PSBank profit steady at P1.88 B in 9 months

MANILA, Philippines — Listed Philippine Savings Bank (PSBank) recorded a steady growth in earnings in the first nine months as it focuses on the retail market segment.

PSBank Vicente Cuna Jr. said the bank’s net income reached P1.88 billion from January to September, one percent higher than the previous year’s P1.87 billion.

“PSBank continued to show strong financial results supported by a steady demand for consumer loans in the nine months ending September,” Cuna said in a disclosure to the Philippine Stock Exchange.

The thrift bank arm of taipan George SK Ty’s Metrobank Group booked a 14 percent expansion in gross loan portfolio to P142.33 billion in the first nine months, mainly driven by the 15 percent increase in consumer loans.

As PSBank saw its lending portfolio grow, its non-performing loans (NPL) ratio remained in check at 1.14 percent.

On the other hand, PSBank’s total deposits jumped 28 percent to P184.4 billion.

“PSBank continues to capture the retail market segment as it delivers exceptional customer experience while enhancing its products, channels, and processes to keep up with its clients’ mobile and on-the-go lifestyle,” Cuna said.

PSBank’s earnings translated to a return-on-equity of 11.94 percent and return-on-assets of 1.2 percent.

The country’s second largest thrift banks in terms of assets recorded a six percent increase in capital to P21.91 billion in end-September, resulting in a capital adequacy ratio of 14.19 percent and a common equity tier 1 ratio of 11.36 percent, well above the threshold set by the Bangko Sentral ng Pilipinas (BSP).

PSBank currently has 250 branches and 610 ATMs nationwide.