The Market Monitor Minding the Nation's Business
Philippine Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, reported a net income of P4.0 billion after nine months ending September 30, 2024 or 19% better compared to the same period last year.
The bank’s solid financial performance was driven by higher operating income and better asset quality. Core revenues, which include net interest income, service fees and commissions, grew by 4% to P10.52 billion. Increase in operating expenses was capped at 4%, ending at P6.91 billion after three quarters.
PSBank’s total gross loans expanded by 12% to P138 billion owing to sustained growth in auto, mortgage and business loans. Asset quality improved as gross non-performing loans ratio dropped to 2.8% from 3.4% a year ago.
The bank’s total assets stood at P219 billion while total deposits amounted to P167 billion as of end-third quarter. Capital funds went up to P43 billion with total capital adequacy ratio and common equity tier 1 ratio at 24.2% and 23.0%, respectively. Both ratios are above the regulatory minimum set by the Bangko Sentral ng Pilipinas and are among the highest in the industry.
“We remain well-positioned to serve the growing needs of our customers as we approach the final stretch of 2024. PSBank is gearing up for a more favorable interest rate environment which is seen to further boost consumer loan demand,” PSBank President Jose Vicente Alde said.
In September 2024, PSBank achieved accolades from the Institute of Corporate Directors (ICD) through the ASEAN Corporate Governance Scorecard (ACGS) by earning the Double Golden Arrow recognition for its outstanding commitment to corporate governance.
In addition, the bank has been honored by the Social Security System (SSS) as the “2024 Balikat ng Bayan Best Disbursement Partner – Thrift Bank Category”.