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Friday, March 29, 2024

PSBank says first-half earnings up 15% to P1.35b

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PHILIPPINE Savings Bank, the consumer banking arm of the Metrobank Group, said net income in the first half rose 14.7 percent to P1.35 billion from P1.18 billion a year ago on the sustained strength of core businesses.

The bank said in a disclosure to the stock exchange Thursday the strong performance was due to robust revenues driven by net interest income and service fees.

Net interest income improved to P5.85 billion, up 8.8 percent from P5.38 billion a year earlier.

PSBank’s total loan portfolio in the first half of the year showed a double-digit growth of 10.7 percent to P151.62 billion from P137.01 billion in 2017.

“Our first half performance is a continuous realization of our institutional strategy which focuses on the strength of our brand promise of consistently providing exceptional end-to-end customer experience. We have likewise tapped on the latest available digital technology to improve on process efficiencies to bring the cost of operations down while maximizing the full potential of our sales distribution channels in generating more business for the bank,” PSBank president Jose Vicente Alde said.

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Resources totaled P234.76 billion, up 7 .4 percent from the same period last year, while deposits rose 9 percent to P200.09 billion.

The bank’s earnings translated into a return on equity of 11.83 percent.

Common Equity Tier 1 ratio was at 11 percent and capital adequacy ratio—a measure of financial strength—was at 13.7 percent. Both ratios are above the minimum required level set by the Bangko Sentral ng Pilipinas.

PSBank currently has 250 branches and over 600 automated teller machines strategically located nationwide.

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