PSBank H1 net income up 18%

Philippine Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, on Monday reported an 18% growth in its first-half net income on the back of strong demand for its consumer loans during the period.

PSBank said its net income climbed to P2.56 billion from P2.17 billion a year ago, as net interest income grew by 4% to P6.08 billion while total operating income stood at P7.74 billion. Operating expenses grew by 5% to P4.62 billion.

Total gross loan portfolio expanded by 10% to P132 billion, as auto loans rose by 18%, with the gross non-performing loan ratio down to 2.9% from 3.5% the same period in 2023.

The lender closed the first half with P220-billion total assets, while total deposits hit P170 billion, and capital stood at P42 billion. Total capital adequacy ratio was recorded at 24.3%.

“We are hopeful that the positive performance in the first half will be sustained for the rest of the year,” PSBank president Jose Vicente Alde said in an emailed statement.

“By prioritizing customer-centricity and a proactive sales approach in our strategy, the Bank has seen consistent growth in its core business,” he added.

PSBank currently has some 250 branches and 557 in-branch and offsite automated teller machines (ATMs) across the country. — Jon Viktor D. Cabuenas/RSJ, GMA Integrated News