PSBank net income up 7.7% to P1.9B – Friday, 28 October 2016
Philippine Savings Bank (PSBank), the thrift bank arm of the Metrobank Group, continued to make strides in nine months’ time ending September as it registered P1.9 billion in net income.
The figure is 7.7 percent higher than the net earnings recorded in the same period last year.
The bank’s financial results were mainly supported by its core income — composed of revenues from consumer loans and investments — which posted a double-digit growth of 10.7 percent year-on-year.
PSBank remained focused in strengthening its core businesses for long-term sustainability. Its consumer loan portfolio rose by 14.7 percent to P113.7 billion propelled by auto and mortgage businesses.
The bank managed to keep non-performing loans (NPL) ratio in check at 1.1 percent with NPL coverage at 85 percent.
Meanwhile, low-cost deposits jumped by 20.9 percent from a year ago.
By the end of September 2016, PSBank’s total resources stood formidable at P183.8 billion, expanding by 15.3 percent year-on-year.
Its total capital adequacy ratio — a measure of a bank’s financial strength — was at 15.0 percent, while Tier 1 was 12 percent.
Both are above the Bangko Sentral ng Pilipinas’ minimum required level of 10 percent.
“The consistent growth in our core business is a result of the bank’s customer-centric culture. We recognize that customers want things done simpler, faster, and delivered by people who truly care.
We focus our efforts in providing a positive customer experience to our clients, which entails being highly responsive and making banking an effortless experience,” said PSBank president Vicente Cuna Jr.
The bank recently received the BSP Pagtugon Award for the second straight year for its excellence in responding and addressing clients’ concerns.
It was also recognized for providing an exceptional end-to-end customer experience at the annual Customer Experience Awards in Singapore.
This month, PSBank launched e-Trust, a service that will allow clients to apply for and manage their trust accounts online as part of the bank’s ongoing efforts to make banking services more accessible and convenient for its clients, in line with its brand promise of “Simple Lang. Maaasahan.”