Philippine Savings Bank, the thrift banking arm of the Metrobank Group, said Wednesday net income in 2018 was flat at P2.7 billion amid high interest and faster inflation rates.
The bank said in a statement the 2018 profit translated into a return on equity of 11.4 percent and a return on asset of 1.2 percent.
Net interest income increased 2.3 percent year-on-year to P11.3 billion.
“PSBank proactively responded to last year’s challenges brought about by higher interest rates and inflation by focusing on sales and improving on its operating efficiencies, without compromising its commitment in providing excellent customer service,” PSBank president Jose Vicente Alde said.
Total assets rose 6.5 percent to P237.7 billion and gross loans climbed 7.1 percent to P156.7 billion.
Total deposits rose 6.2 percent to P200.7 billion.
PSBank said the total capital adequacy ratio settled at 13.9 percent while the common equity tier 1 ratio was at 11.3 percent, both above the Bangko Sentral ng Pilipinas’ minimum required level.