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PSBank posts higher net income in first 9 months

PHILIPPINE Savings Bank (PSBank) saw its net profit climb by 126% in the first nine months of the year, driven by improved loan quality and higher revenues. 

The thrift banking arm of the Metrobank Group booked a net profit of P2.85 billion in the nine months ended September, surging from the P1.26 billion posted in the same period last year.

PSBank said the increase was driven by the improvement of its loan portfolio’s quality, a growth in non-core revenue streams, increases from operational efficiencies, and better loan volumes. 

“Our retail proposition has been consistent. We have remained steadfast in our commitment to make banking simpler for our customers. With the improving levels of consumer spending, we have managed to book higher loan volumes specifically for auto and home during the first 9 months of 2022,” PSBank President Jose Vicente L. Alde said.

“We hope to see this momentum to carry through till year-end even as market conditions remain volatile. We will keep our digital service channels robust, reliable and secure, dedicated to consistently provide exceptional customer experience at every touchpoint,” he added. 

The lender’s net interest income stood at P8.21 billion. Revenues from net service fees and commissions climbed by 52% to P3.11 billion.

PSBank’s operating expenses “remained in check,” it said, growing by just 1% annually.

“The bank continues to implement productivity and operational efficiency improvements to manage costs even as investments are continuous to support digital initiatives,” it said.

PSBank’s gross nonperforming loans (NPL) ratio went down to 3.6% as of September from 6.6% a year ago and net NPL ratio was at 1.6%, easing from 2% in the previous quarter and 3.9% a year prior.

It set aside loan loss provisions worth P969 million, down from P2.77 billion last year.

Meanwhile, deposits with the bank stood at P203.19 billion, with its low-cost deposits rising by 6% year on year.

PSBank’s assets stood at P252.96 billion as of September, while capital funds grew by 6% to P36.80 billion.

Its capital adequacy ratio was at 24.9% at end-September while its common equity Tier 1 ratio stood at 23.9%, both well above the requirements of the central bank.

PSBank’s shares went down by 70 centavos or 1.23% to end at P56 apiece on Monday. — Keisha B. Ta-asan

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