Philippine Savings Bank, the thrift banking arm of the Metrobank Group, said Monday it posted an 18-percent year-on-year increase in net income in the first nine months to P3.37 billion on sustained strength of core businesses.
“Despite the unpredictable headwinds, we remain focused on sustaining our strong results while we continue to innovate on products, services and processes consistent with our commitment to deliver effortless banking to our customers,” PSBank president Jose Vicente Alde said in a disclosure to the stock exchange.
The nine-month performance translated into a return on equity of 11.7 percent.
PSBank said the net profit from July to September was led by the continuous expansion of its core businesses, primarily from growth in the auto loan portfolio, complemented by effective expense management.
Net interest income increased P8.82 billion, while revenues from net service fees and commissions rose to P1.33 billion.
Operating expenses went down by 1 percent as the bank was steadfast in its productivity and operational efficiency initiatives.
Total loan portfolio grew 12 percent year-on-year to P123 billion as of September 2023, with auto loans up 24 percent, driven by increased vehicle sales.
Asset quality remained healthy with a gross non-performing loans (NPL) ratio of 3.4 percent, better than the pre-pandemic levels.
Total assets amounted to P236 billion, while total deposits reached P188 billion as of end-September.
Capital improved to P40 billion with total capital adequacy ratio and common equity Tier 1 ratio at 24.6 percent and 23.7 percent, respectively.