he added.

Leah Zamora, PSBank first vice president and head of business information management services division, also said the bank opened three branches this year, raising the branch network to 248 nationwide.

Zamora said the bank has a running target of opening “10 branches yearly, depending on locations available,” mainly in Luzon.

In the first nine months of 2015, the bank saw its net income dip by 7.4 percent to P1.73 billion from P1.87 billion a year earlier. Revenues inched up by 0.8 percent to P9.98 billion from P9.90 billion.

PSBank is the second largest thrift bank in the country in terms of assets, net loans, deposits and capital.

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