Philippine Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, said Monday it registered a P1.20-billion net income in the first quarter of 2024, up 23 percent from P976.88 million in the same period last year.
“Despite prevailing economic challenges, we continue to see steady growth in our core business following our record-breaking performance in 2023. PSBank remains dedicated to offering simple and effortless banking solutions to meet the rapidly evolving needs of consumers,” PSBank president Jose Vicente Alde said.
Core revenues, comprising of net interest income and net services fees and commissions, rose 2 percent year-on-year to P3.49 billion, while operating expenses grew 5 percent to P2.30 billion.
The bank’s total gross loan portfolio expanded 10 percent year-on-year to P128 billion as of March 31, 2024.
This was driven by the solid demand for motor vehicles which led to a 20-percent growth in auto loans. Gross non-performing loans (NPL) ratio remained at 3.4 percent, resulting in lower provisions in the first quarter.
Total assets reached P234 billion as total deposits and capital were recorded at P185 billion and P41 billion, respectively.
Total capital adequacy ratio stood at 24.6 percent, while common equity tier 1 ratio was at 23.5 percent. Both ratios were above the regulatory minimum set by the Bangko Sentral ng Pilipinas and among the highest in the industry.
PSBank received Quill awards from International Association of Business Communicators (IABC) Philippines for its outstanding use of corporate communications through online videos and annual report.
The bank’s multimedia and public relations materials garnered Silver Anvils from the Public Relations Society of the Philippines.