Philippine Savings Bank, the thrift bank unit of the Metrobank Group, said net income in the first quarter jumped 25 percent to P641.1 million from P511.1 million a year ago.
PSBank said in a disclosure to the stock exchange the profitable results were due to strong revenues, composed of net interest margin and other operating income.
“The improvement in our performance this quarter is a result of the year-on-year momentum brought about by our strategy to focus on exceptional customer experience, digitization of products and channels and automation of backroom processes,” PSBank president Jose Vicente Alde said in a statement.
“These resulted in an expansion of our market stronghold and good bottom line performance,” Alde said.
PSBank posted a 15-percent growth in total operating income to P3.7 billion in the first quarter from P3.2 billion a year earlier.
Total loan portfolio rose 11.7 percent to P149.2 billion, driven by the bank’s consumer loan business. Resources expanded 9.4 percent to P224.8 billion, as deposits increased 9.2 percent to P186 billion.
Total capital adequacy ratio”•a measure of financial strength”•stood at 13.7 percent while common equity tier 1 ratio was at 11 percent, both above the Bangko Sentral ng Pilipinas’ minimum required level.
PSBank booked a net income of P2.65 billion in 2017, or 8 percent higher than P2.45 billion in 2016.