Philippine Savings Bank, the thrift banking arm of the Metrobank, declared a cash dividend for the third quarter amounting to P320.14 million.
“Please be informed that the board of directors of Philippine Savings Bank passed a resolution declaring a 7.5 percent regular cash dividend for the third quarter of 2023 amounting to P320.14 million equivalent to P0.75 per share,” the bank said in a disclosure to the stock exchange Friday.
It said the dividend would be payable to all common stockholders as of the record date of Nov. 8, 2023 and be paid no later than the payment date of Nov. 20, 2023.
PSBank’s net income jumped 18 percent in the first half to P2.17 billion from P1.84 billion a year ago, as it benefitted from the continued expansion of the economy and the sustained growth in consumer demand through its recalibrated strategies and focus on enhanced customer experience.
Core revenues, composed of net interest income from loans and investments including fees, grew by 8 percent to P6.8 billion from P6.3 billion a year earlier. Operating expenses remained subdued and was reduced by 2 percent as a result of ongoing cost optimization projects.
Total loan portfolio expanded by 9 percent to P120 billion as of June 2023, which was primarily driven by the 21-percent increase in auto loans owing to the steady influx of demand for vehicle financing.
Despite the portfolio increase, gross non-performing loans declined by 11 percent resulting in a NPL ratio of 3.5 percent, better than pre-pandemic levels.
Total resources stood at P235 billion while total deposits reached P187 billion by mid-2023.
Capital improved by 7 percent to P39 billion, with total capital adequacy ratio at 24.6 percent and common equity tier 1 ratio at 23.7 percent, both above the minimum level set by the Bangko Sentral ng Pilipinas and among the highest in the industry.
PSBank has a nationwide network of 250 branches and 557 in-branch and offsite automated teller machines.