Philippine Savings Bank (PSBank) grew its net income in the first half of the year by 18 percent to P2.56 billion from P2.17 billion recorded in the same period last year due to a higher volume of auto loans.

In a disclosure to the Philippine Stock Exchange on Monday, the thrift bank of Metrobank Group said auto loans jumped by 18 percent, resulting in a 10 percent expansion in gross loans at P132 billion.

Considering other consumer loans, net interest income grew by 4 percent to P6.08 billion.

Non-performing gross loans ratio also improved to 2.9 percent from 3.5 percent as the bank focused on high-quality credit amid the still elevated interest rates.

Meanwhile, total operating income contributed P7.74 billion as the bank continued to gain service fees and commissions.

However, operating expenses slightly rose by 5 percent to P4.62 billion.

Total deposits stood at P170 billion, while capital settled at P42 billion.

Given the growth in its core businesses, the bank’s total assets stood at P220 billion.

Accordingly, annualized return on equity stood at 12.5 percent.

The bank remained well capitalized, with a total capital adequacy ratio of 24.3 percent and a common equity tier 1 ratio of 23.2 percent. PSBank shared these levels are among the highest in the industry.