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Freeman Cebu Business

PSBank nets P1.84 billion in first half

Ehda M. Dagooc - The Freeman

CEBU, Philippines —  The thrift banking arm of Metrobank Group, Philippine Savings Bank (PSBank) reported a 109 percent growth in net income for the first six months of 2022.

 PSBank registered a P1.84 billion net income for the first half versus P0.88 billion in the same period last year.

 According to the bank, the rise in profit was propelled by continuous improvement in loan portfolio quality, expansion of revenues from other operating income, and controlled operating expense.  

Net interest income reached P5.45 billion while net service fees and commissions grew by 13 percent. A strong revenue growth of 101 percent in other non-interest income lines was likewise achieved. These were driven by increased business activities from the opening-up of the economy, and further relaxation of mobility restrictions.

Growth in operating expenses remained under control at three percent year-on-year as the Bank continues its productivity and operational efficiency initiatives.

 Gross Non-Performing Loans contracted by almost half since 1H2021 thus reducing credit provisions to P625 million from P2.17 billion a year ago. Net non-performing loans ratio was at 1.96 percent better than pre-pandemic levels.

 PSBank’s total assets stood at P268 billion as of end-June 2022. Total deposits were stable at P220 billion with low cost deposits growing by 10 percent year-on- year. Capital improved by four percent to P36.06 billion.

 Total Capital Adequacy Ratio and Common Equity Tier 1 Ratio remained strong at 24.6% and 23.5%, respectively; both of which are way above the regulatory requirement of the Bangko Sentral ng Pilipinas (BSP).

“We observed a significant increase in consumer lending activity during the first semester of 2022. The Bank remains optimistic that this can be sustained for the remainder of the year despite ongoing geopolitical events and other external factors. We will continue to be proactive in our strategy to adapt to the changing market conditions with our focus on productivity, operational discipline, innovation and customer experience. As the economy grows, we expect increased business opportunities; and the Bank is well-prepared to provide the banking needs of consumers,” PSBank President Jose Vicente L. Alde said.

In June 2022, PSBank and Toyota Philippines launched the “Say Hi to Hybrid Auto Loan” promo. The offering aims to help pave the way for sustainability by making it easy and affordable to own a Toyota Hybrid Electric Vehicle through PSBank with lower rates and free one-year comprehensive auto insurance. This special offer is available in any PSBank branch or through the Bank’s online auto loan application facility. The Bank will also soon make available in its PSBank Mobile App the QRPh Pay-to-Merchant functionality which aims to further promote cashless payments at various merchant establishments nationwide.

To date, PSBank’s nationwide network has already reached 250 branches and 557 in-branch and offsite ATMs - ready to serve its ever-growing client base.

PSBANK

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