Home Business Corporate News PSBank’s Jan-Sept income rises to P2.17B

PSBank’s Jan-Sept income rises to P2.17B

LISTED Philippine Savings Bank (PSBank) announced on Friday that its net income rose by 8.4 percent to P2.17 billion in the first nine months of the year from P2 billion in the same period in 2018.

In a disclosure, the thrift-bank arm of the Metrobank Group said its earnings translated to an annualized return on assets of 1.2 percent.

PSBank added that the 9.3-percent growth in core revenues — composed of interest income and fee-based income — boosted its strong financial results.

Its automobile and mortgage loan offerings supported loans and receivables to rise by 6.4 percent to P162.1 billion from P152.4 billion year-on-year.

The bank also said it was able to consistently manage asset quality, with the non-performing loans ratio kept low at 2.7 percent despite the growth of its loan portfolio.

Its total capital adequacy ratio was at 17.4 percent, while its common equity tier 1 ratio was at 16.6 percent.

On the funding side, PSBank said low-cost deposits increased by 6.7 percent to P56.9 billion from P53.3 billion, while total deposits went down by 8.4 percent at P181.1 billion from P197.7 billion in nthe same period last year as it continues to rebalance its funding mix to focus on retail and alternative sources.

In the third quarter alone, it netted P813.0 million, a 20.1-percent increase from the same period last year.

“The encouraging results we’ve reaped are underscored by a bank-wide mindset built on purposeful innovations, enhanced operational efficiencies, and firm decisions backed by data analytics and better understanding of our customers,” PSBank President Jose Vicente Alde said.

“As we enter the homestretch of 2019, we are even more motivated by these positive developments, and continue to be inspired by our achievements and recognitions,” he added.

PSBank shares fell by 10 centavos or 0.17 percent to end at P57.90 each on Friday.


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Today’s Front Page November 12, 2019

Today’s Front Page November 12, 2019