Metrobank group's thrift banking arm Philippine Savings Bank registered a net income of P2.85 billion for the first nine months of 2022, more than double the growth of 126 percent year-on-year versus P1.26 billion a year ago.

The bank attributed its good performance to improvements in loan portfolio quality, an increase in non-core revenue streams, gains from operational efficiencies, and improved loan volumes.Net interest income reached P8.21 billion while revenues from net service fees, commissions, and asset recoveries rose by 52 percent to P3.11 billion.

Operating expenses remained in check growing only by 1 percent year-on-year. The bank continues to implement productivity and operational efficiency improvements to manage costs even as investments are continuing to support digital initiatives.

Gross non-performing loans ratio went down significantly by almost half to 3.6 percent from 6.6 percent a year ago.

Loss provisions cut

With improving asset quality, the bank reduced credit provisions to P969 million from P2.77 billion last year. Net Non -Performing loans ratio was at 1.6 percent by end-September 2022, an improvement from last quarter's 2 percent and far lower than 3.9 percent of the same period in 2021.