PHILIPPINE Savings Bank (PSBank) reported a net income of P1.13 billion in the first half of 2015, hardly changed from P1.128 billion a year earlier.
The improvement in operations and efficiencies has pumped up its net income, particularly having “higher interest income on loans with growth coming from its auto and mortgage loan portfolios,” the thrift bank arm of the Metrobank Group claimed in a disclosure to the Philippine Stock Exchange.
Total interest income rose by 7.6 percent to P5.33 billion from P4.95 billion in the same comparable period, fueled by consumer loans.
PSBank also saw a 7-percent increase in net interest income to P4.07billion from P3.81 billion. Its loan portfolio improved by 15.9 percent to P107.2 billion, while deposits registered a 5.3 percent increase to P119.1 billion.
Net margins and fee-based income rose by 8 percent to P4.7 billion.
As of end-June, total resources have grown by 5.7 percent to P149.1 billion. The bank’s Tier 1 ratio and total capital adequacy ratio slightly improved by 13 percent and 19.1 percent, which are well above the 8.5 percent and 10 percent minimum required by the Bangko Sentral ng Pilipinas (BSP) for local banks.
PSBank is the second largest thrift bank in the country in terms of assets, net loans, deposits and capitals.