Philippine Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, said Monday its first-half net income grew 18 percent to P2.56 billion from P 2.17 billion in the same period last year.
This resulted in an annualized return on equity of 12.5 percent, PSBank said in a disclosure to the stock exchange.
PSBank attributed the positive first-half results to strong demand for consumer loans and improvement in credit quality. Net interest income rose 4 percent year-on-year to P6.08 billion, while total operating income, including service fees, commissions and other income, reached P7.74 billion.
Operating expenses increased 5 percent to P4.62 billion.
“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,” PSBank president Jose Vicente Alde said.
“We are hopeful that the positive performance in the first half will be sustained for the rest of the year,” he said.
PSBank’s total gross loan portfolio posted a 10-percent growth to P132 billion from last year’s P120 billion, boosted by an 18-percent increase in auto loans.
Gross non-performing loans ratio declined to 2.9 percent as of the first half of 2024 from 3.5 percent a year earlier.
Total assets amounted to P220 billion, while total deposits and capital reached P170 billion and P42 billion, respectively.
The bank reported total capital adequacy ratio of 24.3 percent and common equity tier 1 ratio of 23.2 percent.
PSBank said it released the latest version of its mobile app with a smoother and more user-friendly interface where one can set the home screen to all or a single account view, save and share transaction receipts and see detailed loan account information.
