PSBank 1H net income up 15%

The lender was recently bestowed the BSP 2017 Paglugon Award, its third in four years.

Philippine Savings Bank (PSBank), the consumer banking arm of the Metrobank Group, reported a net income of P1.35 billion in the first half of 2018, up 14.7 percent from P1.18 billion in the same period last year. Its strong performance is on the back of robust revenues driven by net interest income and service fees. Net interest income improved to P5.85 billion, up 8.8 percent from P5.38 billion a year earlier.

PSBank’s total loan portfolio in the first half of the year showed double digit growth of 10.7 percent to P151.62 billion from P137.01 billion in 2017. Resources totaled P234.76 billion, up 7 .4 percent from the same period last year while deposits rose to 9 percent to P200.09 billion. The bank’s earnings translated to a return on equity of 11.83 percent.

Common Equity Tier 1 ratio was at 11.0 percent and capital adequacy ratio was at 13.7 percent. Both ratios are above the minimum required level set by the Bangko Sentral ng Pilipinas (BSP).

“Our first half performance is a continuous realization of our institutional strategy which focuses on the strength of our brand promise of consistently providing exceptional end-to-end customer experience. We have likewise tapped on the latest available digital technology to improve on process efficiencies to bring the cost of operations down while maximizing the full potential of our sales distribution channels in generating more business for the bank,” PSBank President Jose Vicente Alde said.

The lender was recently bestowed the BSP 2017 Paglugon Award, its third in four years, as recognition for its excellence in responding and addressing issues or concerns of clients referred to the bank by the Central Bank.

PSBank also won the award in 2016 and2015. The bank also won a PANATA 2018 Bronze Award for Excellence in Brand Positioning for its “Techie Campaign” in the recently held Annual PANATA Awards of the Philippine Association of National Advertisers.

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