PHILIPPINE Savings Bank (PSBank), the thrift bank arm of the Metrobank Group, reported a 2.2 percent year-on-year growth in its first-half net income driven by its robust core business.
In a statement issued Tuesday, PSBank said its net income grew to P1.2 billion in the January to June period from P1.1 billion in the same period last year.
For the second quarter alone, the bank’s net profit grew 76 percent to P766 million from P434 million in the first quarter.
PSBank said its higher net earnings was supported by a 10-percent increase in core income, composed of revenues from consumer loans, investments and fee-based income.
The lender’s total loan portfolio grew 13.2 percent to P121.3 billion, fueled by auto and mortgage loans.
Despite the double-digit growth of its loan portfolio, the bank said it kept its non-performing loans (NPL) ratio at 1.2 percent with NPL coverage at 82 percent.
PSBank’s total resources rose by 18.4 percent year-on-year to P176.5 billion as of June 2016.
On the funding side, its deposit liabilities posted double-digit growth of 17 percent to P139.3 billion.
“This is anchored on a 21.7 percent rise in CASA [current account/savings account]. The bank’s capital base stood at P20.2 billion with a Tier 1 and total capital adequacy ratio of 11.7 percent and 14.8 percent, respectively,” it stated.
PSBank president Vicente Cuna Jr. said the bank’s “customer-centric” mindset continues to give PSBank positive financial results through prudent lending and increased stable funding.
“The bank also received local and international recognitions as a testament to its efforts to introduce innovation and for being the market standout in delivering top-quality customer service. Understanding the needs of our clients remains our priority,” he said.