Philippine Savings Bank (PSBank) said its net income in 2013 climbed 29 percent from the previous year, lifted by strong consumer lending and gains from the sale of its investment portfolio.
PSBank, the thrift-bank arm of the Metrobank Group, said its net income in 2013 rose to P2.9 billion from P2.3 billion in 2012. .
In a disclosure to the Philippine Stock Exchange on Tuesday, PSBank said it posted a “record-breaking performance” last year due to aggressive growth in its loan portfolio and gains from the sale of its investment portfolio.
The bank’s net profit last year translated to a return on average equity of 18.72 percent, while gross loan portfolio grew by 17 percent to P85.9 billion, with the bulk of the increase coming from consumer loans.
Total deposits expanded 13 percent year-on-year to breach the P100 billion level, reaching P106.5 billion at the end of the year.
PSBank said its net non-performing loan (NPL) ratio improved to 0.2 percent while its NPL coverage ratio is in excess of 100 percent.
Net interest income increased 18 percent to P6.7 billion in 2013 from P5.7 billion in the previous year, while total gross revenue also grew by 18 percent to P14.7 billion, from P12.4 billion in 2012.
“In 2013, we focused on expanding our core assets to sustain our growth in the coming years and we are happy with the results. Our auto and mortgage business continue to strengthen, backed up by an aggressive retail deposit campaign,” PSBank President Vicente Cuna said.
The bank said its capital adequacy ratio remains strong at 16.9 percent as of the end of 2013, well above the Bangko Sentral ng Pilipinas minimum requirement of 10 percent. At the close of the year, PSBank had 224 branches and 551 ATMs nationwide.