PHILIPPINE SAVINGS Bank’s (PSBank) net income climbed by 18% in the first half amid strong demand for consumer loans and improving asset quality, it said on Monday.
The net profit of the thrift banking arm of Metropolitan Bank & Trust Co. (Metrobank) stood at P2.56 billion at end-June, up from P2.17 billion in the same period last year, it said in a disclosure to the stock exchange.
This translated to an annualized return on equity of 12.5%.
PSBank’s financial statement was unavailable as of press time.
“By prioritizing customer-centricity and a proactive sales approach in our strategy, the bank has seen consistent growth in its core business. Apart from providing top-notch quality service to our patrons, we ensure that the products we offer can pave the way for Filipinos to achieve their financial goals and aspirations. We are hopeful that the positive performance in the first half will be sustained for the rest of the year,” PSBank President Jose Vicente L. Alde said.
The bank’s net interest income grew by 4% year on year to P6.08 billion in the first semester.
Its total operating income, which includes service fees, commissions and other income, stood at P7.74 billion.
On the other hand, PSBank’s operating expenses grew by 5% to P4.62 billion in the period.
The bank’s gross loan portfolio expanded by 10% year on year in the first half.
This growth was mainly driven by an 18% increase in auto loans amid strong vehicle sales in the country, PSBank said.
Even as its loans grew, the bank’s gross nonperforming loan ratio improved to 2.9% at end-June from 3.5% a year ago.
On the funding side, total deposits reached P170 billion.
PSBank’s assets stood at P220 billion at end-June.
Total capital was at P42 billion. The bank’s capital adequacy ratio stood at 24.3%, while its common equity Tier 1 ratio was at 23.2%, both above the regulatory requirements.
PSBank’s shares climbed by five centavos or 0.09% to close at P56.15 apiece on Monday. — A.M.C. Sy
